FULLNET COMMUNICATIONS INC | 2013 | FY | 3


The restatements to balance sheet accounts as of December 31, 2012 are as follows:

 

 

As of December 31, 2012

 

 

 

As Reported

 

Adjustments

 

As Restated

 

CURRENT ASSETS

 

 

 

 

 

 

 

Cash

 

$          10,847 

 

$                 - 

 

$        10,847 

 

Accounts receivable, net

 

            44,311 

 

        (28,640)

(1)

          15,671 

 

Prepaid expenses and other current assets

 

              6,403 

 

                     - 

 

             6,403 

 

 

 

 

 

 

 

 

 

Total current assets

 

            61,561 

 

        (28,640)

 

          32,921 

 

 

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT, net

 

            61,299 

 

          (5,463)

(2)

          55,836 

 

 

 

 

 

 

 

 

 

OTHER ASSETS AND INTANGIBLE ASSETS

 

              5,250 

 

         11,608 

(1)

          16,858 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$       128,110 

 

$    (22,495)

 

$      105,615 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Accounts payable

 

$       482,286 

 

   $                  - 

 

$      482,286 

 

Accrued and other liabilities, current portion

 

          281,808 

 

         795,215 

(3)

     1,077,023 

 

Convertible notes payable, related party - current portion

 

          304,206 

 

                       - 

 

        304,206 

 

Deferred revenue

 

          198,837 

 

                       - 

 

        198,837 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

      1,267,137 

 

         795,215 

 

     2,062,352 

 

 

 

 

 

 

 

 

 

ACCRUED AND OTHER LIABILITIES, less current portion

 

       784,225 

 

        (784,225)

(3)

                      - 

 

 

 

 

 

 

 

 

 

Total liabilities

 

      2,051,362 

 

            10,990 

 

     2,062,352 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

Common stock

 

                    91 

 

                       - 

 

                  91 

 

Additional paid-in capital

 

      8,417,050 

 

                       - 

 

     8,417,050 

 

Accumulated deficit

 

  (10,340,393)

 

          (33,485)

 

(10,373,878)

 

 

 

 

 

 

 

 

 

Total stockholders’ deficit

 

     (1,923,252)

 

          (33,485)

 

   (1,956,737)

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

$       128,110 

 

   $     (22,495)

 

$      105,615 

 

 ——————————

(1)                 To correct an error in the recording of certain assets which were mistakenly recorded as accounts receivable instead of intangible assets.  

(2)                 To correct an error in the calculation of depreciation expense.

(3)                 Reclassifications to conform to the presentation of the current period.

 

 The restatements to income statement accounts for the year ended December 31, 2012 are as follows:

 

 

 

Year ended December 31, 2012

 

 

As Reported

Adjustments

 

As Restated

 

REVENUES

 

 

 

 

 

 

 

Access service revenues

 

$      159,692 

 

   $                - 

 

$      159,692 

 

Co-location and other revenues

 

      1,434,540 

 

                     - 

 

     1,434,540 

 

 

 

 

 

 

 

 

 

Total revenues

 

      1,594,232 

 

                     - 

 

     1,594,232 

 

 

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

 

 

Cost of access service revenues

 

         135,051 

 

          (9,090)

(3)

        125,961 

 

Cost of co-location and other revenues

 

         348,133 

 

            9.090 

(3)

        357,223 

 

Selling, general and administrative expenses

 

      1,246,363 

 

          (5,736)

(1)

     1,240,627 

 

Depreciation and amortization

 

           31,694 

 

            7,926 

(2)

          39,620 

 

Impairment expense

 

                       - 

 

         31,295 

(1)

          31,295 

 

Total operating costs and expenses

 

      1,761,241 

 

         33,485 

 

     1,794,726 

 

 

 

 

 

 

 

 

 

LOSS FROM OPERATIONS

 

       (167,009)

 

        (33,485)

 

      (200,494)

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

          (22,604)

 

                     - 

 

         (22,604)

 

 

 

 

 

 

 

 

 

LOSS before income taxes

 

       (189,613)

 

        (33,485)

 

      (223,098)

 

 

 

 

 

 

 

 

 

NET LOSS

 

$    (189,613)

 

   $   (33,485)

 

$    (223,098)

 

 


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