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.

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