| 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. |
|