iLearningEngines, Inc.: auditor change — Arrowroot Acquisition restates Q1 2023 financials; net loss more than quadruples to $1.69M

iLearningEngines, Inc.

Material error: convertible notes incorrectly fair-valued instead of at par; Q1 2023 statements no longer reliable.
Net loss restated from $374,842 to $1,694,692; basic EPS for Class A and B each changed from ($0.01) to ($0.06).
Convertible promissory note value adjusted from $257,014 to $2,140,000; total liabilities increased by $1.88M.
Accumulated deficit increased by $1.32M to $16.53M; additional paid-in capital eliminated ($563,136 reclassified).
Management identified a material weakness in internal controls; disclosure controls deemed ineffective as of March 31, 2023.

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

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

Action: non reliance

Exact text from the filing

should no longer be relied upon due to the error described below and should be restated.

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Source: SEC EDGAR

accession 0001213900-23-073258

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