8-K
filed December 4, 2024, 6:59 PM ET
CIK 0001622879
other material
confidence high
sentiment negative
materiality 0.90
Medicine Man Technologies, Inc.: auditor change — Schwazze restates 2022-2023 financials; prior statements no longer reliable
Medicine Man Technologies, Inc.
- Audit committee determined restatement needed for FY 2022, 2023, and Q1-Q3 2023 interim periods due to accounting errors.
- Corrections include reclassification of preferred shares, operating leases, purchase accounting, inventory, debt, goodwill impairment.
- Prior auditor BF Borgers was suspended by SEC in May 2024; re-audit by Baker Tilly underway.
- Company does not expect negative material impact on revenue, adjusted EBITDA, cash from operations.
- Previously issued reports and earnings releases for Subject Periods should no longer be relied upon.
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
Medicine Man Technologies, Inc. engaged Baker Tilly US, LLP as its auditor.
- Action
- engagement
- Auditor
- Baker Tilly US, LLP
Exact text from the filing
On April 5, 2024, the Audit Committee (the “Audit Committee”) of Medicine Man Technologies, Inc. (the “Company”) dismissed BF Borgers CPA, PC (“Borgers”) as the Company’s independent registered public accountant and subsequently appointed Baker Tilly US, LLP (“Baker Tilly”) as the Company’s new independent registered public accountant.
View on SEC.gov
Auditor Changes
SEC 8-K Item 4.01/4.02
confidence 0.9
Medicine Man Technologies, Inc. reported that prior financial statements should not be relied upon.
- Action
- non reliance
Exact text from the filing
On November 29, 2024, the Audit Committee of the Company determined, following discussions with Baker Tilly and the Company’s management, that the Company’s previously issued audited consolidated financial statements for the two fiscal years ended December 31, 2022 and December 31, 2023, as filed on the 2023 Form 10-K audited by Borgers, and the Company’s unaudited condensed consolidated financial statements and the notes thereto as of and for the fiscal periods ended March 31, 2023, June 30, 2023, and September 30, 2023 included in the Company’s Quarterly Reports on Form 10-Q (collectively the “Subject Periods”) will be restated
View on SEC.gov
Auditor Changes
SEC 8-K Item 4.01/4.02
confidence 0.9
Medicine Man Technologies, Inc. dismissed BF Borgers CPA, PC as its auditor.
- Action
- dismissal
- Auditor
- BF Borgers CPA, PC
- Successor
- Baker Tilly US, LLP
Exact text from the filing
On April 5, 2024, the Audit Committee (the “Audit Committee”) of Medicine Man Technologies, Inc. (the “Company”) dismissed BF Borgers CPA, PC (“Borgers”) as the Company’s independent registered public accountant and subsequently appointed Baker Tilly US, LLP (“Baker Tilly”) as the Company’s new independent registered public accountant.
View on SEC.gov
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