| Schedule of impacts of restatement on financial statements |
Consolidated Balance Sheet – As of January 1, 2024 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Liabilities | | | | | | | | | | SAFE Notes | | $ | 2,047,000 | | $ | (1,085,061) | | $ | 961,939 | Total liabilities | | $ | 2,075,994 | | $ | (1,085,061) | | $ | 990,933 | Total stockholders’ equity (deficit) | | $ | (630,192) | | $ | 1,085,061 | | $ | 454,869 |
Consolidated Balance Sheet – As of December 31, 2024 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | SAFE Notes subscription receivable | | $ | 110,000 | | | (10,000) | | $ | 100,000 | Total assets | | $ | 6,873,001 | | $ | (10,000) | | $ | 6,863,001 | Liabilities | | | | | | | | | | SAFE Notes | | $ | 15,224,665 | | $ | (4,441,280) | | $ | 10,783,385 | Total liabilities | | $ | 15,386,102 | | $ | (4,441,280) | | $ | 10,944,822 | Total stockholders’ deficit | | $ | (8,513,101) | | $ | 4,431,280 | | $ | (4,081,821) |
Consolidated Statement of Operations – For the year ended December 31, 2024 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Operating expenses: | | | | | | | | | | General and administrative expenses | | $ | 2,419,009 | | $ | 1,022,811 | | $ | 3,441,820 | Research and development expenses | | $ | 643,642 | | $ | 17,541 | | $ | 661,183 | Other non-operating income (expense): | | | | | | | | | | Change in fair value of SAFE Notes | | $ | (4,987,665) | | $ | 3,356,219 | | $ | (1,631,446) | Net loss | | $ | (8,029,236) | | $ | 2,315,867 | | $ | (5,713,369) | Basic and diluted weighted average shares outstanding of common stock | | | 13,877,567 | | | (3,840,316) | | | 10,037,251 | Basic and diluted net loss per share of common stock | | $ | (0.58) | | $ | 0.01 | | $ | (0.57) |
Consolidated Statement of Stockholders’ Equity (Deficit) for the year ended December 31, 2024 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Balance at December 31, 2023 | | $ | (630,235) | | $ | 1,090,496 | | $ | 460,261 | Stock-based compensation | | | 146,327 | | | 1,024,960 | | | 1,171,287 | Net loss | | | (8,029,236) | | | 2,315,867 | | | (5,713,369) | Balance at December 31, 2024 | | $ | (8,513,101) | | $ | 4,431,280 | | $ | (4,081,821) |
Consolidated Statement of Cash Flows for the year ended December 31, 2024 | | | | | | | | | | | | As Previously Reported | | Adjustment | | As Restated | Cash flows from operating activities: | | | | | | | | | | Net loss | | $ | (8,029,236) | | $ | 2,315,867 | | $ | (5,713,369) | Change in fair value of SAFE Notes | | | 4,987,665 | | | (3,356,219) | | | 1,631,446 | Stock-based compensation | | | 140,935 | | | 1,030,352 | | | 1,171,287 |
|