Business
Better For You Wellness Provides Shareholder Update
Better For You Wellness Provides Shareholder Update.
About this update from Better For You Wellness Inc.
[{"type":"text","content":"Columbus, Ohio--(Newsfile Corp. - March 17, 2023) - Better For You Wellness, Inc. (OTCQB: BFYW) (\"Better For You Wellness\" or the \"Company\"), an Ohio-based company focused on the rapidly-growing $1.5T wellness industry, announced it has filed amendments to its Quarterly Report on Form 10-Q for the period ended May 31, 2022, and its Quarterly Report on Form 10-Q for the period ended August 31, 2022 (each, an \"Amended Quarterly Report\" and together, the \"Amended Quarterly Reports\"). The Company's management concluded that in light of certain errors in the original Quarterly Reports on Form 10-Q for the period ended May 31, 2022, and the period ended August 31, 2022 (each, an \"Initial Quarterly Report\"), a material weakness existed in the Company's internal control over financial reporting related to the effectiveness of the design and operation of its disclosure controls and procedures as of May 31, 2022, and August 31, 2022. The material weakness prompted the Company to develop and begin implementing a remediation plan concerning such material weakness. The Amended Quarterly Reports filed today provides details of the Company's remediation plans.Regarding the Amended Quarterly Reports, Ian James, Chief Executive Officer of Better For You Wellness, stated: \"On January 31, 2023, the Company retained Dr. Pratibha Chaurasi as our new fractional CFO and added Aprari Solutions to assist with financial reporting and audit preparation. With their help, we meticulously and painstakingly worked to identify and rectify the material weakness in the Company's internal control over financial reporting.\" Mr. James continued, \"Through our review process, we identified certain errors and began implementing a remediation plan to strengthen our internal controls and ensure accurate and timely SEC filings in the future. Retaining Dr. Chaurasi as fractional CFO has streamlined our closing and filing processes and allowed us to develop and implement the strong remediation plan detailed in the Amended Quarterly Reports.\" Mr. James highlighted the following changes in the Amended Quarterly Report for the period ended May 31, 2022: 1. Increased Assets - Prepaid and other assets totaling $78,072 added, $583,586 of goodwill added, reversing a $577,473 impairment expense. The effect was to treat the Mango Moi acquisition as an investment rathe...