iMedicor, Inc. (OTCMKTS:VMCI) Files An 8-K Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

iMedicor, Inc. (OTCMKTS:VMCI) Files An 8-K Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

On November 22, 2016, the management of iMedicor, Inc. (the “Company”) concluded that the Company’s previously issued financial statements included in forms 10-Q for the interim periods ended September 30, 2014, December 31, 2014 and March 31, 2015, should no longer be relied upon because of errors related to derivative liabilities, preferred stock options and warrants that resulted in material misstatements of liabilities in all three interim reports and material misstatements of expense in the interim report ending September 30, 2014.
During the course of the Company’s June 30, 2015 year-end audit which is currently in process, the Company’s CFO identified that a particular liability relating to the value of the same set of warrants issued and outstanding were recorded in two separate accounts, thereby erroneously doubling the amount of the liability associated with the warrants. The CFO then confirmed his assessment with the Company’s external valuation specialist who is retained to assist in calculating the future values of derivatives such as warrants issued and outstanding. The Company’s Board of Directors was made aware of the error and the issue was discussed with the Company’s independent registered public accounting firm.
The errors described above resulted in an overstatement of liabilities in the amount of $471,137 at September 30, 2014, December 31, 2014 and March 31, 2015. Additionally, General and Administrative expenses were overstated by $471,137 in the September 30, 2014 interim report.
The Company plans to correct the error and footnote it in the Company’s forthcoming Form 10-K for the fiscal year ended June 30, 2015.

About iMedicor, Inc. (OTCMKTS:VMCI)

iMedicor Inc. builds cloud-based software, healthcare records capture, storage, retrieval, transport and security related products. The Company offers over four software products, including Meaningful Use, iCoreExchange, iCoreMD and iCoreDental. The Company offers cloud-based exchange, the iCoreExchange, which allows physicians, patients and other members of the healthcare community to exchange patient-specific healthcare information through the Internet; Customized Electronic Health Record platform technology that provides specialized medical practices with a technology that conforms to workflows of a particular medical discipline, such as ophthalmology, dentistry, orthopedic and other specialty practices, and its Meaningful Use Consulting Division assists both medical and dental healthcare providers. Its iCoreMD includes a practice management system, e-prescription functionality, integrated laboratory information system, electronic claims processing and medical billing.

iMedicor, Inc. (OTCMKTS:VMCI) Recent Trading Information

iMedicor, Inc. (OTCMKTS:VMCI) closed its last trading session up +0.00010 at 0.00090 with 160,000 shares trading hands.

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