Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

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

The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported Consolidated Interim Balance Sheet at September 30, 2018, and includes a reclassification adjustment for the stock split of $809 which increased additional paid in capital: 

      September 30, 2018  
      As previously reported       Adjustment       As restated  
Additional paid in capital   29,207,669     1,120,103     30,327,772  
Accumulated deficit   (21,623,262 )   (1,119,294 )   (22,742,556 )

 

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 nine months ended September 30, 2018:

 

    Nine Months Ended September 30, 2018  
    As previously reported    

 

Adjustment

   

 

As restated

    Effect of discontinued operations     As currently reported  
Selling, general and administrative expense   10,188,172     447,150     10,635,322     (1,691,933 )   8,943,389  
Depreciation and amortization   479,337       -     479,337     (221,897 )   257,440  
Total operating expenses   10,905,941     447,150     11,353,091     (2,152,263 )   9,439,260  
Operating loss   (10,269,388 )   (447,150 )   (10,716,538 )   (381,099 )   (11,097,637 )
Interest income (expense), net   (413,076 )   (672,144 )   (1,085,220 )   3,892     (1,081,328 )
Loss from continuing operations   (10,682,464 )   (1,119,294 )   (11,801,758 )   (377,207 )   (12,178,965 )
Income from discontinued operations     -       -       -     377,207     377,207  
Net loss   (10,682,464 )   (1,119,294 )   (11,801,758 )     -     (11,801,758 )
Net loss per common shares, basic and diluted   (9.52 )           (10.41 )           (10.41 )

 

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 nine months ended September 30, 2018:

 

      Nine Months Ended September 30, 2018  
      As previously reported       Adjustment       As restated  
Net loss   (10,682,464 )   (1,119,294 )   (11,801,758 )
Stock based compensation   1,988,388     447,150     2,435,538  
Non-cash interest expense   23,869     672,144     696,013  

 

Disaggregation of revenue
    Three Months Ended September 30,       Nine Months Ended September 30,   
      2018       2017       2018       2017  
DropCar Operating Subscription Services   1,118,544     1,061,865     3,758,099     2,165,793  
DropCar Operating Services On-Demand     270,590       207,691       1,197,107       631,616  
DropCar Operating Revenue (1)(2)   1,389,134     1,269,556     4,955,206     2,797,409  

 

(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 September 30,  
      2018       2017  
Common stock equivalents:            
Common stock options     156,880       -  
Series A, H-1, H-3, H-4, I, J 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     -       91,569  
Series seed preferred stock     -       275,691  
Series A preferred stock     -       611,944  
Totals     3,726,055       979,204