secwatch.observer — SEC 8-K summary
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Issuer:     QUEST PATENT RESEARCH CORP (QPRC)
CIK:        0000824416
Form:       8-K
Filed at:   2024-05-02T23:59:59+00:00
Accession:  0001213900-24-039164
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/824416/000121390024039164/0001213900-24-039164-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/824416/000121390024039164/ea0205151-8k_quest.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-039164

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