Gaming and betting tech firm Inspired Entertainment could potentially be delisted from the NASDAQ stock exchange. The company has been granted a 60-day compliance period to submit its overdue quarterly report, Form 10-Q, with the possibility of an extension to January 22 or even May 7 if necessary. The delay in filing is attributed to accounting discrepancies related to software development project costs, which were identified earlier this month during an audit by KPMG.
The audit revealed issues with the capitalization of software project costs, which necessitated a comprehensive review to ensure adherence to U.S. Generally Accepted Accounting Principles (GAAP). Inspired Entertainment has cautioned shareholders that its financial statements for the year-end 2022 and the consolidated figures for 2021 should not be relied upon. Despite these challenges, the company has assured stakeholders that the restatement process is underway and that there has been no impact on its cash flow or strategic execution.
As of today, there is no definitive date for the filing of an amended report.
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