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Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On August 9, 2022, the Audit Committee of DSS, Inc. (the “Company”) resolved that the Company’s previously issued financial statements, contained within its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, should no longer be relied upon due to errors in such financial statements. Therefore, a restatement of these prior financial statements is required. Accordingly, the Company intends to restate the aforementioned financial statements by amending its annual report on Form 10-K for the fiscal year ended December 31, 2021 as soon as reasonably practicable.
It was discovered during the Company’s June 2022 closing procedures that Premier Packaging Corporation, Inc.’s, a wholly owned subsidiary of the Company, inventory as of December 31, 2021 was overstated by approximately $2,119,000. The overstatement was not addressed in the Quarterly Report on Form 10-Q for the period ended March 31, 2022. The error occurred due to unintentional errors made when converting the inventory quantities into the unit of measure in the Company’s ERP system. As a result, the Company has implemented new measures to ensure that this type of error does not occur again.
The Company’s management discussed the matters disclosed in this Item 4.02 with Turner, Stone & Company L.L.P., (“Turner Stone”), the Company’s independent registered public accounting firm.
The information in this Item 4.02 is furnished solely pursuant to Item 4.02. Consequently, such information is not deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Moreover, the information in this Item 4.02 shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DSS, INC. | ||
| August 12, 2022 | By: | /s/ Frank D. Heuszel |
| Name: | Frank D. Heuszel | |
| Title: | Chief Executive Officer | |