Restatement of Previously Issued Financial Statements (Tables)

3 Months Ended

Mar. 31, 2019

Accounting Changes and Error Corrections [Abstract]

Schedule of Restatement of Previously Issued Financial Statements

The effect of the restatements on the unaudited financial statements for March 31, 2019 and 2018 are as follows:

	For the Quarter Ended March 31, 2019
	As Reported			Restatement Adjustment			As Restated
Statement of Operations:
Revenue	$	5,036,346		$	-		$	5,036,346
Cost of revenue		2,043,028			-			2,043,028
Selling, general and administrative expenses		2,069,040			-			2,069,040
Depreciation and amortization expense		1,011,105			-			1,011,105
Total operating costs and expenses		5,123,173			-			5,123,173
Operating income (loss)		(86,827	)		-			(86,827	)
Other income (expense)
Interest income		123,386			(104,453	)		18,933
Interest expense		(177,982	)		-			(177,982	)
Total other expense		(54,596	)		(104,453	)		(159,049	)
Net income (loss)		(141,423	)		(104,453	)		(245,876	)
Income tax expense		-			-			-
Net income (loss)		(141,423	)		(104,453	)		(245,876	)
Earnings (loss) per common share - basic	$	(0.01	)	$	-		$	(0.01	)
Earnings (loss) per common share - diluted	$	(0.01	)	$	-		$	(0.01	)
Weighted average common shares outstanding - basic		25,018,098			-			25,018,098
Weighted average common shares outstanding - diluted		25,018,098			-			25,018,098
Balance Sheet:
Current assets	$	8,730,573		$	(104,453	)	$	8,626,120
Total assets		27,389,452			(7,471,665	)		19,917,787
Current liabilities		6,608,084			-			6,608,084
Total liabilities		12,571,592			-			12,571,592
Total shareholders’ equity		14,817,860			(7,471,665	)		7,346,195
Total liabilities and shareholders’ equity		27,389,452			(7,471,665	)		19,917,787

	For the Quarter Ended March 31, 2018
	As Reported			Restatement Adjustment			As Restated
Statement of Operations:
Revenue	$	4,600,293		$	-		$	4,600,293
Cost of revenue		1,798,944			-			1,798,944
Selling, general and administrative expenses		1,697,663			-			1,697,663
Depreciation and amortization expense		936,027			-			936,027
Total operating costs and expenses		4,432,634			-			4,432,634
Operating income (loss)		167,659			-			167,659
Other income (expense)
Interest income		92,428			(86,287	)		6,141
Interest expense		(191,553	)		-			(191,553	)
Total other expense		(99,125	)		(86,287	)		(185,412	)
Net income (loss)		68,534			(86,287	)		(17,753	)
Income tax expense		-			-			-
Net income (loss)		68,534			(86,287	)		(17,753	)
Earnings (loss) per common share - basic	$	0.00		$	-		$	(0.00	)
Earnings (loss) per common share - diluted	$	0.00		$	-		$	(0.00	)
Weighted average common shares outstanding - basic		24,535,155			-			24,535,155
Weighted average common shares outstanding - diluted		25,140,646			-			24,535,155
Balance Sheet:
Current assets	$	6,728,071		$	(86,287	)	$	6,641,784
Total assets		28,210,450			(7,453,499	)		20,756,951
Current liabilities		9,055,574			-			9,055,574
Total liabilities		13,702,323			-			13,702,323
Total shareholders' equity		14,508,127			(7,453,499	)		7,054,628
Total liabilities and shareholders' equity		28,210,450			(7,453,499	)		20,756,951