| Summary of reported net income to restated amounts |
The following table reconciles previously reported
net income to restated amounts:
| |
|
Year Ended
December 31,
2012
|
|
|
Year Ended
December 31,
2011
|
|
|
Total
Cumulative Adjustments
December 31,
2012
|
|
| |
|
$ |
|
|
$ |
|
|
$ |
|
| Net (loss) and comprehensive loss |
|
|
|
|
|
|
|
|
|
| As Previously Reported (Note 2a) |
|
|
(429,177 |
) |
|
|
(3,637,564 |
) |
|
|
|
| Adjustment on previous reported impairment on long term investment |
|
|
|
|
|
|
531,334 |
|
|
|
531,334 |
|
| As Restated |
|
|
(429,177 |
) |
|
|
(3,106,230 |
) |
|
|
|
|
|
| Selected Consolidated Balance Sheet information |
Selected Consolidated Balance Sheet information as of December 31,
2012
| |
|
Previously
Reported
|
|
|
Increase
(Decrease)
|
|
|
Restated |
|
| |
|
$ |
|
|
$ |
|
|
$ |
|
| Assets |
|
|
|
|
|
|
|
|
|
| Long-term investment |
|
|
2,267,252 |
|
|
|
(2,267,252 |
) |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
|
|
2,433,881 |
|
|
|
(2,267,252 |
) |
|
|
166,629 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders’ equity (deficiency) |
|
|
|
|
|
|
|
|
|
|
|
|
| Additional Paid in Capital |
|
|
8,589,249 |
|
|
|
(2,798,586 |
) |
|
|
5,790,663 |
|
| Deficit |
|
|
(6,429,213 |
) |
|
|
531,334 |
|
|
|
(5,897,879 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Stockholders’ Equity (Deficiency) |
|
|
2,186,361 |
|
|
|
(2,267,252 |
) |
|
|
(80,891 |
) |
| Total Liabilities and stockholders’ equity (deficiency) |
|
|
2,433,881 |
|
|
|
(2,267,252 |
) |
|
|
166,629 |
|
Selected Consolidated Balance Sheet information as of December 31,
2011
| |
|
Previously
Reported
|
|
|
Increase
(Decrease)
|
|
|
Restated |
|
| |
|
$ |
|
|
$ |
|
|
$ |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Long-term investment |
|
|
2,267,252 |
|
|
|
(2,267,252 |
) |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
|
|
2,275,916 |
|
|
|
(2,267,252 |
) |
|
|
8,664 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Additional Paid in Capital |
|
|
8,227,046 |
|
|
|
(2,798,586 |
) |
|
|
5,428,460 |
|
| Deficit accumulated during the |
|
|
|
|
|
|
|
|
|
|
|
|
| Development stage |
|
|
(4,692,969 |
) |
|
|
531,334 |
|
|
|
(4,161,635 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Stockholders’ Equity (Deficiency) |
|
|
2,247,177 |
|
|
|
(2,267,252 |
) |
|
|
(20,075 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities and stockholders’ equity (deficiency) |
|
|
2,275,916 |
|
|
|
(2,267,252 |
) |
|
|
8,664 |
|
|
| Selected Consolidated Statement of Operations and Comprehensive Loss |
Selected Consolidated Statement of Operations and Comprehensive
Loss for the year ended December 31, 2011
| |
|
Previously
Reported
|
|
|
Increase
(Decrease)
|
|
|
Restated |
|
| |
|
$ |
|
|
$ |
|
|
$ |
|
| Impairment loss on long-term investment |
|
|
2,798,586 |
|
|
|
(531,334 |
) |
|
|
2,267,252 |
|
| Loss before other items |
|
|
(3,637,578 |
) |
|
|
531,334 |
|
|
|
(3,106,244 |
) |
| Loss from continuing operations |
|
|
(3,637,564 |
) |
|
|
531,334 |
|
|
|
(3,106,230 |
) |
| Net Loss and Comprehensive Loss |
|
|
(3,637,564 |
) |
|
|
531,334 |
|
|
|
(3,106,230 |
) |
| Basic and diluted loss per common share |
|
|
(0.84 |
) |
|
|
0.12 |
|
|
|
(0.72 |
) |
|
| Selected Consolidation Statements of Cash Flows information |
Selected Consolidation Statements of Cash Flows information for
the year ended December 31, 2011
| |
|
Previously
Reported
|
|
|
Increase
(Decrease)
|
|
|
Restated |
|
| |
|
$ |
|
|
$ |
|
|
$ |
|
| Net loss |
|
|
(3,637,564 |
) |
|
|
531,334 |
|
|
|
(3,106,230 |
) |
| Impairment loss on long term investment |
|
|
2,798,586 |
|
|
|
(531,334 |
) |
|
|
2,267,252 |
|
|