---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-22-007863"
form_type: "8-K"
ticker: "WHLM"
cik: "0001013706"
company_name: "Wilhelmina International, Inc."
filed_at: "2022-12-06T23:59:59+00:00"
generated_at: "2026-06-21T08:31:58.358719+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Wilhelmina restates revenue to net basis after SEC objection; prior financials no longer reliable

## Summary
- 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.

## SEC filing metadata
- accession: 0001171843-22-007863
- form_type: 8-K
- ticker: WHLM
- cik: 0001013706
- company_name: Wilhelmina International, Inc.
- filed_at: 2022-12-06T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1013706/000117184322007863/0001171843-22-007863-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1013706/000117184322007863/f8k_120522.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-22-007863
- JSON: https://secwatch.observer/filing/0001171843-22-007863.json
- Plain text: https://secwatch.observer/filing/0001171843-22-007863.txt

## Key facts
- Auditor Changes
  Wilhelmina International, Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1013706/000117184322007863/0001171843-22-007863-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.