CS Diagnostics Corp. restates financial statements for 2022-2025 after $499.4M intangible asset error

CS DIAGNOSTICS CORP.

• Board determined financial statements for FY 2022-2025 cannot be relied upon due to improper recognition of $499.4M intangible asset from Sept 4, 2023 transaction.
• Company engaged Shah Teelani & Associates as new auditor and KBF Advisory as technical accounting advisor to assist with restatement and re-audit.
• Prior audit reports issued by Olayinka Oyebola & Co. also deemed unreliable due to SEC restrictions on that firm.
• Restatement expected to materially reduce total assets and stockholders' equity and affect internal control conclusions.
• Company plans to convene annual shareholder meeting soon to update shareholders on restatement and remediation progress.