Restatement of Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2024

Restatement of Quarterly Financial Information (Unaudited)

Schedule of Restatement of Quarterly Financial Information consolidated Balance Sheet

CONSOLIDATED BALANCE SHEETS


	MARCH 31, 2023
	As
	previously
	reported		Adjustment		As restated
ASSETS AND STOCKHOLDERS’ EQUITY (DEFICIT)

Accounts receivable	$	696,933	$	788,408	$	1,485,341
Total current assets		4,313,535		788,408		5,101,943
Total assets		8,051,939		788,408		8,840,347

Stockholders’ equity (deficit)
Accumulated deficit		(70,145,373)		788,408		(69,356,965)

Total stockholders’ equity (deficit)		(8,504,314)		788,408		(7,715,906)

Total liabilities and stockholders’ equity (deficit)	$	8,051,939	$	788,408	$	8,840,347

CONSOLIDATED BALANCE SHEETS


	JUNE 30, 2023
	As
	previously
	reported		Adjustment		As restated
ASSETS AND STOCKHOLDERS’ EQUITY (DEFICIT)

Accounts receivable	$	2,043,328	$	806,281	$	2,849,609
Total current assets		4,968,663		806,281		5,774,944
Total assets		8,645,146		806,281		9,451,427

Stockholders’ equity (deficit)
Accumulated deficit		(70,909,843)		806,281		(70,103,562)

Total stockholders’ equity (deficit)		(9,131,190)		806,281		(8,324,909)

Total liabilities and stockholders’ equity (deficit)	$	8,645,146	$	806,281	$	9,451,427

CONSOLIDATED BALANCE SHEETS


	SEPTEMBER 30, 2023
	As
	previously
	reported		Adjustment		As restated
ASSETS AND STOCKHOLDERS’ EQUITY (DEFICIT)

Accounts receivable	$	2,549,022	$	824,559	$	3,373,581
Total current assets		6,074,162		824,559		6,898,721
Total assets		9,681,503		824,559		10,506,062

Stockholders’ equity (deficit)
Accumulated deficit		(71,737,345)		824,559		(70,912,786)

Total stockholders’ equity (deficit)		(9,856,227)		824,559		(9,031,668)

Total liabilities and stockholders’ equity (deficit)	$	9,681,503	$	824,559	$	10,506,062

CONSOLIDATED BALANCE SHEETS


	MARCH 31, 2024
	As
	previously
	reported		Adjustment		As restated
ASSETS AND STOCKHOLDERS’ EQUITY (DEFICIT)

Accounts receivable	$	1,667,856	$	547,367	$	2,215,223
Total current assets		13,670,201		547,367		14,217,568
Total assets		17,083,765		547,367		17,631,132

Stockholders’ equity (deficit)
Accumulated deficit		(65,353,367)		547,367		(64,806,000)

Total stockholders’ equity (deficit)		8,255,523		547,367		8,802,890

Total liabilities and stockholders’ equity (deficit)	$	17,083,765	$	547,367	$	17,631,132

CONSOLIDATED BALANCE SHEETS


		JUNE 30, 2024
		As
		previously
		reported			Adjustment			As restated
ASSETS AND STOCKHOLDERS’ EQUITY (DEFICIT)

Accounts receivable		$	1,784,437		$	559,775		$	2,344,212
Total current assets			11,327,736			559,775			11,887,511
Total assets			14,749,740			559,775			15,309,515

Stockholders’ equity (deficit)
Accumulated deficit			(71,512,689)			559,775			(70,952,914)

Total stockholders’ equity (deficit)			2,232,979			559,775			2,792,754

Total liabilities and stockholders’ equity (deficit)		$	14,749,740		$	559,775		$	15,309,515

CONSOLIDATED BALANCE SHEETS


		SEPTEMBER 30, 2024
		As
		previously
		reported			Adjustment			As restated
ASSETS AND STOCKHOLDERS’ EQUITY (DEFICIT)

Accounts receivable		$	1,930,396		$	572,465		$	2,502,861
Total current assets			7,590,707			572,465			8,163,172
Total assets			11,654,860			572,465			12,227,325

Stockholders’ equity (deficit)
Accumulated deficit			(71,982,925)			572,465			(71,410,460)

Total stockholders’ equity (deficit)			1,913,874			572,465			2,486,339

Total liabilities and stockholders’ equity (deficit)		$	11,654,860		$	572,465		$	12,227,325

Schedule of Restatement of Quarterly Financial Information Consolidated Statement of Operations

