Forian Inc. (FORA): auditor change — Forian to restate 2023 and Q3 2024 financials due to revenue recognition error

Forian Inc.

Audit Committee determined 2023 quarterly/annual and Q3 2024 financials are no longer reliable.
Error: ASC 606 misapplication; minimum payments on certain contracts not recognized on straight-line basis.
Restatement expected to increase previously reported revenues and net income for all periods since 2021.
No impact on cash flows; company targeting filing of 2024 Form 10-K as soon as practicable.
Discussion with auditor Marcum LLP; restatement details to be included in 2024 10-K.

item 4.02

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

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

Action: non reliance

Exact text from the filing

determined that the Company’s previously issued unaudited and audited consolidated financial statements as of and for each of the quarterly and year to date periods in 2023 and the quarterly period ended September 30, 2024 (the “Non-Reliance Periods”) should no longer be relied upon

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Source: SEC EDGAR

accession 0001140361-25-011363

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