Vitro Biopharma, Inc.: auditor change — Vitro Biopharma to restate Q3/Q1 FY2022 financials due to revenue recognition error; net loss increases $22.9k

Vitro Biopharma, Inc.

Restating unaudited interim statements for three and nine months ended July 31, 2022 under ASC 606.
Revenue to decrease by $200,000; G&A expenses to decrease by $177,147; net loss to increase by $22,853.
Error stems from contract with European Wellness Biomedical Group and its subsidiary BioPep.
Material weakness identified in internal control over revenue recognition as of July 31, 2022.
Company expects to file amended Form 10-12G with restated financial statements.

item 4.02 item 9.01

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

Vitro Biopharma, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

the Company’s previously issued unaudited interim consolidated financial statements for the Restated Periods included in its Form 10-12G/A, as originally filed with the Securities and Exchange Commission (“SEC”) on November 4, 2022, should no longer be relied upon.

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Source: SEC EDGAR

accession 0001493152-22-035733

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