CONSOLIDATED STATEMENT OF OPERATIONS


	FOR THE THREE MONTHS ENDED
	MARCH 31, 2023
	As
	previously
	reported		Adjustment		As restated
Revenue	$	3,012,749	$	(315,000)	$	2,697,749
Interest income		—		24,458		24,458
Total costs and expenses		4,439,945		(24,458)		4,415,487

Loss before provision for income taxes		(1,427,196)		(290,542)		(1,717,738)

Net loss	$	(1,446,984)	$	(290,542)	$	(1,737,526)

Net loss per common share - basic and diluted:	$	(0.08)	$	(0.01)	$	(0.09)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


	FOR THE THREE MONTHS						FOR THE SIX MONTHS
	ENDED JUNE 30, 2023						ENDED JUNE 30, 2023
	As						As
	previously						previously
	reported		Adjustment		As restated		reported		Adjustment		As restated
Revenues	$	4,111,721	$	—	$	4,111,721	$	7,124,469	$	(315,000)	$	6,809,469
Interest income		—		17,873		17,873		—		42,331		42,331
Total costs and expenses		4,875,876		(17,873)		4,858,003		9,315,819		(42,331)		9,273,488

Net loss before provision for income taxes		(764,155)		17,873		(746,282)		(2,191,350)		(272,669)		(2,464,019)

Net loss	$	(764,470)	$	17,873	$	(746,597)	$	(2,211,454)	$	(272,669)	$	(2,484,123)
Net loss per common share - basic and diluted:	$	(0.04)	$	—	$	(0.04)	$	(0.12)	$	(0.01)	$	(0.13)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


	FOR THE THREE MONTHS						FOR THE NINE MONTHS
	ENDED SEPTEMBER 30, 2023						ENDED SEPTEMBER 30, 2023
	As						As
	previously						previously
	reported		Adjustment		As restated		reported		Adjustment		As restated
Revenues	$	6,747,256	$	—	$	6,747,256	$	13,871,725	$	(315,000)	$	13,556,725
Interest income		—		18,278		18,278		—		60,609		60,609
Total costs and expenses		7,574,758		(18,278)		7,556,480		16,910,681		(60,609)		16,850,072

Net loss before provision for income taxes		(827,502)		18,278		(809,224)		(3,038,956)		(254,391)		(3,293,347)

Net loss	$	(827,502)	$	18,278	$	(809,224)	$	(3,038,956)	$	(254,391)	$	(3,293,347)
Net loss per common share - basic and diluted:	$	(0.04)	$	—	$	(0.04)	$	(0.16)	$	(0.01)	$	(0.17)

CONSOLIDATED STATEMENT OF OPERATIONS


		FOR THE THREE MONTHS ENDED
		MARCH 31, 2024
		As
		previously
		reported			Adjustment			As restated
Revenue		$	3,556,766		$	(315,000)		$	3,241,766
Gross profit			1,443,284			(315,000)			1,128,284
Operating loss			(2,083,492)			(315,000)			(2,398,492)
Other income			35,516			19,116			54,632
Total other income (expense)			(475,499)			19,116			(456,383)

Loss before provision for income taxes			(2,558,991)			(295,884)			(2,854,875)

Net loss		$	(2,558,991)		$	(295,884)			(2,854,875)

Net loss per common share - basic and diluted:		$	(0.14)		$	(0.01)		$	(0.15)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


		FOR THE THREE MONTHS									FOR THE SIX MONTHS
		ENDED JUNE 30, 2024									ENDED JUNE 30, 2024
		As									As
		previously									previously
		reported			Adjustment			As restated			reported			Adjustment			As restated
Revenues		$	3,361,433		$	—		$	3,361,433		$	6,918,199		$	(315,000)		$	6,603,199
Gross profit			1,060,600			—			1,060,600			2,503,884			(315,000)			2,188,884
Operating loss			(3,573,510)			—			(3,573,510)			(5,657,002)			(315,000)			(5,972,002)
Interest income			109,787			12,408			122,195			145,303			31,524			176,827
Total other income (expense)			(2,585,466)			12,408			(2,573,058)			(3,060,965)			31,524			(3,029,441)

Net loss before provision for income taxes			(6,158,976)			12,408			(6,146,568)			(8,717,967)			(283,476)			(9,001,443)

Net loss		$	(6,159,322)		$	12,408		$	(6,146,914)		$	(8,718,313)		$	(283,476)		$	(9,001,789)
Net loss per common share - basic and diluted:		$	(0.33)		$	—		$	(0.33)		$	(0.46)		$	(0.02)		$	(0.48)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


