RESTATEMENT OF THE COMPANY’S PREVIOUSLY ISSUED FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2024

Restatement Of Companys Previously Issued Financial Statements

RESTATEMENT OF THE COMPANY’S PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 5 – RESTATEMENT OF THE COMPANY’S PREVIOUSLY ISSUED FINANCIAL STATEMENTS

During fiscal 2023, the Company reassessed its principal asset, its iTDE Technology, concluding that such technology was a finite intangible asset and applying retroactive amortization to the value of the asset. The annual reports of the Company for 2023 and 2024 both reflect the changes to the financial statements resulting from this re-evaluation. There were no changes to the intangible asset on the 10K previously filed on April 30, 2025.

The following table illustrates the result of the reclassification showing amortization applied since December 31, 2022:

Intangible Asset	iTDE Technology
Cost
At December 31, 2022		3,500,127
Additions		-
Transfers		-
At December 31, 2023		3,500,127
Additions		-
Disposals		-
At December 31, 2024		3,500,127

Accumulated Amortization
At December 31, 2022		658,378
Charge for the year		149,782
At December 31, 2023		808,160
Charge for the year		149,782
At December 31, 2024		957,942

Carrying amount
At December 31, 2023		2,691,967
At December 31, 2024		2,542,185

Balance Sheets
December 31, 2024

The following table presents the effect of the restatement adjustments on the balance sheet as of December 31, 2024:

	As Previously Reported			Adjustment Reference		Adjustment Amount			As Restated
ASSETS
Current Assets:
Cash	$	62,547			—		—		$	62,547
Investments		38,549			A		38,549			77,098
Prepaid expense and other current assets		604,368			B		(523,102	)		81,266
Total Current Assets		705,464			A+B		(484,553	)		220,911

Non-current Assets:
Property and equipment, net		7,285			—		—			7,285
Intangible asset, net		2,542,185			—		—			2,542,185
Total Non-current Assets		2,549,470			—		—			2,549,470

Total Assets	$	3,254,934			A+B	$	(484,553	)	$	2,770,381

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable and accrued liabilities	$	3,119,281			—		(16,027	)	$	3,103,254
Other current liabilities		500,000			—		—			500,000
Convertible notes payable – related party		—			—		—			—
Loan payable		845,000			C		(845,000	)		—
Due to related party		107,445			—		—			107,445
Total Current Liabilities		4,571,726			—		(861,027	)		3,710,699

Non-current Liabilities:
Convertible notes payable		1,585,004			C		845,000			2,430,004
Total Non-current Liabilities		1,585,004			—		845,000			2,430,004

Total Liabilities		6,156,730			D		(16,027	)		6,140,703

Stockholders’ Equity (Deficit):
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 40,000 shares to be issued		40			—		—			40
Preferred stocks subscription receivables		—			E		(40	)		(40	)
Common stock, $0.001 par value, 100,000,000 shares authorized; 28,546,834 issued and outstanding		28,547			—		—			28,547
Additional paid-in capital		5,396,053			—		—			5,396,053
Accumulated deficit		(8,326,436	)		—		(468,486	)		(8,794,922	)
Total Stockholders’ Equity (Deficit)		(2,901,796	)		—		(468,526	)		(3,370,322	)
Total Liabilities and Stockholders’ Equity (Deficit)	$	3,254,934			—	$	(484,553	)	$	2,770,381

Effect of Restatement on Consolidated Statements of Operations and Comprehensive Income

The following table presents the effect of the restatement adjustments on the consolidated statement of operations for the year ended December 31, 2024:

	As Previously Reported			Adjustment Reference		Adjustment Amount			As Restated
Revenues		-			-		-			-
Operating expenses
Salaries and Employee Benefits		760,954			-		-			760,954
Professional fees and contractors		732,676			D		(15,000	)		717,676
Depreciation and Amortization		155,118			-		-			155,118
Other operating Expenses		86,151			F		411,202			497,353
Total operating expenses		1,734,899			-		396,202			2,131,101
Income (loss) from operations		(1,734,899	)		-		(396,202	)		(2,131,101	)
Other expense
Interest expense		(186,700	)		-		-			(186,700	)
Other income		107,273			G		(72,284	)		34,989
Net other expense		(79,427	)		-		(72,284	)		(151,711	)
Loss before provision for income taxes		(1,814,326	)		-		(468,486	)		(2,282,812	)
Net income (loss)		(1,814,326	)		-		(468,486	)		(2,282,812	)
Net income (loss) per common share: Basic and diluted		(0.06	)				(0.02	)		(0.08	)
Weighted average number of common shares outstanding: Basic and diluted		28,546,834					0			28,546,834

Effect of Restatement on Stockholders’ Equity

The following table summarizes the effect of the restatement on each component of stockholders’ equity as of December 31, 2024:

	As Previously Reported			Adjustment Reference		Adjustment Amount			As Restated
Common Stocks		28,547			-		-			28,547
Preferred Stocks		40			-		-			40
Preferred stocks subscription receivables		-			-		(40	)		(40	)
Additional paid-in capital		5,396,053			-		-			5,396,053
Accumulated other comprehensive income (loss)		(1,814,326	)		-		(468,486	)		(2,282,812	)
Accumulated deficit		(8,326,436	)		-		(468,486	)		(8,794,922	)
Total Stockholders’ Equity (Deficit)		(2,901,796	)		-		(468,526	)		(3,370,322	)

Nature of Restatement Adjustments

Adjustment A – Corrects the Issuance of Additional Shares

We have corrected the second issuance of 96,250,000 common shares of Clontarf Energy per our contract. The Company did not account for the shares as they were not received but should have been recorded with a value of $38,549.

Adjustment B - Write-off of Uncollectable Receivable

The Company issued a series of loans that are deemed uncollectable with principal total of $437,597 and $85,505 interest.

Adjustment C - Extension of Due Date of loans

The extension of due date of loans resulting of reclassifying into Non-Current Liability

Adjustment D - Reversal of Over Accrual of Accounting Fee

The Company reversed an over accrual of accounting fee of $15,000 from an agreement that was previously cancelled and over payroll accrual of $1,027

Adjustment E - Recording of Subscription Receivables

The Company cancelled subscription agreements of preferred shares as the subscription agreements were not executed and payment was not received.

Adjustment F – Reclassification of Operating Expense

Write-Off $437,597 subtracting $26,395 on Unrealized Loss on Investment, previously presented in operating expenses, after adjustment it was presented in other income.

Adjustment G – Change to Other Income

Reversal of Interest income $85,505, recording of additional shares $38,549 and reclassification of $26,395 on Unrealized Loss on Investment, adjustment on preferred shares $40 and payroll $1,027