Katapult Holdings, Inc. (KPLT): auditor change — Katapult restates 2022-2023 financials; revenue overstated $2.3M, sales tax understated $5.4M

Katapult Holdings, Inc.

Non-reliance on previously issued financials for 2022 annual, 2022-2023 quarters, and Q4 2023 earnings release due to material misstatements.
Estimated 2022 revenue decrease $2.3M, depreciation expense increase $1.0M; sales tax payable increase $5.4M as of Dec 31, 2022.
As of Dec 31, 2023, sales tax payable increase $0.2M; additional immaterial corrections pending finalization.
Filing of 2023 10-K delayed; Form 12b-25 filed April 2, 2024.

item 4.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Katapult Holdings, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Deloitte & Touche LLP
Successor: Grant Thornton, LLP

Exact text from the filing

For the year ended December 31, 2022, the estimated impact of the restatements of the Company's consolidated statements of operations and comprehensive loss is expected to decrease revenue by $2.3 million and increase depreciation expense included in cost of revenue by $1.0 million. As of December 31, 2022, the estimated impact of the restatements of the Company’s consolidated balance sheet will be a cumulative increase in sales tax payable of $5.4 million and a decrease in property held for lease of $1.0 million. As of December 31, 2023, the estimated impact of the Company’s consolidated balance sheet will be an increase in sales tax payable by $0.2 million. In addition to the restatement e

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Source: SEC EDGAR

accession 0001628280-24-014384

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