BioStem Technologies Announces Filing of Restated Financial Statements
BioStem Technologies (OTC: BSEM) announced it filed restated interim financial statements for Q1 2024–Q2 2025 and restated annual statements for 2023 and 2024.
The restatement reclassifies bona fide services fees under the distribution agreement with Venture Medical from Sales and Marketing expense to contra revenue, reducing reported gross revenue and Sales and Marketing expense by the same amount while leaving EBITDA, net income, and cash flow unchanged. Balance-sheet presentation now nets amounts payable to Venture against Accounts Receivable from Venture. The company said the restatement follows US GAAP review with external advisors and is intended to enable an independent audit by KPMG and a planned uplist; audits are expected complete by end of Q1 2026. The company noted that percentage metrics (gross margin, EBITDA margin) will appear slightly different under net revenue presentation.
BioStem Technologies (OTC: BSEM) ha annunciato di aver depositato bilanci interimi riveduti per Q1 2024–Q2 2025 e bilanci annuali riveduti per il 2023 e il 2024.
La rielaborazione riclassifica i servizi resi in bona fide ai sensi dell’accordo di distribuzione con Venture Medical da Spese di vendita e marketing a contra revenue, riducendo gli importi riportati di ricavi lorde e di spese di vendita e marketing della stessa somma, senza modificare EBITDA, utile netto e flusso di cassa. La presentazione di bilancio ora compensa gli importi da pagare a Venture contro i Conti da Ricevere da Venture. L’azienda ha dichiarato che la restatement deriva da una revisione US GAAP con consulenti esterni ed è volta a consentire un audit indipendente da KPMG e a un uplist pianificato; si prevede che gli audit siano completati entro la fine del Q1 2026. L’azienda ha precisato che le metriche percentuali (margine lordo, margine EBITDA) appariranno leggermente diverse sotto la presentazione del reddito netto.
BioStem Technologies (OTC: BSEM) anunció que presentó estados financieros interinos restados para Q1 2024–Q2 2025 y estados anuales restados para 2023 y 2024.
La reclasificación reordena los honorarios por servicios de buena fe bajo el acuerdo de distribución con Venture Medical desde Gastos de ventas y mercadotecnia a contra revenue, reduciendo los ingresos brutos reportados y los gastos de ventas y mercadotecnia por la misma cantidad, sin cambios en EBITDA, ingresos netos y flujo de caja. La presentación del balance ahora netea las cantidades por pagar a Venture contra las Cuentas por cobrar de Venture. La compañía dijo que la restatement sigue una revisión US GAAP con asesores externos y tiene como objetivo permitir una auditoría independiente por KPMG y un uplist planificado; se espera que las auditorías estén completas para finales del Q1 2026. La empresa señaló que las métricas porcentuales (margen bruto, margen EBITDA) aparecerán ligeramente diferentes bajo la presentación de ingresos netos.
BioStem Technologies (OTC: BSEM)가 2024년 1분기~2025년 2분기에 대한 수정된 중간 재무제표와 2023년 및 2024년의 수정된 연간 재무제표를 제출했다고 발표했습니다.
수정은 bona fide services fees를 Venture Medical과의 유통계약에 따른 매출원가/판매 및 마케팅 비용에서 contra revenue로 재분류하여 보고된 총매출과 매출 및 마케팅 비용을 동일하게 감소시키되, EBITDA, 순이익, 현금흐름은 변경하지 않습니다. 대차대조표 표기 방식은 이제 Venture에 지급할 금액을 Venture의 매출채권에서 차감합니다. 회사는 이 수정이 외부 자문과의 US GAAP 검토에 따라 이루어졌으며 KPMG의 독립 감사 및 예정된 상장을 가능하게 하기 위한 목적이라고 밝혔으며, 감사는 2026년 1분기 말까지 완료될 것으로 예상됩니다. 또한 순매출 표기 아래에서 총이익률, EBITDA 마진 등의 비율 지표가 약간 다르게 보일 것이라고 설명했습니다.
