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Cachet Financial rescinds going concern warning

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Cachet Financial rescinds going concern warning

Cachet Financial Solutions Inc.'s independent registered public account firm Lurie LLP reissued its report on the company's consolidated financial statements for the 2016 and 2015 years to eliminate the going concern opinion.

Events including a reverse stock split and a common stock offering decreased the company's long-term debt to approximately $1.0 million on a pro forma basis as of Dec. 31, 2016. Total shareholders' equity totaled approximately $8.8 million as of the same date, versus a deficit of $15.3 million before.

Cachet Financial believes it will have sufficient cash to continue operations through March 31, 2018.