$SSII SS Innovations Announces Completion of BDO Audit Process and Issues Update on Plans for NASDAQ Uplisting
https://www.globenewswire.com/news-release/20...sting.html
FORT LAUDERDALE, Fla., Dec. 11, 2024 (GLOBE NEWSWIRE) -- SS Innovations International, Inc. (the “Company” or “SS Innovations”) (OTC: SSII), developer of innovative surgical robotic technologies dedicated to making world-class robotic surgery affordable and accessible to a global population, today announced that its new independent registered public accounting firm, BDO India LLP (“BDO”), has completed the re-audit of the Company’s consolidated financial statements for the years ended December 31, 2023 and December 31, 2022, which were included in the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2023 (the “Original Filing”). In addition, SS Innovations is hereby updating its shareholders and the investment community on its plans to uplist its common stock to NASDAQ.
As previously reported in its Securities and Exchange Commission (“SEC”) filings, in May 2024, the SEC entered an order barring BF Borgers CPA PC (“Borgers”), the Company’s then independent registered public accounting firm, from appearing or practicing before the SEC as an accountant. As a result, Borgers could no longer act as the independent registered public accounting firm for the Company (or several hundred other public companies who had also engaged Borgers). Consequently, the Company terminated the engagement of Borgers and subsequently retained BDO as its independent registered public accounting firm.
Given the circumstances giving rise to Borgers’ dismissal, the Company asked BDO to re-audit the prior consolidated audited financial statements included in the Original Filing. Contemporaneously with the reaudit, the Company also undertook an internal review of certain accounting policies and internal controls and procedures. An external consulting firm was also appointed by the Company to help perform comprehensive technical accounting evaluations.
In the course of this internal review and while BDO was performing the reaudit, the Company discovered material errors in the prior audited consolidated financial statements included in the Original Filing. As a result, the Company determined that in order to reflect the foregoing, those financial statements would need to be restated and as a result could no longer be relied upon (which was reported in a Current Report on Form 8-K filed with the SEC).
On December 6, 2024, SS Innovations filed an amendment to the Original Filing on Form 10-K/A, which included audited consolidated financial statements and related footnote disclosures as of and for the years ended December 31, 2023, and 2022, which restated the financial statements included in the Original Filing.
Restated consolidated financials for 2023 post BDO audit as per the recently filed 10K/A had the following major differences from the Original Filing:
Major areas of change As per Original Filing As per Form 10-K/A Difference
Balance Sheet as of December 31, 2023
Shareholders’ Equity $14.30 Mill $19.72 Mill Increase by $5.42 Mill
Working Capital Surplus $ 9.11 Mill $12.96 Mill Increase by $3.85 Mill
Statement of Operations and Comprehensive Loss for the year 2023
Revenues for 2023 $ 5.88 Mill $ 5.88 Mill No change
Gross Profits $ 0.71 Mill $ 0.72 Mill Increase by $0.01 Mill
Loss from Operations $ 20.67 Mill $ 20.27 Mill Decrease by $0.40 Mill
Total Comprehensive Loss $ 21.29 Mill $ 21.13 Mill Decrease by $0.16 Mill
The abovementioned changes in reported financials were mainly due to the following reasons:
Change in accounting for the April 2023 acquisition by merger of Cardio Ventures, Inc.
Change in revenue recognition for deferred payment sales.
Functional and other reclassifications.
Recognition of right of use of certain assets and liabilities.
Corrections of certain errors/adjustments.
The net impact of the restatements as mentioned above resulted in reporting of an improved net worth position and slightly improved financial performance numbers of the Company for the year 2023.
Contemporaneously with this filing, the Company filed with the SEC to withdraw its pending Registration Statement on Form S-1, which was filed on February 14, 2024. The Company believes that it meets the requirements for listing its shares of common stock on NASDAQ without completing the offering contemplated by the Registration Statement and intends to proceed with an uplisting to NASDAQ or another National Securities Exchange as soon as possible.
