Zeo Energy restates FY2022-FY2024 financials; reclassifies commission expenses and leases

Zeo Energy Corp.

Audit committee withdraws reliance on FY2022, FY2023, Q1/Q2 2024 financials and S-1 due to misstatements.
Misstatements include reclassification of commission expenses: $23.1M (2022), $28.7M (2023), $3.7M (Q1 2024), $4.1M (Q2 2024).
Additional reclassifications: leased vehicles from fixed assets to ROU assets, debt to financing leases across periods.
Company to file amended 8-K, 10-Qs, and S-1; material weakness in internal controls over financial reporting persists.
Management determined disclosure controls were ineffective as of Dec 2022, Dec 2023, Mar 2024, Jun 2024.

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