| Restatement of Previously Issued Financial Statements |
Note 2 – Restatement of
Previously Issued Financial Statements
The Company has restated the previously issued
unaudited consolidated financial statements as of and for the quarter ended March 31, 2025 (the “Restatement”). The Restatement
corrects an error for an overstatement of amortization of stock based compensation during the three months ended March 31, 2025. As previously
reported in the Company’s Current Report on Form 8-K filed on August 18, 2025, the management of the Company, after discussions
with and among the Audit Committee of the Board of Directors concluded that the Company’s unaudited consolidated financial statements
as of and for quarter ended March 31, 2025 should no longer be relied upon and should be restated.
The following table presents the impact
of the Restatement on the Condensed Consolidated Balance Sheet (Unaudited), Condensed Consolidated Statement of Operations
(Unaudited), Condensed Consolidated Statement of Cashflows (Unaudited), and the notes to the financial statement as of and for the three
months ended March 31, 2025:
| Schedule of financial statement | |
| | | |
| | | |
| | |
| | |
As of or For the
Three Months Ended
March 31, 2025 | |
| | |
Previously
Report | | |
Restatement
Adjustments | | |
Restated | |
| Condensed Balance Sheet | |
| | | |
| | | |
| | |
| Additional Paid In Capital | |
| 78,984,884 | | |
| 5,675,971 | | |
| 73,308,913 | |
| Accumulated Deficit(b) | |
| (88,610,432 | ) | |
| (5,675,971 | ) | |
| (82,934,461 | ) |
| | |
| | | |
| | | |
| | |
| Condensed Statement of Operations | |
| | | |
| | | |
| | |
| Share based Compensation(b)(c) | |
| 23,073,745 | | |
| 5,675,971 | | |
| 17,397,774 | |
| Total Operating Expense | |
| 37,616,803 | | |
| 5,675,971 | | |
| 31,940,832 | |
| | |
| | | |
| | | |
| | |
| Loss from operations | |
| (37,576,813 | ) | |
| (5,675,971 | ) | |
| (31,900,842 | ) |
| | |
| | | |
| | | |
| | |
| Net loss(a)(b) | |
| (38,001,987 | ) | |
| (5,675,971 | ) | |
| (32,326,016 | ) |
| | |
| | | |
| | | |
| | |
| Net loss per share | |
| (2.10 | ) | |
| (0.32 | ) | |
| (1.78 | ) |
| | |
| | | |
| | | |
| | |
| Condensed Statement of Cashflows | |
| | | |
| | | |
| | |
| Net Loss | |
| (38,001,987 | ) | |
| (5,675,971 | ) | |
| (32,326,016 | ) |
| Share based compensation adjustment | |
| 23,073,745 | | |
| 5,675,971 | | |
| 17,397,774 | |
| | |
| | | |
| | | |
| | |
| Notes to the Condensed Consolidated Financial Statement | |
| | | |
| | | |
| | |
| Note 8 - Stock-Based Compensation | |
| | | |
| | | |
| | |
| Fair value of RSUs at respective
grant date | |
| 37,336,500 | | |
| (5,839,992 | ) | |
| 31,496,508 | |
| Unamortized portion | |
| 14,262,755 | | |
| (164,021 | ) | |
| 14,098,734 | |
| Remaining term | |
| 1.8 | | |
| (1.0 | ) | |
| 0.8 | |
| Catch up amortization as of the listing date | |
| 22,756,463 | | |
| (5,608,537 | ) | |
| 17,147,463 | |
| (a) | Also restated as presented in Note 1 to the condensed consolidated
financial statements for the three months ended March 31, 2025 |
| (b) | Also restated as presented in Note 7 to the condensed consolidated
financial statements for the three months ended March 31, 2025 |
| (c) | Also restated as presented in Note 8 to the condensed consolidated
financial statements for the three months ended March 31, 2025 |
|