Mobiquity Technologies, Inc. (MOBQ): auditor change — Mobiquity restates 2020-2021 financials due to non-cash errors; Nasdaq issues delisting notice for late 10-Q

Mobiquity Technologies, Inc.

Audit committee determined prior financials for 2020 and 2021 cannot be relied upon due to erroneously recorded non-cash expenses.
2020 net loss overstated by ~$3.287M; restated net loss $11.75M (from $15.03M) and EPS loss $4.63 (from $5.92).
Similar errors in 2021 overstated net loss by ~$1.031M; total equity unchanged for all periods.
Received Nasdaq deficiency notice on Nov 25 for failure to file Q3 2022 10-Q; expects to file by Dec 8, 2022.
Company will file Form 10-K/A No. 2 to correct quarterly and annual periods; prior auditor BF Borgers notified.

item 3.01 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

Mobiquity Technologies, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On November 28, 2022, the Audit Committee of Mobiquity Technologies, Inc.’s board of directors determined that its Form 10-K/A filed on May 23, 2022, which included the audited consolidated financial statements for the years ended December 31, 2020 and 2021, could no longer be relied upon

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Mobiquity Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001683168-22-008110

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