Restated Financial Statements For The Year Ended December 31, 2017
|12 Months Ended|
Dec. 31, 2018
|Accounting Changes and Error Corrections [Abstract]|
|Restated Financial Statements For The Year Ended December 31, 2017||
NOTE 11 – RESTATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017
On July 12, 2018, the court approved a Joint Motion for Order Approving Settlement Agreement in the Zakeni Limited v. SPYR, Inc. case. Pursuant to the settlement, the Company will issue to Zakeni Limited 3,500,000 common shares, warrants to purchase 1,000,000 common shares at $0.25 per share, warrants to purchase 1,500,000 common shares at $0.50 per share, and warrants to purchase 1,000,000 common shares at $0.75 per share. The shares and warrants were valued at the date the court signed the settlement agreement. The total value of the settlements, $1,983,000 has been recorded as litigation settlement liability with a corresponding charge to accumulated deficit on the accompanying consolidated balance sheet as of December 31, 2017. In addition, the Company recorded a reduction in professional fees on the 2017 consolidated statement of operations in the amount of $350,000 to remove the pre-settlement estimated legal and trial costs with a corresponding reduction in accounts payable and accrued liabilities on the accompanying consolidated balance sheet as of December 31, 2017. The shares and warrants were issued on July 12, 2018.
The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef