2023-03-24 16:56:47 ET
- Videogame platform provider Skillz ( NYSE: SKLZ ) will restate its financial statements for the years 2020 and 2021, as well as for the first three quarters of 2022, after finding they were "materially misstated" and shouldn't be relied upon.
- Company management identified several adjustments and accordingly has delayed the filing of its 2022 annual report, it says in an SEC filing .
- Skillz stock ( SKLZ ) dipped 2% after hours Friday.
- The most material misstatements relate to "(i) an increase in end-user liability, (ii) indirect tax liabilities in foreign jurisdictions and U.S. sales and use tax liabilities, and (iii) impairment of long-lived assets of Aarki, Inc.," Skillz said.
- Management will also report ineffective internal controls in its 2022 10-K form. On March 17, Skillz pursued a late filing in order to obtain an additional 15 calendar days to file its annual report.
For further details see:
Skillz to restate financials for 2020-2022