other material
confidence high
sentiment negative
materiality 0.75
DSS, Inc. will restate FY2021 financials due to $2.1M inventory overstatement
DSS, INC.
- Audit Committee determines FY2021 financial statements cannot be relied upon; restatement of 10-K planned.
- Premier Packaging inventory overstated ~$2.119M due to ERP unit-of-measure conversion errors.
- Error discovered during June 2022 closing; not addressed in Q1 2022 10-Q.
- Company discussed matter with auditor Turner, Stone & Company.