Power REIT restates Q2 2024 balance sheet; reclassifies preferred shares to equity, boosting total equity to ~$10M

Power REIT

Error in classification of Series A preferred shares; restatement reclassifies from mezzanine equity to equity.
Total equity increased to approx. $10M as of June 30, 2024, exceeding NYSE American's >$2M minimum threshold.
Restatement is non-cash with no impact on revenue, net income, or non-GAAP metrics such as Funds from Operations.
Company discloses material weakness in internal controls over accounting for complex transactions.
Original Form 10-Q for quarter ended June 30, 2024 should no longer be relied upon; amended 10-Q/A filed concurrently.

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