Canton Strategic Holdings, Inc. (CNTN): auditor change — Hillstream BioPharma restates 2022 annual and quarterly financials on insurance accounting error

Canton Strategic Holdings, Inc.

Concluded accounting for financed insurance policies was incorrect; to reclass from operating to financing cash flows.
Previously issued audited FY 2022 and unaudited Q1-Q3 2022 financials should no longer be relied upon.
Restatement affects balance sheet and cash flow presentation; will file Form 10-K/A as soon as practicable.
Audit committee discussed matter with independent auditor Mayer Hoffman McCann P.C.

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

Canton Strategic Holdings, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

ctivities and is considered a material change to the financial statements requiring the Company to restate its December 31, 2022 audited financial statements and its unaudited financial statements for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 on Form 10-K/A. As such, the previously issued audited financial statements for the year ended December 31, 2022 and unaudited financial statements for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 (collectively, the “ Period”) should no longer be relied upon as the Company did not correctly account for the financed insurance premium. The restatement will have an effect on the Company’s previously reported audited balance sheet as of December 31, 2022 and its unaudited balance sheets and statements of

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Source: SEC EDGAR

accession 0001493152-23-018422

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