ORAGENICS INC (OGEN): auditor change — Oragenics restates 2022 interim financials; R&D prepayment errors, expects material weaknesses

ORAGENICS INC

Restating Q1, Q2, Q3 2022 financials; improperly expensed R&D prepayments to vendors instead of recording as prepaid assets.
Overstated R&D expense and understated assets; no estimate of restatement amount yet provided.
Expects to report one or more material weaknesses in internal control over financial reporting.
Press releases and other communications covering Non-Reliance Periods should no longer be relied upon.
Company working to complete restatement and file 2022 Form 10-K as soon as practicable.

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

ORAGENICS INC reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On April 4, 2023, the Audit Committee of the Board of Directors of Oragenics, Inc. (the “Company”) concluded, after discussion with the Company’s management, that the Company’s consolidated financial statements for the (i) interim period ended March 31, 2022, (ii) interim period ended June 30, 2022, (iii) interim period ended September 30, 2022 (collectively, the “Non-Reliance Periods”) should no longer be relied upon due to errors in the consolidated financial statements and should be restated.

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Source: SEC EDGAR

accession 0001493152-23-011744

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