Commonwealth Income & Growth Fund VII, LP: auditor change — Commonwealth Income & Growth Fund VII restates Q2 2022 financials due to $98K depreciation error

Commonwealth Income & Growth Fund VII, LP

Depreciation expense understated by $98,000; net loss increased $97,945 to $194,381 for Q2 2022.
Restated net loss per limited partner unit rose from $0.06 to $0.13 for three and six months ended June 30, 2022.
Total assets decreased $97,944 to $2,528,500; limited partners' capital fell $97,945 to $1,610,303 as of June 30, 2022.
Amended Form 10-Q for the quarter ended June 30, 2022 expected to be filed by November 30, 2022.

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

Commonwealth Income & Growth Fund VII, LP reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On November 22, 2022, the General Partner of Commonwealth Income & Growth Fund VII, LP, (the “Partnership”), in consultation with management and MORISON COGEN, LLP, the Partnership’s independent registered public accounting firm, concluded that the Partnership’s previously issued interim financial statements contained within the quarterly Report on Form 10-Q for the quarter ended June 30, should no longer be relied upon due to errors in such financial statements, and therefore a restatement of these prior financial statements is required.

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Source: SEC EDGAR

accession 0001654954-22-015872

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