| Restatement Of Previously Issued Financial Statements |
Note 2
- Restatement Of Previously Issued Financial Statements
Management identified
errors made in its historical financial statements for the accounting of contractual obligation from certain vendor consideration
received.
The following tables
summarize the effect of the restatement on each financial statement line item as of the dates, and for the periods, indicated:
| Schedule of financial statement
|
|
|
|
|
|
|
| |
|
As previously reported |
|
Adjustments |
|
As restated |
| Balance Sheet – June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts payable and accrued expenses |
|
$ |
1,312,387 |
|
|
$ |
(292,055 |
) |
|
$ |
1,604,442 |
|
| Total current liabilities |
|
|
2,899,535 |
|
|
|
(292,055 |
) |
|
|
3,191,590 |
|
| Total liabilities |
|
|
3,901,105 |
|
|
|
(292,055 |
) |
|
|
4,193,160 |
|
| Accumulated deficit |
|
|
(16,221,610 |
) |
|
|
292,055 |
|
|
|
(16,513,665 |
) |
| Total Data Storage Corp Stockholders' Equity |
|
|
22,585,065 |
|
|
|
292,055 |
|
|
|
22,293,010 |
|
| Total shareholders’ deficit |
|
$ |
22,459,604 |
|
|
$ |
292,055 |
|
|
$ |
22,167,549 |
|
| |
|
|
|
|
|
|
| |
|
As Previously
Reported |
|
Adjustments |
|
As restated |
| Statement of Operations – For the
Three Months ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
$ |
2,977,132 |
|
|
|
292,055 |
|
|
$ |
3,269,187 |
|
| Gross Profit |
|
|
1,850,617 |
|
|
|
(292,055 |
) |
|
|
1,558,562 |
|
| Loss from Operations |
|
|
(743,587 |
) |
|
|
(292,055 |
) |
|
|
(1,035,642 |
) |
| Net Income (Loss) |
|
|
(857,251 |
) |
|
|
(292,055 |
) |
|
|
(1,149,306 |
) |
| Net Income (Loss) attributable to Data
Storage Corp |
|
|
(847,044 |
) |
|
|
(292,055 |
) |
|
|
(1,139,099 |
) |
| Net Income (Loss) Attributable to Common
Stockholders |
|
$ |
(847,044 |
) |
|
$ |
(292,055 |
) |
|
$ |
(1,139,099 |
) |
| Earnings per Share – Basic and Diluted |
|
$ |
(0.13 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.17 |
) |
| |
|
|
|
|
|
|
| |
|
As Previously
Reported |
|
Adjustments |
|
As restated |
| Statement of Operations – For the
Six Months ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
$ |
8,988,421 |
|
|
|
292,055 |
|
|
$ |
9,280,476 |
|
| Gross Profit |
|
|
4,496,527 |
|
|
|
(292,055 |
) |
|
|
4,204,472 |
|
| Loss from Operations |
|
|
(557,543 |
) |
|
|
(292,055 |
) |
|
|
(849,598 |
) |
| Net Income (Loss) |
|
|
(713,867 |
) |
|
|
(292,055 |
) |
|
|
(1,005,922 |
) |
| Net Income (Loss) attributable to Data
Storage Corp |
|
|
(691,034 |
) |
|
|
(292,055 |
) |
|
|
(983,089 |
) |
| Net Income (Loss) Attributable to Common
Stockholders |
|
$ |
(691,034 |
) |
|
$ |
(292,055 |
) |
|
$ |
(983,089 |
) |
| Earnings per Share – Basic and Diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.15 |
) |
|