RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Restatement Of Previously Issued Financial Statements |
|
| Schedule of Restatement on Consolidated Balance Sheet |
| Schedule of Restatement on Consolidated Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
| Financial
Statement Line Item |
|
As
Previously
Reported |
|
Adjustments |
|
As
Restated |
| Cash
and cash equivalents |
|
$ |
619,944 |
|
|
$ |
1 |
|
|
$ |
619,945 |
|
| Accounts
receivable, net |
|
|
14,676 |
|
|
|
1 |
|
|
|
14,677 |
|
| Inventory,
at cost |
|
|
1,116,500 |
|
|
|
— |
|
|
|
1,116,500 |
|
| Prepaid
expenses and other current assets |
|
|
431,495 |
|
|
|
25,100 |
|
|
|
456,595 |
|
| Loan
receivable - stockholder, current portion |
|
|
405,687 |
|
|
|
(405,687 |
) |
|
|
— |
|
| Total
current assets |
|
|
2,588,302 |
|
|
|
(380,585 |
) |
|
|
2,207,717 |
|
| Deposits |
|
|
32,373 |
|
|
|
— |
|
|
|
32,373 |
|
| Finance
right-of-use asset, net |
|
|
3,352 |
|
|
|
(3,352 |
) |
|
|
— |
|
| Operating
right-of-use asset, net |
|
|
213,688 |
|
|
|
(35,263 |
) |
|
|
178,425 |
|
| Loan
receivable - stockholder, net of current portion |
|
|
328,642 |
|
|
|
(328,642 |
) |
|
|
— |
|
| Equipment,
net |
|
|
105,399 |
|
|
|
(19,286 |
) |
|
|
86,113 |
|
| Intangible
assets, net |
|
|
339,032 |
|
|
|
35,496 |
|
|
|
374,528 |
|
| Prepaid
distribution cost |
|
|
453,728 |
|
|
|
(453,728 |
) |
|
|
— |
|
| Deferred
tax asset |
|
|
890,857 |
|
|
|
— |
|
|
|
890,857 |
|
| Total
assets |
|
|
4,955,373 |
|
|
|
(1,185,360 |
) |
|
|
3,770,013 |
|
| Accounts
payable and accrued expenses |
|
|
1,479,983 |
|
|
|
25,099 |
|
|
|
1,505,082 |
|
| Notes
payable |
|
|
421,596 |
|
|
|
— |
|
|
|
421,596 |
|
| Operating
lease liability, current portion |
|
|
144,245 |
|
|
|
— |
|
|
|
144,245 |
|
| Other
liabilities |
|
|
232,642 |
|
|
|
992,785 |
|
|
|
1,225,427 |
|
| Total
current liabilities |
|
|
2,278,466 |
|
|
|
1,017,884 |
|
|
|
3,296,350 |
|
| Accrued
employee benefits, non-current |
|
|
17,689 |
|
|
|
— |
|
|
|
17,689 |
|
| Operating
lease liability, less current portion |
|
|
40,109 |
|
|
|
— |
|
|
|
40,109 |
|
| Total
liabilities |
|
|
2,336,264 |
|
|
|
1,017,884 |
|
|
|
3,354,148 |
|
| Ordinary
shares |
|
|
11,619,117 |
|
|
|
268,396 |
|
|
|
11,887,513 |
|
| Accumulated
other comprehensive loss |
|
|
(204,718 |
) |
|
|
(134,037 |
) |
|
|
(338,755 |
) |
| Accumulated
deficit |
|
|
(8,795,290 |
) |
|
|
(2,337,603 |
) |
|
|
(11,132,893 |
) |
| Total
stockholders' equity |
|
|
2,619,109 |
|
|
|
(2,203,244 |
) |
|
|
415,865 |
|
| Total
liabilities and stockholders' equity |
|
$ |
4,955,373 |
|
|
$ |
(1,185,360 |
) |
|
$ |
3,770,013 |
|
|
| Schedule of Restatement on Consolidated Statement of Operations and Comprehensive Loss |
| Schedule of Restatement on Consolidated Statement of Operations and Comprehensive
Loss |
|
|
|
|
|
|
|
|
|
|
|
|
| Financial
Statement Line Item |
|
As
Previously
Reported |
|
Adjustments |
|
As
Restated |
| Revenues,
net |
|
$ |
2,931,243 |
|
|
($ |
9,002 |
) |
|
$ |
2,922,241 |
|
| Cost
of revenues |
|
|
699,329 |
|
|
|
(2,147 |
) |
|
|
697,182 |
|
| Gross
profit |
|
|
2,231,914 |
|
|
|
(6,855 |
) |
|
|
2,225,059 |
|
| General
and administrative |
|
|
1,555,190 |
|
|
|
(212,722 |
) |
|
|
1,342,468 |
|
| Salaries
and wages |
|
|
1,633,599 |
|
|
|
825,987 |
|
|
|
2,459,586 |
|
| Sales
and marketing |
|
|
155,371 |
|
|
|
(476 |
) |
|
|
154,895 |
|
| Contracted
services |
|
|
1,472,722 |
|
|
|
(1,940 |
) |
|
|
1,470,782 |
|
| Impairment
expense / loss on asset write-off |
|
|
612,072 |
|
|
|
1,249,761 |
|
|
|
1,861,833 |
|
| Total
operating expenses |
|
|
5,428,954 |
|
|
|
1,860,610 |
|
|
|
7,289,564 |
|
| Loss
from operations |
|
|
(3,197,040 |
) |
|
|
(1,867,465 |
) |
|
|
(5,064,505 |
) |
| Gain
on settlement of liabilities and other |
|
|
319,906 |
|
|
|
(148,475 |
) |
|
|
171,431 |
|
| Interest
income |
|
|
63,689 |
|
|
|
(63,689 |
) |
|
|
— |
|
| Interest
expense |
|
|
(244,166 |
) |
|
|
(47,859 |
) |
|
|
(292,025 |
) |
| Total
other income (expense), net |
|
|
139,429 |
|
|
|
(260,023 |
) |
|
|
(120,594 |
) |
| Net
loss before income taxes |
|
|
(3,057,611 |
) |
|
|
(2,127,488 |
) |
|
|
(5,185,099 |
) |
| Income
tax benefit (expense) |
|
|
486,278 |
|
|
|
(1,494 |
) |
|
|
484,784 |
|
| Net
loss |
|
|
(2,571,333 |
) |
|
|
(2,128,982 |
) |
|
|
(4,700,315 |
) |
| Foreign
currency translation adjustment |
|
|
(46,068 |
) |
|
|
(112,789 |
) |
|
|
(158,857 |
) |
| Comprehensive
loss |
|
($ |
2,617,401 |
) |
|
($ |
2,241,771 |
) |
|
($ |
4,859,172 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
and diluted net loss per share* |
|
($ |
7.74 |
) |
|
($ |
6.34 |
) |
|
($ |
14.08 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted
average shares outstanding - basic and diluted* |
|
|
332,064 |
|
|
|
1,820 |
|
|
|
333,884 |
|
* As previously reported
share and per-share amounts have been retroactively adjusted for the cumulative 1-for-25 reverse stock split (1-for-5 on September 26,
2025 and 1-for-5 on January 30, 2026) to conform to the current presentation.
