Quantum Computing Inc unit NHanced Semiconductors restates FY2024 financials over inventory accounting error
QUBT•Restatement details
Quantum Computing filed an amended Form 8-K to update audited financial statements for NHanced Semiconductors for fiscal 2025 and 2024.
The auditor flagged a restatement of the June 30, 2024 financial statements tied to errors in work-in-process inventory and deferred revenue.
The restatement also affected property and equipment, deferred taxes, current tax provision, and net income.
Net income for fiscal 2024 was restated to $8.76 million from $7.85 million.
Work-in-process inventory was restated to $1.71 million from $171,852; deferred revenue was restated to $2 million.
