Cardiff Lexington Corp (CDIX): auditor change — Cardiff Lexington restates Q1 and Q2 2024 financials due to credit loss classification errors

Cardiff Lexington Corp

Board determined Q1 & Q2 2024 financial statements and prior-year comparatives should no longer be relied upon.
Credit loss expense of $339,834 for Q1 2024 will be reclassified to net revenue as variable consideration.
For six months ended June 30, 2024, $1,199,155 credit loss expense reclassified; allowance adjustment of $122,190 reversed.
Company will file amended 10-Qs to restate the affected periods.
Former auditor Grassi & Co. discussed the material errors with the Audit Committee.

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

Cardiff Lexington Corp reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On October 16, 2024, the Board of Directors of Cardiff Lexington Corporation (the “Company”), upon recommendation of the Audit Committee and following discussions with management, determined that the following previously issued financial statements should no longer be relied upon

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Source: SEC EDGAR

accession 0001683168-24-007190

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