| Schedule of Revision on Previously Reported |
Impact
of revision on previously reported unaudited interim periods:
Schedule
of Revision on Previously Reported
| | |
As
Previously Reported | | |
Adjustment(1) | | |
As
Restated | |
| Balance Sheet Impact - March
31, 2025 | |
| | |
| | |
| |
| Investment
position in gold | |
| 302,371 | | |
| (7,043 | ) | |
| 295,328 | |
| Total
current assets | |
| 1,780,250 | | |
| (7,043 | ) | |
| 1,773,207 | |
| Total
assets | |
| 3,254,505 | | |
| (7,043 | ) | |
| 3,247,462 | |
| Accumulated
deficit | |
| (9,232,027 | ) | |
| (7,043 | ) | |
| (9,239,070 | ) |
| Total
shareholders’ equity | |
| 2,687,504 | | |
| (7,043 | ) | |
| 2,680,461 | |
| Total
liabilities and shareholders’ equity | |
| 3,254,505 | | |
| (7,043 | ) | |
| 3,247,462 | |
| | |
| | | |
| | | |
| | |
| Balance Sheet Impact - June
30, 2025 | |
| | | |
| | | |
| | |
| Investment
position in gold | |
| 319,368 | | |
| (24,040 | ) | |
| 295,328 | |
| Total
current assets | |
| 1,551,116 | | |
| (24,040 | ) | |
| 1,527,076 | |
| Total
assets | |
| 2,991,038 | | |
| (24,040 | ) | |
| 2,966,998 | |
| Accumulated
deficit | |
| (9,448,732 | ) | |
| (24,040 | ) | |
| (9,472,772 | ) |
| Total
shareholders’ equity | |
| 2,470,799 | | |
| (24,040 | ) | |
| 2,446,759 | |
| Total
liabilities and shareholders’ equity | |
| 2,991,038 | | |
| (24,040 | ) | |
| 2,966,998 | |
| | |
| | | |
| | | |
| | |
| Balance Sheet Impact - September
30, 2025 | |
| | | |
| | | |
| | |
| Investment
position in gold | |
| 612,328 | | |
| (95,982 | ) | |
| 516,346 | |
| Total
current assets | |
| 1,605,105 | | |
| (95,982 | ) | |
| 1,509,123 | |
| Total
assets | |
| 3,019,160 | | |
| (95,982 | ) | |
| 2,923,178 | |
| Accumulated
deficit | |
| (9,446,057 | ) | |
| (95,982 | ) | |
| (9,542,039 | ) |
| Total
shareholders’ equity | |
| 2,473,474 | | |
| (95,982 | ) | |
| 2,377,492 | |
| Total
liabilities and shareholders’ equity | |
| 3,019,160 | | |
| (95,982 | ) | |
| 2,923,178 | |
| (1) | The
Adjustment is the result of the Company no longer recording its investment in gold at fair market value as a Level 1 investment, ASC
820 “Fair Value Measurement.” The Company’s gold investment was previously valued at fair market value, based
on the closing bid price at which it can sell its gold investment back to a broker, using a live quoted price as of March 31, 2025, June
30, 2025, and September 30, 2025. In contrast, the Company now classifies its gold investment as an indefinite-lived nonfinancial asset
and accounts for it under a cost model. See Note 2 and Note 11 for further description regarding the accounting treatment. |
| | |
Quarter ended | |
| | |
March 31, 2025 | | |
June 30,
2025 | | |
September 30, 2025 | |
| Income statement impact by quarter | |
| | | |
| | | |
| | |
| Unrealized gain (loss) on investment in gold - as reported | |
| 7,043 | | |
| 16,996 | | |
| 71,943 | |
| Adjustment(1) (unrealized gain/loss) | |
| (7,043 | ) | |
| (16,996 | ) | |
| (71,943 | ) |
| Unrealized gain (loss) on investment in gold - restated | |
| - | | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | |
| Net income - as reported | |
| (204,715 | ) | |
| (216,705 | ) | |
| 2,675 | |
| Adjustment(1) (unrealized gain/loss) | |
| (7,043 | ) | |
| (16,996 | ) | |
| (71,943 | ) |
| Net income - restated | |
| (211,758 | ) | |
| (233,701 | ) | |
| (69,268 | ) |
| | |
| | | |
| | | |
| | |
| Earnings per share impact by quarter | |
| | | |
| | | |
| | |
| Basic earnings per share - as reported | |
| (0.009 | ) | |
| (0.010 | ) | |
| 0.000123 | |
| Adjustment | |
| (0.001 | ) | |
| (0.001 | ) | |
| (0.00332 | ) |
| Basic earnings per share - restated | |
| (0.010 | ) | |
| (0.011 | ) | |
| (0.00319 | ) |
| | |
| | | |
| | | |
| | |
| Diluted earnings per share - as reported | |
| (0.009 | ) | |
| (0.010 | ) | |
| 0.000107 | |
| Adjustment | |
| (0.001 | ) | |
| (0.001 | ) | |
| (0.00330 | ) |
| Diluted earnings per share - restated | |
| (0.010 | ) | |
| (0.011 | ) | |
| (0.00319 | ) |
| (1) | The
Adjustment is the result of the Company no longer recording its investment in gold at fair market value as a Level 1 investment, ASC
820 “Fair Value Measurement.” The Company’s gold investment was previously valued at fair market value, based
on the closing bid price at which it can sell its gold investment back to a broker, using a live quoted price as of March 31, 2025, June
30, 2025, and September 30, 2025. In contrast, the Company now classifies its gold investment as an indefinite-lived nonfinancial asset
and accounts for it under a cost model. See Note 2 and Note 11 for further description regarding the accounting treatment. |
|