Business
VERUS INTERNATIONAL PROVIDES OPERATIONAL UPDATE
VERUS INTERNATIONAL PROVIDES OPERATIONAL UPDATE.
About this update from Verus International, Inc.
[{"type":"text","content":"\n Gaithersburg, MD, Feb. 25, 2020 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCQB: VRUS) is providing the following operational update as part of a plan to issue updates during the period leading up to the completion of the delayed fiscal 2019 Form 10-K, and subsequent filing of the fiscal 2020 Q1 Form 10-Q, which is due March 16, 2020. Audit Update When the Company decided to switch to a larger audit firm, it did so with the goal to engage a much larger audit firm to improve its standing before up-listing to a national exchange. Instead of being a bridge to greater institutional cache, the move to a top ten national audit firm proved to be overwhelming on multiple levels, particularly in terms of the unresolved discussions. After careful consideration, it became mutually apparent that after providing requested audit documentation and expending significant time, Mayer Hoffman McCann P.C. (“MHM”) was not going to be able to complete the audit within the Company’s required timeline. As noted in the Company’s recently filed Form 8-K, MHM recognized this reality and elected to resign as our audit firm mid-audit. On a positive note, the Company has already completed most of the financial audit efforts, so a new audit firm will be able to hit the ground running and achieve a timely audit completion. The Company’s position regarding the unresolved discussions with MHM as identified within its recently filed Form 8-K is unchanged from its original position when the related financials were originally disclosed by public filing. Accordingly, the Company does not believe such unresolved discussions are material to the prior period financial statements, including the annual and interim periods affected, and therefore, does not believe restating the financial statements previously filed is required. To complete the fiscal 2019 financial audit as timely as possible, the Company has identified a new audit firm, which it expects to engage and announce shortly via Form 8-K. As this has been a humbling experience and will require more time, the Company’s current goal is to file the fiscal 2019 Form 10-K during March 2020, followed very closely by the fiscal 2020 Q1 Form 10-Q. Marketing Initiatives, NGA Show As the food show season is underway, the Company...