Quest Patent Research restates FY2023 net income; overstated by $1.4M due to omitted legal fees

QUEST PATENT RESEARCH CORP

Litigation and licensing expenses understated by $1,371,109 due to missing accrued legal fees from Q4 2023 settlement.
Originally reported net income of $3,649,582 ($0.68 EPS) restated to $2,278,473 ($0.43 EPS).
Board determined FY2023 financial statements should not be relied upon; restatement to be filed via 10-K/A.
Independent auditor Rosenberg Rich Baker Berman concurred with the error after reviewing records.

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

QUEST PATENT RESEARCH CORP reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Rosenberg Rich Baker Berman, P.A.

Exact text from the filing

On May 1, 2024, the Company’s board of directors determined that the financial statements for the year ended December 31, 2023 included in the Company’s Form 10-K for the year ended December 31, 2023 should not be relied upon and should be restated, and an amendment to the Company’s Form 10-K for the year ended December 31, 2023 should be filed.

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Source: SEC EDGAR

accession 0001213900-24-039164

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