SS Innovations continues to demonstrate its accelerating growth having successfully completed to date over 2,500 robotic surgical procedures primarily in India using its SSi Mantra Surgical Robotic System (the “SSi Mantra”) and its recently announced expansion to Indonesia where it successfully completed that country’s first robotic cardiac surgery using its SSi Mantra. SS Innovations now has its systems installed in 5 countries and expects to continue its expansion to fulfill its mission to provide affordable state-of-the-art robotic surgery treatment to patients around the globe.
https://www.globenewswire.com/news-release/20...sting.html
FORT LAUDERDALE, Fla., Dec. 11, 2024 (GLOBE NEWSWIRE) -- SS Innovations International, Inc. (the “Company” or “SS Innovations”) (OTC: SSII), developer of innovative surgical robotic technologies dedicated to making world-class robotic surgery affordable and accessible to a global population, today announced that its new independent registered public accounting firm, BDO India LLP (“BDO”), has completed the re-audit of the Company’s consolidated financial statements for the years ended December 31, 2023 and December 31, 2022, which were included in the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2023 (the “Original Filing”). In addition, SS Innovations is hereby updating its shareholders and the investment community on its plans to uplist its common stock to NASDAQ.
As previously reported in its Securities and Exchange Commission (“SEC”) filings, in May 2024, the SEC entered an order barring BF Borgers CPA PC (“Borgers”), the Company’s then independent registered public accounting firm, from appearing or practicing before the SEC as an accountant. As a result, Borgers could no longer act as the independent registered public accounting firm for the Company (or several hundred other public companies who had also engaged Borgers). Consequently, the Company terminated the engagement of Borgers and subsequently retained BDO as its independent registered public accounting firm.
Given the circumstances giving rise to Borgers’ dismissal, the Company asked BDO to re-audit the prior consolidated audited financial statements included in the Original Filing. Contemporaneously with the reaudit, the Company also undertook an internal review of certain accounting policies and internal controls and procedures. An external consulting firm was also appointed by the Company to help perform comprehensive technical accounting evaluations.
In the course of this internal review and while BDO was performing the reaudit, the Company discovered material errors in the prior audited consolidated financial statements included in the Original Filing. As a result, the Company determined that in order to reflect the foregoing, those financial statements would need to be restated and as a result could no longer be relied upon (which was reported in a Current Report on Form 8-K filed with the SEC).
On December 6, 2024, SS Innovations filed an amendment to the Original Filing on Form 10-K/A, which included audited consolidated financial statements and related footnote disclosures as of and for the years ended December 31, 2023, and 2022, which restated the financial statements included in the Original Filing.
Restated consolidated financials for 2023 post BDO audit as per the recently filed 10K/A had the following major differences from the Original Filing:
Major areas of change As per Original Filing As per Form 10-K/A Difference
Balance Sheet as of December 31, 2023
Shareholders’ Equity $14.30 Mill $19.72 Mill Increase by $5.42 Mill
Working Capital Surplus $ 9.11 Mill $12.96 Mill Increase by $3.85 Mill
Statement of Operations and Comprehensive Loss for the year 2023
Revenues for 2023 $ 5.88 Mill $ 5.88 Mill No change
Gross Profits $ 0.71 Mill $ 0.72 Mill Increase by $0.01 Mill
Loss from Operations $ 20.67 Mill $ 20.27 Mill Decrease by $0.40 Mill
Total Comprehensive Loss $ 21.29 Mill $ 21.13 Mill Decrease by $0.16 Mill
The abovementioned changes in reported financials were mainly due to the following reasons:
Change in accounting for the April 2023 acquisition by merger of Cardio Ventures, Inc.
Change in revenue recognition for deferred payment sales.
Functional and other reclassifications.
Recognition of right of use of certain assets and liabilities.
Corrections of certain errors/adjustments.
The net impact of the restatements as mentioned above resulted in reporting of an improved net worth position and slightly improved financial performance numbers of the Company for the year 2023.
Contemporaneously with this filing, the Company filed with the SEC to withdraw its pending Registration Statement on Form S-1, which was filed on February 14, 2024. The Company believes that it meets the requirements for listing its shares of common stock on NASDAQ without completing the offering contemplated by the Registration Statement and intends to proceed with an uplisting to NASDAQ or another National Securities Exchange as soon as possible.
SS Innovations continues to demonstrate its accelerating growth having successfully completed to date over 2,500 robotic surgical procedures primarily in India using its SSi Mantra Surgical Robotic System (the “SSi Mantra”) and its recently announced expansion to Indonesia where it successfully completed that country’s first robotic cardiac surgery using its SSi Mantra. SS Innovations now has its systems installed in 5 countries and expects to continue its expansion to fulfill its mission to provide affordable state-of-the-art robotic surgery treatment to patients around the globe.
