Fed Governor Adriana Kugler to resign
PHOENIX – SinglePoint Inc. (Cboe BZX Exchange, Inc.:SING), a nonstore retailer, announced on Monday that it will restate its previously issued financial statements for the year ended December 31, 2023. The decision, made by the company's management in consultation with its independent accounting firm Turner, Stone & Company, L.L.P., follows the discovery of errors in the accounting for inventory and unearned revenues.
The internal review, which led to the conclusion that these financial elements were understated in the company's balance sheet, has prompted SinglePoint's management to declare the affected financial statements unreliable. As a result, the company will file restated financial statements as promptly as possible.
The company, headquartered in Phoenix, Arizona, had previously acknowledged material weaknesses in its disclosure controls and procedures as of the end of 2023. In response, SinglePoint has engaged outside consultants this year to enhance these controls and believes improvements will continue.
The Chief Financial Officer of SinglePoint has discussed the need for restatement with both the accounting firm and the company's Board of Directors. The revised financial statements will be provided to shareholders and the Securities and Exchange Commission once completed.
In the meantime, SinglePoint urges caution regarding forward-looking statements, which may be affected by these recent findings and the subsequent restatement process. The company has also included a letter from Turner, Stone & Company, L.L.P. as an exhibit in its Form 8-K filing, which provides further details on the matter.
This news comes as the latest development for SinglePoint, formerly known as Carbon Credits International, Inc., which has faced challenges in maintaining accurate financial reporting. The company and its management are committed to resolving these issues and ensuring the reliability of its financial information moving forward. The information reported here is based on a recent SEC filing by SinglePoint Inc.
In other recent news, SinglePoint Inc. has been active with significant changes and challenges. The company executed a 1-for-100 reverse stock split, consolidating every 100 shares of existing common stock into one share. This action also resulted in a proportionate reduction in authorized shares of common stock.
Furthermore, the board authorized special treatment for certain shareholders to maintain their status as round lot holders, which may lead to the issuance of additional common stock.
In addition, SinglePoint is facing potential delisting from the Cboe BZX Exchange due to failure to meet minimum listing requirements. The company has been proactive in addressing these deficiencies, filing its Form 10-K and planning to file its Form 10-Q, while also requesting a hearing with the exchange's Hearings Panel.
Lastly, SinglePoint recently resolved an outstanding debt with Bucktown Capital, LLC, through an Exchange Agreement. This allowed the company to exchange a promissory note for over a million shares of its common stock, effectively settling the original note's balance. All these developments reflect SinglePoint's efforts to manage its financial obligations while addressing the requirements for maintaining its stock exchange listing.
InvestingPro Insights
As SinglePoint Inc. (SING) navigates through its financial restatement, investors may find it useful to consider some key metrics and insights. According to InvestingPro data, SinglePoint has a market capitalization of just $0.71 million and is trading at a low Price / Book multiple of 0.42 as of the last twelve months ending Q4 2023. Despite a revenue growth of 20.81% in the same period, the company's quarterly revenue has seen a sharp decline of 39.24%. This discrepancy underscores the volatility in SinglePoint's financial performance.
InvestingPro Tips indicate that SinglePoint operates with a significant debt burden and may have trouble making interest payments on its debt. Moreover, the stock has experienced a severe downturn, with its price total return over the last year plummeting by 99.92%. These factors, combined with a lack of profitability over the last twelve months and a high operating income margin deficit of -59.23%, highlight the financial challenges the company faces.
For investors seeking a deeper analysis of SinglePoint's financial health and future prospects, InvestingPro offers additional insights and tips. As of now, there are 19 more InvestingPro Tips available, which could provide valuable guidance for those considering investment decisions related to SING.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.