Bright Mountain Media, Inc. (BMTM): auditor change — Bright Mountain Media restates Q2 and Q3 2022 financials due to interest understatement

Bright Mountain Media, Inc.

Board determines unaudited Q2 and Q3 2022 financials should no longer be relied upon due to material errors.
Interest payable understated by ~$270k (June 30, 2022) and ~$582k (Sept 30, 2022); interest expense similarly understated.
Restatement relates to accounting for Amendments 8-15 of Credit Facility with Centre Lane Partners.
Company will restate in 2022 10-K and will disclose a material weakness in internal controls over financial reporting.
Corrective measures implemented: internal interest calculations, quarterly statements from Centre Lane, monthly journal entry review, monthly reconciliations.

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

Bright Mountain Media, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On March 6, 2023, the Board of Directors of Bright Mountain Media, Inc. (the “Company”), upon the recommendation of the Audit Committee of the Board of Directors (the “Audit Committee”), determined that the Company’s previously issued unaudited consolidated financial statements as of and for each of the interim quarterly periods ended June 30, 2022 and September 30, 2022 (collectively, the “Prior Period Financial Statements”), should no longer be relied upon due to material errors

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Source: SEC EDGAR

accession 0001493152-23-006802

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