Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Earnings per share

 

    For the years ending December 31,
    2018   2017
    (As Restated)   (As Restated)
         
Net (Loss) Income   $ (3,628,757 )   $ 1,451,084  
                 
Weighted Average Basic Shares*     9,485,993       9,254,079  
Effect of Dilutive Securities*     —         164,040  
Weighted Average Diluted Shares*     9,485,993       9,418,119  
                 
Earnings per share                
Basic*   $ (0.38 )   $ 0.16  
Diluted*   $ (0.38 )   $ 0.15  

Level 3 Fair Value Measurements

 

Balance at December 31, 2016   $ 211,262  
Issued during the year ended December 31, 2017     268,884  
Exercised during the year ended December 31, 2017     —    
Change in fair value recognized in operations     (257,231 )
Balance at December 31, 2017   $ 222,915  
Issued during the year ended December 31, 2018     31,010,535  
Canceled during the year ended December 31, 2018     (470,070 )
Change in fair value recognized in operations     (18,268,653 )
Adjustment due to ASU 2017-11     (12,494,727 )
Balance at December 31, 2018   $ —    

Property, plant and equipment useful life
Trademarks / names     14 years  
Office equipment     5 years  
Office furniture     8 1/3 years  
Signs and displays     5 years  
Adoption ASU 2017-11

    Convertible Debt   Derivative Liability   Additional Paid-in Capital   Accumulated Deficit
                              (As Restated)  
                                 
Balance, January 1, 2018 (Prior to adoption of ASU 2017-11   $ 1,148,107     $ 222,915     $ 14,254,582     $ (10,273,307 )
Reclassified derivative liabilities and cumulative effect of adoption     —       (222,915 )     287,881       (64,966 )
Balance, January 1, 2018 (After adoption of ASU 2017-11)   $ 1,148,107     $ —     $ 14,542,463     $ (10,338,273 )