Restatement Tables for NXT Fuels, Inc. Financial Statements (2008–2009)
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Summary
This document presents tables showing the effects of restatements on NXT Fuels, Inc.'s previously reported financial statements for the periods ending September 30, 2008, December 31, 2008, and March 31, 2009. The tables detail adjustments to key balance sheet and income statement items, including cash, assets, liabilities, equity, professional fees, and net loss. The restatements reflect corrections to prior financial reports, impacting reported financial positions and results of operations for the company during these periods.
EX-10.1 2 f8k081709a1ex10_nxtfuel.htm SPREADSHEET f8k081709a1ex10_nxtfuel.htm
Exhibit 10.1
The following tables set forth the effects of the restatement to certain line items within the Company's previously reported balance sheets:
| September 30, 2008 | ||||||||||||
| As Previously | ||||||||||||
| Reported | Adjustments | As Restated | ||||||||||
| Cash | $ | 5,446 | $ | 20,625 | $ | 26,071 | ||||||
| Total Current Assets | $ | 9,846 | $ | 20,625 | $ | 30,471 | ||||||
| Total Assets | $ | 14,183 | $ | 20,625 | $ | 34,808 | ||||||
| Loan Payable | $ | - | $ | 140,625 | $ | 140,625 | ||||||
| Total Current Liabilities | $ | 898 | $ | 140,625 | $ | 141,523 | ||||||
| Treasury Stock | $ | - | $ | (40,000 | ) | $ | (40,000 | ) | ||||
| Deficit Accumulated during the development stage | $ | (136,965 | ) | $ | (80,000 | ) | $ | (216,965 | ) | |||
| Total Stockholder's Equity | $ | 13,285 | $ | (120,000 | ) | $ | (106,715 | ) | ||||
| Total Liabilities and Stockholder's Equity | $ | 14,183 | $ | 20,625 | $ | 34,808 | ||||||
| September 30, 2008 | ||||||||||||
| As Previously | ||||||||||||
| Reported | Adjustments | As Restated | ||||||||||
| Professional Fees | $ | 103,697 | $ | 80,000 | $ | 183,697 | ||||||
| Loss from Operations before Income Taxes | $ | (124,665 | ) | $ | (80,000 | ) | $ | (204,665 | ) | |||
| Provision for Income Taxes | $ | - | $ | - | $ | - | ||||||
| Net Loss | $ | (124,665 | ) | $ | (80,000 | ) | $ | (204,665 | ) | |||
| Net Loss Per Share - Basic and Diluted | $ | (0.02 | ) | - | $ | (0.03 | ) | |||||
| Weighted Average Number of Shares Outstanding | 6,433,210 | - | 6,375,921 | |||||||||
| during the year - Basic and Diluted | ||||||||||||
| December 31, 2008 | ||||||||||||
| As Previously | ||||||||||||
| Reported | Adjustments | As Restated | ||||||||||
| Cash | $ | 815 | $ | 104,425 | $ | 105,240 | ||||||
| Total Current Assets | $ | 2,715 | $ | 104,425 | $ | 107,140 | ||||||
| Total Assets | $ | 6,805 | $ | 104,425 | $ | 111,230 | ||||||
| Loan Payable | $ | - | $ | 242,125 | $ | 242,125 | ||||||
| Total Current Liabilities | $ | 3,617 | $ | 242,125 | $ | 245,742 | ||||||
| Treasury Stock | $ | - | $ | (40,000 | ) | $ | (40,000 | ) | ||||
| Deficit Accumulated during the development stage | $ | (148,362 | ) | $ | (97,700 | ) | $ | (246,062 | ) | |||
| Total Stockholder's Equity | $ | 3,188 | $ | (137,700 | ) | $ | (134,512 | ) | ||||
| Total Liabilities and Stockholder's Equity | $ | 6,805 | $ | 104,425 | $ | 111,230 | ||||||
| December 31, 2008 | ||||||||||||
| As Previously | ||||||||||||
| Reported | Adjustments | As Restated | ||||||||||
| Professional Fees | $ | 5,912 | $ | 17,700 | $ | 23,612 | ||||||
| Loss from Operations before Income Taxes | $ | (11,397 | ) | $ | (17,700 | ) | $ | (29,097 | ) | |||
| Provision for Income Taxes | $ | - | $ | - | $ | - | ||||||
| Net Loss | $ | (11,397 | ) | $ | (17,700 | ) | $ | (29,097 | ) | |||
| Net Loss Per Share - Basic and Diluted | $ | (0.00 | ) | - | $ | (0.01 | ) | |||||
| Weighted Average Number of Shares Outstanding | 6,437,500 | - | 5,362,231 | |||||||||
| during the year - Basic and Diluted | ||||||||||||
| March 31, 2009 | ||||||||||||
| As Previously | ||||||||||||
| Reported | Adjustments | As Restated | ||||||||||
| Cash | $ | 5,423 | $ | 1,850 | $ | 7,273 | ||||||
| Total Current Assets | $ | 5,423 | $ | 1,850 | $ | 7,273 | ||||||
| Total Assets | $ | 9,270 | $ | 1,850 | $ | 11,120 | ||||||
| Loan Payable | $ | - | $ | 230,750 | $ | 230,750 | ||||||
| Total Current Liabilities | $ | 3,630 | $ | 230,750 | $ | 234,380 | ||||||
| Treasury Stock | $ | - | $ | (70,000 | ) | $ | (70,000 | ) | ||||
| Deficit Accumulated during the development stage | $ | (157,210 | ) | $ | (158,900 | ) | $ | (316,110 | ) | |||
| Total Stockholder's Equity | $ | 5,640 | $ | (228,900 | ) | $ | (223,260 | ) | ||||
| Total Liabilities and Stockholder's Equity | $ | 9,270 | $ | 1,850 | $ | 11,120 | ||||||
| For the Three Months ended | For the Six Months ended | |||||||||||||||||||||||
| March 31, 2009 | March 31, 2009 | |||||||||||||||||||||||
| As Previously Reported | Adjustments | As Restated | As Previously Reported | Adjustments | As Restated | |||||||||||||||||||
| Professional Fees | $ | 4,472 | $ | 61,200 | $ | 65,672 | $ | 10,384 | $ | 78,900 | $ | 89,284 | ||||||||||||
| Loss from Operations before Income Taxes | $ | (8,848 | ) | $ | (61,200 | ) | $ | (70,048 | ) | $ | (20,245 | ) | $ | (78,900 | ) | $ | (99,145 | ) | ||||||
| Provision for Income Taxes | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
| Net Loss | $ | (8,848 | ) | $ | (61,200 | ) | $ | (70,048 | ) | $ | (20,245 | ) | $ | (78,900 | ) | $ | (99,145 | ) | ||||||
| Net Loss Per Share - Basic and Diluted | $ | (0.00 | ) | - | $ | (0.01 | ) | $ | (0.00 | ) | - | $ | (0.02 | ) | ||||||||||
| Weighted Average Number of Shares Outstanding | 6,456,111 | - | 4,965,669 | 6,446,703 | - | 5,166,129 | ||||||||||||||||||
| during the year - Basic and Diluted | ||||||||||||||||||||||||
