AI Financial Corp (AIFC): auditor change — JanOne restates Q2 and Q3 2022 financials due to SPYR note valuation error

AI Financial Corp

Non-reliance on previously issued unaudited Q2 and Q3 2022 financials; initial $11.2M SPYR note carrying value restated to $9.4M.
Restated values of $9.5M (July 2, 2022) and $9.6M (Oct 1, 2022); net income down ~$1.8M for Q2 2022, net loss down ~$94K for Q3.
No impact on operating cash flows for any period; restatement discussed with auditors Frazier & Deeter and WSRP.
Restated quarterly information included in the April 17, 2023 Form 10-K for year ended Dec 31, 2022.

item 4.02 item 9.01

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

AI Financial Corp reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On April 17, 2023, JanOne Inc.’s (the “Company”) management and the Audit Committee of the Company’s Board of Directors (the “Audit Committee”) reached a determination that the Company’s previously issued unaudited consolidated financial statements and related disclosures for each of the quarterly periods ended July 2, 2022 and October 1, 2022, should no longer be relied upon because of a material misstatement contained in those two quarterly unaudited condensed consolidated financial statements.

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Source: SEC EDGAR

accession 0000950170-23-013865

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