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Replies to post #10591 on Be Active Holdings, Inc. (fka JALA)
12/19/14 9:55 PM
On December 17, 2014, the Board of Directors of Be Active Holdings, Inc. (“Be Active” or the “Company”) and the management of the Company concluded that (i) the consolidated financial statements in the quarterly reports on Form 10-Q for the periods ended March 31, 2013, June 30, 2013 and September 30, 2013 (ii) the consolidated financial statements for the annual report on Form 10-K for the year ended December 31, 2013 and (iii) the consolidated financial statements in the quarterly reports on Form 10-Q for the periods ended March 31, 2014, June 30, 2014 and September 30, 2014 should no longer be relied upon. Be Active, in consultation with the Securities and Exchange Commission, is in the process of determining which financial statements will be restated. After discussing the Company’s consolidated financial statements with the independent registered public accounting firm, Cornick, Garber & Sandler, LLP, the Company concluded that it did not properly record the valuation of the warrants issued in the January 2013 and April 2013 offerings as a derivative liability. As a result, Be Active will restate the consolidated financial statements to record the warrants as a derivative liability.
The Board of Directors has discussed this matter with Cornick, Garber & Sandler, LLP.
