Item 2.02. Results of Operations and Financial Condition.
On
In accordance with General Instruction B.2 of Form 8-K, the information included in this Item 2.02, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On
(i) The Company's unaudited consolidated financial statements for the three
months ended
Form 10-Q, filed with the
(ii) The Company's unaudited consolidated financial statements for the three and
six months ended
on Form 10-Q, filed with the
(iii) The Company's unaudited consolidated financial statements for the three and
nine months endedSeptember 30, 2022 included in the Company's Quarterly Report on Form 10-Q, filed with theSEC onNovember 14, 2022 (the "Q3 2022 10-Q" and collectively with the Q1 2022 10-Q and the Q2 2022 10-Q, the "Filings").
Subsequent to the Company's filing of the Filings, the Company performed an evaluation of its accounting in connection with the calculation of its basic earnings per share ("EPS") and diluted EPS and identified errors in such calculations. The errors resulted from improper application of sequencing rules, a miscalculation of the numerator used in the determination of diluted EPS, and a miscalculation of the denominator used in the determination of weighted average shares outstanding for both basic EPS and diluted EPS, and the Company determined that the errors required adjustments of the previously issued financial statements in the Filings.
The Company determined that the reporting effects of the above errors had a
material impact to the Company's unaudited consolidated financial statements
included in the Filings. As a result, the unaudited consolidated financial
statements for the three months ended
Except for EPS, there were no errors identified in the financial statements
included in the Filings for revenue, expenses and net income (loss), which
remain unaffected and unchanged in the amended filings to be filed with the
The Company's management concluded that in light of the errors mentioned above,
a material weakness existed in the Company's internal control over financial
reporting as of
The Company's management and its Board of Directors have discussed the matters
disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 99.1 Press release of the registrant issued onMay 18, 2023 . 104 Cover Page Interactive Data File
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