{"schema_version":"secwatch.filing_event.v1","accession":"0001805833-23-000022","form_type":"8-K","ticker":"SST","cik":"0001805833","company_name":"System1, Inc.","filed_at":"2023-03-17T23:59:59+00:00","discovered_at":"2026-05-14T18:03:46.666848+00:00","generated_at":"2026-06-17T23:41:40.389414+00:00","sec_items":["4.02"],"event_type":"other_material","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"System1 restates Q1-Q3 2022 results, delays Q4/FY2022 earnings; errors up to $20M net income impact","bullets":["Errors in accounting for business combination intangible valuations, equity awards, and CouponFollow acquisition lead to material misstatements.","Impact to net income (loss) of up to $15M-$20M in affected quarters.","Q1, Q2, Q3 2022 financial statements should no longer be relied upon; amendments to be filed.","Additional material weaknesses in internal control identified; controls not effective as of Dec 31, 2022.","Q4/FY2022 earnings release postponed; no material changes expected to previously reported revenue or cash expenses."],"urls":{"canonical":"https://secwatch.observer/filing/0001805833-23-000022","json":"https://secwatch.observer/filing/0001805833-23-000022.json","markdown":"https://secwatch.observer/filing/0001805833-23-000022.md","text":"https://secwatch.observer/filing/0001805833-23-000022.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000022/0001805833-23-000022-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000022/sst-20230315.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-17T23:41:40.389414+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"7764d80fb424956f8818b398d5327f9f6e857e6b","claim":"System1, Inc. reported that prior financial statements should not be relied upon.","evidence_excerpt":"As a result, management of the Company and the Audit Committee determined that the previously issued condensed consolidated quarterly financial statements included in the Q1 2022 Form 10-Q, Q2 2022 Form 10-Q and Q3 2022 Form 10-Q, were materially misstated and accordingly each require restatement and should no longer be relied upon.","evidence_source":"SEC 8-K Item 4.01/4.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000022/0001805833-23-000022-index.htm","confidence":0.9,"family_label":"Auditor Changes","details":[{"label":"Action","value":"non reliance"}],"fact_type":"auditor_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}