Zeo Energy Corp. (ZEO): auditor change — 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.

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

Zeo Energy Corp. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

S-1 ”), which was declared effective by the SEC on October 1, 2024, should no longer be relied upon due to the misstatements described below. During the preparation of the Company’s consolidated

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Source: SEC EDGAR

accession 0001213900-24-098500

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