U S GLOBAL INVESTORS INC (GROW): auditor change — U.S. Global Investors restates FY2022 and Q1 FY2023 financials; material weakness in internal controls

U S GLOBAL INVESTORS INC

Non-reliance on FY2022 10-K and Q1 FY2023 10-Q due to overstated fair value of warrants and convertible debentures.
Restatement will reduce net income and equity; non-cash, no impact on operating revenue or cash flow.
Material weakness in internal controls over fair value measurement; remediation underway.
Repurchased 34,502 shares in Feb 2023 at ~$108,000; buyback algorithm modified to allow repurchases on flat/down days.

item 2.02 item 4.02 item 9.01

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

U S GLOBAL INVESTORS INC reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On March 1, 2023, the Company’s audit committee (the “Audit Committee”), based on the recommendation of, and after consultation with, the Company’s management, and as discussed with BDO USA, LLP (“BDO”), the Company’s independent registered public accounting firm for the previously issued financial statements, concluded that the Company’s audited financial statements as reported in the Company’s annual report on Form 10-K for the fiscal year ended June 30, 2022, filed with the SEC on September 1, 2022, and the financial statements as reported in the Company’s quarterly report on Form 10-Q for the period ended September 30, 2022, filed with the SEC on November 10, 2022, should no longer be relied upon due to inaccurate fair value measurements of a certain corporate investment (the “Non-Reliance Periods”).

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Source: SEC EDGAR

accession 0001437749-23-005543

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