NAYA Biosciences Files 2023 10-K/A Amendment

TL;DR

NAYA Biosciences filed its 2023 10-K/A amendment on Nov 19, 2024. Check financials.

AI Summary

NAYA Biosciences, Inc. filed an amendment (10-K/A) on November 19, 2024, for the fiscal year ending December 31, 2023. The company, formerly known as INVO Bioscience, Inc., is involved in surgical and medical instruments and apparatus. The filing provides updated financial information and disclosures for the period.

Why It Matters

This amendment provides updated financial and operational details for NAYA Biosciences for the 2023 fiscal year, which is crucial for investors to assess the company's performance and future outlook.

Risk Assessment

Risk Level: medium — As a company filing an amendment to its annual report, there may be material changes or corrections to previously disclosed information, indicating potential complexities or issues.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K/A filing.)
• 2024-11-19 — Filing Date (Date the amendment was submitted to the SEC.)

Key Players & Entities

• NAYA Biosciences, Inc. (company) — Filer
• INVO Bioscience, Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-11-19 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share NAYA The Nasdaq
• $4.00 — ice of the registrant's common stock of $4.00 on the NASDAQ as of that date. The nu

Filing Documents

• form10-ka.htm (10-K/A) — 2048KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 8KB
• ex31-2.htm (EX-31.2) — 8KB
• ex32-1.htm (EX-32.1) — 8KB
• 0001493152-24-046808.txt ( ) — 12630KB
• naya-20231231.xsd (EX-101.SCH) — 80KB
• naya-20231231_cal.xml (EX-101.CAL) — 98KB
• naya-20231231_def.xml (EX-101.DEF) — 403KB
• naya-20231231_lab.xml (EX-101.LAB) — 627KB
• naya-20231231_pre.xml (EX-101.PRE) — 544KB
• form10-ka_htm.xml (XML) — 2395KB

financial statements. We believe that our audits provide a reasonable basis for our opinion

financial statements. We believe that our audits provide a reasonable basis for our opinion. Restatement of the 2023 and 2022 Consolidated Financial As discussed in Note 2 to the consolidated financial Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Revenue Transactions and Improper Revenue Recognition As discussed in Note 1 to the consolidated financial statements, the Company recognizes revenue on arrangements in accordance with ASC 606, Revenue from Contracts with Customers. The core principle of ASC 606 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASC 606 requires companies to assess their contracts to determine the timing and amount of revenue to recognize under the revenue standard. The model has a five-step approach: Identify the contract with the customer. Identify the performance obligations in the contract. Determine the total transaction price. Allocate the total transaction price to each performance obligation in the contract. Recognize as revenue when (or as) each perfor

financial statements and the reported amounts of revenues and expenses during the reporting periods

financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company considers events or transactions that have occurred after the consolidated balance sheet date of December 31, 2023, but prior to the filing of the consolidated financial statements with the SEC in this Annual Report on Form 10-K, to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure, as applicable. Subsequent events have been evaluated through the date of the filing of this Annual Report on Form 10-K. Reclassifications Certain amounts in the consolidated financial statements for the prior year have been reclassified to conform to the current year presentation. These reclassifications had no impact on net earnings, financial position, or cash flows.

Business

Business Segments The Company operates in one segment and therefore segment information is not presented.

Business

Business Acquisitions The Company accounts for all business acquisitions at fair value and expenses acquisition costs as they are incurred. Any identifiable assets acquired and liabilities assumed are recognized and measured at their respective fair values on the acquisition date. If information about facts and circumstances existing as of the acquisition date is incomplete at the end of the reporting period in which a business acquisition occurs, the Company will report provisional amounts for the items for which the accounting is incomplete. The measurement period ends once the Company receives sufficient information to finalize the fair values; however, the period will not exceed one year from the acquisition date. Any adjustments to provisional amounts that are identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. Variable Interest Entities The Company's consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and variable interest entities ("VIE"), where the Company is the primary beneficiary under the provisions of ASC 810, Consolidation ("ASC 810"). A VIE must be consolidated by its primary beneficiary when, along with its affiliates and agents, the primary beneficiary has both: (i) the power to direct the activities that most significantly impact the VIE's economic performance; and (ii) the obligation to absorb losses or the right to receive the benefits of the VIE that could potentially be significant to the VIE. The Company reconsiders whether an entity is still a VIE only upon certain triggering events and continually assesses its consolidated VIEs to determine if it continues to be the primary beneficiary. See "Note 6 – Variable Interest Entities" for additional information on the Company's VIEs. F-6 Equity Method Investments Investments in unconsolidated affiliates, which the Company exerts significant influence but does not

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View this 10-K/A filing on SEC EDGAR