Spectrum Global Solutions Reports Non-Reliance on Previous Financial Statements due to Errors

Spectrum Global Solutions (OTCMKTS:SGSI) recently announced in a Form 8-K filing that the company has identified errors in its previously issued financial statements. High Wire Networks, Inc., the exact name of the registrant, determined that its interim financial statements for the fiscal period ending June 30, 2024, should no longer be relied upon. These financial statements were included in the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 23, 2024.

Management and the Audit Committee of the Board of Directors found that the unaudited interim consolidated financial statements for the aforementioned period contained errors that necessitate a restatement of the financial statements. Investors are advised not to rely on the Company’s Prior Period Financial Statements for the Non-Reliance Period and any related earnings releases, investor presentations, or other communications pertaining to that period.

The identified material expense, which should have been recognized in the fiscal period ended June 30, 2024, was discovered during the preparation of financial statements for the following fiscal period. This expense, incurred during the Non-Reliance Period, was mistakenly omitted from the originally issued Form 10-Q. The errors in the June 30, 2024 financial statements will be rectified in the restated financial statements for that period, detailed in an amendment to the previously filed Form 10-Q.

In response to these findings, Spectrum Global Solutions’ management and members of the Audit Committee discussed the matters disclosed in the Form 8-K filing with Sadler, Gibb & Associates, LLC, the company’s independent registered public accounting firm.

As per regulatory requirements, the Form 8-K report was signed by Mark Porter, the Chief Executive Officer of High Wire Networks, Inc., on November 22, 2024. The company remains committed to rectifying the errors and ensuring the accuracy and reliability of its financial reporting moving forward. Investors and stakeholders are advised to stay informed about any updates related to the restatement of financial statements.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Spectrum Global Solutions’s 8K filing here.

Spectrum Global Solutions Company Profile

Spectrum Global Solutions Inc provides professional services and infrastructure solutions to the telecommunications and technology industry, utility entities, and enterprises sectors in the United State, Puerto Rico, and Canada. It offers Wi-Fi, Wi-Max, wide-area, fiber, distributed antenna system, small cell distributed, public safety, and enterprise networks for incumbent local exchange carriers, telecommunications original equipment manufacturers, cable broadband multiple system operators, tower and network aggregators, utility entities, government, and enterprise customers.