Ispire Technology restates prior financials due to cash flow classification errors

Ispire Technology Inc.

Audit committee concludes errors in FY23 and Q1-Q2 FY24 financials are material; no further reliance.
Errors include misclassification of $875k in lease payments from financing to operating in FY23, $245k in Q1 FY24.
Omission of non-cash disclosure of ~$4.9M and ~$3.7M in ROU assets obtained for operating leases.
Reclassification of shipping/handling costs from selling to cost of revenue: $300k FY23, $45k Q1 FY24, $125k/$170k for Q2/six months FY24.
No impact to balance sheets, EPS, or net cash from investing; corrections to be filed in FY24 10-K and future 10-Qs.

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