Restatement Of Financial Statements

12 Months Ended

Jun. 30, 2013

Restatement Of Financial Statements

NOTE 13 - RESTATEMENT OF FINANCIAL STATEMENTS

The Company has restated its Balance Sheet as of June 30, 2013, its Statement of Operations for the year ended June 30, 2013, its Statement of Cash Flows for the year ended June 30, 2013, and it’s Statements of Stockholders’ Equity to account for an additional $100,000 of convertible debt from Asus Global Holdings Inc. The funds were wired directly to an officer of the Company and did not pass through the Company’s bank account. The Company recalculated the derivative liability related to the additional convertible debt outstanding. The terms of the additional convertible debt are the same as other convertible debt from Asus Global Holdings.

The following are previously recorded and restated balances as of June 30, 2013 and for the year ended June 30, 2013.

NANO LABS CORP.

BALANCE SHEETS

	June 30, 2013
	Originally
	Reported			Restated			Difference
ASSETS
CURRENT ASSETS
Cash	$	28,196		$	28,196			-
Total current assets		28,196			28,196			-
Total Assets	$	28,196		$	28,196			-
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable	$	7,765		$	7,765			-
Related party payables		-			-			-
Notes payable		-			-			-
Convertible notes payable		666,000			766,000			(100,000	)
Derivative Liability		8,223,786			9,448,441			(1,224,655	)
Accrued interest payable		-			-			-
		8,897,551			10,222,206			(1,324,655	)
Total current liabilities		8,897,551			10,222,206			(1,324,655	)
STOCKHOLDERS' DEFICIT
Preferred stock: $0.001 par value; 10,000,000 shares authorized;
none issued or outstanding at June 30, 2013 and 2012,          respectively.		-			-			-
Common stock: $0.001 par value; 500,000,000 shares authorized;
103,125,000 and 179,125,000 shares issued and outstanding
at June 30, 2013 and 2012, respectively.		103,125			103,125			-
Common stock issuable		101,000			101,000			-
Additional paid-in capital		381,356			381,356			-
Accumulated deficit		(9,454,836	)		(10,779,491	)		1,324,655
Total stockholders' deficit		(8,869,355	)		(10,194,010	)		1,324,655
Total liabilities and stockholders' deficit	$	28,196		$	28,196			-

The accompanying notes are an integral part of these financial statements.

NANO LABS CORP.

STATEMENTS OF OPERATIONS

	For the year ended June 30, 2013
	Originally Reported			Restated			Difference
Sales	$	-		$	-			-
Cost of goods sold		-			-			-
Gross Margin		-			-			-
Operating Expenses
Consulting		264,116			264,116			-
General and administrative		122,010			222,010			100,000
Professional Fees		46,833			46,833			-
Travel		93,831			93,831			-
Wages		86,518			86,518			-
Total operating expenses		613,308			713,308			100,000
Loss from Operations		(613,308	)		(713,308	)		(100,000	)
Other (Income) Expenses
Interest expense- derivative		(8,223,786	)		(9,448,441	)		1,224,655
Loss on sale to subsidiary		(32,261	)		(32,261	)		-
Other (income) expenses		(8,256,047	)		(9,480,702	)		1,224,655
Loss before Income Taxes		(8,869,355	)		(10,194,010	)		(1,324,655	)
Provision for income tax		-			-			-
Net Loss from continuing operations	$	(8,869,355	)	$	(10,194,010	)		(1,324,655	)
Discontinued Operations:
Income from discontinued operations		-			-			-
Net Loss	$	(8,869,355	)	$	(10,194,010	)		(1,324,655	)
Net income (loss) per common share- basic and diluted	$	(0.08	)	$	(0.10	)		0.02
Weighted average common shares outstanding-
basic and diluted		107,081,164			107,081,164			-

 The accompanying notes are an integral part of these financial statements.

NANO LABS CORP.

STATEMENTS OF CASH FLOWS

	For the Year Ended June 30, 2013
	Originally Reported			Restated			Difference
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(8,869,355	)	$	(10,194,010	)		1,324,655
Adjustments to reconcile net loss to net cash
used by operating activities:
Derivative interest		8,223,786			9,448,441			(1,224,655	)
Debt forgiveness		209,015			209,015			-
Changes in operating assets and liabilities:
Discontinued operations		-			-			-
Related party payables		(200	)		(200	)		-
Accounts payable and accrued expenses		(154,027	)		(154,027	)		-
NET CASH USED IN OPERATING ACTIVITIES		(590,781	)		(690,781	)		100,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of notes payable		(47,023	)		(47,023	)		-
Proceed from convertible notes payable		666,000			766,000			(100,000	)
NET CASH PROVIDED BY FINANCING ACTIVITIES		618,977			718,977			(100,000	)
NET CHANGE IN CASH		28,196			28,196			-
Cash at beginning of the period		-			-			-
Cash at end of the period	$	28,196		$	28,196			-
SUPPLEMENTAL DISCLOSURE OF
CASH FLOWS INFORMATION:
Interest paid	$	-		$	-			-
Income tax paid	$	-		$	-			-