Company: FORA
Filing Date: 2025-04-01
Form Type: NT 10-K
Source: 0001140361-25-011499
Chunk: 1

Company: Forian Inc.
Filing Date: 2025-04-01
Form: NT 10-K
Chunk 1
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 exhibit required by Rule 12b-25(c) has been attached if applicable.                                                                                                                                          |                                                                                                                                     |

PART III — NARRATIVE State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period. Forian Inc. (the “Company”) is filing this Notification of Late Filing on Form 12b-25 with respect to its Annual Report on Form 10-K for the period ended December 31, 2024 (the “Form 10-K”). The Company has determined that it is unable to file its Form 10-K within the prescribed time period provided by the applicable rules of the U.S. Securities and Exchange Commission (the “SEC”) without unreasonable effort and expense. The principal reason for the delay is that revenue related to a limited number of contracts of the Company was not properly recognized in the Company’s previously issued unaudited and audited consolidated financial statements as of and for each of the quarterly and year to date periods in 2023 and the quarterly period ended September 30, 2024. During the course of the audit of the Company’s 2024 financial statements, management of the Company, after discussion with its independent auditors, determined that under ASC 606 , Revenue from Contracts with Customers(“ASC 606”),aggregate annual minimum payments for certain contracts should be recognized on a straight line basis over the life of the contract, as opposed to individually in the year in which the minimum fee applies under the terms of the contract. As a result, the Company will restate its previously reported financial statements for the periods that were affected. This restatement applied only to the technical application of ASC 606 to a limited number of contracts where the Company may earn variable fees based on customer sales over certain thresholds specified in the contract and had no impact on the Company’s cash flows. This restatement is expected to result in an increase to previously reported revenues and net income for all periods since 2021. Due to the number of periods subject to review and the continuing preparation and audit of the financial statements of the Company, the Company is unable at this time to provide a reasonable estimate of the impact of the restatement. As a result, the exact amounts of the increases to previously reported revenues and net income and the impact of such amounts on the Company’s affected financial statements will not be known until the Company