Quarterly report pursuant to Section 13 or 15(d)

Revision of Prior Year Immaterial Misstatement

v3.22.1
Revision of Prior Year Immaterial Misstatement
3 Months Ended
Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]  
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.

 

    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 )