Restatements

9 Months Ended

Sep. 30, 2014

Restatement Of Financial Statements [Text Block]

Note 12 – RESTATEMENTS

The Company has restated its financial statements for the quarter ended September 30, 2014 to correct the accounting for shares issued in connection with the employment agreement with the Company’s CEO and CFO entered on December 4, 2013. The change is to record additional compensation of $575,000 for the issuance of 460,000 shares valued at $ 1.25 per share for 2014. As part of this correction, the Company accrued share based expense of $156,818 for this quarter.

The effect of the restatement is as follows:

	As previously stated			Adjustment			As restated
As of September 30, 2014
Additional paid-in capital		10,934,187			470,455			11,404,642
Accumulated deficit		(9,315,827	)		(470,455	)		(9,786,282	)

Three-month ended September 30, 2014
Share based expenses		2,733			156,818			159,551
Net loss		(131,654	)		(156,818	)		(288,472	)
Loss per share		(0.00	)					(0.01	)

Nine-month ended September 30, 2014
Share based expenses		117,285			470,455			587,740
Net loss		(710,192	)		(470,455	)		(1,180,647	)
Loss per share		(0.02	)					(0.03	)

Ceetop Inc. 10-Q/A