other material
confidence high
sentiment negative
materiality 0.90
Healthcare Triangle (HCTI) restates 2023 financials; intangible write-offs and accounting errors disclosed
Healthcare Triangle, Inc.
- Intangible assets lacking support written off up to $2.185M; goodwill and intangible of $1.289M and $4.3M moved to FY2022.
- Warrant liability adjustment increased APIC by $954K; debt discount of $435K recorded in FY2023.
- Accounts receivable and short-term borrowings misstated by $359K in FY2023 and $273K in FY2022 due to cut-off error.
- Accrued costs reversed by $231K in FY2022 and $124K in FY2023; contingent consideration revaluation gain of $1.6017M recorded in FY2022.
- Deferred tax expense and liability of $442.6K recognized in FY2022.