secwatch.observer — SEC 8-K summary
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Issuer:     Flux Power Holdings, Inc. (FLUX)
CIK:        0001083743
Form:       8-K
Filed at:   2024-09-05T23:59:59+00:00
Accession:  0001493152-24-035146
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02, 7.01, 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Flux Power restates FY2023 and FY2024 interim financials due to $1.7M inventory write-down
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- Approximately $1.2M excess/obsolete inventory not properly reserved due to battery cell supplier change; $0.5M loaner packs misclassified as finished goods.
- Gibraltar Business Capital waived non-compliance; $16M credit facility remains available subject to conditions.
- Additional material weakness in internal control over financial reporting identified; remediation led by new CFO Kevin Royal.
- Board evaluating impact on FY2022, 2021, 2020 financials; further restatements may follow.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1083743/000149315224035146/0001493152-24-035146-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1083743/000149315224035146/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-035146

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