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

Singularity Future Technology Ltd.

Non-reliance on FY2021 financials due to $4.6M related party loan error; net loss revised from $6.7M to $11.3M.
Non-reliance on Q1/Q2 FY2022 financials due to $980,200 revenue recognition error; net loss increased by $2.2M each period.
Doubtful accounts recovery decreased by $1.9M for Q1/Q2 FY2022; provision for doubtful accounts now ~$34,000.
Material weakness in internal control over financial reporting identified; disclosure controls ineffective as of multiple dates.
Company will amend 2021 Form 10-K and 2021 Form 10-Qs to correct errors.

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
Auditor: Audit Alliance LLP

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 0001213900-23-017792

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