other material
confidence high
sentiment negative
materiality 0.80
Regen Biopharma restates June 30, 2021 financials; $1.9M revenue incorrectly recognized
Regen BioPharma Inc
- Board concluded Q2 and nine-month FY2021 financials should no longer be relied upon.
- $1,905,000 of license revenue recognized upfront should be amortized over 15 years.
- Restatement reduces Q2 revenue from $1.9M to $29,206; net loss increases by $1,875,794.
- Unearned income of $1,875,794 added to liabilities; total liabilities now $13.8M.