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Know Labs, Inc. – ‘8-K’ for 1/22/20

On:  Wednesday, 1/22/20, at 4:49pm ET   ·   For:  1/22/20   ·   Accession #:  1654954-20-673   ·   File #:  0-30262

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/22/20  Know Labs, Inc.                   8-K:4       1/22/20    1:84K                                    Blueprint/FA

Current Report   —   Form 8-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     34K 


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): January 22, 2020
 
KNOW LABS, INC.
(Exact name of registrant as specified in its charter)
 
Nevada
90-0273142
(State of other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
 
500 Union Street, Suite 810
Seattle, Washington 98101
(Address of principal executive office)
 
(206) 903-1351
(Registrant’s telephone number, including area code)
 
(Former name, former address and former fiscal year, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company. ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 

 
 C: 
 
  
Item 4.02
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Complete Interim Review
 
Amended and Restated Form 10-Q for the Three and Six Months Ended March 31, 2019
 
In connection with the review of the Form 10-Q for Know Labs, Inc. (the “Company”) for the three and six months ended March 31, 2019, management determined that previously issued unaudited consolidated financial statements issued for the three and six months ended March 31, 2019 contained an error which was non-cash in nature. The Company received proceeds from convertible promissory notes which are mandatorily convertible into equity after a one year term.  The Company originally classified the proceeds as equity.  They should have properly been classified as debt and footnoted to explain that they would become equity at the end of their term. Certain expenditures related to warrants attached to the debt offering were not properly accounted for as well.
 
The original and restated accounts are detailed below:
 
 
   
 
 
As Originally Reported
 
 
As Restated
 
Convertible notes payable
 $2,255,066 
 $2,255,066 
Common stock
  22,003 
  18,192 
Additional paid in capital
  36,917,782 
  36,608,295 
Accumulated deficit
  37,285,145 
  (37,002,765)
 
    
    
 
 
Three Months Ended March 31, 2019
 
Selling, general and administrative expenses
  1,678,335 
  1,003,504 
Operating loss
  (1,723,486)
  (1,048,655)
Interest expense
  (7,750)
  (400,201)
Loss before taxes and net loss
  (1,724,618)
  (1,442,238)
 
    
    
 
 
Six Months Ended March 31, 2019
 
Selling, general and administrative expenses
  2,367,781 
  1,692,950 
Operating loss
  (2,489,999)
  (1,815,168)
Interest expense
  (16,876)
  (409,327)
Loss before taxes and net loss
  (2,493,821)
  (2,211,441)
 
 
 
 
Amended and Restated Form 10-Q for the Three and Nine Months Ended June 30, 2019
 
In connection with the review of the Form 10-Q for the Company for the three and nine months ended June 30, 2019, management determined that previously issued unaudited consolidated financial statements issued for the three and nine months ended June 30, 2019 contained an error which was non-cash in nature. The Company received proceeds from convertible promissory notes which are mandatorily convertible into equity after a one year term.  The Company originally classified the proceeds as equity.  They should have properly been classified as debt and footnoted to explain that they would become equity at the end of their term. Certain expenditures related to warrants attached to the debt offering were not properly accounted for as well.
 
The original and restated accounts are detailed below:
 
 
   
 
 
As Originally Reported
 
 
As Restated
 
Convertible notes payable
 $2,255,065 
 $2,512,007 
Common stock
  22,568 
  18,326 
Additional paid in capital
  37,515,550 
  38,215,464 
Accumulated deficit
  (38,090,578)
  (39,157,031)
 
    
    
 
 
Three Months Ended June 30, 2019
 
Selling, general and administrative expenses
  797,939 
  689,027 
Operating loss
  (1,134,029)
  (1,025,117)
Interest expense
  (4,631)
  (1,462,376)
Loss before taxes and net loss
  (805,433)
  (2,154,266)
 
    
    
 
 
Nine Months Ended June 30, 2019
 
Selling, general and administrative expenses
  3,165,720 
  2,381,977 
Operating loss
  (3,624,028)
  (2,840,285)
Interest expense
  (21,507)
  (1,871,703)
Loss before taxes and net loss
  (3,299,254)
  (4,365,707)
 
On January 22, 2020, the Company filed Amendment No. 1 on Form 10-Q/A which amended and restated the quarterly report on Form 10-Q of the Company for the three and six months ended March 31, 2019, as originally filed with SEC on May 15, 2019. This Form 10-Q/A was filed to restate the Company’s consolidated financial statements in Item 1 in their entirety and related disclosures (including Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2) for the three and six months ended March 31, 2019.
 
On January 22, 2020, the Company filed Amendment No. 1 on Form 10-Q/A which amended and restated the quarterly report on Form 10-Q of the Company for the three and nine months ended June 30, 2019, as originally filed with SEC on August 7, 2019. This Form 10-Q/A was filed to restate the Company’s consolidated financial statements in Item 1 in their entirety and related disclosures (including Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2) for the three and nine months ended June 30, 2019.
 
Consequently, the previously filed unaudited condensed interim consolidated financial statements for the periods ended March 31, 2019 and June 30, 2019 should no longer be relied upon.
 
No other changes have been made to the original filings. The Amendments to each respective filing do not reflect events that have occurred after the original filing of the Form 10-Q’s or modify or update the disclosures presented therein, except to reflect the amendments described above. 
 
 
 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
KNOW LABS, INC.
 
 
 
 
 
By:  
/s/ Ronald P. Erickson
 
 
 
Ronald P. Erickson
 
 
 
Chairman of the Board
 
 
 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
Filed on / For Period end:1/22/2010-Q/A
8/7/1910-Q
6/30/1910-Q,  10-Q/A
5/15/1910-Q
3/31/1910-Q,  10-Q/A
 List all Filings 


1 Subsequent Filing that References this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/11/20  SEC                               UPLOAD3/09/20    2:48K  Know Labs, Inc.
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