Prior Period Misstatement

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

NOTE 10 - Prior Period Misstatement

Subsequent to filing the Form 10-Q for the six months ended June 30, 2016, it was discovered that the issuance of 200,000 shares of the Company's common stock with a fair value of $102,000 were not included in the Form 10-Q. The effect of this omission was that, as at June 30, 2016, prepaid expenses were understated by $102,000, common stock was understated by $20 and additional paid-in capital was understated by $101,980. As at June 30, 2017 the restated balance of prepaid expenses is $139,668, the restated balance of common stock is $6,749 and the restated balance of additional paid-in capital is $4,174,617. In addition, the correct weighted average shares outstanding for the three and six month periods ended June 30, 2016 were 67,488,142 and 67,471,591 respectively.

The effects of the prior period misstatement are as follows:

	As Originally Reported		Restated
Prepaid expenses	$	37,668	$	139,668
Common stock	$	6,729	$	6,749
Additional paid-in capital	$	4,072,637	$	4,174,617
Weighted average shares outstanding - three month period		67,288,142		67,488,142
Weighted average shares outstanding - six month period		67,288,142		67,471,591