Nemaura Medical Inc.: auditor change — Nemaura Medical restates Q1 and Q2 FY2022 financials; net loss decreased by up to $313k

Nemaura Medical Inc.

Non-reliance on Q1 and Q2 FY2022 10-Qs due to errors in foreign currency translation and debt issuance costs.
Net loss for Q1 FY2022 decreased by $90k to ~$3.889M; Q2 FY2022 decreased by $223k to ~$3.856M; six months decreased by $313k to ~$7.745M.
Material weakness in internal controls over financial reporting identified; disclosure controls not effective.
Q3 FY2022 10-Q (for period ended Dec 31, 2022) expected to be delayed beyond Feb 21, 2023 deadline.
Errors do not impact previously reported sales, gross profit, or cash positions.

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 0001079973-23-000239

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