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RESTATEMENT
 12 Months Ended
Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]  
RESTATEMENT

NOTE 13 – RESTATEMENT

 

The financial statements for the year ended December 31, 2022, are being restated to correct the accounting for certain balance sheet and statement of operations accounts, as well reclass amounts from the previous presentation to conform to the presentation for the current year.

 

Per ASC 250-10 Accounting Changes and Error Corrections, the December 31, 2022 balance sheet and statement of operations have been restated for the following.

 

 

    1    2    3 
December 31, 2022
   As Reported   Adjusted   As Restated 
ASSETS            
Current Assets:               
Cash  $374,091   $—   $374,091 
Draws against commissions   212,323    (37,220)   175,103 
Loan receivable   12,500    —    12,500 
Due from related parties   510,468    (27,918)   482,550 
Total Current Assets   1,109,382    (65,138)   1,044,244 
Property and equipment, net   41,872    —    41,872 
Related party loan   155,000    (155,000)   — 
Total Current Assets  $1,306,254   $(220,138)  $1,086,116 
                
LIABILITIES AND STOCKHOLDERS’ DEFICIT               
                
Current Liabilities:               
Accounts payable and accruals  $82,131   $(37,345)  $44,786 
Loan payable   147,707    (140,117)   7,590 
Loan payable – related party   —    40,000    40,000 
Total Current Liabilities   229,838    (137,462)   92,376 
Loan payable, net of current portion   —    140,117    140,117 
Total Liabilities   229,838    2,655    232,493 
                
Stockholders’ Deficit:               
Common stock   —    101(1)   101 
Additional paid-in capital   616,306    (189,806)   426,500 
Accumulated deficit   460,110    (33,088)   427,022 
Total Stockholders’ Deficit   1,079,416    (222,793)   853,623 
                
Total Liabilities and Stockholders’ Deficit  $1,306,254   $(220,138)  $1,086,116 

 

  (1) Specifically related to reverse acquisition accounting.

 

    1    2    3 
Year Ended December 31, 2022
   As Reported   Adjusted   As Restated 
Revenue  $3,321,837   $—   $3,321,837 
Commission expense   (1,717,786)   466,866    (1,250,920)
Commission expense – related party   —    (495,625)   (495,625)
Gross margin   1,604,051    (28,759)   1,575,292 
                
Operating expenses:               
Professional fees   —    38,123    38,123 
Payroll expense   —    244,104    244,104 
General and administrative   706,775    (277,900)   428,875 
Total operating expenses   706,775    4,327    711,102 
                
Income from operations   897,276    33,086    864,190 
                
Net Income  $897,276   $33,086   $864,190