General form of registration statement for all companies including face-amount certificate companies

Restatement

v3.21.1
Restatement
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Restatement

13. Restatement

 

The Company’s cash flow statement for the year ended December 31, 2020, omitted the impact of cash flows on operating and financing activities for the treatment of the PPP loan (see Note 8).

 

The effects of the adjustments on the Company’s previously issued financial statements for the year ended December 31, 2020 are summarized as follows:

 

    Originally   Restatement   As
    Reported   Adjustment   Restated
Operating Activities                        
Adjustments to reconcile net income to net cash provided by operating activities                        
Gain on forgiveness of PPP loan   $     $ (609,500 )   $ (609,500 )
Net cash provided by operating activities     1,308,653       (609,500 )     699,153  
                         
Financing Activities                        
Proceeds from PPP Loan           609,500       609,500  
Net cash (used in)_provided by financing activities   $ (456,959 )   $ 609,500     $ 152,541