| Schedule of Impact of the Restatement |
The impact of the restatement on the balance sheets,
statements of operations, and statements of cash flows as of and for the three months ended March 31, 2024 is presented below.
| | |
March 31, 2024 | |
Unaudited
Condensed Consolidated Balance Sheets | |
As Reported | | |
Adjustments | | |
As Restated | |
| Prepaid expense and other current asset | |
$ | 159,602 | | |
$ | 223,707 | | |
$ | 383,309 | |
| Property and equipment, net | |
| 7,949,150 | | |
| (7,400,000 | ) | |
| 549,150 | |
| Prepayment for asset acquisition | |
| - | | |
| 691,900 | | |
| 691,900 | |
| Total Assets | |
| 14,460,402 | | |
| (6,484,392 | ) | |
| 7,976,010 | |
| | |
| | | |
| | | |
| | |
| Accrued expenses and other current liabilities | |
| 4,050,845 | | |
| (605,178 | ) | |
| 3,445,667 | |
| Convertible notes payable – third parties, net | |
| 842,567 | | |
| 29,769 | | |
| 872,336 | |
| Due to related parties | |
| 301,972 | | |
| 89,502 | | |
| 391,474 | |
| Current Liabilities | |
| 6,633,614 | | |
| (455,908 | ) | |
| 6,177,706 | |
| Total Liabilities | |
| 6,973,447 | | |
| (455,908 | ) | |
| 6,517,539 | |
| | |
| | | |
| | | |
| | |
| Additional paid-in capital | |
| 86,029,237 | | |
| (9,025,036 | ) | |
| 77,004,201 | |
| Total stockholders’ equity | |
| 7,792,076 | | |
| (6,092,525 | ) | |
| 1,699,551 | |
| Noncontrolling interest | |
| (305,121 | ) | |
| 64,040 | | |
| (241,081 | ) |
| Total Equity | |
| 7,486,955 | | |
| (6,028,485 | ) | |
| 1,458,470 | |
| Total Liabilities and Equity | |
$ | 14,460,402 | | |
$ | (6,484,393 | ) | |
$ | 7,976,009 | |
| | |
Three Months Ended March 31, 2024 | |
Unaudited
Condensed Consolidated Statements of Operations | |
As Reported | | |
Adjustments | | |
As Restated | |
| Selling, general and administrative expenses | |
$ | 831,257 | | |
$ | (92,771 | ) | |
$ | 738,486 | |
| Stock based compensation | |
| 2,544,995 | | |
| (513,364 | ) | |
| 2,031,631 | |
| Interest expenses | |
| (684,683 | ) | |
| 503,007 | | |
| (181,676 | ) |
| Net loss attributable to noncontrolling interests | |
| (48,043 | ) | |
| (45,425 | ) | |
| (93,468 | ) |
| Net loss | |
| (3,981,019 | ) | |
| 1,053,352 | | |
| (2,927,667 | ) |
| Basic and diluted net loss per common share | |
$ | (0.40 | ) | |
$ | 0.11 | | |
$ | (0.29 | ) |
| | |
Three Months Ended March
31, 2024 | |
Unaudited Condensed
Consolidated Statements of Cash Flows | |
As Reported | | |
Adjustments | | |
As Restated | |
| Net loss | |
$ | (3,981,019 | ) | |
$ | 1,053,355 | | |
$ | (2,927,664 | ) |
| Stock-based compensation | |
| 2,544,995 | | |
| (513,364 | ) | |
| 2,031,631 | |
| Other non-cash income and expenses | |
| 672,016 | | |
| (495,736 | ) | |
| 176,280 | |
| Accrued expenses and other current liabilities | |
| 354,465 | | |
| (398,070 | ) | |
| (43,605 | ) |
| Due to related parties | |
| 128,840 | | |
| (128,840 | ) | |
| - | |
| Net cash used in operating activities | |
| (602,001 | ) | |
| (353,815 | ) | |
| (955,816 | ) |
| Due to related parties* | |
| - | | |
| (217,981 | ) | |
| (217,981 | ) |
| | |
| | | |
| | | |
| | |
| Net cash provided by financing activities | |
| 805,006 | | |
| 119,141 | | |
| 924,147 | |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | |
| (260,783 | ) | |
| 234,674 | | |
| (26,109 | ) |
| | |
| | | |
| | | |
| | |
| Issuance of common stock for conversion of debt | |
$ | 681,000 | | |
$ | 213,426 | | |
$ | 467,574 | |
| * | Due
to related parties previously reported amount was reclassified to financing activities based on current year’s presentation. |
|