other material
confidence medium
sentiment negative
materiality 0.75
United Express restates Q4 2023 and Q1 2024 10-Qs; acquisition accounting error found
OZ VISION INC.
- Material errors found in Form 10-Q for periods ended Dec 31, 2023 and Mar 31, 2024, due to misclassification of Jebour Two Ltd acquisition.
- Acquisition of Jebour Two Ltd (including Fighting Leagues LV Inc) was incorrectly accounted as business combination instead of asset acquisition.
- Key asset is Nevada State Athletic Commission license; SEC comment prompted review; amended 10-Qs to be filed.
- Company discussed issues with independent accountants; prior financials should no longer be relied upon.