High Wire Networks says prior 2025 quarterly financials no longer reliable, plans restatements
HWNI•Internal control weakness identified
Management said it identified a material weakness in internal controls over monitoring debt obligations, which resulted in ineffective disclosure controls for each affected period.
Errors tied to debt accounting and settlement loss
According to the company, the errors were tied to unrecorded defaults on certain loans payable, which understated current debt and omitted a $1.38 million non-operating loss on settlement of debt.
High Wire Networks said it plans to file amended Form 10-Q/As to restate the results.
High Wire Networks flags non-reliance on 2025 quarterly financials
High Wire Networks said investors should not rely on three previously filed 2025 quarterly financial statements after identifying a regulatory reporting issue.
The company said the board reached the non-reliance conclusion in consultation with its auditor.
