BioRestorative Therapies Restates Financials

TL;DR

BRTX is restating old financials, expect a delay and potential adjustments.

AI Summary

BioRestorative Therapies, Inc. announced on May 23, 2024, that it will not rely on previously issued financial statements. This decision impacts financial reports from periods ending on or before December 31, 2023, and any related audit reports or interim reviews. The company is undertaking a restatement of these financials.

Why It Matters

This filing indicates potential inaccuracies in past financial reporting, which could affect investor confidence and require a thorough review of the company's financial health.

Risk Assessment

Risk Level: medium — Restatements can signal underlying accounting issues or errors, creating uncertainty for investors.

Key Players & Entities

• BioRestorative Therapies, Inc. (company) — Registrant
• May 23, 2024 (date) — Date of earliest event reported
• December 31, 2023 (date) — Period impacted by restatement
• Nevada (jurisdiction) — State of incorporation
• 40 Marcus Drive Melville, New York 11747 (address) — Principal executive offices

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value BRTX NASDAQ Capital Marke
• $10.00 — rrants provide for an exercise price of $10.00 per share (the "Public Warrants"); (i
• $12.50 — rrants provide for an exercise price of $12.50 per share (together with the Public War

Filing Documents

• brt8k523.htm (8-K) — 26KB
• 0001021771-24-000140.txt ( ) — 159KB
• brtx-20240523.xsd (EX-101.SCH) — 4KB
• brtx-20240523_lab.xml (EX-101.LAB) — 22KB
• brtx-20240523_pre.xml (EX-101.PRE) — 16KB
• brt8k523_htm.xml (XML) — 4KB

02

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. (a) On May 23, 2024, BioRestorative Therapies, Inc. (the "Company"), in consultation with its Audit Committee, concluded that its previously issued financial statements (i) as of and for the two years ended December 31, 2023 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Periods") and (ii) unaudited interim financial statements for the quarters ended March 31, 2022 through September 30, 2023 included in the Company's quarterly reports on Form 10-Q for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023 (the "Interim Periods", which, together with the Annual Periods, the "Affected Periods") should be restated because of a misapplication in the guidance around the accounting for certain warrants, as discussed below, and should no longer be relied upon. However, the non-cash adjustments to the financial reported as revenues, operating expenses or loss from operations for the Affected Periods. The warrants at issue are the following: (i) the warrants to purchase an aggregate of 2,645,000 shares of the Company's common stock, issued in November 2021 pursuant to an underwritten public offering, which warrants provide for an exercise price of $10.00 per share (the "Public Warrants"); (ii) the warrants to purchase an aggregate of 1,856,938 shares of the Company's common stock, issued in November 2021 pursuant to a private offering, which warrants provide for an exercise price of $10.00 per share (the "Private Warrants"); and (iii) the warrants to purchase an aggregate of 235,970 shares of the Company's common stock, issued in Nove

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. BIORESTORATIVE THERAPIES, INC. Dated: May 24, 2024 By: /s/ Lance Alstodt Lance Alstodt Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR