COFFEE HOLDING CO INC (JVA): auditor change — Coffee Holding restates FY2020 financials due to $8.3M sales/cost misclassification; material weakness expected

COFFEE HOLDING CO INC

Net sales and cost of sales overstated by ~$8.3M in fiscal 2020; no impact on net income or EPS.
Prior FY2020 financial statements in Form 10-K for FY2021 should no longer be relied upon.
Company will file a Form 10-K amendment to restate FY2020 financials as soon as practicable.
Management expects to report a material weakness in internal control over financial reporting for the non-reliance period.

item 2.02 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

COFFEE HOLDING CO INC reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

ill therefore restate its previously filed annual financial statements for the fiscal year ended October 31, 2020, as described further below. The errors and the required restatement had no effect on the Company’s net income or earnings per share or other items in the consolidated statement of operations for the year ended October 31, 2020 nor did it have any impact on the Company’s consolidated balance sheet, consolidated statement of changes in stockholders’ equity, or consolidated statement of cash flows for the year ended October 31, 2020. The effect of these errors is expected to be an overstatement of net sales and cost of sales in the consolidated statement of operations of approximately $8.3 million. Specifically, on January 24, 2023, the Audit Committee of the Board of Directors of the Company concluded, after discussion with the Company’s management, that the Company inaccurate

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Source: SEC EDGAR

accession 0001493152-23-002481

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