secwatch.observer — SEC 8-K summary
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Issuer:     AI Financial Corp (AIFC)
CIK:        0000862861
Form:       8-K
Filed at:   2023-04-21T23:59:59+00:00
Accession:  0000950170-23-013865
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

JanOne restates Q2 and Q3 2022 financials due to SPYR note valuation error
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/862861/000095017023013865/0000950170-23-013865-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/862861/000095017023013865/jan-20230417.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-013865

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