Annual report pursuant to Section 13 and 15(d)

Explanation of Restatement of Statements of Income for January 31, 2021

v3.22.1
Explanation of Restatement of Statements of Income for January 31, 2021
12 Months Ended
Jan. 31, 2022
Explanation of Restatement of Statements of Income for January 31, 2021  
Explanation Of Restatement Of Statements Of Income For January 31, 2021

Note 19. Explanation of Restatement of Statements of Income for January 31, 2021

 

The Company is filing a restatement of its year ending Statements of Income for the period ending January 31, 2021, which was filed with the SEC on May 17, 2021 (the “Original Report”) and subsequently with each quarterly report filed with the SEC. The financial statements contained in our Annual Report on Form 10-K for the period ended January 31, 2021 require restatement in order to account for the other income of the Company in order to provide better presentation according to GAAP. The changes in our consolidated Statements of Income are summarized, below (in thousands).

 

 

 

 

 

For the Year Ended

 

 

 

 

 

 January 31, 2021

 

 

 

Original

 

 

Change

 

 

Restated

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$ 927

 

 

$ 865

 

 

$ 62

 

Cost of sales

 

 

423

 

 

 

(423 )

 

 

-

 

Gross profit

 

 

504

 

 

 

(442 )

 

 

62

 

Selling, general, and administrative

 

 

49,975

 

 

 

-

 

 

 

49,975

 

Depreciation and amortization

 

 

-

 

 

 

-

 

 

 

-

 

Total operating expenses

 

 

49,975

 

 

 

-

 

 

 

49,975

 

Loss from operations

 

 

(49,471 )

 

 

(442 )

 

 

(49,913 )

Other income (expense), net

 

 

172

 

 

 

442

 

 

 

614

 

Income (loss) before income taxes

 

 

(49,299 )

 

 

-

 

 

 

(49,299 )

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss)

 

$ (49,299 )

 

$ -

 

 

$

(49,299 )