| Financial Statements - Restatement Reconciliation Tables |
The following tables summarize the effect of the restatement on each financial statement line item as of the dates, and for the periods indicated. The amounts in the "As Restated" columns are the updated amounts including the impacts from the restatement. Financial statement line items and subtotals that were not impacted by the restatement adjustments have been omitted for enhanced clarity.
Balance Sheet – as of December 31, 2025:
| | | | | | | | | | | | | |
| |
|
As Previously
Reported
| |
|
Adjustment
| |
|
As Restated
| |
| |
| | | |
| | | |
| | | |
|
Deferred tax assets, net
|
| $ | - | |
| $ | 58,709 | |
| $ | 58,709 | |
|
Total assets
|
| | 26,237,315 | |
| | 58,709 | |
| | 26,296,024 | |
| |
| | | |
| | | |
| | | |
|
Accrued expenses
|
| | 2,160,366 | |
| | 1,907,251 | |
| | 4,067,617 | |
|
Total current liabilities
|
| | 13,293,479 | |
| | 1,907,251 | |
| | 15,200,730 | |
|
Deferred tax liabilities, net
|
| | 355,646 | |
| | (355,646 | ) |
| | - | |
|
Total liabilities
|
| | 13,883,222 | |
| | 1,551,605 | |
| | 15,434,827 | |
| |
| | | |
| | | |
| | | |
|
Accumulated deficit
|
| | (18,054,278 | ) |
| | (1,492,896 | ) |
| | (19,547,174 | ) |
|
Total stockholders’ equity
|
| $ | 12,354,093 | |
| $ | (1,492,896 | ) |
| $ | 10,861,197 | |
Statement of Operations – Three Months Ended June 30, 2025:
| | | | | | | | | | | | | |
| |
|
As Previously
Reported
| |
|
Adjustment
| |
|
As Restated
| |
| |
| | | |
| | | |
| | | |
|
Selling, general, and administrative expenses
|
| $ | 2,627,168 | |
| $ | 129,713 | |
| $ | 2,756,881 | |
|
Total operating expenses
|
| | 4,938,272 | |
| | 129,713 | |
| | 5,067,985 | |
|
Income from operations
|
| | 121,270 | |
| | (129,713 | ) |
| | (8,443 | ) |
|
Other income, net
|
| | 179,684 | |
| | (25,886 | ) |
| | 153,798 | |
|
Income before income taxes
|
| | 300,954 | |
| | (155,599 | ) |
| | 145,355 | |
|
Provision for income taxes
|
| | (71,427 | ) |
| | 61,513 | |
| | (9,914 | ) |
|
Net income
|
| | 229,527 | |
| | (94,086 | ) |
| | 135,441 | |
| |
| | | |
| | | |
| | | |
|
Net income per share – Basic and diluted
|
| $ | 0.02 | |
| | (0.01 | ) |
| $ | 0.01 | |
Statement of Operations - Six Months Ended June 30, 2025:
| | | | | | | | | | | | | |
| |
|
As Previously
Reported
| |
|
Adjustment
| |
|
As Restated
| |
| |
| | | |
| | | |
| | | |
|
Selling, general, and administrative expenses
|
| $ | 5,104,119 | |
| $ | 266,308 | |
| $ | 5,370,427 | |
|
Total operating expenses
|
| | 9,784,317 | |
| | 266,308 | |
| | 10,050,625 | |
|
Income from operations
|
| | 146,638 | |
| | (266,308 | ) |
| | (119,670 | ) |
|
Other income, net
|
| | 360,516 | |
| | (48,852 | ) |
| | 311,664 | |
|
Income before income taxes
|
| | 507,154 | |
| | (315,160 | ) |
| | 191,994 | |
|
Provision for income taxes
|
| | (118,565 | ) |
| | 54,203 | |
| | (64,362 | ) |
|
Net income
|
| | 388,589 | |
| | (260,957 | ) |
| | 127,632 | |
| |
| | | |
| | | |
| | | |
|
Net income per share – Basic and diluted
|
| $ | 0.04 | |
| $ | (0.03 | ) |
| $ | 0.01 | |
Statements of Stockholders' Equity – Three Months Ended June 30, 2025:
| | | | | | | | | | | | | |
| |
|
As Previously
Reported
| |
|
Adjustment
| |
|
As Restated
| |
| |
| | | |
| | | |
| | | |
|
Balance as of April 1, 2025
|
| | | |
| | | |
| | | |
|
Accumulated deficit
|
| $ | (18,913,147 | ) |
| $ | (1,152,997 | ) |
| $ | (20,066,144 | ) |
|
Total stockholders’ equity
|
| | 11,328,093 | |
| | (1,152,997 | ) |
| | 10,175,096 | |
| |
| | | |
| | | |
| | | |
|
Balance as of June 30, 2025
|
| | | |
| | | |
| | | |
|
Accumulated deficit
|
| | (18,683,620 | ) |
| | (1,247,083 | ) |
| | (19,930,703 | ) |
|
Total stockholders’ equity
|
| $ | 11,677,738 | |
| $ | (1,247,083 | ) |
| $ | 10,430,655 | |
Statements of Stockholders' Equity – Six Months Ended June 30, 2025:
| | | | | | | | | | | | | |
| |
|
As Previously
Reported
| |
|
Adjustment
| |
|
As Restated
| |
| |
| | | |
| | | |
| | | |
|
Balance as of January 1, 2025
|
| | | |
| | | |
| | | |
|
Accumulated deficit
|
| $ | (19,072,209 | ) |
| $ | (986,126 | ) |
| $ | (20,058,335 | ) |
|
Total stockholders’ equity
|
| | 11,141,746 | |
| | (986,126 | ) |
| | 10,155,620 | |
| |
| | | |
| | | |
| | | |
|
Balance as of June 30, 2025
|
| | | |
| | | |
| | | |
|
Accumulated deficit
|
| | (18,683,620 | ) |
| | (1,247,083 | ) |
| | (19,930,703 | ) |
|
Total stockholders’ equity
|
| $ | 11,677,738 | |
| $ | (1,247,083 | ) |
| $ | 10,430,655 | |
Statement of Cash Flows –Six Months Ended June 30, 2025:
| | | | | | | | | | | | | |
| |
|
As Previously
Reported
| |
|
Adjustment
| |
|
As Restated
| |
| |
| | | |
| | | |
| | | |
|
Six Months Ended June 30, 2025
|
| | | |
| | | |
| | | |
|
Cash flows from operating activities:
|
| | | |
| | | |
| | | |
|
Net income
|
| $ | 388,589 | |
| $ | (260,957 | ) |
| $ | 127,632 | |
|
Changes
in operating assets and liabilities:
|
| | | |
| | | |
| | | |
|
Accrued expenses
|
| $ | (263,634 | ) |
| $ | 260,957 | |
| $ | (2,677 | ) |
|