Quarterly report pursuant to Section 13 or 15(d)

Correction of an Error

v3.21.2
Correction of an Error
9 Months Ended
Sep. 30, 2021
Correction Of An Error [Abstract]  
CORRECTION OF AN ERROR

NOTE 11 – CORRECTION OF AN ERROR

 

In finalizing the financial reporting close process for the three months ended June 30, 2021, the Company discovered an error resulting in the understatement in the amount of $363,523 of stock-based compensation in connection with shares issued for services during the three months ended March 31, 2021. The Company recorded $363,523 of stock-based compensation during the three months ended June 30, 2021 in order to correct the error. Accordingly, this adjustment represents a timing error, such that the expense for the six-month period has been reported correctly and no other periods are impacted by this error.  In evaluating and determining the appropriateness of applying the SEC’s Staff Accounting Bulletin (“SAB”) No. 108 to this error, the Company considered materiality both quantitatively and qualitatively as prescribed by SAB 99, and concluded that the error was not qualitatively or quantitatively material to the financial statements taken as whole. SAB 108 does not require restatement of previously filed financial statements for corrections of immaterial errors. During the three months ended September 30, 2021, there has been no change or modification related to the correction of an error.