Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Combined Balance Sheet as of December 31, 2020 (Tables)

v3.21.2
Unaudited Condensed Combined Balance Sheet as of December 31, 2020 (Tables)
 9 Months Ended
Sep. 30, 2021
Unaudited Condensed Combined Balance Sheet As Of December 31 2020  
Schedule of Reclassification of Condensed Consolidated Balance Sheet Information

The audited Balance Sheets as of December 31, 2020 of pre-Merger MyMD Florida and Supera is presented below with the adjustments required to eliminate inter-company transactions, implement ASC 842 for reporting leasing transactions and reclassify certain balances to conform with the classification in the Condensed Consolidated Balance Sheet as of September 30, 2021.

 

    MyMD     Supera                    
    Pharmaceuticals     Pharmaceuticals                 Restated  
    Inc.     Inc.           AJE     Total  
    (audited)     (audited)     Adjustments     #     (unaudited)  
ASSETS                                      
Current Assets                                      
Cash   $ 133,733     $ 14,551       -           $ 148,284  
Prepaid expenses     1,218       -       -             1,218  
Due from affiliate     -       24,600       (24,600 )   1       -  
                                       
Total Current Assets     134,951       39,151       (24,600 )           149,502  
                                       
Non-Current Assets                                      
Operating Lease Right-of-Use Assets     -       -       527,195     3       527,195  
Intangible Assets, net     -       -       -             -  
                                       
Total Non-Current Assets     -       -       527,195             527,195  
                                       
Total Assets   $ 134,951     $ 39,151     $ 502,595           $ 676,697  
                                       
LIABILITIES                                      
Current Liabilities                                      
Trade and Other Payables   $ 1,025,063     $ 556,781     $ 219,885     1,2     $ 1,801,729  
Due to Related Party     39,177       -       (39,177 )   2       -  
Interest Payable, related party     175,679       -       (175,679 )   2       -  
Loan Payable     1,200,000       -       -             1,200,000  
Operating Lease Payable     -       -       481,049     3       481,049  
Paycheck Protection Program Loan     54,000       16,600       -             70,600  
                                       
Total Current Liabilities     2,493,919       573,381       486,078             3,553,378  
                                       
Non-Current Liabilities                                   -  
Line of Credit Payable – related party, net of discount     1,734,237       599,747       -             2,333,984  
Interest Payable, related party     -       29,628       (29,628 )   2       -  
Operating Lease Liability, net of current     -       -       46,369     3       46,369  
                                       
Total Non-Current Liabilities     1,734,237       629,375       16,741             2,380,353  
                                       
Total Liabilities   $ 4,228,156     $ 1,202,756     $ 502,819           $ 5,933,731  
                                       
Commitments and Contingencies                                      
                                       
STOCKHOLDERS’ DEFICIT                                      
Common stock, par $0.0001, 100,000,000 shares authorized and 73,991,413 issued and outstanding as of December 31, 2020     4,004       -       -             4,004  
Additional Paid in Capital     43,411,488       -       (1 )   2       43,411,487  
Accumulated Deficit     (47,508,697 )     (1,163,605 )     (223 )   3       (48,672,525 )
Total Stockholders’ Deficit     (4,093,205 )     (1,163,605 )     (224 )           (5,257,034 )
                                       
Total Liabilities and Stockholders’ Deficit   $ 134,951     $ 39,151     $ 502,595           $ 676,697  

 

 

The following is an explanation of the adjusting entries that were recorded to arrive at the restated Condensed Consolidated Balance Sheet as of December 31, 2020:

 

AJE #     Account     Debit     Credit  
1     Trade and Other Payables       24,600          
      Due from Affiliate               24,600  
      To eliminate inter-company transactions                  
                         
2     Due to Related Party       39,177          
      Interest Payable, related party       175,679          
      Interest Payable, related party       29,628          
      Additional Paid-In Capital       1          
      Trade and Other Payables               244,485  
      To reclassify account balances to conform with the classification on the September 30, 2021 Condensed Consolidated Balance Sheet                  
                         
3     Operating Lease Right-of-Use       527,195          
      Accumulated Deficit       223          
      Operating Lease Payable               481,049  
      Operating Lease Payable, net of current portion               46,369  
      To implement ASC 842 for the accounting of operating leases