BioStem Technologies (OTC: BSEM) a annoncé avoir déposé des états financiers intermédiaires retraités pour le 1er trimestre 2024 au 2e trimestre 2025 et des états annuels retraités pour 2023 et 2024.
Le restatement reclasse les frais de services authentiques dans le cadre de l’accord de distribution avec Venture Medical du dépense de vente et marketing à contra revenue, réduisant les revenus bruts déclarés et les dépenses de vente et marketing du même montant, tout en laissant l’EBITDA, le résultat net et les flux de trésorerie inchangés. La présentation du bilan rapproche désormais les montants à payer à Venture des comptes clients de Venture. L’entreprise a indiqué que le restatement résulte d’un examen US GAAP avec des conseillers externes et vise à permettre un audit indépendant par KPMG et un uplisting prévu; les audits devraient être terminés d’ici à la fin du Q1 2026. L’entreprise a noté que les indicateurs en pourcentage (marge brute, marge EBITDA) apparaîtront légèrement différents sous la présentation du revenu net.
BioStem Technologies (OTC: BSEM) gab bekannt, dass sie revidierte Zwischenfinanzberichte für Q1 2024–Q2 2025 sowie revidierte Jahresabschlüsse für 2023 und 2024 eingereicht haben.
Die Neudarstellung reklassifiziert bonafide services fees gemäß der Vertriebsvereinbarung mit Venture Medical von Vertriebs- und Marketingaufwendungen zu contra revenue, wodurch reported Bruttoeinnahmen und Vertriebs- und Marketingaufwendungen um denselben Betrag reduziert werden, während EBITDA, Nettogewinn und Cashflow unverändert bleiben. Die Bilanzdarstellung verbindet nun Beträge, die an Venture zu zahlen sind, mit Forderungen aus Venture. Das Unternehmen erklärte, dass die Neudarstellung einer Prüfung nach US-GAAP mit externen Beratern folgt und darauf abzielt, eine unabhängige Prüfung durch KPMG und einen geplanten Uplist zu ermöglichen; die Audits sollen bis Ende Q1 2026 abgeschlossen sein. Das Unternehmen wies darauf hin, dass Prozentkennzahlen (Bruttomarge, EBITDA-Marge) unter der Nettoumsatzdarstellung leicht anders erscheinen werden.
BioStem Technologies (OTC: BSEM) أعلنت أنها قدمت بيانات مالية ربع سنوية مُعاد تنظيمها للربع الأول 2024 حتى الربع الثاني 2025 وبيانات سنوية مُعاد تنظيمها لعامي 2023 و2024.
إعادة التصنيف تعيد تصنيف رسوم الخدمات الحسنة النية بموجب اتفاق التوزيع مع Venture Medical من مصروفات البيع والتسويق إلى contra revenue، مما يقلل من الإيرادات الإجمالية المبلغ عنها والمصروفات البيعية والتسويقية بنفس المبلغ مع إبقاء EBITDA، صافي الدخل وتدفق النقد غير متغيرة. العرض في الميزانية الآن يصنف مبالغ مستحقة الدفع لـ Venture مقابل حسابات القبض من Venture. قالت الشركة إن إعادة التصنيف تأتي بعد مراجعة US GAAP مع مستشارين خارجيين وتهدف إلى تمكين تدقيق مستقل من قبل KPMG ونشر ترقية مدروسة؛ من المتوقع أن تكتمل التدقيقات بحلول نهاية الربع الأول من 2026. وأشارت الشركة إلى أن المقاييس النسبية (الهامش الإجمالي، هامش EBITDA) ستظهر بشكل مختلف قليلاً تحت عرض الإيرادات الصافية.
