secwatch.observer — SEC 8-K summary
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Issuer:     FITLIFE BRANDS, INC. (FTLF)
CIK:        0001374328
Form:       8-K
Filed at:   2022-09-21T23:59:59+00:00
Accession:  0001851734-22-000560
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 4.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1374328/000185173422000560/0001851734-22-000560-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1374328/000185173422000560/ftlf20220919_8k.htm
  HTML page:      https://secwatch.observer/filing/0001851734-22-000560

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