v3.25.2
DESCRIPTION OF RESTATEMENT TABLES
 12 Months Ended
Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]  
DESCRIPTION OF RESTATEMENT TABLES

14. DESCRIPTION OF RESTATEMENT TABLES

 

The following tables present the impact of to our previously reported the consolidated statements of operations and comprehensive income for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024:

 

Statement of Operations (Unaudited)         
Statement of Operations (Unaudited)  Nine Months Ended September 30, 2024 
   As previously reported   Restatement impacts   As restated 
REVENUE   292,405    (47,145)   245,260 
-From online retailing business   292,389    (47,145)   245,244 
COST OF REVENUE   65,117    1,474    66,591 
-From online retailing business   65,107    1,474    66,581 
Selling and distribution   51,058    (48,619)   2,439 

 

Statement of Operations (Unaudited)         
Statement of Operations (Unaudited)  Three Months Ended September 30, 2024 
   As previously reported  

Restatement

impacts

   As restated 
REVENUE   -    -    

-

 
-From online retailing business   -    -    - 
COST OF REVENUE   -    -    - 
-From online retailing business   -    -    - 
Selling and distribution   -    -    - 

 

Statement of Operations (Unaudited)         
Statement of Operations (Unaudited)  Six Months Ended June 30, 2024 
   As previously reported   Restatement impacts   As restated 
REVENUE   292,405    (47,145)   245,260 
-From online retailing business   292,389    (47,145)   245,244 
COST OF REVENUE   65,117    1,474   66,591 
-From online retailing business   65,107    1,474   66,581 
Selling and distribution   51,058    (48,619)   2,439 

 

Statement of Operations (Unaudited)         
Statement of Operations (Unaudited)  Three Months Ended June 30, 2024 
   As previously reported   Restatement impacts   As restated 
REVENUE   2,539    -    2,539 
-From online retailing business   2,523    -    2,523 
COST OF REVENUE   220     -    220  
-From online retailing business   210     -    210  
GROSS PROFIT     2,319               2,319  
Selling and distribution   48,619    (48,619)     
INCOME/(LOSS) FROM OPERATION BEFORE INCOME TAX   (78,003)   48,619    (29,384)
INCOME/(LOSS) BEFORE INCOME TAX   (76,609)   48,619    (27,990)
NET INCOME/(LOSS)   (84,763)   48,619    (36,144)
TOTAL COMPREHENSIVE INCOME/(LOSS)   (87,136)   48,619    (38,517)
Net profit for the period   (84,763)   48,619    (36,144)

 

Statement of Operations (Unaudited)         
Statement of Operations (Unaudited)  Three Months Ended March 31, 2024 
   As previously reported   Restatement impacts   As restated 
REVENUE   289,866    (47,145)   242,721 
-From online retailing business   289,866    (47,145)   242,721 
COST OF REVENUE   64,897    1,474    66,371 
-From online retailing business   64,897    1,474    66,371 
GROSS PROFIT   224,969    (48,619)   176,350 
Selling and distribution   2,439         2,439 
INCOME/(LOSS) FROM OPERATION BEFORE INCOME TAX   155,539    (48,619)   106,920 
INCOME/(LOSS) BEFORE INCOME TAX   155,607    (48,619)   106,988 
NET INCOME/(LOSS)   155,607    (48,619)   106,988 
TOTAL COMPREHENSIVE INCOME/(LOSS)   152,905    (48,619)   104,286 
Net profit for the period   155,607    (48,619)   106,988 

 

The Company restated its previously issued unaudited condensed consolidated financial statements for the first, and second quarters of fiscal year 2024, primarily to correct to record of recognition of certain revenues, costs and expenses.

 

The Company reduced its operating profit before income tax by $48,619 for the three months ended March 31, 2024, and correspondingly increased such by $48,619 for the three months ended June 30, 2024. The restatements had no impact on the Company’s consolidated full-year net income, financial position, or cash flows for the year ended December 31, 2024.