Annual report pursuant to Section 13 and 15(d)

Correction of Previously Issued Financial Statements (Tables)

v3.23.1
Correction of Previously Issued Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]  
Schedule of restatements
     
Balance Sheet   As of December 31,
2021		  
    As Reported     Adjustment     As Revised  
                   
Accounts payable   $ 1,522,823     $ 458,622     $ 1,981,445  
Total current liabilities     2,135,566       458,622       2,594,188  
Total liabilities     2,135,566       458,622       2,594,188  
                         
Accumulated deficit     (34,982,921 )     (458,622 )     (35,441,543 )
Total stockholders' equity     6,621,819       (458,622 )     6,163,197  

 

       
Balance Sheet
(Unaudited)		   As of March 31,
2022		  
    As Reported     Adjustment     As Revised  
                   
Accounts payable   $ 489,716     $ 826,061     $ 1,315,777  
Total current liabilities     1,069,300       826,061       1,895,361  
Total liabilities     1,069,300       826,061       1,895,361  
                         
Accumulated deficit     (37,767,260 )     (826,061 )     (38,593,321 )
Total stockholders' equity     14,802,567       (826,061 )     13,976,506  

 

       
Balance Sheet
(Unaudited)		   As of June 30,
2022		  
    As Reported     Adjustment     As Revised  
                   
Accounts payable   $ 490,886     $ 826,061     $ 1,316,947  
Total current liabilities     923,856       826,061       1,749,917  
Total liabilities     923,856       826,061       1,749,917  
                         
Accumulated deficit     (41,333,212 )     (826,061 )     (42,159,273 )
Total stockholders' equity     11,523,456       (826,061 )     10,697,395  

 

       
Balance Sheet
(Unaudited)		   As of September 30,
2022		  
    As Reported     Adjustment     As Revised  
                   
Accounts payable   $ 1,005,043     $ 826,061     $ 1,831,104  
Total current liabilities     1,244,303       826,061       2,070,364  
Total liabilities     1,244,303       826,061       2,070,364  
                         
Accumulated deficit     (44,752,765 )     (826,061 )     (45,578,826 )
Total stockholders' equity     8,393,624       (826,061 )     7,567,563  

 

       
Statement of Operations   For the year ended December 31,
2021		  
    As Reported     Adjustment     As Revised  
                   
Research and development   $ 9,346,453     $ 458,622     $ 9,805,075  
Total operating expenses     14,027,293       458,622       14,485,915  
Loss from operations     (14,027,293 )     (458,622 )     (14,485,915 )
Net loss     (14,036,578 )     (458,622 )     (14,495,200 )
Loss per share - basic and diluted     (15.98 )     (0.52 )     (16.50 )

 

       
Statement of Operations
(Unaudited)		   For the three months ended March 31,
2022		  
    As Reported     Adjustment     As Revised  
                   
Research and development   $ 1,521,364     $ 367,439     $ 1,888,803  
Total operating expenses     2,781,773       367,439       3,149,212  
Loss from operations     (2,781,773 )     (367,439 )     (3,149,212 )
Net loss     (2,784,339 )     (367,439 )     (3,151,778 )
Loss per share - basic and diluted     (2.15 )     (0.28 )     (2.44 )

 

Statement of Operations
(Unaudited)		   For the six months ended June 30,
2022		  
    As Reported     Adjustment     As Revised  
                   
Research and development   $ 3,742,703     $ 367,439     $ 4,110,142  
Total operating expenses     6,346,114       367,439       6,713,553  
Loss from operations     (6,346,114 )     (367,439 )     (6,713,553 )
Net loss     (6,350,291 )     (367,439 )     (6,717,730 )
Loss per share - basic and diluted     (4.83 )     (0.28 )     (5.11 )

 

Statement of Operations
(Unaudited)		   For the nine months ended September 30,
2022		  
    As Reported     Adjustment     As Revised  
                   
Research and development   $ 5,950,616     $ 367,439     $ 6,318,055  
Total operating expenses     9,765,129       367,439       10,132,568  
Loss from operations     (9,765,129 )     (367,439 )     (10,132,568 )
Net loss     (9,769,844 )     (367,439 )     (10,137,283 )
Loss per share - basic and diluted     (7.40 )     (0.27 )     (7.67 )

 

       
Statement of Cash Flows   For the year ended December 31,
2021		  
    As Reported     Adjustment     As Revised  
                   
Cash Flows from Operating Activities:                        
Net loss   $ (14,036,578 )   $ (458,622 )   $ (14,495,200 )
Accounts payable     576,493       458,622       1,035,115  
Net cash used in operating activities     (13,538,309 )     –       (13,538,309 )

 

       
Statement of Cash Flows
(Unaudited)		   For the three months ended March 31,
2022		  
    As Reported     Adjustment     As Revised  
                   
Cash Flows from Operating Activities:                        
Net loss   $ (2,784,339 )   $ (367,439 )   $ (3,151,778 )
Accounts payable     (1,033,107 )     367,439       (665,668 )
Net cash used in operating activities     (3,077,199 )     –       (3,077,199 )

 

       
Statement of Cash Flows
(Unaudited)		   For the six months ended June 30,
2022		  
    As Reported     Adjustment     As Revised  
                   
Cash Flows from Operating Activities:                        
Net loss   $ (6,350,291 )   $ (367,439 )   $ (6,717,730 )
Accounts payable     (1,031,937 )     367,439       (664,498 )
Net cash used in operating activities     (6,439,733 )     –       (6,439,733 )

 

       
Statement of Cash Flows
(Unaudited)		   For the nine months ended September 30,
2022		  
    As Reported     Adjustment     As Revised  
                   
Cash Flows from Operating Activities:                        
Net loss   $ (9,769,844 )   $ (367,439 )   $ (10,137,283 )
Accounts payable     (517,780 )     367,439       (150,341 )
Net cash used in operating activities     (8,252,492 )     –       (8,252,492 )