SEC Filing Summary: BioSig Technologies, Inc. (BSGM)
Business Context and Reporting Period
This Form 8-K was filed by BioSig Technologies, Inc. on April 30, 2025. The filing reports a change in the registrant's certifying accountant. The company is incorporated in Delaware and trades on the NASDAQ Capital Market under the symbol BSGM.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the transition of the independent registered public accounting firm.
Material Changes and Events
- Accountant Resignation: Marcum LLP resigned as the independent registered public accounting firm on April 30, 2025, following the acquisition of its attest business by CBIZ CPAs P.C. on November 1, 2024.
- New Appointment: CBIZ CPAs P.C. was engaged as the new independent registered public accounting firm on April 30, 2025, with the approval of the Audit Committee.
- Audit Opinions: Marcum's reports for fiscal years ended December 31, 2024, and December 31, 2023, did not contain adverse opinions or disclaimers. However, they included an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern.
- Disagreements: There were no disagreements with Marcum regarding accounting principles, financial statement disclosures, or auditing scope during the past two fiscal years or the interim period through April 30, 2025.
Internal Control and Reportable Events
The registrant disclosed material weaknesses in internal controls for the fiscal years ended December 31, 2024, and 2023. These weaknesses include:
- Inadequate identification, recording, and reporting of stock-based compensation.
- Ineffective review processes over period-end financial disclosure and reporting.
- Inadequate segregation of duties for transaction posting and processing.
No consultations were held with CBIZ CPAs P.C. regarding accounting principles or reportable events prior to their engagement.
Investor Verification Checklist
- Verify the status of the "substantial doubt about going concern" noted in prior audit reports.
- Review the company's remediation plan for the disclosed material weaknesses in internal controls.
- Confirm the transition timeline and initial findings from the new auditor, CBIZ CPAs P.C.
- Examine the attached letter from Marcum LLP (Exhibit 16) for any additional context on the resignation.