InnerScope Hearing Technologies Announces Delay of Form 10-Q Filing
August 20 2019 - 1:00PM
InvestorsHub NewsWire
InnerScope Hearing Technologies Announces
Delay of Form 10-Q Filing
ROSEVILLE, CA. --
August 20, 2019 -- InvestorsHub NewsWire
-- InnerScope
Hearing Technologies Inc. (OTCQB:
INND) ("InnerScope") a manufacturer and Direct-to-Consumer
("DTC") distributor/retailer of FDA-Registered Hearing Aids,
Personal Sound Amplifiers Products, ("Hearing
Products") Hearing Related
Treatment Therapies, Doctor-Formulated
Dietary Hearing Supplements and proprietary CBD Oil ("Hearing
Health Products") (collectively "Hearing Product
Portfolio"), today
announced that it
has
determined the
filing
of
its
Quarterly Report on Form 10-Q for the quarter ended June 30, 2019,
including the related management's discussion and analysis and CEO
and CFO certifications (collectively, the "Required
Filings")
will be delayed past
the
five-day extension
deadline
permitted
by the rules of the U.S. Securities and
Exchange Commission (the "SEC
Extension"). InnerScope
is working expeditiously with its auditor,
D. Brooks
and Associates CPA's, P.A. to expedite the
Required Filings and expects to file on or
before August 30, 2019. InnerScope
also
confirms that there is no other material information concerning the
affairs of InnerScope
that has
not been generally disclosed as of the date of this press
release.
The
Required Filings delay is due to a combination of factors relating
to additional financial procedures and processes related to
InnerScope investing heavily
in its growth
strategy
for 2019. InnerScope added additional seven brick and mortar
audiological hearing aid retail locations through its growth
strategy without increasing its resources in the financial
accounting department. Recently, InnerScope
has
taken appropriate measures to improve the effectiveness of
its accounting
department as
well as made an investment
in
hiring experienced personnel to ensure the more timely filing of
the required reports and filings of a public
company.
InnerScope
believes the steps that it has undertaken to improve on its
financial reporting practices will not only lead
to producing On-Time Filings,
starting with filing
of
its
Quarterly Report on Form 10-Q for the quarter
ending
September 30, 2019
("Q3"),
but also will
lead InnerScope to be a better transparent
public reporting company. InnerScope and its management, including
its new accounting management is excited about Q3 business
development and strategic expansion plans as it moves to pivot to
achieve top line growth. Moreover, InnerScope is confident that
this delayed filing will not deter, distract from or interrupt in
any plans of its current direction and/or revenue forecasts for
continuing to create hundreds of retail distribution locations with
multiple vendor agreements for its Hearing Product
Portfolio.
"We
apologize and understand that this delay may cause an inconvenience
to our existing and prospective shareholders
and stakeholders,"
said InnerScope's
CEO, Matthew
Moore.
"We
believed the filing of the SEC Extension would provide the extra
time needed to file the Required Filings, unfortunately, that was
not the case. However, the actions that we have taken are
consistent with our desire to thoroughly address our accounting
issues and will allow us to move beyond our financial reporting
issues. We
appreciate everyone's patience and understanding
for the delay as it will be quickly
rectified
as soon as possible."
About InnerScope Hearing Technologies (OTCQB:
INND)
InnerScope Hearing
Technologies (OTCQB:
INND) is a rapidly expanding
consolidator of the hearing aid industry. Management is applying
decades of profitable industry experience and technology to an
antiquated and disjointed industry, unlocking scale and efficiency,
which will serve all of InnerScope's
stakeholders. Its direct-to-consumer model is revolutionizing the
industry with its Walmart.com, Sears.com
and
Kmart.com
relationship
representing a paramount shift in the consumption of hearing aids
by the hearing impaired.
In
addition, InnerScope
plans to
continue to open,
acquire,
and operate
a
physical
chain
of clinicsaid
audiological and
retail hearing . InnerScope's
mission
is to serve approximately
1.2 billion people around the globe that are
suffering with 25db or greater hearing
loss across the entire
hearing impaired vertical from R&D and manufacturing through
direct consumer sales and services. For more information,
please visit: www.innd.com. For
the Most
Up-to-Date information about InnerScope Hearing Technologies
(OTCQB:
INND), please visit and follow our Official Twitter account
@inndstock Page. https://twitter.com/inndstock
Safe
Harbor
This
presentation contains forward-looking statements, which relate to
future events or InnerScope Hearing Technologies future performance
or financial condition. Any statements that are not statements of
historical fact (including statements containing the words
"believes," "should," "plans," "anticipates," "expects,"
"estimates" and similar expressions) should also be considered to
be forward-looking statements. These forward-looking statements are
not guarantees of future performance, condition or results and
involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as
result of a number of factors, including those described from time
to time in InnerScope Hearing Technologies filings with the
Securities and Exchange Commission. InnerScope Hearing Technologies
undertakes no duty to update any forward-looking statements made
herein.
Contact
InnerScope Hearing
Technologies,
Inc.
Investor
Relations
Info@innd.com
916-218-4100
www.innd.com
Walmart.com
Sears.com
Kmart.com
For the Most
Up-to-Date information about InnerScope Hearing Technologies
(OTCQB:
INND), please visit and follow our Official Twitter account
@inndstock Page.
https://twitter.com/inndstock
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