Mobiquity Technologies Files Form 8-K
December 01 2022 - 4:28PM
Mobiquity Technologies, Inc. (Nasdaq: MOBQ) (the “Company”), a
leading provider of next-generation data intelligence and
advertising technologies, announces that on November 25, 2022, it
received a deficiency notification from the Listing Qualifications
Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the
Company of its noncompliance with the Nasdaq Listing Rule 5250
(c)(1) due to its failure to file its Form 10-Q for the period
ended September 30, 2022. Under Nasdaq’s Rules, the Company has 60
calendar days to submit a plan to regain compliance. It is
anticipated that the Form 10-Q will be filed by the Company on or
about December 9, 2022.
As more fully described in the recently filed Form 8-K, the
Audit Committee of the Company and its prior independent public
accountant, determined that it is necessary to file Form 10-K/A No.
2 to amend various financial information in the Company’s annual
report with respect to the audited financial statements for the
fiscal years ending December 31, 2021 and 2020 and the quarterly
information pertaining to those fiscal years. The aforementioned
amended annual report caused the Company to be late with the filing
of its Form 10-Q for the quarter ended September 30, 2022.
On November 28, 2022, the Audit Committee of Mobiquity
Technologies, Inc.’s board of directors determined that its Form
10-K/A filed on May 23, 2022, which included the audited
consolidated financial statements for the years ended December 31,
2020 and 2021, could no longer be relied upon because the year
ended December 31, 2020 overstated its net loss by approximately
$3,287,000 primarily as a result of the erroneous recording of
various non-cash expenses.
The Company has notified its prior and current independent
auditors of the need to file a Form 10-K/A No. 2 with new audited
consolidated financial statements for the years ended December 31,
2020 and 2021 to correct the errors that resulted in an
overstatement of the net loss in both years.
It is the intention of the Company that the Form 10-K/A No. 2
will contain in the notes to consolidated financial statements
condensed quarterly balance sheets, statements of operation and
statements of cash flows to correct quarterly information for the
periods ended March 31, 2021 and 2020, June 30, 2021 and 2020 and
September 30, 2021 and 2020. Accordingly, the quarterly reports for
these periods cannot be relied upon and will be superseded and/or
supplemented by the information contained in the aforementioned
Form 10-K/A No. 2. It should be noted that in the opinion of
management:
- None of the transactions involve misstatements of cash or other
assets. All transactions are of a non-cash nature.
- None of the transactions involve revenue recognition or gross
profit.
- The Company is a single reporting unit, thus the transactions
do not involve an individual segment.
- The misstatements do not affect compliance with regulatory
requirements.
- None of the transactions affect debt covenants.
- The misstatements do not have an effect on management’s
compensation.
- The misstatements do not involve concealment of any unlawful
transaction.
- The net effects of restating the financials would result in a
reduction in net loss as opposed to a reduction in income, except
for the first quarters of 2020 and 2021.
- The net effect on equity is $0 for each quarter and annual
period affected, and no other area of the balance sheet is
affected.
The annual consolidated financial statements of
the Company, and its Form 10-K, for fiscal 2021 was previously
restated and amended with the SEC and incorporate the correction of
the majority of these items for the annual 2021 period.
The Company plans to restate certain financial
information contained in its Form 10-Q for the quarters ended March
31, 2022 and June 30, 2022 for the impact of correcting the
aforementioned errors in its Form 10-Q for the nine months ended
September 30, 2022.
About Mobiquity Technologies
Mobiquity Technologies, Inc. is a next-generation,
Platform-as-a-Service (PaaS) company for data and advertising. The
Company maintains one of the largest audience databases available
to advertisers and marketers through its data services division.
Mobiquity Technologies’ Advangelists subsidiary
(www.advangelists.com) provides programmatic advertising
technologies and insights on consumer behavior. For more
information, please
visit: https://mobiquitytechnologies.com
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may," "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to" or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the SEC. All information provided in this press
release is as of the date of this press release, and the Company
does not undertake any duty to update such information, except as
required under applicable law.
Mobiquity Technologies, Inc. Investor
Relations:
Columbia Marketing GroupEmail:
john@TheColumbiaMarketingGroup.comPhone: 646-736-1900
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