CS Diagnostics Corp.
- Market Cap (Float-Adj) (Float-adjusted market cap computed by the low-float screener — matches the screener row. May differ from the standard cap (price × all shares outstanding) reported elsewhere.)
- $1.5M
- Price
- $0.011
- % Change (Daily % change from the live per-ticker quote feed.)
- +80.33%
- Volume
- 5.3K
About
Headquartered in Neuss, Germany, CS Diagnostics Corp. was established in 1996. The company is dedicated to the development, production, and worldwide distribution of a range of health and medical-grade products, catering to both domestic German and international markets. Among its key offerings are MEDUSA, an exclusive surface disinfectant, and CS-Protect Hydrogel, a specialized tissue-spacing gel for radiation therapy applications. The firm rebranded as CS Diagnostics Corp. in August 2023, having previously operated under the name FlashZero Corp.
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Key info
SectorHealthcare
IndustryMedical - Devices
CIK (Central Index Key — the unique ID the SEC assigns to every filer. Use it to look up the company's filings on EDGAR.)0001106861
Websitehttps://csdcorp.us
AI Summary
AI-generated1/2
criticalbearishrestatement
CSDX: 8-K — restatement
CS Diagnostics Corp announced that its Board has determined previously issued financial statements for fiscal years 2022 through 2025 should no longer be relied upon. This decision follows a review initiated by communications with SEC staff regarding the company's historical accounting and audit history.
Management identified that an approximately $499.4 million intangible asset recorded in connection with a September 2023 transaction was improperly recognized. The asset is expected to be removed from the balance sheet, requiring a restatement that will materially reduce total assets and stockholders' equity.
Additionally, the company cannot rely on audit reports issued by its former auditor, Olayinka Oyebola & Co., due to SEC regulatory restrictions. The company has engaged Shah Teelani & Associates as its new independent auditor to re-audit the affected periods and assist with the restatement.
Red flags
- Restatement of financials for FY 2022-2025
- Improper recognition of $499.4M intangible asset requiring removal
- Non-reliance on prior auditor (Olayinka Oyebola & Co.) due to SEC restrictions
- Internal control deficiencies identified