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Recent financials no good at Intellicell

  • Intellicell Biosciences (OTCPK:SVFC +5.9%) determines that its financial statements for the quarters ended September 30, 2013 and March 31, 2014 and fiscal year ended December 31, 2013 can no longer be relied upon to be GAAP compliant and will need to be restated.
  • It is in the process of re-auditing the statements as well as assessing the effectiveness of its internal controls over financial reporting.
Comments (1)
  • shish
    , contributor
    Comments (2) | Send Message
     
    There are very Specific reason Intellicell is Re-stating the financial reports for two specific quarters other than the obvious. First, they just recently announced a New Accounting/Auditing Firm and a Brand New Interim CFO , and between the collaboration between these two , the company is doing the RIGHT Thing. Second, the company has a Goal of Raising money to eliminate toxic debt off their books. This Re-statement decision is to prepare the books to present to the Potential " Corporate Financiers".

     

    This link gives a great analysis as to the reasoning behind the decision to re-state the financials for specific quarters and the annual statement.

     

    http://bit.ly/1qgXMe4
    4 Sep 2014, 01:18 PM Reply Like
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