| Schedule of revisions of Previously Issued Audited Financial Statements |
As discussed above, the identified errors did not have a material impact on the previously issued financial statements for the year ended March 31, 2024. The Company has determined it appropriate to revise the following financial statement line items in the Consolidated Balance Sheet, Consolidated Statement of Operations, and Consolidated Statement of Cash Flows for the year ended March 31, 2024. | | | | | | | | | As Reported | | Adjustments | | As Revised | Consolidated Balance Sheet | | | | | | | Accounts receivable | | 1,101,991 | | (210,000) | | 891,991 | Provision for credit losses | | 325,000 | | 210,000 | | 535,000 | Total Current Assets | | 8,353,793 | | (210,000) | | 8,143,793 | Total Assets | | 8,544,750 | | (210,000) | | 8,334,750 | Accrued commissions and other | | 114,428 | | 90,000 | | 204,428 | Total Current Liabilities | | 3,568,393 | | 90,000 | | 3,658,393 | Accumulated Deficit | | (7,945,943) | | (300,000) | | (8,245,943) | Total Shareholders’ Equity | | 4,963,027 | | (300,000) | | 4,663,027 | Total Liabilities and Shareholders’ Equity | | 8,544,750 | | (210,000) | | 8,334,750 | | | | | | | | Consolidated Statement of Operations | | | | | | | Net Sales | | (19,902,673) | | 385,000 | | (19,517,673) | Cost of Goods Sold | | 14,094,660 | | (175,000) | | 13,919,660 | Gross Profit | | 5,808,013 | | (210,000) | | 5,598,013 | Selling, General and Administrative expense | | 5,645,584 | | 90,000 | | 5,735,584 | Operating Loss | | (264,805) | | (300,000) | | (564,805) | Loss before income taxes | | (395,790) | | (300,000) | | (695,790) | Net Loss | | (395,790) | | (300,000) | | (695,790) | | | | | | | | Consolidated Statement of Cash Flows (Operating Activities) | | | | | | | Net Loss | | (395,790) | | (300,000) | | (695,000) | Allowance for credit losses | | — | | 377,988 | | 377,988 | Decrease in accounts receivable and amount due from factor | | 354,794 | | (167,988) | | 186,806 | Increase in accounts payable and accrued expenses | | 1,382,394 | | 90,000 | | 1,472,394 |
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