secwatch.observer — SEC 8-K summary
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Issuer:     Cottonwood Communities, Inc. (—)
CIK:        0001692951
Form:       8-K
Filed at:   2023-09-08T23:59:59+00:00
Accession:  0001692951-23-000153
Event type: regulatory
Sentiment:  negative
Materiality: 0.70
Item codes: 4.02, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

Cottonwood Communities restates cash flow statements for 2022, suspends IPO subscriptions
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- Audit committee determined financial statements for Q1-Q3 2022 and FY2022 should no longer be relied upon due to cash flow classification error.
- Error misclassified accrued deferred offering costs between operating and financing activities; no impact on total cash, revenue, net income, or net asset value.
- Restatement will be filed in amended 10-K; adjustments range from $1.6M to $4.8M per period.
- Company suspended accepting subscriptions in its $1B IPO until corrected financials are cleared by SEC.
- Material weakness in internal controls over financial reporting expected to be disclosed.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1692951/000169295123000153/0001692951-23-000153-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1692951/000169295123000153/cci-20230901.htm
  HTML page:      https://secwatch.observer/filing/0001692951-23-000153

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