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.

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