Quarterly report pursuant to Section 13 or 15(d)

RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Tables)

v3.20.2
RESTATEMENT OF PRIOR FINANCIAL INFORMATION (Tables)
6 Months Ended
Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]  
Summary of Restatement of financial statements
    As of March 31, 2020    
    Previously   Adjustments   As Corrected  
Reported
Consolidated Balance Sheet              
Current assets   $ 1,661,211   $                 -      $ 1,661,211  
Current liabilities   $ 5,338,486   $     (564,628)   $ 4,773,858  
Working capital (deficit)   $       (3,677,275)   $       564,628   $  (3,112,647)  
Total assets   $ 8,458,826   $  (1,705,115)   $ 6,753,711  
Total liabilities   $ 6,985,191   $  (2,034,232)   $ 4,950,959  
Total stockholders' equity   $ 1,473,635   $       329,117   $ 1,802,752  
                     
    As of December 31, 2019    
    Previously   Adjustments   As Corrected  
Reported
Consolidated Balance Sheet              
Current assets   $ 2,429,235   $                 -      $ 2,429,235  
Current liabilities   $ 4,190,544   $     (382,196)   $ 3,808,348  
Working capital (deficit)   $       (1,761,309)   $       382,196   $  (1,379,113)  
Total assets   $ 9,799,277   $  (1,782,443)   $ 8,016,834  
Total liabilities   $ 6,117,431   $  (1,988,141)   $ 4,129,290  
Total stockholders' equity   $ 3,681,846   $       205,698   $ 3,887,544  
                     
    As of September 30, 2019    
    Previously   Adjustments   As Corrected  
Reported
Consolidated Balance Sheet              
Current assets   $ 3,255,169   $                 -      $ 3,255,169  
Current liabilities   $ 2,052,454   $     (302,196)   $ 1,750,258  
Working capital (deficit)   $         1,202,715   $       302,196   $    1,504,911  
Total assets   $ 11,449,203   $  (1,858,284)   $ 9,590,919  
Total liabilities   $ 4,054,527   $  (1,940,563)   $ 2,113,964  
Total stockholders' equity   $ 7,394,676   $         82,279   $ 7,476,955  
                         

 

 

 

The effect on these revisions on the Company’s consolidated statements of operations is as follows:

 

 

 

    For the Three Months Ended
March 31, 2020
    Previously Reported   Adjustments   As Corrected
Consolidated Statements of Operations            
Revenues   $ 836,000   $                -      $ 836,000
Operating expenses   $ 2,192,767   $     (123,419)   $ 2,069,348
Loss from operations   $    (2,757,023)   $      123,419   $    (2,633,604)
Other income (expenses)   $       (188,480)   $                -      $       (188,480)
Net loss   $    (2,945,503)   $      123,419   $    (2,822,084)
Net Loss available to Exactus, Inc. common stockholders   $    (2,789,684)   $      123,419   $    (2,666,265)
Basic & diluted EPS   $             (0.06)   $                 0   $             (0.06)
                   

 

    For the Year Ended
December 31, 2019
    Previously Reported   Adjustments   As Corrected
Consolidated Statements of Operations            
Revenues   $ 345,680   $                -      $ 345,680
Operating expenses   $ 9,177,988   $     (205,698)   $ 8,972,290
Loss from operations   $  (10,878,442)   $      205,698   $  (10,672,744)
Other income (expenses)   $ 653,936   $                -      $ 653,936
Net loss   $  (10,224,506)   $      205,698   $  (10,018,808)
Net Loss available to Exactus, Inc. common stockholders   $  (10,591,487)   $      205,698   $  (10,385,789)
Basic & diluted EPS   $             (0.31)   $                 0   $             (0.31)

 

    For the Nine Months Ended
September 30, 2019
    Previously Reported   Adjustments   As Corrected
Consolidated Statements of Operations            
Revenues   $ 215,816   $                -      $ 215,816
Operating expenses   $ 5,803,458   $       (82,279)   $ 5,721,179
Loss from operations   $       (5,803,847)   $        82,279   $  (5,721,568)
Other income (expenses)   $ 1,178,363   $                -      $ 1,178,363
Net loss   $       (4,625,484)   $        82,279   $  (4,543,205)
Net Loss available to Exactus, Inc. common stockholders $       (5,168,306)   $        82,279   $  (5,086,027)
Basic & diluted EPS   $                (0.16)   $                 0   $           (0.15)
                   
    For the Three Months Ended
September 30, 2019
    Previously Reported   Adjustments   As Corrected
Consolidated Statements of Operations            
Revenues   $             60,153   $                -      $ 60,153
Operating expenses   $        2,062,677   $       (82,279)   $ 1,980,398
Loss from operations   $       (2,102,942)   $        82,279   $ (2,020,663)
Other income (expenses)   $              (5,105)   $                -      $     (5,105)
Net loss   $ (2,108,047)   $  82,279   $ (2,025,768)
Net Loss available to Exactus, Inc. common stockholders $  (1,934,367)   $  82,279   $ (1,852,088)
Basic & diluted EPS   $       (0.05)   $       0   $     (0.05)