other material
confidence high
sentiment negative
materiality 0.80
Range Impact restates Q1 2024 financials; net loss rises $462K due to invoice error
RANGE IMPACT, INC.
- Audit Committee on Aug 7, 2024, concluded March 31, 2024 10-Q should no longer be relied upon.
- Error: $462,691 vendor invoice posted in April instead of March, understating expenses.
- Restated net loss increased from $751,149 to $1,213,840; liabilities rose by $462,691.
- Material weakness in internal control over financial reporting identified; disclosure controls ineffective.
- Form 10-Q/A filed Aug 8, 2024 to correct the financial statements.