- Restatement aligns revenue recognition with US GAAP guidance
- EBITDA, net income, and cash flow reported unchanged
- Balance-sheet netting reduces separate current liability presentation
- Independent audit by KPMG planned, target completion end of Q1 2026
- Reported gross revenue will be lower due to contra revenue classification
- Percentage-based margins (gross, EBITDA) will change under net revenue
- Restatement and audit may delay uplist timing until post-Q1 2026
POMPANO BEACH, Fla., Nov. 13, 2025 (GLOBE NEWSWIRE) -- BioStem Technologies, Inc. (OTC: BSEM), a leading MedTech company focused on the development, manufacturing, and commercialization of placental-derived products for advanced wound care, today announced the filing of its restated interim financial statements for the periods from Q1 2024 through Q2 2025 as well as its restated annual financial statements for 2023 and 2024.
“Completing our restated financial statements is a significant milestone for the Company,” said Brandon Poe, CFO of BioStem. “This restatement was the culmination of a comprehensive review of the applicable US GAAP revenue recognition guidance in consultation with our external technical accounting advisors, and best accounts for our distribution agreement with Venture Medical. With this process behind us, we are ready to move forward with our independent audit and subsequent uplist process.”
The Company’s restated financial statements adjust how it accounts for and reports the bona fide services fees associated with its distribution agreement with Venture Medical. This change impacts both the income statement and the balance sheet.
Previously, bona fide services fees were recorded as a Sales and Marketing expense on the consolidated statements of operations. In the restated consolidated statements of operations, and going forward beginning in the third quarter of 2025, these fees are now classified as a contra revenue, meaning they are reported as a reduction of gross revenue to arrive at net revenue. This change lowers reported revenue and lowers Sales and Marketing expense by the same amount, but does not impact EBITDA, net income, or cash flow. However, because revenue is now reported net, percentage-based metrics such as gross margin and EBITDA margin will look slightly different.
On the balance sheets, the amounts owed by BioStem to Venture related to Bonafide services fees payable were previously shown as a separate current liability. Now, they are netted against Accounts Receivable due from Venture, effectively offsetting the amounts owed between the two companies.
“The underlying strength of our business is unchanged as we continue to deliver clinically validated wound care products to the market. These updated financials continue to demonstrate the resilience of our business model as our industry leading gross margins and disciplined cost structure enable continued profitability, as well as the ability to generate strong cash flows as we scale the business,” said Jason Matuszewski, CEO and Chairman of the Board of BioStem. “Restating our financial statements advances our progress toward uplisting and we remain extremely excited about the future ahead for BioStem as we continue to strengthen the financial, operational and clinical foundations of the business.”
This restatement remains subject to completion of the independent audit to be conducted by the Company's newly appointed external auditors, KPMG. The Company anticipates that the independent audits for fiscal years 2024 and 2025 will be completed by the end of Q1 2026.
About BioStem Technologies, Inc. (OTC: BSEM): BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies. The Company is focused on manufacturing products that change lives, leveraging its proprietary BioREtain®processing method. BioREtain®has been developed by applying the latest research in regenerative medicine, focused on maintaining growth factors and preserving tissue structure. BioStem Technologies’ quality management system and standard operating procedures have been reviewed and accredited by the American Association of Tissue Banks (“AATB”). These systems and procedures are established per current Good Tissue Practices (“cGTP”) and current Good Manufacturing Processes (“cGMP”). Our portfolio of quality brands includes AmnioWrap2™, VENDAJE®, VENDAJE AC®, VENDAJE OPTIC®, American Amnion, and American Amnion AC. Each BioStem Technologies placental allograft is processed at the Company’s FDA registered and AATB accredited site in Pompano Beach, Florida. For more information visit biostemtechnologies.com and follow us on Twitter and LinkedIn.
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Forward-Looking Statements:
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to expectations or forecasts of future events, including with respect to the operations of the Company, strategies, prospects, and other aspects of the business of the Company. Forward-looking statements may be identified using words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate”, “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical fact. Forward-looking statements in this release include, among other things, statements regarding: the preliminary financial results for the third quarter 2025; the Company’s expectations regarding clinical trial results, including the anticipated timing of current and planned clinical trials; the timing of enrollment and publication of data from such trials; the expectation that such trials will demonstrate the clinical superiority of the Company’s products; the Company’s expectations regarding completion of its audit and its ability to uplist to Nasdaq; the Company’s strategic initiatives; third quarter and full year 2025 projections; continued financial growth; and the market penetration of the Company’s core products.
