SS Innovations Announces Completion of BDO Audit Process and Issues Update on Plans for NASDAQ Uplisting
SS Innovations International (SSII) announced the completion of BDO India LLP's re-audit of its 2022-2023 financial statements, following the termination of its previous auditor BF Borgers CPA PC. The re-audit revealed material errors in prior statements, leading to restated financials showing improved metrics: shareholders' equity increased by $5.42 Million to $19.72 Million, and working capital surplus rose by $3.85 Million to $12.96 Million.
The company has withdrawn its Form S-1 Registration Statement and plans to uplist to NASDAQ without completing the previously contemplated offering. SSII reports over 2,500 completed robotic surgical procedures using its SSi Mantra Surgical Robotic System, with systems now installed in 5 countries, including recent expansion to Indonesia where it completed the country's first robotic cardiac surgery.
SS Innovations International (SSII) ha annunciato il completamento della riesamina delle sue dichiarazioni finanziarie 2022-2023 da parte di BDO India LLP, a seguito della risoluzione del contratto con il precedente revisore BF Borgers CPA PC. La riesamina ha rivelato errori materiali nelle dichiarazioni precedenti, portando a un ricalcolo dei dati finanziari che mostra metriche migliorate: il patrimonio netto degli azionisti è aumentato di $5,42 milioni, arrivando a $19,72 milioni, e il surplus di capitale circolante è aumentato di $3,85 milioni, raggiungendo $12,96 milioni.
L'azienda ha ritirato la sua Dichiarazione di Registrazione Form S-1 e prevede di essere quotata su NASDAQ senza completare l'offerta precedentemente contemplata. SSII riporta oltre 2.500 procedure chirurgiche robotiche completate utilizzando il suo SSi Mantra Surgical Robotic System, con sistemi già installati in 5 paesi, compresa la recente espansione in Indonesia, dove ha completato la prima chirurgia cardiaca robotica del paese.
SS Innovations International (SSII) anunció la finalización de la reauditoría de sus estados financieros 2022-2023 por parte de BDO India LLP, tras la terminación de su auditor previo BF Borgers CPA PC. La reauditoría reveló errores materiales en declaraciones anteriores, lo que llevó a estados financieros rectificados que muestran métricas mejoradas: el patrimonio neto de los accionistas aumentó en $5.42 millones, alcanzando $19.72 millones, y el excedente de capital de trabajo creció en $3.85 millones, llegando a $12.96 millones.
La empresa ha retirado su Declaración de Registro Form S-1 y planea subir a NASDAQ sin completar la oferta previamente contemplada. SSII informa que ha completado más de 2,500 procedimientos quirúrgicos robóticos utilizando su SSi Mantra Surgical Robotic System, con sistemas ahora instalados en 5 países, incluida la reciente expansión a Indonesia, donde completó la primera cirugía cardíaca robótica del país.
SS Innovations International (SSII)는 이전 감사인인 BF Borgers CPA PC의 해지 이후 BDO India LLP가 2022-2023 재무제표의 재감사를 완료했다고 발표했습니다. 재감사 결과 이전 재무제표의 중대한 오류가 발견되었고, 그로 인해 조정된 재무제표에서 개선된 지표가 나타났습니다: 주주의 자본이 $5.42 million 증가하여 $19.72 million에 도달했으며, 운전 자본 잉여금이 $3.85 million 증가하여 $12.96 million에 이르렀습니다.
회사는 Form S-1 등록을 철회했으며, 이전에 검토한 제안을 완료하지 않고 NASDAQ에 상장할 계획입니다. SSII는 SSi Mantra Surgical Robotic System을 사용하여 2,500건 이상의 로봇 수술을 완료했으며, 현재 5개국에 설치된 시스템을 보유하고 있습니다. 최근 인도네시아로의 확장을 포함해 해당 국가의 첫 로봇 심장 수술을 완료했습니다.
