Restatement |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RESTATEMENT |
NOTE 18 - RESTATEMENT
On April 11, 2022, the Company’s management determined that the Company’s consolidated financial statements for the year ended December 31, 2020 included herein should be restated because management determined that it had overstated its sales and bad debt expense in its consolidated financial statements for the year ended December 31, 2020.
Based on management’s analysis, the Company determined that a sale in the amount of $102,569 that was recorded in December 2020 did not meet the Company’s revenue recognition policy pursuant to ASC 606 and should not have been reflected as a sale. Additionally, in the same period, in connection with the Company’s analysis of collectability, the Company recorded a bad debt allowance and a related bad debt expense of $102,569. Since the sale and related allowance for bad debt should not have been recorded, the Company is restating its consolidated financial statements to reduce sales and bad debt expense by $102,569.
Accordingly, the Company’s consolidated statement of operations and cash flows for the year ended December 31, 2020 have been restated herein. The effect of correcting this error in the Company’s consolidated financial statements on December 31, 2020 and for the year ended December 31, 2020 are summarized and shown in the table as follows:
Consolidated Statement of Operations:
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