Forward-looking statements with respect to the operations of the Company, strategies, prospects and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to: the impact of any changes to the reimbursement levels for the Company’s products; significant and continuing competition, which could adversely affect the Company’s business, results of operations and financial condition; rapid technological change, which could cause the Company’s products to become outdated or obsolete, harming the Company’s ability to effectively compete; the Company’s ability to convince physicians that its products are safe and effective alternatives to existing treatments and that its products should be used in their procedures; the risk that the Company may be unable to successfully market its products to the end users of such products; the Company’s ability to obtain coverage of its products when, or if, the future local coverage determinations are implemented; the risk that the Company may be unable to raise capital on the terms acceptable to it, or at all, which could have a material adverse impact on the Company’s business, financial condition, and prospects; the impact of any changes to the accounting treatment of the Company’s revenue and expenses; the Company’s ability to obtain financing to expand its business; the Company has incurred significant losses since inception and may incur losses in the future; changes in applicable laws or regulations; the Company’s ability to maintain production of its products in sufficient quantities to meet demand; the impact of any changes in applicable laws or regulations; and the possibility that the Company may be adversely affected by other general economic, business, and/or competitive factors. There may be additional risks about which the Company is presently unaware of or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company undertakes no duty to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact BioStem Technologies, Inc.:
Website: http://www.biostemtechnologies.com
E-Mail: info@biostemtech.com
Twitter: @BSEM_Tech
Facebook: BioStemTechnologies
Phone: 954-380-8342
Investor Relations:
Philip Trip Taylor, Gilmartin Group
ir@biostemtech.com
Impact of the Restatement as of and for the Year Ended December 31, 2023
| Year Ended December 31, 2023 | |||||||||
| Statement of Operations Data (Unaudited) | As Previously Reported | Adjustment | As Restated | ||||||
| Revenue, net | $ | 16,685,405 | (9,536,800 | ) | 7,148,605 | ||||
| Gross profit | $ | 15,424,847 | (9,536,800 | ) | 5,888,047 | ||||
| Sales and marketing expenses | $ | 11,986,385 | (9,536,800 | ) | 2,449,585 | ||||
| Total operating expenses | $ | 23,203,816 | (9,536,800 | ) | 13,667,016 | ||||
| Net income (loss) | $ | (8,482,984 | ) | - | (8,482,984 | ) | |||
| As of December 31, 2023 | |||||||||
| Balance Sheet Data (Unaudited) | As Previously Reported | Adjustment | As Restated | ||||||
| ASSETS | |||||||||
| Accounts receivables, net | $ | 11,371,730 | (7,787,211 | ) | 3,584,519 | ||||
| Total current assets | $ | 12,599,053 | (7,787,211 | ) | 4,811,842 | ||||
| Total assets | $ | 14,560,291 | (7,787,211 | ) | 6,773,080 | ||||
| LIABILITIES | |||||||||
| Bonafide services fees payable | $ | 7,787,211 | (7,787,211 | ) | - | ||||
| Total current liabilities | $ | 15,620,888 | (7,787,211 | ) | 7,833,677 | ||||
| Total liabilities | $ | 15,904,667 | (7,787,211 | ) | 8,117,456 | ||||
