Error Correction [Text Block] | NOTE 12 RESTATEMENT OF FINANCIAL STATEMENTS The Company restated its previously issued financial statements as of February 28, 2021 The following tables summarize the effect of the restatement on the specific items presented in our previously reported financial statements: QUANTUM ENERGY, INC. CONSOLIDATED BALANCE SHEET February 28, February 28, 2021 2021 (As Filed) Adjustments (As Restated) ASSETS Current Assets Cash $ 47 $ 1,969,461 $ 1,969,508 Total Current Assets 47 1,969,461 1,969,508 Deposits - Related Party — 1,200,000 1,200,000 Total Assets $ 47 $ 3,169,461 $ 3,169,508 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts Payable and Accrued Expenses $ 220,140 $ — $ 220,140 Accounts Payable and Accrued Expenses - Related Parties 343,770 (38,600 ) 305,170 Common Stock Payable - for Contracts/Agreements 200,000 1,300,000 1,500,000 Common Stock Payable - Deposits Received on Subscription Agreements — 9,128,104 9,128,104 Convertible Note Payable 67,500 — 67,500 Derivative Liability 116,399 — 116,399 Promissory Notes Payable 76,305 — 76,305 Promissory Notes Payable - Related Parties 106,015 — 106,015 Total Current Liabilities 1,130,129 10,389,504 11,519,633 Total Liabilities 1,130,129 10,389,504 11,519,633 Stockholders' Deficit Common Stock - $0.001 Par; 495,000,000 Shares Authorized, 48,491,485 Issued and Outstanding, Respectively 48,491 — 48,491 Additional Paid-In-Capital 11,449,681 — 11,449,681 Accumulated Deficit (12,628,254 ) (7,220,043 ) (19,848,297 ) Total Stockholders' Deficit (1,130,082 ) (7,220,043 ) (8,350,125 ) Total Liabilities and Stockholders' Deficit $ 47 $ 3,169,461 $ 3,169,508 QUANTUM ENERGY, INC. CONSOLIDATED STATEMENT OF OPERATIONS For the Year Ended February 28, February 28, 2021 2021 (As Filed) Adjustments (Restated) Operating Expenses Advertising and Marketing $ — $ — $ — Management Fees and Consulting 98,334 — 98,334 General and Administrative — 240,467 240,467 Professional Fees 112,595 171,300 283,895 Total Operating Expenses 210,929 411,767 622,696 Other (Income) and Expenses Bad Debts — — — Unrealized Loss Common Stock Payable — 6,808,276 6,808,276 Gain on Derivative (21,787 ) — (21,787 ) Interest Expense 28,257 — 28,257 Interest Expense - Warrants — — — Joint Venture - Write Off — — — Total Other (Income) and Expenses 6,470 6,808,276 6,814,746 Loss Before Income Tax Expense 217,399 7,220,043 7,437,442 Income Tax Expense — — — Net Loss $ 217,399 $ 7,220,043 $ 7,437,442 Weighted Average Number of Common Shares - Basic and Diluted 48,491,485 48,491,485 Net Loss Per Common Shares - Basic and Diluted $ 0.00 $ 0.15 QUANTUM ENERGY, INC. CONSOLIDATED STATEMENT OF CASH FLOWS February 28, February 28, For the Year Ended 2021 2021 (As Filed) Adjustments (Restated) Cash Flows from Operating Activities Net Loss $ (217,399 ) $ (7,220,043 ) $ (7,437,442 ) Non-Cash Adjustments: Common Stock Subscribed for Rent — 240,000 240,000 Bad Debts — — — Unrealized Loss Common Stock Payable — 6,808,276 6,808,276 Deposits Written Off — — — Gain on Derivative (21,787 ) — (21,787 ) Interest on Default of Convertible Note — — — Interest Expense on Convertible Note Warrants — — — Joint Venture - Write Off — — — Changes in Assets and Liabilities: Notes Receivable — — — Accounts Payable and Accrued Expenses 72,253 — 72,253 Accounts Payable and Accrued Expenses - Related Parties 166,933 (38,600 ) 128,333 Net Cash Flows Used In Operating Activities — (210,367 ) (210,367 ) Cash Flows from Investing Activities Investment in Joint Venture — — — Deposits - Related Party — (1,200,000 ) (1,200,000 ) Net Cash Flows Used In Investing Activities — (1,200,000 ) (1,200,000 ) Cash Flows from Financing Activities Proceeds from Notes Payable — — — Proceeds from Stock Subscription — 3,379,828 3,379,828 Cash Proceeds Received from Convertible Note Payable — — — Proceeds from Notes Payable - Related Parties — — — Net Cash Flows Provided by Financing Activities — 3,379,828 3,379,828 Net Change in Cash — 1,969,461 1,969,461 Cash - Beginning of Year 47 — 47 Cash - End of Year $ 47 $ 1,969,461 $ 1,969,508 Cash Paid During the Year for: Interest $ — $ — Income Taxes $ — $ — QUANTUM ENERGY, INC. CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT FOR THE YEAR ENDED FEBRUARY 28, 2021 Common Stock Additional Total $0.001 Par Paid-In Accumulated Stockholders' As Filed Shares Amount Capital Deficit Deficit Balance - March 1, 2020 48,491,485 $ 48,491 $ 11,449,681 $ (12,410,855 ) $ (912,683 ) Net Loss - (As Filed) — — — (217,399 ) (217,399 ) Balance - February 28, 2021 - (As Filed) 48,491,485 $ 48,491 $ 11,449,681 $ (12,628,254 ) $ (1,130,082 ) Common Stock Additional Total $0.001 Par Paid-In Accumulated Stockholders' As Restated Shares Amount Capital Deficit Deficit Balance - March 1, 2020 48,491,485 $ 48,491 $ 11,449,681 $ (12,410,855 ) $ (912,683 ) Net Loss - (Restated) — — — (7,437,442 ) (7,437,442 ) Balance - February 28, 2021 - (Restated) 48,491,485 $ 48,491 $ 11,449,681 $ (19,848,297 ) $ (8,350,125 ) |