Quarterly report pursuant to Section 13 or 15(d)

3. RESTATEMENT (Tables)

v2.4.0.8
3. RESTATEMENT (Tables)
3 Months Ended
Mar. 31, 2013
Accounting Changes and Error Corrections [Abstract]  
Adjustments in accounting
    As previously reported     Adjustment     As restated  
Accounts receivable (a)   $ 1,671,438     $ (192,625 )   $ 1,478,813  
Prepaid inventory (b)     194,206       1,260,510       1,454,716  
Inventory (a) (f)     725,000       125,027       850,027  
Intangible assets (net) (c) (d)     33,656,833       (29,683,833 )     3,973,000  
Goodwill (d)           1,855,512       1,855,512  
Amount due under the PhytoSPHERE Agreement (e)     30,500,000       (23,572,360 )     6,927,640  
Additional paid in capital (e)     4,643,357       (3,407,640 )     1,235,717  
Retained earnings (a) (c)     193,725       344,592       538,317  

 


The effect of theses adjustments on the condensed statement of operations for the three months ended March 31, 2013 is as follows:

 

    As previously reported     Adjustment     As restated  
Revenue (a)   $ 1,275,000     $ (192,625 )   $ 1,082,375  
Cost of goods sold (a)     501,500       (296,050 )     205,450  
General and administrative expenses (c)     435,559       (241,167 )     194,392  
Net income (a) (c)     337,941       344,592       682,533  
Earnings per share (a) (c)     0.04       0.05       0.09  

 

The effect of theses adjustments on the condensed statement of cash flows for the three months ended March 31, 2013 is as follows:

 

    As previously reported     Adjustment     As restated  
Net income (a) (c)   $ 337,941     $ 344,592     $ 682,533  
Amortization expense (c)     378,167       (241,167 )     137,000  
Prepaid inventory (b)           (194,206 )     (194,206 )
Inventory (a) (f)     (402,707 )     (101,843 )     (504,550 )
Accounts receivable (a)     (1,275,000 )     192,625       (1,082,375 )