Nemaura Medical Inc.: auditor change — Nemaura Medical restates Q1 and Q2 FY2022 financials; identifies material weakness in internal controls

Nemaura Medical Inc.

Net loss for Q1 (June 30, 2022) decreased ~$90K to ~$3.889M; Q2 (Sept 30, 2022) decreased ~$223K to ~$3.856M.
Errors: incorrect foreign currency translation on mark-to-market contract and omitted debt issuance costs in loan interest computation.
Material weakness in internal control over financial reporting identified; disclosure controls ineffective as of June 30 and Sept 30, 2022.
Q3 10-Q for period ended Dec 31, 2022 expected to be delayed beyond Feb 21, 2023 extended deadline; no impact on sales, gross profit, or cash.

item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Nemaura Medical Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On February 17, 2023, the management and the Audit Committee of the Board of Directors of Nemaura Medical, Inc. (the "Company") concluded that the following financial statements should be restated and should no longer be relied upon

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Source: SEC EDGAR

accession 0001079973-23-000236

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