I have taken the liberty of revising the Balance Sheet in the Q2. I have kept all entries except 0's and "Goodwill," and I eliminated the "double negative" of accumulated deficit in parentheses and just entered that as a liability. I left $250,000 in the liabilities twice, although I suspect it should only be entered once. Stockholders' Equity (in red) is the difference between assets and total liabilities, both underlined.
Once you remove "Goodwill" and correctly add the entries, Stockholders' Equity is a negative quarter to half million, depending on whether $250K is counted once or twice, and NOT $2 million as reported. IMO.
Current Assets:
Cash 148,825
Inventory 25,432
Property and Equipment 58,125
Other assets 15,463
Total Assets 247,845
Current Liabilities:
Accounts payable 11,990
Accrued liabilities 17,348
Capital leases payable 16,758
Related party note payable 250,000
Preferred Stock Equity 3,000
Common Stock Equity 10,358
Additional paid-in capital 250,000
Accumulated deficit 214,100
Total Liabilities 773,554
True Stockholders' Equity -525,709
Total Liabilities and Stockholders’ Equity 247,845
BTW, can anyone tell me what is the point of a lawyer's letter when it is apparent the lawyers don't actually read these filings?
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