8-K/A filed September 15, 2023, 7:59 PM ET ticker JYNT CIK 0001612630

other material confidence high sentiment negative materiality 0.85

JOINT Corp (JYNT): auditor change — The Joint Corp. restates financials for FY2021-FY2022 due to material errors; warns of credit covenant risk

JOINT Corp

Restatement covers audited FY2021, FY2022, and interim 2021/2022 quarters; all prior financial statements no longer reliable.
Material errors identified by CFO after meeting with Audit Committee; BDO USA concurred; Board ratified on Sep 11, 2023.
Credit facility covenant breach possible if Q2 2023 Form 10-Q not filed by Sep 30, 2023; one-time waiver obtained but lender could demand immediate repayment.
Legal risks and increased compliance costs cited as additional forward-looking uncertainties.

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

JOINT Corp reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: BDO USA, P.C.

Exact text from the filing

embers of the Audit Committee to discuss the matters disclosed in this Item 4.02 and in consultation with BDO USA, P.C. (“BDO”), the Company’s independent registered public accounting firm, concluded that the Company’s previously issued audited financial statements as of and for the year ending December 31, 2022 contained in the Annual Report on Form 10-K for the year ended December 31, 2022 and the unaudited interim financial statements contained in the Quarterly Reports on Form 10-Q for the quarters and cumulative periods ended June 30, 2022, and September 30, 2022 (the “2022 Previously Issued Financial Statements”) contained material errors and should be restated, which the conclusion was thereafter formally ratified by the Audit Committee and the Board of Directors of the Company. This determination occurred following discussions of the matter among BDO, officers of the Company and m

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Source: SEC EDGAR

accession 0001171843-23-005715

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