NIOCORP DEVELOPMENTS LTD (NB): auditor change — NioCorp restates financials for Sep & Dec 2022; material weakness in internal controls

NIOCORP DEVELOPMENTS LTD

Net loss for Sep Q increased by $1.323M to $3.877M; Dec Q by $0.221M to $2.429M.
Restatement corrects accounting for Lind Consent: should be debt modification (ASC 470) not contingency (ASC 450).
Material weakness in internal control over financial reporting identified; remediation plan to be filed.
Adjusted deferred transaction costs, convertible debt, and warrant liability across affected periods.
Amended 10-Qs for Sep and Dec 2022 to be filed with SEC as soon as practicable.

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

NIOCORP DEVELOPMENTS LTD reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

onsolidated financial statements for the Affected Periods should not be relied upon and should be restated by adjusting deferred transaction costs, convertible debt, and warrant liability recognized in each of the Affected Periods. Any previously issued or filed reports, press releases, earnings releases and investor presentations or other communications describing the Company’s previously issued consolidated financial statements and other related financial information covering the Affected Periods should no longer be relied upon. On February 16, 2021, the Company entered into a Convertible Security Funding Agreement (the “CSFA”) with Lind Global Asset Management III, LLC (“Lind”), pursuant to which the Company issued a convertible security to Lind. Pursuant to the CSFA, Lind had certain consent and participation rights applicable in connection with the transactions contemplated by the B

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Source: SEC EDGAR

accession 0001539497-23-000974

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