Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.8.0.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Schedule of Property and Equipment Estimated Useful Lives

Property and equipment are recorded at cost. Depreciation is computed on the straight-line method, based on the estimated useful lives of the assets as follows:

 

    Years
Furniture and equipment   7
Computers   5

Schedule of Impact on Financial Statements

The impact to the financial statements for the three-months ended March 31, 2017 is as follows:

 

    For the three months ended  
    March 31, 2017  
    As previously reported     Adjusted  
             
Loss from operations   $ (140,483 )   $ (140,483 )
                 
Other income (expenses):                
Financing costs including interest     (46,233 )     (46,233 )
Gain on extinguishment of liabilities     306,262       306,262  
Change in fair value of derivative liabilities     66,477       -  
Total other income     326,506       260,029  
                 
Income before income taxes     186,023       119,546  
                 
Income tax     -       -  
                 
Net income     186,023       119,546  
                 
Preferred stock                
Series A convertible contractual dividends     (9,074 )     (9,074 )
                 
Net income attributable to common stockholders   $ 176,949     $ 110,472  
                 
Net income attributable to common stockholders: basic and diluted   $ 0.01     $ 0.01  
                 
Weighted average number of common shares outstanding:                
basic and diluted     35,044,689       35,044,689