		FOR THE THREE MONTHS						FOR THE NINE MONTHS
		ENDED SEPTEMBER 30, 2024						ENDED SEPTEMBER 30, 2024
		As						As
		previously						previously
		reported		Adjustment		As restated		reported		Adjustment		As restated
Revenues		$	5,236,990	$	—	$	5,236,990	$	12,155,189	$	(315,000)	$	11,840,189
Gross profit			1,594,919		—		1,594,919		4,098,803		(315,000)		3,783,803
Operating loss			(1,107,431)		—		(1,107,431)		(6,764,433)		(315,000)		(7,079,433)
Interest income			67,966		12,690		80,656		213,269		44,214		257,483
Total other income (expense)			342,992		12,690		355,682		(2,717,973)		44,214		(2,673,759)

Net loss before provision for income taxes			(764,439)		12,690		(751,749)		(9,482,406)		(270,786)		(9,753,192)

Net loss		$	(470,236)	$	12,690	$	(457,546)	$	(9,188,549)	$	(270,786)	$	(9,459,335)
Net loss per common share - basic and diluted:		$	(0.02)	$	—	$	(0.02)	$	(0.48)	$	(0.02)	$	(0.50)

Schedule of Restatement of Quarterly Financial Information Consolidated Statement of Cash Flows

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	FOR THE THREE MONTHS ENDED
	MARCH 31, 2023
	As
	previously
	reported		Adjustment		As restated
Cash flows from operating activities
Net income (loss)	$	(1,446,984)	$	(290,542)	$	(1,737,526)

Adjustments to reconcile net loss to net cash
Non-cash interest income		—		(24,458)		(24,458)
Changes in operating assets and liabilities
Accounts receivable		2,080,674		315,000		2,395,674
Net cash provided by operating activities	$	777,564	$	—	$	777,564

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	FOR THE SIX MONTHS ENDED
	JUNE 30, 2023
	As
	previously
	reported		Adjustment		As restated
Cash flows from operating activities
Net income (loss)	$	(2,211,454)	$	(272,669)	$	(2,484,123)

Adjustments to reconcile net loss to net cash
Non-cash interest income		—		(42,331)		(42,331)
Changes in operating assets and liabilities
Accounts receivable		734,279		315,000		1,049,279
Net cash provided by operating activities	$	232,492	$	—	$	232,492

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	FOR THE NINE MONTHS ENDED
	SEPTEMBER 30, 2023
	As
	previously
	reported		Adjustment		As restated
Cash flows from operating activities
Net income (loss)	$	(3,038,956)	$	(254,391)	$	(3,293,347)

Adjustments to reconcile net loss to net cash
Non-cash interest income		—		(60,609)		(60,609)
Changes in operating assets and liabilities
Accounts receivable		228,585		315,000		543,585
Net cash provided by operating activities	$	786,144	$	—	$	786,144

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


		FOR THE THREE MONTHS ENDED
		MARCH 31, 2024
		As
		previously
		reported			Adjustment			As restated
Cash flows from operating activities
Net income (loss)		$	(2,558,991)		$	(295,884)		$	(2,854,875)

Adjustments to reconcile net loss to net cash
Non-cash interest income			—			(19,116)			(19,116)
Changes in operating assets and liabilities
Accounts receivable			565,355			315,000			880,355
Net cash provided by operating activities		$	(439,220)		$	—		$	(439,220)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


		FOR THE SIX MONTHS ENDED
		JUNE 30, 2024
		As
		previously
		reported			Adjustment			As restated
Cash flows from operating activities
Net income (loss)		$	(8,718,313)		$	(283,476)		$	(9,001,789)

Adjustments to reconcile net loss to net cash
Non-cash interest income			—			(31,524)			(31,524)
Changes in operating assets and liabilities
Accounts receivable			448,774			315,000			763,774
Net cash provided by operating activities		$	(3,122,619)		$	—		$	(3,122,619)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


		FOR THE NINE MONTHS ENDED
		SEPTEMBER 30, 2024
		As
		previously
		reported			Adjustment			As restated
Cash flows from operating activities
Net income (loss)		$	(9,188,549)		$	(270,786)		$	(9,459,335)

Adjustments to reconcile net loss to net cash
Non-cash interest income			—			(44,214)			(44,214)
Changes in operating assets and liabilities
Accounts receivable			302,815			315,000			617,815
Net cash provided by operating activities		$	(3,274,785)		$	—		$	(3,274,785)

Birchtech Corp. S-1/A