InnerScope Hearing Technologies Announces Delay of Form 10-Q Filing
ROSEVILLE, Calif., Aug. 20, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- 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
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.
InnerScope Hearing Technologies, Inc.
For the Most Up-to-Date information about InnerScope Hearing Technologies (OTCQB: INND), please visit and follow our Official Twitter account @inndstock Page.
Released August 20, 2019