BioRegenx Withdraws Previous Financial Statements
Ticker: BRGX · Form: 8-K · Filed: Jun 11, 2024 · CIK: 1593184
| Field | Detail |
|---|---|
| Company | Bioregenx, INC. (BRGX) |
| Form Type | 8-K |
| Filed Date | Jun 11, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | bearish |
Sentiment: bearish
Topics: financial-restatement, accounting-issues, disclosure
TL;DR
BioRegenx is ditching old financials, big red flag for investors.
AI Summary
BioRegenx, Inc. announced on June 7, 2024, that it will not rely on previously issued financial statements or any related audit report or completed interim review. This decision impacts financial reporting and requires a review of past financial accuracy.
Why It Matters
This filing indicates potential issues with BioRegenx's past financial reporting, necessitating a re-evaluation of the company's financial health and accuracy.
Risk Assessment
Risk Level: high — The company's non-reliance on previously issued financial statements suggests significant accounting or reporting irregularities.
Key Players & Entities
- BioRegenx, Inc. (company) — Registrant
- June 7, 2024 (date) — Date of earliest event reported
- 7407 Ziegler Road, Chattanooga, Tennessee 37421 (address) — Principal executive offices
FAQ
What specific events or findings led BioRegenx to withdraw its previously issued financial statements?
The filing does not specify the exact events or findings that led to the decision, only that the company will not rely on them.
When was the decision made to not rely on previously issued financial statements?
The date of the change reported is June 10, 2024, and the report is dated June 11, 2024, with the earliest event reported as June 7, 2024.
Does this non-reliance apply to all previously issued financial statements and audit reports?
Yes, the filing states that the company will not rely on 'previously issued financial statements or a related audit report or completed interim review'.
What is the potential impact on BioRegenx's current financial reporting and audits?
This necessitates a review and potential restatement of past financial information, which could impact current audits and investor confidence.
Has BioRegenx engaged a new independent accountant?
The filing lists 'Changes in Registrant's Certifying Accountant' as an item, but the details of this change are not provided in the excerpt.
Filing Stats: 728 words · 3 min read · ~2 pages · Grade level 13.4 · Accepted 2024-06-10 18:53:41
Filing Documents
- bioregenx_8k.htm (8-K) — 22KB
- 0001683168-24-004095.txt ( ) — 184KB
- fdit-20240607_lab.xml (EX-101.LAB) — 33KB
- fdit-20240607.xsd (EX-101.SCH) — 3KB
- fdit-20240607_pre.xml (EX-101.PRE) — 22KB
- bioregenx_8k_htm.xml (XML) — 3KB
01 Changes
Item 4.01 Changes in Registrant's Certifying Accountants. (b) Appointment of Independent Registered Public Accounting Firm. On June 10, 2024, BioRegenx, Inc. (the "Company") engaged and executed an agreement with Weinberg & Company, P.A. ("Weinberg), as the Company's new independent accountant for the fiscal years ended December 31, 2023 and 2022. The board of directors approved the decision to engage Weinberg. During the Company's fiscal years ended December 31, 2023 and 2022, and the subsequent interim period through June 10, 2024, neither the Company nor anyone on its behalf consulted with Weinberg on either (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the consolidated financial statements of the Company and its subsidiaries, and no written report or oral advice was provided by Weinberg to the Company that Weinberg concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue, or (b) any matter that was the subject of either a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).
02 Non-Reliance
Item 4.02 Non-Reliance On Previously Issued Financial Statements Or A Related Audit Report Or Completed Interim Review. On June 7, 2024, after detailed review of guidance provided by the U.S. Securities and Exchange Commission regarding Issuer Disclosure and Reporting Obligations in Light of Rule 102(e) order against BF Borges CPA PC, management of the Company concluded that the Quarterly Report on Form 10-Q and Form 10-Q/A for the period ended March 31, 2024 should no longer be relied upon due to the lack of auditor review prior to filing the Quarterly Report. Management of the Company is evaluating the impact of any potential restatements of the previously issued Form 10-Q/A for the period ended March 31, 2024 and on its assessments of the effectiveness of its internal control over financial reporting as of the applicable period and such assessment will be included in the amendments to the foregoing filings. The Company will file its reviewed financial statements for the affected period on Form 10-Q/A as soon as reasonably practical. Because of this potential restatement, the previously-issued financial statements for the affected period, as well as the relevant portions of any communication which describes or are based on such financial statements, should no longer be relied upon. At this time, the Company is unable to quantify the impact of any required corrections to the affected period upon auditor review.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BioRegenx, Inc. (Registrant) Date: June 10, 2024 By: /s/ William Resides Name: William Resides Title: Chief Executive Officer 2