| Total liabilities & equity | $ | 14,560,291 | (7,787,211 | ) | 6,773,080 | ||||
Impact of the Restatement as of and for the Year Ended December 31, 2024
| Year Ended December 31, 2024 | |||||||
| Statement of Operations Data (Unaudited) | As Previously Reported | Adjustment | As Restated | ||||
| Revenue, net | $ | 301,827,302 | (232,168,882 | ) | 69,658,420 | ||
| Gross profit | $ | 288,081,477 | (232,166,341 | ) | 55,915,136 | ||
| Sales and marketing expenses | $ | 236,058,090 | (232,189,386 | ) | 3,868,704 | ||
| Total operating expenses | $ | 256,880,836 | (232,168,883 | ) | 24,711,953 | ||
| Net income | $ | 31,884,321 | - | 31,884,321 | |||
| As of December 31, 2024 | |||||||
| Balance Sheet Data (Unaudited) | As Previously Reported | Adjustment | As Restated | ||||
| ASSETS | |||||||
| Accounts receivables, net | $ | 104,980,085 | (81,873,058 | ) | 23,107,027 | ||
| Total current assets | $ | 133,761,109 | (81,906,557 | ) | 51,854,552 | ||
| Total assets | $ | 140,375,727 | (81,873,058 | ) | 58,502,669 | ||
| LIABILITIES | |||||||
| Bonafide services fees payable | $ | 81,873,058 | (81,873,058 | ) | - | ||
| Total current liabilities | $ | 99,169,960 | (81,872,288 | ) | 17,297,672 | ||
| Total liabilities | $ | 99,500,195 | (81,872,288 | ) | 17,627,907 | ||
| Total liabilities & equity | $ | 140,375,727 | (81,873,058 | ) | 58,502,669 | ||
Impact of the Restatement as of and for the Quarters ended September 30, 2024, June 30, 2024, and March 31, 2024
| Three Months Ended September 30, 2024 | Three Months Ended June 30, 2024 | ||||||||||||||
| Statement of Operations Data (Unaudited) | As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Restated | |||||||||
| Revenue, net | $ | 82,556,740 | (64,143,924 | ) | 18,412,816 | 74,491,996 | (57,952,327 | ) | 16,539,669 | ||||||
| Gross profit | $ | 78,318,082 | (64,143,924 | ) | 14,174,158 | 70,744,100 | (57,952,328 | ) | 12,791,772 | ||||||
| Sales and marketing expenses | $ | 65,187,066 | (64,159,302 | ) | 1,027,764 | 58,997,880 | (57,952,327 | ) | 1,045,553 | ||||||
| Total operating expenses | $ | 69,025,742 | (64,143,422 | ) | 4,882,320 | 61,924,969 | (57,952,327 | ) | 3,972,642 | ||||||
| Net income | $ | 6,820,403 | (502 | ) | 6,819,901 | 6,286,028 | (1 | ) | 6,286,027 | ||||||
| As of September 30, 2024 | As of June 30, 2024 | ||||||||||||||
| Balance Sheet Data (Unaudited) | As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Restated | |||||||||
| ASSETS | |||||||||||||||
| Accounts receivables, net | $ | 81,072,073 | (62,993,743 | ) | 18,078,331 | 78,190,570 | (60,792,973 | ) | 17,397,597 | ||||||
| Total current assets | $ | 101,383,452 | (62,993,743 | ) | 38,389,710 | 87,982,987 | (60,792,973 | ) | 27,190,014 | ||||||
| Total assets | $ | 104,200,464 | (62,993,743 | ) | 41,206,721 | 91,185,995 | (60,792,973 | ) | 30,393,022 | ||||||
| LIABILITIES | |||||||||||||||
| Bonafide services fees payable | $ | 62,993,743 | (62,993,743 | ) | - | 60,792,973 | (60,792,973 | ) | - | ||||||
| Total current liabilities | $ | 81,010,915 | (62,984,828 | ) | 18,026,087 | 75,470,314 | (60,787,982 | ) | 14,682,332 | ||||||
| Total liabilities | $ | 81,369,253 | (62,993,341 | ) | 18,375,912 | 75,848,349 | (60,787,983 | ) | 15,060,366 | ||||||
| Total liabilities & equity | $ | 104,200,464 | (62,993,743 | ) | 41,206,721 | 91,185,995 | (60,792,973 | ) | 30,393,022 | ||||||
