secwatch.observer — SEC 8-K summary
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Issuer:     Bright Mountain Media, Inc. (BMTM)
CIK:        0001568385
Form:       8-K
Filed at:   2023-03-06T23:59:59+00:00
Accession:  0001493152-23-006802
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Bright Mountain Media restates Q2 and Q3 2022 financials due to interest understatement
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1568385/000149315223006802/0001493152-23-006802-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1568385/000149315223006802/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-006802

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