FitLife Brands restates 2019-2021 financials due to revenue recognition errors; no cash impact

FITLIFE BRANDS, INC.

Restatement covers FY2019-FY2020 and quarterly periods through Q2 2021; revenue incorrectly recognized at shipment instead of delivery.
FY2020 net income restated from $8.714M to $8.825M; FY2019 net income from $2.698M to $2.610M.
Material weaknesses identified in internal control over financial reporting during restated periods.
Company will file amended 10-K/A for 2020 and 10-K for 2021; plans to withdraw Form 15 and file Q1/Q2 2022 10-Qs.
No impact on cash position, liquidity, or operations expected from the restatement.

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