Neuraxis Restates Financials Due to Reporting Errors
Ticker: NRXS · Form: 8-K · Filed: Apr 9, 2024 · CIK: 1933567
| Field | Detail |
|---|---|
| Company | Neuraxis, INC (NRXS) |
| Form Type | 8-K |
| Filed Date | Apr 9, 2024 |
| Risk Level | high |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.001, $3,721,007 |
| Sentiment | bearish |
Sentiment: bearish
Topics: restatement, accounting-issues, financial-reporting
TL;DR
Neuraxis is ditching old financials due to errors, expect restatements soon.
AI Summary
Neuraxis, Inc. announced on April 4, 2024, that it will not rely on previously issued financial statements for periods ending on or before December 31, 2023, and any related audit reports or interim reviews. This decision stems from an ongoing internal review concerning the accuracy of its financial reporting, particularly related to revenue recognition and expense accruals. The company is working to restate these financials and expects to file amended reports once completed.
Why It Matters
This indicates potential inaccuracies in past financial reporting, which could impact investor confidence and the company's valuation until corrected.
Risk Assessment
Risk Level: high — The non-reliance on previously issued financial statements suggests significant accounting issues that could lead to substantial adjustments and uncertainty.
Key Players & Entities
- Neuraxis, Inc. (company) — Registrant
- Delaware (jurisdiction) — State of incorporation
- April 4, 2024 (date) — Date of earliest event reported
- December 31, 2023 (date) — Period end for restatement
FAQ
What specific periods are affected by the non-reliance on previously issued financial statements?
The company will not rely on financial statements for periods ending on or before December 31, 2023.
What are the primary areas of concern in the financial reporting review?
The internal review concerns the accuracy of revenue recognition and expense accruals.
When does Neuraxis expect to file the restated financial statements?
The company expects to file amended reports once the restatement process is completed.
What is the reason for the company's decision regarding its financial statements?
The decision is due to an ongoing internal review concerning the accuracy of its financial reporting.
What is the earliest event date reported in this 8-K filing?
The date of the earliest event reported is April 4, 2024.
Filing Stats: 1,205 words · 5 min read · ~4 pages · Grade level 13.4 · Accepted 2024-04-09 16:27:34
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value NRXS NYSE American Indi
- $3,721,007 — n, our warrant liability was reduced by $3,721,007. This warrant liability reduction shoul
Filing Documents
- form8-k.htm (8-K) — 43KB
- ex99-1.htm (EX-99.1) — 56KB
- 0001493152-24-014075.txt ( ) — 283KB
- nrxs-20240404.xsd (EX-101.SCH) — 3KB
- nrxs-20240404_lab.xml (EX-101.LAB) — 33KB
- nrxs-20240404_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 4KB
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. Date: April 9, 2024 NEURAXIS, INC. By: /s/ Brian Carrico Name: Brian Carrico Title: President and Chief Executive Officer