secwatch.observer — SEC 8-K summary
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Issuer:     Cardiff Lexington Corp (CDIX)
CIK:        0000811222
Form:       8-K
Filed at:   2024-10-17T23:59:59+00:00
Accession:  0001683168-24-007190
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Cardiff Lexington restates Q1 and Q2 2024 financials due to credit loss classification errors
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/811222/000168316824007190/0001683168-24-007190-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/811222/000168316824007190/cardiff_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-24-007190

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