Restatement (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of Restated Balance Sheets and Statements of Operations

The restated balance sheet and statements of operations as of and for the year ended December 31, 2022 are as follows:

THUMZUP MEDIA CORPORATION

BALANCE SHEETS

	December 31, 2022			Restatement Adjustment			December 31, 2022
	(As Reported)						(As Restated)
ASSETS
Current assets:
Cash	$	1,155,343		$	-		$	1,155,343
Prepaid expenses		2,903			-			2,903
Total current assets		1,158,246			-			1,158,246
Property and equipment, net		2,553			-			2,553
Total assets	$	1,160,799		$	-		$	1,160,799
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	91,359		$	-		$	91,359
Liquidated damages and accrued interest		-			282,916			282,916
Total current liabilities		91,359			282,916			374,275
Total liabilities		91,359			282,916			374,275
Commitments and contingencies
Stockholders’ equity:
Preferred stock - 20,000,000 shares authorized:
Preferred stock - Series A, $0.001 par value, $45,000 stated value, 1,000,000 shares authorized; 125,865 shares issued and outstanding		126			-			126
Common stock, $0.001 par value, 250,000,000 shares authorized; 7,108,336 shares issued and outstanding		7,108			-			7,108
Additional paid in capital		3,179,913			-			3,179,913
Subscription receivable		(33,000	)		-			(33,000	)
Accumulated deficit		(2,084,707	)		(282,916	)		(2,367,623	)
Total stockholders’ equity		1,069,440			(282,916	)		786,524
Total liabilities and stockholders’ equity	$	1,160,799		$	-		$	1,160,799

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

THUMZUP MEDIA CORPORATION

STATEMENTS OF OPERATIONS

	For the Year Ended December 31, 2022			Restatement Adjustment			For the Year Ended December 31, 2022
	(As Reported)						(As Restated)
Revenues	$	2,421		$	-		$	2,421
Operating Expenses:
Cost of revenues		439			-			439
Sales and marketing		224,088			-			224,088
Research and development		567,408			-			567,408
General and administrative		418,940			-			418,940
Depreciation and amortization		2,160			-			2,160
Total Operating Expenses		1,213,035			-			1,213,035
Loss From Operations		(1,210,614	)		-			(1,210,614	)
Other Income (Expense):
Expense for liquidated damages		-			(268,202	)		(268,202	)
Interest expense		(11,151	)		(14,714	)		(25,865	)
Total Other Income (Expense)		(11,151	)		(282,916	)		(294,067	)
Net Loss Before Income Taxes		(1,221,765	)		(282,916	)		(1,504,681	)
Provision for Income Taxes (Benefit)		-			-			-
Net Loss		(1,221,765	)		(282,916	)		(1,504,681	)
Net Income (Loss) Available to Common Stockholders	$	(1,221,765	)	$	(282,916	)	$	(1,504,681	)
Net Income (Loss) Per Common Share:
Basic	$	(0.20	)	$	(0.04	)	$	(0.24	)
Diluted	$	(0.20	)	$	(0.04	)	$	(0.24	)
Weighted Average Common Shares Outstanding:
Basic		6,215,753						6,215,753
Diluted		6,215,753						6,215,753