Effect of correction of derivative liability and liabilities settled with shares of common stock

As Previously
Reported

As Restated

Retroactive Adjustment

At December 31, 2024

LIABILITIES

-Derivative liability

$

-

$

18,676,168

$

18,676,168

(1)

-Total current liabilities

$

1,101,605

$

19,777,773

$

18,676,168

-Total liabilities

$

1,101,605

$

19,777,773

$

18,676,168

RETAINED EARNINGS/EQUITY

-Additional paid-in-capital

$

46,515,936

$

42,494,026

$

(4,021,910)

(2)

-Accumulated deficit

$

(47,637,384

)

$

(62,291,642

)

$

(14,654,258

)

-Total stockholders’ deficit

$

(1,081,236

)

$

(19,757,404

)

$

(18,676,168

)

STATEMENT OF INCOME

Year Ended December 31, 2024

-Other (income) expense:

-Loss on extinguishment of debt with a related party

$

(4,021,910

)

$

-

$

(4,021,910)

(2)

-Change in derivative liability

$

-

$

18,676,168

$

18,676,168

(1)

-Total other (income) expense

$

(4,101,910

)

$

18,756,168

$

(14,654,258

)

-Income from operations before income taxes

$

(4,499,968

)

$

(19,154,226

)

$

(14,654,258

)

-Net loss

$

(4,499,968

)

$

(19,154,226

)

$

(14,654,258

)

STATEMENT OF STOCKHOLDERS’ EQUITY

At December 31, 2024

-Loss on extinguishment of debt with a related party

$

-

$

(4,021,910

)

$

(4,021,910)

(2)

-Net income

$

(4,499,968

)

$

(19,154,226

)

$

(14,654,258)

(1), (2)

-Balance, December 31, 2024

$

(1,081,236

)

$

(19,757,404

)

$

(18,676,168

)

STATEMENT OF CASH FLOWS

Year Ended December 31, 2024

Cash Flows from Operating Activities

-Net loss

$

(4,499,968

)

$

(19,154,226

)

$

(14,654,258)

(1), (2)

-Change in derivative liability

$

-

$

18,676,168

$

(18,676,168)

(1)

-Loss on extinguishment of debt with a related party

$

(4,021,910

)

$

-

$

4,021,910

(2)