| SCHEDULE OF RESTATEMENTS |
The
following table presents the effect of the restatements of the Company’s previously issued balance sheet:
SCHEDULE
OF RESTATEMENTS
| | |
| | |
| | |
| |
| | |
As of December 31, 2023 | |
| | |
As Previously Reported | | |
Adjustments | | |
As Restated | |
| | |
| | |
| | |
| |
| Other Assets | |
$ | 444,723 | | |
$ | (146,560 | )[1] | |
$ | 298,163 | |
| Accounts and Other Payables |
|
|
(1,110,087) |
|
|
|
(200,000 |
)[2] |
|
|
- |
|
|
|
|
|
|
|
|
1,173 |
[4] |
|
|
(1,308,914 |
) |
| Property and Equipment, Net | |
| 891,187 | | |
| (792,612 | )[3] | |
| 98,575 | |
| Joint Venture Non-Controlled Equity Portion |
|
$ |
99,048 |
|
|
|
(99,048 |
)[4] |
|
|
- |
|
| Cash and Cash Equivalents |
|
|
4,754,597 |
|
|
|
(16,093 |
)[4] |
|
|
4,738,504 |
|
| Accumulated Other Comprehensive Income (Loss) |
|
|
(222,380 |
) |
|
|
(962 |
)[4] |
|
|
(221,418 |
) |
| Accumulated Deficit | |
$ | (47,941,796 | ) | |
$ | (1,254,101 | )[5] | |
$ | (49,195,897 | ) |
| [1] | | Deferred Tax Asset eliminated from Other Assets |
| | | |
| [2] | | The intercompany amount due to Iveda Taiwan was understated by $200,000 related to a payment made on behalf of Iveda US by Iveda Taiwan added back to Accounts and Other Payables |
| | | |
| [3] | | 2023 capitalized software expensed to Research and Development |
| | | |
| [4] | | An adjustment for $180,000 to expense its investment
in Iveda Phils JV originally recorded as a consolidation but we have determined this investment should have been recorded using the equity
method. On the balance sheet this effected Cash and Cash equivalents, Accounts and Other Payables, Joint Venture Non-Controlled Equity Portion, Accumulated
Other Comprehensive Income (Loss).
|
| | | |
| [5] | | Each of the above restatements effected Accumulated Deficit |
|