Zivo Bioscience restates Q3 2021 financials; delays 2021 10-K filing

Zivo Bioscience, Inc.

Error in accounting for License Co-Development Participation Agreements; restates net loss for Q3 2021 from -$1.93M to -$1.58M.
Deferred R&D obligation restated to $1.68M; total current liabilities reduced by $350K.
Concluded internal controls over financial reporting were ineffective; material weakness disclosed.
Company expects to file amended 10-Q and 10-K after restatement; filed NT 10-K on March 31, 2022.
Restatement reduces accumulated deficit by $350K to ~$104.7M as of Sep 30, 2021.

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