Newgioco Files Restated Financial Reports for Prior Periods
Summary
The 10-K/A amends the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which was originally filed with the Securities and Exchange Commission on March 8, 2019 (the “Original 10-K”). However, the Company concluded that correcting the cumulative impact of the errors would be material to its results of operations for the year ended December 31, 2018 and the three subsequent quarters. Substantially all of the Company’s administrative offices that prepare our financial reports from operations are based in Italy, Austria and Malta, which have been significantly impacted by COVID-19 restrictions. Further, the various government mandated closures of businesses in these locations have made it difficult for the Companys personnel, particularly its senior accounting staff, from obtaining access to its subsidiaries books and records (including those of the Companys wholly-owned subsidiaries, Multigioco Srl, Rifa Srl, Ulisse GmbH, Odissea Betriebsinformatik Beratung GmbH Odissea, Virtual Generation Limited, Elys Technology Group Limited, Newgioco Group Inc. (Canada) and Newgioco Colombia SAS) necessary to prepare the Companys audited annual and unaudited condensed interim financial statements on a timely basis. This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.