5/5Sports Entertainment Gaming Global Corp (SEGG): Non-reliance / restatement

Verified excerpt

"The Net Effect of the True Nature of the Legacy Transactions on the Company's Financials Prior to the Correction Periods The Company has determined that its previously filed annual financial statements for the years ended December 31, 2021, and December 31, 2022, along with the financial statements for the quarters ended March 31, 2022, June 30, 2022, and September 30, 2022, (collectively, the "Affected Reports")..."

Quoted from the filing. Source

What this means

The company says previously issued financial statements should no longer be relied upon (8-K Item 4.02). This is one of the most serious accounting red flags: past reported numbers were wrong and will be restated.

Why this score: also this month: Going-concern doubt