SS Innovations International (SSII) a annoncé l'achèvement de la réaudition de ses états financiers 2022-2023 par BDO India LLP, suite à la résiliation de son précédent auditeur BF Borgers CPA PC. La réaudition a révélé des erreurs matérielles dans les états précédents, entraînant une révision des états financiers montrant des indicateurs améliorés : l'équité des actionnaires a augmenté de 5,42 millions de dollars pour atteindre 19,72 millions de dollars, et l'excédent de fonds de roulement a augmenté de 3,85 millions de dollars pour atteindre 12,96 millions de dollars.
L'entreprise a retiré sa déclaration d'enregistrement Form S-1 et prévoit de s'inscrire au NASDAQ sans compléter l'offre précédemment envisagée. SSII rapporte plus de 2 500 procédures chirurgicales robotiques achevées utilisant son SSi Mantra Surgical Robotic System, avec des systèmes désormais installés dans 5 pays, y compris une récente expansion en Indonésie, où elle a réalisé la première chirurgie cardiaque robotique du pays.
SS Innovations International (SSII) hat den Abschluss der Neuauditierung ihrer Finanzberichte 2022-2023 durch BDO India LLP angekündigt, nachdem der vorherige Prüfer BF Borgers CPA PC gekündigt wurde. Das Neuaudit hat wesentliche Fehler in den früheren Berichten aufgedeckt, was zu korrigierten Finanzzahlen führte, die verbesserte Kennzahlen zeigen: Das Eigenkapital der Aktionäre stieg um 5,42 Millionen Dollar auf 19,72 Millionen Dollar und der Überschuss des working Capital stieg um 3,85 Millionen Dollar auf 12,96 Millionen Dollar.
Das Unternehmen hat seine Form S-1 Registrierungsanmeldung zurückgezogen und plant, ohne die zuvor überlegte Zeichnung an die NASDAQ umzuziehen. SSII berichtet von über 2.500 abgeschlossenen robotergestützten chirurgischen Verfahren mit seinem SSi Mantra Surgical Robotic System, das jetzt in 5 Ländern installiert ist, einschließlich einer jüngsten Expansion nach Indonesien, wo die erste robotergestützte Herzoperation des Landes durchgeführt wurde.
- Improved financial position with shareholders' equity increasing to $19.72 Million
- Working capital surplus increased to $12.96 Million
- Successful completion of over 2,500 robotic surgical procedures
- Geographic expansion to 5 countries
- Plans for NASDAQ uplisting without additional share offering
- Material errors found in previous financial statements requiring restatement
- Reported loss from operations of $20.27 Million in 2023
- Total comprehensive loss of $21.13 Million in 2023
FORT LAUDERDALE, Fla., Dec. 11, 2024 (GLOBE NEWSWIRE) -- SS Innovations International, Inc. (the “Company” or “SS Innovations”) (OTC: SSII), developer of innovative surgical robotic technologies dedicated to making world-class robotic surgery affordable and accessible to a global population, today announced that its new independent registered public accounting firm, BDO India LLP (“BDO”), has completed the re-audit of the Company’s consolidated financial statements for the years ended December 31, 2023 and December 31, 2022, which were included in the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2023 (the “Original Filing”). In addition, SS Innovations is hereby updating its shareholders and the investment community on its plans to uplist its common stock to NASDAQ.
As previously reported in its Securities and Exchange Commission (“SEC”) filings, in May 2024, the SEC entered an order barring BF Borgers CPA PC (“Borgers”), the Company’s then independent registered public accounting firm, from appearing or practicing before the SEC as an accountant. As a result, Borgers could no longer act as the independent registered public accounting firm for the Company (or several hundred other public companies who had also engaged Borgers). Consequently, the Company terminated the engagement of Borgers and subsequently retained BDO as its independent registered public accounting firm.
Given the circumstances giving rise to Borgers’ dismissal, the Company asked BDO to re-audit the prior consolidated audited financial statements included in the Original Filing. Contemporaneously with the reaudit, the Company also undertook an internal review of certain accounting policies and internal controls and procedures. An external consulting firm was also appointed by the Company to help perform comprehensive technical accounting evaluations.
In the course of this internal review and while BDO was performing the reaudit, the Company discovered material errors in the prior audited consolidated financial statements included in the Original Filing. As a result, the Company determined that in order to reflect the foregoing, those financial statements would need to be restated and as a result could no longer be relied upon (which was reported in a Current Report on Form 8-K filed with the SEC).
