HARBOR DIVERSIFIED, INC.: auditor change — Harbor Diversified restates $52.3M revenue misstatements; material weakness expected

HARBOR DIVERSIFIED, INC.

Audit committee determined prior 2022 annual and 2023 quarterly financials should not be relied upon due to accounting errors.
Revenue and interest income overstated by ~$52.3M from disputed amounts under United Airlines capacity purchase agreement.
February 2024 arbitration award denied both parties' claims; neither owes amounts claimed, triggering restatement.
Company expects to report a material weakness in internal control over financial reporting for the 2023 10-K.
Restatement adjustments expected to affect income tax provisions and balance sheet; cash and operations unchanged.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

HARBOR DIVERSIFIED, INC. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

the Company’s previously issued (i) consolidated financial statements and related disclosures as of and for the year ended December 31, 2022 contained in the Company’s Annual Report on Form 10-K, (ii) interim consolidated financial statements and related disclosures contained in the Quarterly Reports on Form 10-Q as of and for the first three quarters of the year ended December 31, 2022, and (iii) interim consolidated financial statements and related disclosures contained in the Quarterly Reports on Form 10-Q as of and for the first three quarters of the year ended December 31, 2023 (collectively, the “Non-Reliance Periods”) should no longer be relied upon due to misstatements contained in such financial statements, and that such financial statements should be restated.

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Source: SEC EDGAR

accession 0000899394-24-000003

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