Trinity Place Holdings restates prior financials due to overcapitalization error; net loss increased by $5.4M in FY2021

Trinity Place Holdings Inc.

Net loss increased by ~$5.4M in FY2021 and ~$2.7M in Q1 2022 from overcapitalization error at 77 Greenwich development.
Total assets reduced by $6.6M (FY2021) and $2.7M (Q1 2022) due to decreased cost of sales.
EPS impact: net loss per share increased by $0.20 in FY2021 and $0.07 in Q1 2022.
Company expects to file amended 10-K for 2021 and 10-Q for Q1 2022; material weakness in internal controls to be disclosed.
Restatement also includes immaterial prior-period adjustments of $1.3M-$1.9M for 2019-2021 from Paramus property reclassification.

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