Entest Biomedical, Inc. Restates Earnings Results for the Quarter Ended May 31, 2012
July 23, 2012 at 01:02 pm EDT
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On July 22, 2012, the Board of Directors of Entest Biomedical, Inc. in consultation with management, concluded that the company's previously issued financial statements for the quarter ended May 31, 2012 should not be relied upon due to errors in those financial statements. The errors resulted from the accidental insertion of certain figures derived from an earlier draft version of the company's consolidated statement of operations for the quarter ended May 31, 2012 within the company's Form 10-Q for the quarter ended May 31, 2012. Operating loss for the quarter ended May 31, 2012 was erroneously reported as $251,721 when in actuality operating loss for the quarter ended May 31, 2012 was $243,250. Loss before income taxes and net loss for the quarter ended May 31, 2012 were both erroneously reported as $386,851 when in actuality loss before income taxes and net loss for the quarter ended May 31, 2012 were both $378,380. Net loss available to common shareholders for the quarter ended May 31, 2012 was erroneously reported as $418,993 when in actuality net loss available to common shareholders for the quarter ended May 31, 2012 was $410,522.
Entest Group, Inc., formerly Entest Biomedical, Inc., is engaged in the business combination with an unidentified company. The Company has not entered into any definitive agreement with any party, nor have there been any specific discussions with any potential business combination candidate regarding business opportunities for the Company.