secwatch.observer — SEC 8-K summary
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Issuer:     Appgate, Inc. (—)
CIK:        0001353538
Form:       8-K
Filed at:   2022-11-08T23:59:59+00:00
Accession:  0001628280-22-028963
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Appgate restates 2020-2022 financials for revenue, commission, equity compensation errors
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- Revenue overstated by ~$2.3M in 2021, ~$0.6M in 2020, and ~$0.3M/$0.4M in Q1/Q2 2022.
- Contract assets overstated by up to $4.0M; deferred revenue understated by up to $0.3M.
- Sales & marketing expenses understated by ~$2.1M in 2021 and ~$2.2M in 2020 due to commission amortization error.
- Equity-based compensation for Chairman's time-based award understated G&A by $3.6M in 2022.
- Diluted EPS calculation incorrectly included convertible shares; will be corrected.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1353538/000162828022028963/0001628280-22-028963-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1353538/000162828022028963/apgt-20221108.htm
  HTML page:      https://secwatch.observer/filing/0001628280-22-028963

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