| Unaudited Condensed Combined Balance Sheet as of December 31, 2020 |
Note
4 – Unaudited Condensed Combined Balance Sheet as of December 31, 2020
The
acquisition of Supera by pre-Merger MyMD Florida was accounted for as a business combination under common control in accordance with
ASC 805 and is being presented as if the acquisition had been consummated and ASC 842 had been adopted on January 1, 2020.
The
audited Balance Sheets as of December 31, 2020 of pre-Merger MyMD Florida and Supera is presented below with the adjustments required
to eliminate inter-company transactions, implement ASC 842 for reporting leasing transactions and reclassify certain balances to conform
with the classification in the Condensed Consolidated Balance Sheet as of September 30, 2021.
Schedule of Reclassification of Condensed Consolidated Balance Sheet Information
| |
|
MyMD |
|
|
Supera |
|
|
|
|
|
|
|
|
|
|
| |
|
Pharmaceuticals |
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
|
Restated |
|
| |
|
Inc. |
|
|
Inc. |
|
|
|
|
|
AJE |
|
|
Total |
|
| |
|
(audited) |
|
|
(audited) |
|
|
Adjustments |
|
|
# |
|
|
(unaudited) |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash |
|
$ |
133,733 |
|
|
$ |
14,551 |
|
|
|
- |
|
|
|
|
|
$ |
148,284 |
|
| Prepaid
expenses |
|
|
1,218 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
1,218 |
|
| Due
from affiliate |
|
|
- |
|
|
|
24,600 |
|
|
|
(24,600 |
) |
|
1 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Current Assets |
|
|
134,951 |
|
|
|
39,151 |
|
|
|
(24,600 |
) |
|
|
|
|
|
149,502 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Current
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
Lease Right-of-Use Assets |
|
|
- |
|
|
|
- |
|
|
|
527,195 |
|
|
3 |
|
|
|
527,195 |
|
| Intangible
Assets, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Non-Current Assets |
|
|
- |
|
|
|
- |
|
|
|
527,195 |
|
|
|
|
|
|
527,195 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Assets |
|
$ |
134,951 |
|
|
$ |
39,151 |
|
|
$ |
502,595 |
|
|
|
|
|
$ |
676,697 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trade
and Other Payables |
|
$ |
1,025,063 |
|
|
$ |
556,781 |
|
|
$ |
219,885 |
|
|
1,2 |
|
|
$ |
1,801,729 |
|
| Due
to Related Party |
|
|
39,177 |
|
|
|
- |
|
|
|
(39,177 |
) |
|
2 |
|
|
|
- |
|
| Interest
Payable, related party |
|
|
175,679 |
|
|
|
- |
|
|
|
(175,679 |
) |
|
2 |
|
|
|
- |
|
| Loan
Payable |
|
|
1,200,000 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
1,200,000 |
|
| Operating
Lease Payable |
|
|
- |
|
|
|
- |
|
|
|
481,049 |
|
|
3 |
|
|
|
481,049 |
|
| Paycheck
Protection Program Loan |
|
|
54,000 |
|
|
|
16,600 |
|
|
|
- |
|
|
|
|
|
|
70,600 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Current Liabilities |
|
|
2,493,919 |
|
|
|
573,381 |
|
|
|
486,078 |
|
|
|
|
|
|
3,553,378 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Current
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
| Line
of Credit Payable – related party, net of discount |
|
|
1,734,237 |
|
|
|
599,747 |
|
|
|
- |
|
|
|
|
|
|
2,333,984 |
|
| Interest
Payable, related party |
|
|
- |
|
|
|
29,628 |
|
|
|
(29,628 |
) |
|
2 |
|
|
|
- |
|
| Operating
Lease Liability, net of current |
|
|
- |
|
|
|
- |
|
|
|
46,369 |
|
|
3 |
|
|
|
46,369 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Non-Current Liabilities |
|
|
1,734,237 |
|
|
|
629,375 |
|
|
|
16,741 |
|
|
|
|
|
|
2,380,353 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Liabilities |
|
$ |
4,228,156 |
|
|
$ |
1,202,756 |
|
|
$ |
502,819 |
|
|
|
|
|
$ |
5,933,731 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commitments
and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| STOCKHOLDERS’
DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common
stock, par $0.0001, 100,000,000 shares authorized and 73,991,413 issued and outstanding as of December 31, 2020 |
|
|
4,004 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
4,004 |
|
| Additional
Paid in Capital |
|
|
43,411,488 |
|
|
|
- |
|
|
|
(1 |
) |
|
2 |
|
|
|
43,411,487 |
|
| Accumulated
Deficit |
|
|
(47,508,697 |
) |
|
|
(1,163,605 |
) |
|
|
(223 |
) |
|
3 |
|
|
|
(48,672,525 |
) |
| Total
Stockholders’ Deficit |
|
|
(4,093,205 |
) |
|
|
(1,163,605 |
) |
|
|
(224 |
) |
|
|
|
|
|
(5,257,034 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Liabilities and Stockholders’ Deficit |
|
$ |
134,951 |
|
|
$ |
39,151 |
|
|
$ |
502,595 |
|
|
|
|
|
$ |
676,697 |
|
The
following is an explanation of the adjusting entries that were recorded to arrive at the restated Condensed Consolidated Balance Sheet
as of December 31, 2020:
| AJE
# |
|
|
Account |
|
|
Debit |
|
|
Credit |
|
| 1 |
|
|
Trade
and Other Payables |
|
|
|
24,600 |
|
|
|
|
|
| |
|
|
Due
from Affiliate |
|
|
|
|
|
|
|
24,600 |
|
| |
|
|
To
eliminate inter-company transactions |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 2 |
|
|
Due
to Related Party |
|
|
|
39,177 |
|
|
|
|
|
| |
|
|
Interest
Payable, related party |
|
|
|
175,679 |
|
|
|
|
|
| |
|
|
Interest
Payable, related party |
|
|
|
29,628 |
|
|
|
|
|
| |
|
|
Additional
Paid-In Capital |
|
|
|
1 |
|
|
|
|
|
| |
|
|
Trade
and Other Payables |
|
|
|
|
|
|
|
244,485 |
|
| |
|
|
To
reclassify account balances to conform with the classification on the September 30, 2021 Condensed Consolidated Balance Sheet |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 3 |
|
|
Operating
Lease Right-of-Use |
|
|
|
527,195 |
|
|
|
|
|
| |
|
|
Accumulated
Deficit |
|
|
|
223 |
|
|
|
|
|
| |
|
|
Operating
Lease Payable |
|
|
|
|
|
|
|
481,049 |
|
| |
|
|
Operating
Lease Payable, net of current portion |
|
|
|
|
|
|
|
46,369 |
|
| |
|
|
To
implement ASC 842 for the accounting of operating leases |
|
|
|
|
|
|
|
|
|
|