Ten days after filing, a fifth of the revenue disappeared
NeuroOne Medical Technologies filed its 10-Q for the first quarter of fiscal 2026 on May 12, reporting 2.4 million dollars in revenue. On May 22, the company told investors that roughly half a million of that figure should not have been recognized, tied to a customer order modified right at quarter end. A twenty one percent gap. The company found it and disclosed it within six days.
The filing said 2.4 million on revenue. The company's own correction said otherwise, ten days later.
An honest company, a real gap
This is not a story about wrongdoing. NeuroOne found the problem during its own management review and told the market quickly. That speed is worth stating plainly, because running this filing through Merlise has one purpose: showing what a same day read of the original filing would have surfaced, before the correction became necessary.
The original 10-Q already contained the tool needed to catch its own error: a footnote describing the company's revenue recognition policy. The order modification at quarter end did not clearly meet the criteria that footnote lays out. The filing, read against itself, already carried the seed of the problem.
Reading a number against its own policy
Before anyone, including NeuroOne itself, knew the filing needed correcting, we ran the May 12 10-Q exactly as it stood. Merlise matched the reported revenue figure against the recognition policy sitting in the filing's own footnotes, then flagged the gap between what that policy requires and what the quarter end order modification actually supported.
The result compares the company's own stated policy against the transaction the policy governs, surfaced at a confidence low enough to warrant review. Nothing here is dressed up to look more certain than it is, and nothing is presented as a settled conclusion.
A number with a history
A financial figure lives in three states worth tracking. What was originally filed. Whatever correction came later. Any downstream claim still resting on the old number, unaware anything changed. A green check on May 13 stops being a green check on May 23, and Merlise keeps that chain visible so a claim tied to an old filing gets flagged the moment the filing underneath it moves, instead of staying quietly wrong in a deck or a memo somewhere.
The evidence ledger
The same claim by claim view the product shows on a live document, built from this case.
How it resolves
The resolving record
NeuroOne's own May 22 press release and accompanying 8-K disclose the exact overstatement, its cause, and the corrected figures.
NeuroOne Medical Technologies, Form 8-K, May 22, 2026
The correction reduced reported quarterly revenue from 2.4 million to roughly 1.9 million, a twenty one percent restatement.