The conclusion relates to correcting the accounting treatment regarding several adjustments which the Chief Financial Officer and independent accounting firm became aware of in the course of audit and the preparation of the Companys financial statements for the fiscal year ended December 31, 2015 and the periods ended March 31, 2016 and June 30, 2016, The adjustments include changes to inventory values, provisions for bad debt, revenue recognition issues, credit memos, equity issuances, accounts receivable and accounts payable, cost of goods sold, certain expense accounts, and the treatment of valuation of certain assets.
As a result of this determination, the Company will restate its financial statements for the foregoing dates and periods, which restatements will be reflected in the restated unaudited financial statements to be contained in amended Form 10-Qs for the
first three quarters of the fiscal years ended December 31, 2015. The restated audited financial statements for the fiscal year ended December 31, 2014 will be contained in the Form 10-K for the fiscal year ended December 31, 2015.
Item 9.01: Financial Statements and Exhibits.
(d) Exhibits: None
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.
DS HEALTHCARE GROUP, INC.
Date: October 7, 2016
/s John Power
Chief Financial Officer
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