Wilhelmina International, Inc. (WHLM): auditor change — Wilhelmina restates revenue to net basis after SEC objection; prior financials no longer reliable

Wilhelmina International, Inc.

Audit Committee ruled on Nov 30, 2022, that previously issued 2021 10-K and Q3 2022 10-Q should no longer be relied upon.
SEC Staff objected to gross revenue presentation; company will present service revenue net of model costs as agent.
Restatement reduces reported service revenue by model costs but has zero impact on net income, EPS, cash flows, or balance sheet.
Company will amend the 2021 10-K and Q3 2022 10-Q to reflect the presentation change.

item 4.02

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

Wilhelmina International, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On November 30, 2022, the Audit Committee determined that accepting the position of the SEC Staff was in the best interest of Wilhelmina’s shareholders. As a result, the Audit Committee concluded that the consolidated statements of operations and comprehensive income (loss) included in its Annual Report on Form 10-K for the year ended December 31, 2021, and in its Quarterly Report on Form 10-Q for the interim period ended September 30, 2022, should no longer be relied upon.

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Wilhelmina International, Inc. filing history →

Source: SEC EDGAR

accession 0001171843-22-007863

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