On December 6, 2024, SS Innovations filed an amendment to the Original Filing on Form 10-K/A, which included audited consolidated financial statements and related footnote disclosures as of and for the years ended December 31, 2023, and 2022, which restated the financial statements included in the Original Filing.
Restated consolidated financials for 2023 post BDO audit as per the recently filed 10K/A had the following major differences from the Original Filing:
| Major areas of change | As per Original Filing | As per Form 10-K/A | Difference |
| Balance Sheet as of December 31, 2023 | |||
| Shareholders’ Equity | Increase by | ||
| Working Capital Surplus | Increase by | ||
| Statement of Operations and Comprehensive Loss for the year 2023 | |||
| Revenues for 2023 | No change | ||
| Gross Profits | Increase by | ||
| Loss from Operations | Decrease by | ||
| Total Comprehensive Loss | Decrease by | ||
The abovementioned changes in reported financials were mainly due to the following reasons:
- Change in accounting for the April 2023 acquisition by merger of Cardio Ventures, Inc.
- Change in revenue recognition for deferred payment sales.
- Functional and other reclassifications.
- Recognition of right of use of certain assets and liabilities.
- Corrections of certain errors/adjustments.
The net impact of the restatements as mentioned above resulted in reporting of an improved net worth position and slightly improved financial performance numbers of the Company for the year 2023.
Contemporaneously with this filing, the Company filed with the SEC to withdraw its pending Registration Statement on Form S-1, which was filed on February 14, 2024. The Company believes that it meets the requirements for listing its shares of common stock on NASDAQ without completing the offering contemplated by the Registration Statement and intends to proceed with an uplisting to NASDAQ or another National Securities Exchange as soon as possible.
SS Innovations continues to demonstrate its accelerating growth having successfully completed to date over 2,500 robotic surgical procedures primarily in India using its SSi Mantra Surgical Robotic System (the “SSi Mantra”) and its recently announced expansion to Indonesia where it successfully completed that country’s first robotic cardiac surgery using its SSi Mantra. SS Innovations now has its systems installed in 5 countries and expects to continue its expansion to fulfill its mission to provide affordable state-of-the-art robotic surgery treatment to patients around the globe.
About SS Innovations:
SS Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies with a vision to make the benefits of robotic surgery affordable and accessible to a larger part of the global population. SS Innovations’ product range includes its proprietary “SSi Mantra” surgical robotic system, and “SSi Mudra” its wide range of surgical instruments capable of supporting a variety of surgical procedures including robotic cardiac surgery. SS Innovations’ business operations are headquartered in India and the Company plans to expand the presence of its technologically advanced, user-friendly, and cost-effective surgical robotic solutions, globally. For more information, visit our website at ssinnovations.com or LinkedIn for updates.
About SSi Mantra:
The SSi Mantra Surgical Robotic System, by SS Innovations, is a modular multi-arm system with many advanced technology features. It allows for the use of 3-5 robotic arms, has an open-faced ergonomic Surgeon Command Centre, 32-inch large 3D 4K monitor, a 23-inch 2D Touch panel monitor for all patient related information display, a virtual real-time image of the robotic Patient Side Arm Carts, and the ability for superimposition of 3D models of diagnostic imaging. The Vision Cart gives the table-side team the same magnified 3D 4K view as the Surgeon to provide better safety and efficiency. The modular robotic arms give flexibility in positioning and the number of arms to be used. This allows for collision-free conduct of surgical operations. There are over 40 different types of robotic endo-surgical instruments that can be used for different specialties including cardiac surgery. The learning curve for surgeons is shorter due to the SSi Mantra’s ergonomic design and user-friendly features.
The SSi Mantra has been clinically validated in India in more than 80 different types of surgical procedures. SS Innovations has commenced the regulatory approval process in the United States and the European Union and anticipates receiving FDA approval to market and CE Mark approval in the second half of 2025.
Forward-Looking Statements:
This press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or SS Innovations International’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
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FAQ
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