Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Schedule of restatements

The following tables sets forth the effects of the adjustments on affected items within the Company’s previously reported Consolidated Interim Balance Sheet at June 30, 2018, and includes a reclassification adjustment for the stock split of $679:  

 

    June 30, 2018  
    As previously reported     Adjustment     As restated  
Additional paid in capital   $ 26,464,626     $ 1,119,973     $ 27,584,599  
Accumulated deficit   $ (17,275,449 )   $ (1,119,294 )   $ (18,394,743 )

 

The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported Consolidated Interim Statement of Operations for the six months ended June 30, 2018:

 

    Six Months Ended June 30, 2018  
    As previously reported     Adjustment     As restated     Effect of Discontinued Operations     As currently reported  
Selling, general and administrative expenses   $ 6,923,599     $ 447,150     $ 7,370,749     $ (1,116,686 )   $ 6,254,063  
Depreciation and amortization     304,687       -       304,687     $ (142,943 )   $ 161,744  
Total operating expenses   $ 7,406,418     $ 447,150     $ 7,853,568     $ (1,259,629 )   $ (6,593,939 )
Operating loss   $ (6,943,738 )   $ (447,150 )   $ (7,390,888 )   $ (461,541 )   $ (7,852,429 )
Interest income (expense), net   $ (409,953 )   $ (672,144 )   $ (1,082,097 )   $ 598     $ (1,081,499 )
Loss from continuing operations   $ (7,353,691 )   $ (1,119,294 )   $ (8,472,985 )   $ (460,943 )   $ (8,933,928 )
Income from discontinued operations   $ -     $ -     $ -     $ 460,943     $ 460,943  
Net loss   $ (7,353,691 )   $ (1,119,294 )   $ (8,472,985 )   $ 460,943     $ (8,472,985 )
Net loss attributable to common shareholders   $ (7,670,552 )   $ (1,119,294 )   $ (8,789,846 )   $ -     $ (8,789,846 )
Net loss per common shares, basic and diluted   $ (6.57 )           $ (7.53 )           $ (7.53 )

 

The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported Consolidated Interim Statement of Cash Flows for the six months ended June 30, 2018:

 

 

 

Six Months Ended June 30, 2018

 

 

As previously reported

 

Adjustment

 

 

As restated

Net loss  $(7,353,691)   $(1,119,294)   $(8,472,985) 
Stock based compensation  $1,200,652   $447,150  $1,647,802 
Non-cash interest expense  $23,869  $672,144  $696,013

 

Disaggregation of revenue
    Three Months Ended June 30,     Six Months Ended June 30,  
    2018     2017     2018     2017  
DropCar Operating Subscription Services   $ 1,282,962     $ 671,202     $ 2,639,555     $ 1,171,888  
DropCar Operating Services On-Demand     591,035       218,093       926,517       355,965  
DropCar Operating Revenue (1)(2)     1,873,997       889,295       3,566,072       1,527,853  

 

  (1) Represents revenues recognized by type of services.
  (2) All revenues are generated in the United States.
Schedule of antidilutive securities excluded from computation of earnings per share
    As of June 30,  
    2018     2017  
Common stock equivalents:            
Common stock options     202,058       -  
Series A, H-1, H-3, H-4, I and Merger common stock purchase warrants     585,307       -  
Series H, H-3, and H-4 Convertible Preferred Stock     2,739,225       -  
Restricted shares (unvested)     244,643       -  
Convertible notes     -       63,307  
Series seed preferred stock     -       275,691  
Series A preferred stock     -       611,944  
Totals     3,771,233       950,942