| Revision of Prior Year Immaterial Misstatement |
Note
4 – Revision of Prior Year Immaterial Misstatement
During
the quarter ended March 31, 2022, the Company identified a certain error in recording its majority interest for Krypto Ventures, Inc.
during the year ended December 31, 2021. This error resulted in decreasing its non-controlling interest and retained earnings by $66,650.
The
Company assessed the materiality of this error considering both qualitative and quantitative factors and determined that for both the
respective quarters and fiscal year ended December 31, 2021, the error was immaterial. The Company has decided to correct this error
as revisions to our previously issued financial statements and will adjust the Form 10-K when filed in succeeding periods of this fiscal
year.
The
table below present the impact of the revision in the Company’s condensed consolidated financial statements.
Schedule
Of Revision in Financial Statements
| |
|
As Previously |
|
|
Adjustment |
|
|
As Revised |
|
| |
|
December 31, 2021 |
|
| |
|
As Previously Reported |
|
|
Adjustment |
|
|
As Revised |
|
| |
|
|
|
|
|
|
|
|
|
| Consolidated Balance Sheet / Statement of Changes in Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated deficit |
|
$ |
(4,138,526 |
) |
|
$ |
(66,650 |
) |
|
$ |
(4,205,176 |
) |
| Non-controlling interest |
|
$ |
(66,650 |
) |
|
$ |
66,650 |
|
|
$ |
- |
|
| Total Stockholders’ Deficit |
|
$ |
(3,392,961 |
) |
|
$ |
- |
|
|
$ |
(3,392,961 |
) |
| Total Liabilities and Stockholders’ Deficit |
|
$ |
1,014,551 |
|
|
$ |
- |
|
|
$ |
1,014,551 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Gain on deconsolidation of Krypto Ventures, Inc. |
|
$ |
153,907 |
|
|
$ |
(66,650 |
) |
|
$ |
87,257 |
|
| Total other expense |
|
$ |
(1,033,830 |
) |
|
$ |
(66,650 |
) |
|
$ |
(1,100,480 |
) |
| Net (Loss) Income |
|
$ |
(809,404 |
) |
|
$ |
(66,650 |
) |
|
$ |
(876,054 |
) |
| Net (Loss) Income attributable to the Company |
|
$ |
(796,696 |
) |
|
$ |
(66,650 |
) |
|
$ |
(863,346 |
) |
| Net (Loss) Income per share - basic |
|
$ |
(0.04 |
) |
|
|
|
|
|
$ |
(0.04 |
) |
| Net (Loss) Income per share - diluted |
|
$ |
(0.04 |
) |
|
|
|
|
|
$ |
(0.04 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Net (Loss) Income - including non-controlling interest |
|
$ |
(809,404 |
) |
|
$ |
(66,650 |
) |
|
$ |
(876,054 |
) |
| Gain on deconsolidation of subsidiary (Krypto Ventures, Inc.) |
|
$ |
153,907 |
|
|
$ |
(66,650 |
) |
|
$ |
87,257 |
|
| Net cash used in operating activities |
|
$ |
(56,896 |
) |
|
$ |
- |
|
|
$ |
(56,896 |
) |
|