Brief: Xwell To Determine Effect Of Misapplication Of GAAP As Related To Impairment Of Treat Business Segment

XWELL

12/04/2024 22:32

April 12 (Reuters) - XWELL Inc  XWEL.O :
    * XWELL INC - CURRENTLY IN PROCESS OF DETERMINING FULL
EFFECT OF
MISAPPLICATION OF GAAP AS RELATED TO IMPAIRMENT OF TREAT
BUSINESS SEGMENT
    * XWELL- PRELIM ESTIMATES THAT CUMULATIVE EFFECT IS
UNDERSTATEMENT
OF IMPAIRMENT EXPENSES AS RELATED TO TREAT BUSINESS SEGMENT OF
$1.6 MILLION FOR Q3 2023
    * XWELL INC - ERRORS HAVE NO EFFECT ON CO'S PREVIOUSLY
REPORTED
CASH AND CASH EQUIVALENTS OR MARKETABLE SECURITIES BALANCES OR
CASH RUNWAY
    * XWELL INC - UNAUDITED FINANCIAL STATEMENTS FOR Q3 2023
SHOULD NO
LONGER BE RELIED ON
    * XWELL INC - EXPECTS TO REPORT AT LEAST ONE MATERIAL
WEAKNESS
FOLLOWING COMPLETION OF ITS ANALYSIS OF CAUSE OF RESTATEMENT
    * XWELL-BELIEVES ITS INTERNAL CONTROL OVER FINANCIAL
REPORTING WAS
NOT EFFECTIVE, ITS DISCLOSURE CONTROLS AND PROCEDURES WERE NOT
EFFECTIVE FOR Q3 2023

Source text for Eikon:  ID:n0001104659-24-046836 
Further company coverage:  XWEL.O 

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