Restatements (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of restatements of condensed consolidated balance sheet


		As of September 30, 2024
		As Previously				Effect of				As
ASSETS		Issued				Restatement				Restated
Cash and Cash Equivalents		$	9,257			$	1,437			$	10,694
Other Current Assets			100				—				100
Property and Equipment, Net			143,243				1				143,244
Intangible Assets, Net			26,000				22,500				48,500
Total Assets		$	178,600			$	23,938			$	202,538

LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts Payable		$	112,415			$	(68,901	)		$	43,514
Deferred Revenue			—				—				—
Other Current Liabilities			—				2,301				2,301
Related-Party Payables (Note 8)			1,200				96,064				97,264
Current Portion of Notes Payable (Note 7)			769,145				(752,901	)			16,244
Current Portion of Related-Party Notes Payable			350,000				350,000				700,000
Notes Payable, Net of Current Portion			134,228				(16,244	)			117,984
Related-Party Notes Payable, Net of Current Portion			—				410,644				410,644
Total Liabilities			1,366,988				20,963				1,387,951
Common Stock			107,847				—				107,847
Additional Paid-in Capital			36,641,016				(18,179	)			36,622,837
Accumulated Deficit			(37,933,915	)			17,818				(37,916,097	)
Less: Treasury Stock			(3,336	)			3,336				—
Total Stockholders' Deficit			(1,188,388	)			2,975				(1,185,413	)
Total Liabilities and Stockholders' Deficit		$	178,600			$	23,938			$	202,538

Schedule of restatements of condensed consolidated statement of operations


		For the Three Months Ended September 30, 2024
		As Previously				Effect of				As
		Issued				Restatement				Restated
Revenue:
Charter Revenue		$	6,134			$	—			$	6,134
Lease Revenue			—				12,000				12,000
Total Revenue			6,134				12,000				18,134
Cost of Services			—				8,412				8,412
Gross Profit			6,134				3,588				9,722
Operating Expenses:
Cost of Sales			11,041				(11,041	)			—
Amortization Expense			—				1,250				1,250
Depreciation Expense			6,713				(2	)			6,711
General and Administrative			69,885				(77,196	)			(7,311	)
Professional Fees			14,131				35,171				49,302
Total Operating Expenses			101,770				(51,818	)			49,952
Operating Loss			(95,636	)			55,406				(40,230	)
Other Income and Expenses:
Lease Income			12,000				(12,000	)			—
Depreciation			—				—				—
Interest Income			520				1				521
Interest Expense			(18,598	)			(898	)			(19,496	)
Loss on Asset Purchase			—				—				—
Total Other Income and Expenses			(6,078	)			(12,897	)			(18,975	)
Net Loss		$	(101,714	)		$	42,509			$	(59,205	)

The following table summarizes the changes made to the Condensed Consolidated Statement of Operations for the Nine Months Ended September 30, 2024:

		For the Nine Months Ended September 30, 2024
		As Previously				Effect of				As
		Issued				Restatement				Restated
Revenue:
Charter Revenue		$	19,964			$	—			$	19,964
Lease Revenue			—				36,000				36,000
Total Revenue			19,964				36,000				55,964
Cost of Services			—				26,802				26,802
Gross Profit			19,964				9,198				29,162
Operating Expenses:
Cost of Sales			26,802				(26,802	)			—
Amortization Expense			—				2,500				2,500
Depreciation Expense			20,135				(1	)			20,134
General and Administrative			295,475				(104,634	)			190,841
Professional Fees			36,636				59,846				96,482
Total Operating Expenses			379,048				(69,091	)			309,957
Operating Loss			(359,084	)			78,289				(280,795	)
Other Income and Expenses:
Lease Income			36,000				(36,000	)			—
Depreciation			—				—				—
Interest Income			549				2				551
Interest Expense			(54,439	)			(1,458	)			(55,897	)
Loss on Asset Purchase			—				—				—
Total Other Income and Expenses			(17,890	)			(37,456	)			(55,346	)
Net Loss		$	(376,974	)		$	40,833			$	(336,141	)