other material
confidence high
sentiment negative
materiality 0.75
AB International Group restates Q2 and Q3 2021 financials; revenue overstated by $1.64M
AI Era Corp.
- Board determined to restate Q2 and Q3 2021 financials due to revenue recognition error under ASC 606.
- Royalty revenue of $697,709 (Q2) and $941,417 (Q3) from ZESTV STUDIOS agreement improperly recorded.
- Financial statements in Forms 10-Q for those periods no longer reliable until restated amendments filed.
- Restatements will be disclosed in amendments to corresponding quarterly reports as soon as practicable.