|
| Schedule of Restatement on Consolidated Statement of Cash Flows |
| Schedule of Restatement on Consolidated Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
| Financial
Statement Line Item |
|
As
Previously
Reported |
|
Adjustments |
|
As
Restated |
| Net
loss |
|
($ |
2,571,333 |
) |
|
($ |
2,128,982 |
) |
|
($ |
4,700,315 |
) |
| Depreciation
and amortization |
|
|
449,910 |
|
|
|
(32,184 |
) |
|
|
417,726 |
|
| Stock
compensation / stock-based compensation |
|
|
148,788 |
|
|
|
1,174,175 |
|
|
|
1,322,963 |
|
| Share
issuance for services |
|
|
972,925 |
|
|
|
(972,925 |
) |
|
|
— |
|
| Loss
on write-off of assets / impairment expense |
|
|
605,805 |
|
|
|
1,256,028 |
|
|
|
1,861,833 |
|
| Interest
capitalized to line of credit |
|
|
— |
|
|
|
68,557 |
|
|
|
68,557 |
|
| Accounts
receivable |
|
|
720,032 |
|
|
|
(441,029 |
) |
|
|
279,003 |
|
| Inventories |
|
|
(126,908 |
) |
|
|
1 |
|
|
|
(126,907 |
) |
| Prepaid
expenses and other current assets |
|
|
(369,846 |
) |
|
|
(31,017 |
) |
|
|
(400,863 |
) |
| Right-of-use
assets and liabilities |
|
|
(120,932 |
) |
|
|
119,873 |
|
|
|
(1,059 |
) |
| Deposits |
|
|
2,735 |
|
|
|
— |
|
|
|
2,735 |
|
| Deferred
tax asset |
|
|
(419,837 |
) |
|
|
— |
|
|
|
(419,837 |
) |
| Accounts
payable and accrued expenses |
|
|
(677,438 |
) |
|
|
(104,480 |
) |
|
|
(781,918 |
) |
| Deferred
revenue / contracts payable |
|
|
(161,038 |
) |
|
|
— |
|
|
|
(161,038 |
) |
| Other
liabilities |
|
|
— |
|
|
|
745,881 |
|
|
|
745,881 |
|
| Accrued
employee benefits |
|
|
(28,161 |
) |
|
|
— |
|
|
|
(28,161 |
) |
| Net
cash used in operating activities |
|
|
(1,575,298 |
) |
|
|
(346,102 |
) |
|
|
(1,921,400 |
) |
| Purchases
of equipment |
|
|
(6,385 |
) |
|
|
(720 |
) |
|
|
(7,105 |
) |
| Net
activity on due from related parties |
|
|
(54,638 |
) |
|
|
54,638 |
|
|
|
— |
|
| Net
cash provided by (used in) investing activities |
|
|
(61,023 |
) |
|
|
53,918 |
|
|
|
(7,105 |
) |
| Proceeds
from issuance of shares, net |
|
|
3,319,221 |
|
|
|
439,674 |
|
|
|
3,758,895 |
|
| Proceeds
from notes payable - related parties |
|
|
— |
|
|
|
145,266 |
|
|
|
145,266 |
|
| Repayments
of notes payable - related parties |
|
|
— |
|
|
|
(293,789 |
) |
|
|
(293,789 |
) |
| Repayments
of notes payable |
|
|
(1,178,132 |
) |
|
|
225,728 |
|
|
|
(952,404 |
) |
| Net
cash provided by financing activities |
|
|
2,141,089 |
|
|
|
516,879 |
|
|
|
2,657,968 |
|
| Effect
of exchange rate changes on cash |
|
|
101,036 |
|
|
|
(224,692 |
) |
|
|
(123,656 |
) |
| Net
increase in cash |
|
|
605,804 |
|
|
|
3 |
|
|
|
605,807 |
|
| Cash
at beginning of year |
|
|
14,140 |
|
|
|
(2 |
) |
|
|
14,138 |
|
| Cash
at end of year |
|
$ |
619,944 |
|
|
$ |
1 |
|
|
$ |
619,945 |
|
|