Dalrada Financial Corporation Announces Non-Reliance on Previously Issued Financial Statement

On the 19th of December, 2024, Dalrada Financial Corporation (OTCMKTS:DFCO) filed a Form 8-K with the Securities and Exchange Commission disclosing the discovery of an error in its financial statements. The error, identified in the financial statements for the period ending March 31, 2024, involved a revenue overstatement totaling $2,318,329 attributed to a control deficiency over revenue accruals.

As a result of this error, the Company’s management recommended that the Form 10-Q for the period ending March 31, 2024, should no longer be relied upon. Dalrada Financial Corporation is working towards filing restated financial statements for the affected period on Form 10-Q/A promptly. Consequently, the previously-issued financial statements for the mentioned period, along with any related communications, should no longer be considered accurate.

In response to these developments, the Audit Committee, in collaboration with management, engaged in discussions regarding the matters outlined in the disclosure. These discussions involved interactions with Assurance Dimensions, the independent registered public accounting firm, for the period from January 1, 2023, to March 31, 2023, and CM3 Advisory, the Company’s current independent registered accounting firm.

The company, as per regulatory requirements, officially signed and submitted the report on December 23, 2024. The report was duly authorized and signed by Brian Bonar, an Officer and Director of Dalrada Financial Corporation.

This disclosure underscores the company’s commitment to transparency and accurate financial reporting. Investors and stakeholders are advised to exercise caution when considering financial information related to the affected period until the restated financial statements are filed and approved.

This information serves as an update for shareholders and the financial community regarding Dalrada Financial Corporation’s ongoing efforts to rectify the recently identified error in its financial reporting.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Dalrada Financial’s 8K filing here.

Dalrada Financial Company Profile

Dalrada Financial Corporation, together with its subsidiaries, operates as a technology and manufacturing company. It operates through Genefic, Dalrada Energy Services, Dalrada Precision Manufacturing, and Dalrada Technologies divisions. The Genefic division processes molecular diagnostic and antibody tests to support the diagnosis of COVID-19 and the detection of immune response to the virus; markets and sells traditional biologics and human cells, tissues, and cellular and tissue-based products; and provides prescription management, education, nursing, and total health solutions; distributes alcohol-free hand sanitizers, surface cleaners, laundry aides, antimicrobial solutions, electrostatic sprayers, face masks, gloves, and kits, as well as dispensers, stands, and ease of use packaging for the end consumers.