secwatch.observer — SEC 8-K summary
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Issuer:     iLearningEngines, Inc. (—)
CIK:        0001835972
Form:       8-K/A
Filed at:   2023-09-01T23:59:59+00:00
Accession:  0001213900-23-073258
Event type: other_material
Sentiment:  negative
Materiality: 0.70
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Arrowroot Acquisition restates Q1 2023 financials; net loss more than quadruples to $1.69M
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1835972/000121390023073258/0001213900-23-073258-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1835972/000121390023073258/ea184624-8ka1_arrow.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-073258

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