Bio Green Med Solution, Inc. (BGMS): auditor change — Cyclacel restates financials for 2021-2023 due to $0.5M accounting error in contract deposits

Bio Green Med Solution, Inc.

Overstated operating loss by $293,845 in Q3 2021 and $255,450 in Q4 2021 from duplicate expense recognition.
Net loss previously $18.9M in 2021 will decrease by $0.5M; total assets increase by $0.5M; cash unchanged.
Management concludes disclosure controls ineffective; material weakness in internal controls over deposit-related invoices.
Company plans to amend 2022 10-K and file restated quarterly reports for 2021-2023 periods.

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

Bio Green Med Solution, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

Restatement of Historical Financial Results On November 14, 2023, the Audit Committee of the Board of Directors (the “Audit Committee”) of Cyclacel Pharmaceuticals, Inc. (the “Company”), based, in part, on the recommendation of, and after consultation with, the Company’s management concluded that the Company’s previously issued audited consolidated financial statements as of December 31, 2022 and 2021 and for each of the years ended December 31, 2022 and 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”), and the Company’s unaudited consolidated financial statements included in the Quarterly Reports on Form 10-Q for September 30, 2021 and the quarterly 2022 fiscal year periods (the “Historical Quarterly Reports”) as well as the unaudited consolidated financial statements included in the Company’s Quarterly Reports on

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Bio Green Med Solution, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-118751

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