GEX MANAGEMENT, INC. (GXXMD): auditor change — GEX Management restates 2022 and 2021 financials due to convertible debt accounting errors

GEX MANAGEMENT, INC.

Non-reliance on previously issued financial statements for FY2022 and FY2021 due to errors in accounting for convertible debt and other items.
Errors include improperly accounted embedded derivatives, incorrectly derecognized debt, and warrant accounting issues.
Material weakness in internal control over financial reporting and ineffective disclosure controls identified.
Company plans to file an amended Form 10-K with restated financial statements for the affected periods.
Restatement impacts are not yet quantified; stock traded on OTC Pink under GXXM.

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

GEX MANAGEMENT, INC. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

the Company’s management and board of directors concluded that the Company’s previously issued financial statements as of and for the years ended December 31, 2022 and 2021, as presented in the Form 10-K filed with the Securities and Exchange Commission on April 17, 2023, should no longer be relied upon and plans to file an amended Form 10-K with restated financial statements

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Source: SEC EDGAR

accession 0001493152-24-015881

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