Biomerica restates FY2021 & earlier results due to stock-based compensation accounting errors

BIOMERICA INC

Non-cash stock-based compensation was understated; expensed on vesting dates instead of ratably over vesting period, with incorrect forfeiture estimates.
FY2021 net loss to increase by $0.9M-$1.1M; FY2020 net loss to increase by $0.3M-$0.39M; pre-FY2020 cumulative adjustment of $0.75M-$0.95M to accumulated deficit.
No impact on cash, revenues, or operations; no misconduct found; Audit Committee retained third-party advisory firm to assist.
Company will file amended 10-K for FY2021 and restate quarterly reports for Q1-Q3 FY2021; prior financials should no longer be relied upon.

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