Note 1 - Basis of Presentation and Restatement

6 Months Ended

Jun. 30, 2016

Note 1 - Basis of Presentation and Restatement

Note 1 – Basis of Presentation and Restatement

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by the Company pursuant to accounting principles generally accepted in the United States of America ("GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in accordance with rules and regulations of the Securities and Exchange Commission (the "SEC"). The information furnished in the interim Condensed Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Operating results for the three months ended June 30, 2016, are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.

Restatement — We have been engaged in a dialogue with the staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the "Staff") as part of a review of our periodic filings. Subsequent correspondence and discussions with the Staff, principally issues related to prior periods identified during reviews in the quarter ended March 31, 2015, June 30, 2015, September 30, 2015 and the year ended December 31, 2015 ("Year 2015") will led us to restate our consolidated Year 2015 Financial statements.

We continue to be engaged in a dialogue with the Staff, however, and the review is not yet complete. We are working to resolve the remaining comments that the Staff has made on our periodic filings as expeditiously as possible. We cannot assure the resolution of the remaining Staff comments will not necessitate further amendments or restatements to our previously-filed periodic reports.

The impact on the Consolidated Statements of Operations, Consolidated Balance Sheets and Consolidated Statements of Cash Flows, as a result of the above adjustments, is as follows. The amounts previously reported are derived from the amendment No. 1 on Form 10-Q for the quarter ended June 30, 2015 filed on July 08, 2016.

Statement of Operations:

	For the three months ended June 30, 2015		For the six months ended June 30, 2015
	Amount Previously Reported	As Restated	Amount Previously Reported	As Restated
General and administrative expenses	1,947,974	1,541,175	2,666,750	1,808,372
Research and development	8,572,668	8,572,845	9,272,402	8,872,579
Gain on Brent-Tronics Acquisition	-	-	17,579,887	-
Net Income (Loss)	(10,632,312)	(10,225,690)	5,488,427	(10,833,439)

Balance Sheet:

	As of December 31, 2015
	Amount Previously Reported	As Restated
Inventory	2,988,040	338,351
Fixed assets-net	13,372,732	760,018
Shareholder Equity	28,671,752	14,265,397

Oakridge Global Energy Solutions, Inc. 10-Q