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v2.4.0.6
NOTE 15 - CORRECTION OF ERRORS AND RESTATEMENTS
3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
NOTE 15 - CORRECTION OF ERRORS AND RESTATEMENTS

 

NOTE 15 - CORRECTION OF ERRORS AND RESTATEMENTS

 

The Company has restated its consolidated statements of operations for the three months ended March 31, 2012 and 2011 to correct errors in its accounting. The Company also included the previously omitted consolidated statement of equity in its restated financial statements. The Company made an error in calculating Advertising and promotion expense and the Loss attributable to non-controlling interests for the three months ended March 31, 2012. The Company also made an error in reporting Costs of goods sold for the three months ended March 31, 2011.

 

The consolidated financial statements for the three months ended March 31, 2012 and 2011 have been restated to correct the errors detailed above.

 

Below are the previous and corrected balances for the three months ended March 31, 2012 and 2011:

 

March, 31, 2012

Financial Statements

Line Item  Corrected  Previously Stated
Income Statement Advertising and Promotion Expense  $286,774   $444,998 
Income Statement Total Operating Expenses  $1,229,611   $1,387,835 
Income Statement Loss from Operations  $(1,119,257)  $(1,277,481)
Income Statement Loss before Non-controlling Interests
and Provision for Income Taxes
  $(1,130,317)  $(1,288,541)
Income Statement Loss attributable to Non-controlling
Interests
  $294,477   $452,701 

 

 

March, 31, 2011

Financial Statements

Line Item  Corrected 

Previously

Stated

Income Statement Costs of Goods Sold  $259,681   $229,681
Income Statement Gross Profit  $173,499   $203,499 
Income Statement Loss from Operations  $(512,991)  $(482,991)
Income Statement Loss before Non-controlling Interests
and Provision for Income Taxes
  $(527,945)  $(497,945)
Income Statement Income before provision for income
taxes
  $71,286   $101,286 
Income Statement Net Income Attributable to Panache
Beverage, Inc.
  $71,286   $101,286