Tile Shop restates Q2 2023 balance sheet, cites material weakness in lease accounting

TILE SHOP HOLDINGS, INC.

Audit Committee determined June 30, 2023 financials should no longer be relied upon due to lease extension error.
Restatement increases right-of-use asset, total assets, long-term lease liability, and total liabilities by $2.152M each.
Error had no material impact on income statement, equity, or cash flows; only balance sheet line items affected.
Management identified a material weakness in internal controls over lease recognition; disclosure controls ineffective as of Sept 30, 2023.
Remediation plan will be detailed in the Q3 2023 Form 10-Q, filed concurrently with this 8-K.

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