COFFEE HOLDING CO INC (JVA): auditor change — Coffee Holding expands restatement to FY2019 and interim periods; overstatement of net sales and cost of sales

COFFEE HOLDING CO INC

Errors overstate net sales and cost of sales by ~$8.3M for FY2020 and ~$9.9M for FY2019; no impact on net income, EPS, balance sheet, or cash flows.
Restatement now includes FY2019 and FY2020 annual financials, plus amendments to 2021 quarterly reports for comparative periods.
Interim overstatements: ~$2.2M (Q1 2020), ~$2.8M (Q2 2020), ~$1.8M (Q3 2020); six-month ~$4.9M, nine-month ~$6.7M.
Company will amend Form 10-K for FY2020 and FY2019, and Form 10-Qs for periods ended Jan, Apr, Jul 2021.
Management and Audit Committee discussed with independent auditor Marcum LLP.

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
Auditor: Marcum LLP

Exact text from the filing

revious 8-K that it would restate its previously filed annual financial statements for the fiscal year ended October 31, 2020 included in the associated Form 10-K for the fiscal year ended October 31, 2021 filed with the Securities Exchange Commission (the “SEC”). After further analysis and discussion with the Company’s management, board of directors and in consultation with the Company’s independent registered public accounting firm, the Company has determined that it will instead restate the previously filed financial statements for the fiscal year ended October 31, 2020 and October 31, 2019 included in the associated Form 10-K for the fiscal year ended October 31, 2020 filed with the SEC on February 16, 2021, as amended on February 26, 2021. Further, to correct errors in the Company’s accounting for certain intercompany eliminations in its consolidated statements of operations for the

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Source: SEC EDGAR

accession 0001493152-23-006283

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