Singularity Future Technology Ltd. (SGLY): auditor change — Singularity Future Technology restates FY2021 and Q1/Q2 FY2022 financials; net loss increases by $4.6M and $2.2M

Singularity Future Technology Ltd.

FY2021 net loss restated from $6.7M to $11.3M due to $4.5M accounts receivable accounting error.
Revenue recognition error of $980,200 in freight logistics for Q1 and Q2 FY2022; net loss increased by $2.2M each period.
Related party loans receivable reduced to nil from $4.6M; recovery for doubtful accounts reversed to a provision.
Material weakness in internal control over financial reporting identified; remediation plan to be detailed in amended filings.
Audit committee concluded previously issued financials for FY2021 and Q1/Q2 FY2022 should no longer be relied upon.

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

Singularity Future Technology Ltd. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On February 28, 2023, the audit committee of Singularity Future Technology Ltd. (the “Company”), after discussion with the management of the Company, and in consultation with the Company’s independent registered public accounting firm, concluded that the Company’s previously issued financial statements for the fiscal year ended June 30, 2021 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on November 29, 2021 (the “2021 Form 10-K”) should no longer be relied upon

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Source: SEC EDGAR

accession 0001213900-23-015608

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