Quarterly report pursuant to Section 13 or 15(d)

Restatement

v2.4.0.8
Restatement
6 Months Ended
Jun. 30, 2014
Restatement [Abstract]  
Restatement

Note 8 – Restatement

 

The financial statements for the six months ended June 30, 2014 have been restated due to $109,630 of assets that had not been previously recorded that were contributed to the Company from a shareholder during the fiscal year ending December 31, 2013. The primary affect of the restatement relates to property and equipment non-cash additions and the non-cash addition to the Shareholder note. Depreciation expense and interest expense on the shareholder loan were also affected. Following is a tabular presentation of the balance sheet and income statement affect of the restatement.

 

Balance sheet restatement:

 

    As of June 30, 2014  
    (unaudited)  
Previously stated property and equipment   $ 504,254  
Restatement     113,791  
Restated property and equipment     618,045  
         
Previously stated total assets     1,101,344  
Restatement     113,791  
Restated property and equipment     1,215,135  
         
Previously stated related party - accrued interest     54,941  
Restatement     423  
Restated related party - accrued interest     55,364  
         
Previously stated loan from shareholder     701,869  
Restatement     109,630  
Restated loan from shareholder     811,499  
         
Previously stated total liabilities     1,221,348  
Restatement     110,053  
Restated loan from shareholder     1,331,401  
         
Previously stated total liabilities and stockholders deficit     1,101,344  
Restatement     113,791  
Restated loan from shareholder   $ 1,215,135  

 

    Six Months Ended     Three Months Ended  
    June 30, 2014     June 30, 2014  
    (unaudited)     (unaudited)  
Previously stated cost of sales   $ 450,287     $ 221,570  
Restatement     23,818       11,815  
Restated cost of sales     474,105       233,385  
                 
Previously stated gross profit     368,649       203,030  
Restatement     (23,818 )     (11,815 )
Restated gross profit     344,831       191,215  
                 
Previously stated income from operations     172,591       112,158  
Restatement     (23,818 )     (11,815 )
Restated income from operations     148,773       100,343  
                 
Previously stated other income (expense)     (4,105 )     (2,042 )
Restatement     (423 )     (149 )
Restated other income (expense)     (4,528 )     (2,191 )
                 
Previously stated net income     168,486       110,116  
Restatement     (24,241 )     (11,964 )
Restated net income   $ 144,245     $ 98,152