| 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 Reported |
|
|
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 |
) |
|