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SVFC > SEC Filings for SVFC > Form 8-K on 4-Sep-2014All Recent SEC Filings




Non-Reliance on Previous Financials, Audits or Interim Review

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

On or about August 29, 2014, the Board of Directors of Intellicell Biosciences, Inc. (the "Company"), upon the recommendation of the Company's management and after discussions with the Company's current and former independent registered public accounting firms, concluded that the quarterly financial statements filed on Form 10-Q for the period ended September 30, 2013 and March 31, 2014 and the annual financial statements filed on Form 10-K for the year ended December 31, 2013 (collectively, the "Non-Reliance Periods") as previously issued should no longer be relied upon and will be restated (the "Non-Reliance Determination").

The Company has been assessing the effectiveness of its internal controls over financial reporting, reviewing its accounting practices and conducting a re-audit of the financial statements for the Non-Reliance Periods. Such re-audits are still in progress, however, taking into consideration the preliminary adjustments that have been identified to date, which impact the (i) financing expenses, (ii) derivative liabilities, and (iii) additional paid in capital, the Company has made the Non-Reliance Determination. The Company believes the restatement will have no effect on the Company's cash position or loss from operations. At this time, all the changes necessary to adjust the financial statements for the Non-Reliance Periods are not known and cannot be reasonably quantified. As part of the Company's completion of the accounting reviews and its final determinations with regard to the Non-Reliance Periods, the Company is reassessing the time required to finalize the re-audits and file any required restatements.

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