11/29/2024 | Press release | Distributed by Public on 11/29/2024 16:21
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
On November 27, 2024, the Audit Committee of Samsara Luggage Inc.'s board of directors determined that its Form 10-Q's filed on May 31, 2024, August 21, 2024, and November 19, 2024, which included the unaudited consolidated financial statements for the three months ended March 31, 2024, and 2023, for the six months months ended June 30, 2024, and the nine months ended September 30, 2024, (collectively referred to as the "Form 10-Q's") could no longer be relied upon because the Form 10-Q's incorrectly presented a transaction between entities under common control at fair value rather than book value resulting in overstated Goodwill and Stockholders' Equity (Deficit).
The Company has notified its independent auditors of the need to file amended Form 10-Q's with restated unaudited consolidated financial statements for the periods covered by the Form 10-Q's to correct the Goodwill and Stockholders' Equity.
The Company will file amended March 31, 2024, June 30, 2024, and September 30, 2024, Forms 10-Q/A, which will be subject to review by our auditors Bush & Associates CPA and will include unaudited financial statements labeled as restated and include the restatement footnote disclosures required by ASC 250-10-50-7 through 50-11.
Cautionary Note Regarding Forward-Looking Statements
This filing includes "forward-looking statements." All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect the Company's operations, financial performance, and other factors as discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). Among the factors that could cause results to differ materially are those risks discussed in the periodic reports the Company files with the SEC. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors." The Company does not undertake any duty to update any forward-looking statement except as required by law.]
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS