secwatch.observer — SEC 8-K summary
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Issuer:     Wilhelmina International, Inc. (WHLM)
CIK:        0001013706
Form:       8-K
Filed at:   2022-12-06T23:59:59+00:00
Accession:  0001171843-22-007863
Event type: other_material
Sentiment:  negative
Materiality: 0.60
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1013706/000117184322007863/0001171843-22-007863-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1013706/000117184322007863/f8k_120522.htm
  HTML page:      https://secwatch.observer/filing/0001171843-22-007863

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