**Bioxytran, Inc. Restates Financial Statements Due to Valuation Errors in Previous Issuances**

Bioxytran, Inc. (OTCMKTS:BIXT) has recently undergone a restatement of its financial statements for the years ended December 31, 2023, and 2022. The company engaged Fruci & Associates II, PLLC as their successor auditor to re-audit the Financial Statements, as per an 8-K filing dated January 13, 2025.

The restatement was necessitated by errors in the valuation of certain outstanding shares of Common Stock issued by the company. Bioxytran identified discrepancies in the valuation methodology used for shares issued under different exemptions, leading to inaccurate figures in the financial statements.

Specifically, the company historically valued shares issued under the Exchange Exemption in Rule 3(a)(9) and Rule 701 based on approximations of Fair Value that were not deemed precise enough. In line with ASC 820 – Fair Value Measurement, Bioxytran decided to adjust the valuation to reflect market prices at the time of issuance. This adjustment included applying a 25% discount to the market price for shares subject to SEC Rule 144 restrictions.

Furthermore, timing issues were discovered where accruals had not been appropriately allocated or had been misplaced in accounting periods. Consequently, in consultation with its Audit Committee, Bioxytran concluded that the previously issued Financial Statements for the Affected Periods should be restated and should no longer be relied upon due to the misapplication around share valuations.

The restatement had no net impact on net cash flows from operating, investing, or financing activities, as presented in the balance sheets, statements of operations, and statements of cash flows for the referred periods. The adjustments made were aimed at accurately reflecting the company’s financial standing and operations.

The restatement affected various accounts such as intangibles, accounts payable, unissued shares, additional paid-in capital, and non-controlling interest. Notably, adjustments to R&D expenses, General and Administrative expenses, and other income were made for the accuracy of financial reporting.

Bioxytran also corrected entries related to stock subscriptions, IP accruals, salaries, payroll taxes, forfeiture fees, and issuance fees. These corrections were vital to ensure the alignment of reported figures with actual financial transactions to provide a clearer picture of the company’s financial health.

In conclusion, Bioxytran’s restatement of Financial Statements aims to rectify valuation errors and misapplications in accounting practices, presenting a more accurate representation of the company’s financial position for the affected periods.

This announcement reflects Bioxytran’s commitment to upholding transparency and accuracy in its financial reporting practices.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Bioxytran’s 8K filing here.

Bioxytran Company Profile

Bioxytran, Inc, a clinical stage pharmaceutical company, focuses on the development, manufacture, and commercialization of therapeutic drugs to address hypoxia in humans. The company’s lead drug candidate is BXT-25, an oxygen-carrying small molecule consisting of bovine hemoglobin stabilized with a co-polymer for use in the treatment of hypoxic conditions in the brain resulting from stroke, and hypoxic conditions in wounds to prevent necrosis and to promote healing.