other material
confidence high
sentiment negative
materiality 0.70
EdgeMode restates FY2023 and Q2 2024 financials due to stock option accounting error
Edgemode, Inc.
- Board concludes FY2023 annual and Q2 2024 interim financial statements should no longer be relied upon.
- Error: failure to account for 5M stock options granted to a consultant, understating operating expenses by ~$230,000.
- Restatements will be filed as soon as practicable; internal control deficiencies identified in GAAP analysis and documentation.
- Error discussed with independent auditor M&K CPAS PLLC, which was given opportunity to review disclosures.