secwatch.observer — SEC 8-K summary
======================================

Issuer:     Energy Services of America CORP (ESOA)
CIK:        0001357971
Form:       8-K
Filed at:   2023-05-15T23:59:59+00:00
Accession:  0000943374-23-000191
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Energy Services of America restates FY 2021-22 financials; $9.8M PPP loan forgiveness reversed
--------------------------------------------------------------------------------

- Audit committee concludes FY 2021-22 audited financials and several quarterly reports should no longer be relied upon.
- Company to reinstate $9.8M PPP loan liability plus accrued interest, decreasing net income by $10M in FY 2021.
- Current liabilities expected to increase by $10.1M for Q4 2022 and Q1 2023; net income adjustments of $25K-$100K for other periods.
- SBA review triggered restatement; company intends to file amended 10-K for FY 2022 and amended 10-Q for Dec 2022.
- Previously recorded $9.8M PPP loan forgiveness as other income in FY 2021 now subject to potential SBA reversal.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1357971/000094337423000191/0000943374-23-000191-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1357971/000094337423000191/form8k_051523.htm
  HTML page:      https://secwatch.observer/filing/0000943374-23-000191

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer