secwatch.observer — SEC 8-K summary
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Issuer:     Pacific Green Technologies Inc. (—)
CIK:        0001553404
Form:       8-K/A
Filed at:   2024-12-12T23:59:59+00:00
Accession:  0001213900-24-108397
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Pacific Green restates Q3 FY2024 financials; revenue down $75.7M, material weakness in internal controls
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- Revenue decreased $75.7M and cost of sales decreased $59.3M; gain on derecognition of subsidiary increased $16.4M.
- SEC OCA objected to ASC 606 revenue treatment; sale of Sheaf BESS project reclassified under ASC 810.
- Projects under development reclassified: $5.1M moved from current to non-current assets.
- Disclosure controls deemed ineffective due to material weakness in accounting for non-routine transactions.
- Restated financials will be reported in FY2024 10-K; net income, cash, and net assets unaffected.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1553404/000121390024108397/0001213900-24-108397-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1553404/000121390024108397/ea0224599-8ka1_pacific.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-108397

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