SANUWAVE Health, Inc 8-K, filed Mar 31, 2023
SANUWAVE Health, Inc. (SNWV)
8-K
2023-03-31
For: 2023-03-28
View Original
Added on
April 10, 2026
About this 8-K
SANUWAVE Health, Inc filed this 8-K on March 31, 2023, reporting on events of March 28, 2023.
Items reported
- Item 4.02: Earlier financial statements no longer reliable
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
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| Item 4.02 |
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
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On March 28, 2023, the Audit Committee of the Board of Directors (the “Audit Committee”) of SANUWAVE Health, Inc. (the “Company”) after discussion with
management concluded that the interim financial statements contained in the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 (the “Form 10-Qs”) should no longer be relied upon for
the reasons summarized below.
In connection with preparing its financial statements for the year ended December 31, 2022, the Company identified several accounting misstatements and
as such is restating the interim financial statements in the Form 10-Qs to correct (i) an inventory conversion error during the quarter ended September 30, 2022; (ii) a failure to recognize (a) professional fee invoices during each of the quarters
ended March 31, 2022, June 30, 2022 and September 30, 2022, (b) advisory shares during the quarter ended June 30, 2022; and (c) interest expense on the Senior Secured Promissory Note Payable issued by the Company to NH Expansion Credit Fund Holdings LP during the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022; and (iii) improper recording of a financing lease arrangement during the quarters ended March 31,
2022 and June 30, 2022.
The Company and its advisors completed the annual review, and the Company will file the restated financial statements as of March 31, 2022, June 30, 2022
and September 30, 2022 and for the three months ended March 31, 2022, the three and six months ended June 30, 2022 and the three and nine months ended September 30, 2022 in its Annual Report on Form 10-K for the year ending December 31, 2022.
The Audit Committee and Company management have discussed the matters disclosed on this Current Report on Form 8-K with the Company’s independent
registered public accounting firm, Marcum LLP.
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.
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SANUWAVE HEALTH, INC.
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Dated: March 31, 2023
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By:
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/s/ Toni Rinow
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Name:
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Toni Rinow
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Title:
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Chief Financial Officer
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