Innovation Beverage Group says 2024 financial statements should no longer be relied upon, plans restatement
IBG•Controls and listing notice
Management identified material weaknesses in financial reporting controls. Nasdaq notified the company on continued listing obligations.
Impact on equity, deficit and loss
Stockholders’ equity was reduced to $415,865 from $2.62 million, and accumulated deficit widened to $11.13 million from $8.8 million.
Net loss increased to $4.7 million from $2.57 million, while operating expenses rose to $7.29 million from $5.43 million.
Restatement of fiscal 2024 results
Innovation Beverage Group said its fiscal 2024 financial statements should no longer be relied upon after it flagged errors on Sept. 15, 2026, triggering a required restatement.
The company said total assets were cut to $3.77 million from $4.96 million, while liabilities were lifted to $3.35 million from $2.34 million.
