Iveda Solutions, Inc. (IVDA): auditor change — Iveda Solutions restates 2023 & 2024 financials; net losses increase by $1.4M-$1.6M

Iveda Solutions, Inc.

Restatement due to multiple errors including improper capitalization of software dev costs, deferred tax asset write-off, and intercompany payable.
Net loss for nine months ended Sep 30, 2023 restated to $2.68M from $2.14M; loss per share changed from $0.13 to $0.27.
Net loss for nine months ended Sep 30, 2024 restated to $2.47M from $2.16M; loss per share went from $0.13 to $1.24.
Former auditor BF Borgers banned by SEC; company engaged Weinberg & Co to re-audit 2023 and 2024 financials.

item 4.02

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

Iveda Solutions, Inc. engaged Weinberg & Co as its auditor.

Action: engagement
Auditor: Weinberg & Co

Exact text from the filing

the Company engaged Weinberg & Co ("Weinberg"), PCAOB ID #572, as our successor auditor in order to re-audit the Financial Statements for the year ended December 31, 2023 and audit the Financial Statements for the year ended December 31, 2024

View on SEC.gov

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

Iveda Solutions, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

the Company, in consultation with its Audit Committee, concluded that its previously issued Financial Statements for the year ended December 31, 2023, (the "Affected Period") should be restated and should no longer be relied upon

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Iveda Solutions, Inc. filing history →

Source: SEC EDGAR

accession 0001641172-25-004772

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