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BRIEF-Cel-Sci says discovered an error in accounting
November 22, 2017 / 10:40 PM / 25 days ago

BRIEF-Cel-Sci says discovered an error in accounting

Nov 22 (Reuters) - Cel-sci Corp:

* Cel-Sci Corp says ‍in November co discovered an error in way it accounted for lease for its manufacturing facility - SEC filing​

* Cel-Sci Corp - ‍company did not meet “sale-leaseback” criteria under asc 840-40-25, accounting for leases, sale-leaseback transactions​

* Cel-Sci Corp - co ‍should have recognized depreciation expense on asset it is deemed to own & interest expense on associated lease financing obligation

* Cel-Sci Corp - ‍restatements will correct an accounting error impacting company’s financial statements and other financial data in non-reliance periods​

* Cel-Sci Corp - ‍company has determined that net cumulative effect on each of non-reliance periods is material​

* Cel-Sci Corp - ‍accounting error was determined to be a material weakness in company's internal control over financial reporting as of Sept 30, 2016​ Source text: (bit.ly/2hTNvJl) Further company coverage:

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