on Urban-gro, Inc.
Urban-gro, Inc. Announces Delayed 10-Q Filing and Restatement of Financial Statements
urban-gro, Inc. (NASDAQ: UGRO) has announced the decision to restate its financial statements for 2022, 2023, and Q1 2024 due to incorrect accounting of deferred tax liabilities linked to historical acquisitions. Consequently, the company will not meet the SEC's deadline for filing its Q2 2024 report.
The company's new accounting firm, Sadler, Gibb & Associates, LLC, identified errors in the deferred tax liabilities accounting. This adjustment is anticipated to reduce net losses for 2022 and 2023. Despite these restatements, Sadler Gibb has not found significant misstatements in revenue, Adjusted EBITDA, or cash flows.
urban-gro expects Q2 2024 revenue to reach $17.5 million, a 13% sequential increase. CEO Brad Nattrass reassured investors, expressing confidence in stronger results for the latter half of the year despite the current restatement process.
R. P.
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