Impact of the Restatement as of and for the Quarters ended September 30, 2024, June 30, 2024, and March 31, 2024 (continued)
| Three Months Ended March 31, 2024 | |||||||
| Statement of Operations Data (Unaudited) | As Previously Reported | Adjustment | As Restated | ||||
| Revenue, net | $ | 41,904,213 | (29,839,998 | ) | 12,064,215 | ||
| Gross profit | $ | 39,679,509 | (29,839,998 | ) | 9,839,511 | ||
| Sales and marketing expenses | $ | 30,547,721 | (29,836,166 | ) | 711,555 | ||
| Total operating expenses | $ | 35,071,396 | (29,839,979 | ) | 5,231,417 | ||
| Net income | $ | 4,442,075 | (1,184,182 | ) | 3,257,893 | ||
| As of March 31, 2024 | |||||||
| Balance Sheet Data (Unaudited) | As Previously Reported | Adjustment | As Restated | ||||
| ASSETS | |||||||
| Accounts receivables, net | $ | 41,622,643 | (29,939,349 | ) | 11,683,294 | ||
| Total current assets | $ | 43,734,136 | (30,019,948 | ) | 13,714,188 | ||
| Total assets | $ | 45,674,089 | (29,939,285 | ) | 15,734,804 | ||
| LIABILITIES | |||||||
| Bonafide services fees payable | $ | 29,839,849 | (29,839,849 | ) | - | ||
| Total current liabilities | $ | 38,806,994 | (28,783,656 | ) | 10,023,338 | ||
| Total liabilities | $ | 39,032,078 | (28,758,420 | ) | 10,273,658 | ||
| Total liabilities & equity | $ | 45,674,089 | (29,939,285 | ) | 15,734,804 | ||
Impact of the Restatement as of and for the Quarters ended June 30, 2025, and March 31, 2025
| Three Months Ended June 30, 2025 | Three Months Ended March 31, 2025 | ||||||||||||||||
| Statement of Operations Data (Unaudited) | As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Restated | |||||||||||
| Revenue, net | $ | 49,296,495 | (38,333,321 | ) | 10,963,174 | 72,528,112 | (56,561,091 | ) | 15,967,021 | ||||||||
| Gross profit | $ | 48,611,318 | (38,333,321 | ) | 10,277,997 | 71,674,674 | (56,561,091 | ) | 15,113,583 | ||||||||
| Sales and marketing expenses | $ | 39,608,471 | (38,333,321 | ) | 1,275,150 | 57,684,468 | (56,561,091 | ) | 1,123,377 | ||||||||
| Total operating expenses | $ | 48,498,558 | (38,333,321 | ) | 10,165,237 | 66,425,349 | (56,561,091 | ) | 9,864,258 | ||||||||
| Net income (loss) | $ | (564,360 | ) | (2 | ) | (564,362 | ) | 4,483,096 | 1 | 4,483,097 | |||||||
| As of June 30, 2025 | As of March 31, 2025 | ||||||||||||||||
| Balance Sheet Data (Unaudited) | As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Restated | |||||||||||
| ASSETS | |||||||||||||||||
| Accounts receivables, net | $ | 67,663,476 | (52,621,865 | ) | 15,041,611 | 109,657,309 | (85,525,228 | ) | 24,132,081 | ||||||||
| Total current assets | $ | 104,925,782 | (53,052,068 | ) | 51,873,714 | 142,032,858 | (85,558,728 | ) | 56,474,130 | ||||||||
| Total assets | $ | 112,610,960 | (52,621,865 | ) | 59,989,095 | 149,313,514 | (85,525,228 | ) | 63,788,286 | ||||||||
| LIABILITIES | |||||||||||||||||
| Bonafide services fees payable | $ | 52,621,865 | (52,621,865 | ) | - | 85,525,228 | (85,525,228 | ) | - | ||||||||
| Total current liabilities | $ | 64,156,179 | (52,620,990 | ) | 11,535,189 | 101,492,369 | (85,524,459 | ) | 15,967,910 | ||||||||
| Total liabilities | $ | 64,522,487 | (52,620,991 | ) | 11,901,496 | 101,793,649 | (85,524,458 | ) | 16,269,191 | ||||||||
| Total liabilities & equity | $ | 112,610,960 | (52,621,865 | ) | 59,989,095 | 149,313,514 | (85,525,228 | ) | 63,788,286 | ||||||||
FAQ
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