RESTATEMENT EFFECTS ON ISSUED FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Changes and Error Corrections [Abstract]

Schedule of Restated Unaudited Consolidated Financial Statements

The following table illustrates the impact of the restated unaudited consolidated balance sheet, the unaudited statement of operations and unaudited statement of cash flows for the nine months ended September 30, 2021.

RESTATEMENT EFFECTS ON ISSUED FINANCIAL STATEMENTS

		As Previously Reported			Adjustment			As Restated
Consolidated Balance Sheet at September 30, 2021:
Cash and cash equivalents	A	$	61,370		$	(12,355	)	$	49,015
Accounts receivables	A		1,738			(96	)		1,642
Deposits and prepayments	A		330,767			(202,868	)		127,899
Inventory	A		-			160,159			160,159
Other current assets	A		63,802			12,523			76,325
Total current assets			457,677			(42,637	)		415,040
Long-term investment	A		-			66,022			66,022
Property, plant and equipment, net	A		380,426			(84,680	)		295,746
Construction in process			-			180,993			180,993
Operating lease right-of-use assets	A		-			552,519			552,519
Other noncurrent assets	A		-			42,540			42,540
TOTAL ASSETS			838,103			671,175			1,552,860
Accounts payable	A	$	82,237		$	(10,756	)	$	71,481
Accrued liabilities and other payables	A		836,307			(720,783	)		115,524
Deferred revenue	A		-			71,285			71,285
Due to related parties	A		353,635			(63,853	)		289,782
Operating lease liabilities-current	A		5,639			99,541			105,180
Income tax payable			4,675			-			4,675
Total current liabilities			1,282,493			(624,566	)		657,927
Operating lease liabilities-noncurrent	A		-			444,550			444,550
Total liabilities			1,369,993			(180,016	)		1,189,977
Preferred stock			832			-			832
Common stock			25,557			-			25,557
Common stock to be issued	A		720,000			(720,000	)		-
Additional paid-in capital	B		2,481,046			1,340,664			3,821,710
Accumulated other comprehensive income (loss)	A		14,716			(14,116	)		600
Accumulated deficit	A,B		(3,382,040	)		(28,325	)		(3,410,365	)
Total Vivic Corp. shareholders’ equity			(139,889	)		578,223			438,334
Non-controlling interest	A		(392,001	)		316,550			(75,451	)
Total shareholders’ equity			(531,890	)		894,773			362,883
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			838,103			671,175			1,552,860

RESTATEMENT EFFECTS ON ISSUED FINANCIAL STATEMENTS (Details 2)

Consolidated Statements of Operations for three months ended September 30, 2021:
REVENUE	A	$	162,725		$	(52,768	)	$	109,957
Cost of revenue	A		(46,050	)		3,200			(42,850	)
Gross Profit			116,675			(49,568	)		67,107
General and administrative expenses	A		(445,080	)		123,770			(321,310	)
Total operating expenses			(445,080	)		123,770			(321,310	)
Impairment of goodwill			(89,610	)		(51	)		(89,559	)
Investment loss	A		-			(22,190	)		(22,190	)
Interest expense	A		(1,593	)		(7,121	)		(8,714	)
Interest income	A		1,477			(1,421	)		56
Other income	A		1,235			169,423			170,658
Loss on loan settlement	B		-			(170,355	)		(170,355	)
Total other expenses			(88,491	)		(31,613	)		(120,104	)
Income taxes			(459	)		-			(459	)
NET LOSS			(417,355	)		42,589			(374,766	)
Consolidated Statements of Operations for the nine months ended September 30, 2021:
REVENUE	A		281,740			(102,809	)		178,931
Cost of revenue	A		(190,450	)		(91,987	)		(282,437	)
Gross Profit			91,290			(194,796	)		(103,506	)
General and administrative expenses	A		(1,078,416	)		315,019			(763,397	)
Total operating expenses			(1,078,416	)		315,019			(763,397	)
Impairment of goodwill	A		(1,215,934	)		1,126,375			(89,559	)
Investment loss	A					(54,676	)		(54,676	)
Interest expense	A		(1,482	)		(14,575	)		(16,057	)
Interest income	A		138			107			245
Other income	A		1,235			174,029			175,264
Loss on loan settlement	B		-			(1,340,664	)		(1,340,664	)
Total other expenses			(1,216,043	)		(109,404	)		(1,325,447	)
Income taxes			(459	)		-			(459	)
NET LOSS			(2,203,628	)		10,819			(2,192,809	)

RESTATEMENT EFFECTS ON ISSUED FINANCIAL STATEMENTS (Details 3)

Consolidated Statement of Cash Flows for the nine months ended September 30, 2021:
Net loss	A,B	$	(2,203,628	)	$	10,819		$	(2,192,809	)
Depreciation of property, plant and equipment	A		31,979			2,938			34,917
Amortization of ROU assets	A		-			43,030			43,030
Interest expense	A		-			16,057			16,057
Investment loss	A		-			54,676			54,676
Impairment of goodwill	A		1,215,934			(1,126,375	)		89,559
Loss on loan settlement	B		-			1,340,664			1,340,664
Change in operating assets and liabilities
Accounts receivable	A		(1,738	)		96			(1,642	)
Deposits and prepayments	A		(169,332	)		118,646			(50,686	)
Inventory	A		-			(160,159	)		(160,159	)
Other receivable	A		(39,897	)		17,590			(22,307	)
Other noncurrent assets	A		-			(85,570	)		(85,570	)
Deferred revenue	A		-			71,285			71,285
Accounts payable	A		66,660			(7,652	)		59,008
Accrued liabilities and other payables	A		52,544			36,996			89,540
Lease liabilities	A		-			(73,424	)		(73,424	)
Income tax payable			(25,000	)		-			(25,000	)
Net cash used in operating activities			(1,072,478	)		259,617			(812,861	)
Cash flows from investing activities
Purchase of property, plant and equipment	A		(163,129	)		(99,620	)		(262,749	)
Investment in a subsidiary	A		-			(120,698	)		(120,698	)
Cash from acquisition of a subsidiary	A		9,168			(9,168	)		-
Net cash used in investing activities			(153,961	)		(229,486	)		(383,447	)
Cash flows from financing activities
Repayment to related parties	A		(281,131	)		(59,888	)		(341,019	)
Repayment of lease liability	A		(4,658	)		4,658			-
Proceeds from loan			1,081,955			-			1,081,955
Net cash provided by financing activities			796,166			(55,230	)		740,936
Effect on exchange rate change on cash and cash equivalents			(12,536	)		12,744			208
CASH AND CASH EQUIVALENTS - END OF PERIOD			61,370			(12,355	)		49,015