Revision of Previously Issued Financial Statements for Immaterial Misstatement

12 Months Ended

Dec. 31, 2023

Revision of Previously Issued Financial Statements for Immaterial Misstatement

Revision of Previously Issued Financial Statements for Immaterial Misstatement

10. Revision of Previously Issued Financial Statements for Immaterial Misstatement

During 2023, we determined that the amount of bonus payable to the directors of Presto was understated at December 31, 2022 by $88,200. Wages and salaries expense was understated by $88,200 as a result of this error. 

We assessed the materiality of the effect of the errors on our prior financial statements, both quantitatively and qualitatively, in accordance with the SEC’s Staff Accounting Bulletin ("SAB") No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” and concluded the error was not material to any of our previously issued financial statement.  Consequently, we will correct these errors prospectively and revise our financial statements when the consolidated balance sheet, statements of operations and cash flows for such prior period are included in future filings.  The revision had no net impact on our sales or net cash provided by operating activities for any period presented.   The following tables present a summary of the impact, by financial statement line item, of the revision as of and for the year ended December 31, 2022.

	As Previously						As
	Reported			Adjustment			Revised
Consolidated Balance Sheet
Total Current Assets	$	477,303					$	477,303
Total Assets		2,570,791						2,570,791
Total Current Liabilities		469,721		$	88,200			557,921
Total Liabilities		898,109			88,200			986,309
Total Stockholders’ Equity		1,672,682			(88,200	)		1,584,482
Total Liabilities & Stockholders’ Equity		2,570,791			-			2,570,791
Consolidated Statement of Operations
Wages and Salaries expense		759,054			88,200			847,254
Loss from Operations		(1,315,070	)		(88,200	)		(1,403,270	)
Net Loss		(1,174,637	)		88,200	)		(1,262,837	)
Net Loss from Operations attributable to non-controlling interest - PrestoCorp		(47,536	)		-			(47,536	)
Net Loss from Operations attributable to Cannabis Sativa, Inc.		(1,127,101	)		(88,200	)		(1,215,301	)
Consolidated Statement of Cash Flows
Net Loss		(1,174,637	)		(88,200	)		(1,262,837	)
Net Cash Used in Operating Activities	$	(235,559	)	$	-		$	(235,559	)