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Description of Business and Restatement (As Restated)
3 Months Ended
Mar. 31, 2022
Description of Business and Restatement [Abstract]  
DESCRIPTION OF BUSINESS AND RESTATEMENT (AS RESTATED)

NOTE 1 DESCRIPTION OF BUSINESS AND RESTATEMENT (AS RESTATED)

 

Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements

 

COMSovereign (defined below) has determined that certain intangible assets were not correctly amortized in the unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2022 that were included in the Company’s March 31, 2022 Form 10-Q, which was filed with the Securities and Exchange Commission on December 15, 2022. The financial statements were restated to adjust certain previously recorded transactions, see Note 18 – Restatement of Financial Statements for additional information. In addition, Going Concern (Note 3) has been restated to disclose the restated income resulting from the correction of the aforementioned amortization expense.

 

Description of Organization and Business Operations

 

COMSovereign Holding Corp. (“COMSovereign”) and subsidiaries (collectively the “Company”) a provider of solutions to network operators, mobile device carriers, governmental units and other enterprises worldwide. We have assembled a portfolio of communications and portable infrastructure technologies, capabilities and products that enable the upgrading of latent 3G networks to 4G and 4G-LTE networks and will facilitate the rapid roll out of the 5G and 6G networks of the future. We focus on novel capabilities, including signal modulations, antennae, software, hardware and firmware technologies that enable increasingly efficient data transmission across the electromagnetic spectrum. Our product solutions are complemented by a broad array of services, including technical support, systems design and integration, and sophisticated research and development programs. While we compete globally on the basis of our innovative technology, the breadth of our product offerings, our high-quality cost-effective customer solutions, and the scale of our global customer base and distribution, our primary focus is on the North American telecom infrastructure and service market. We believe we are in a unique position to rapidly increase our near-term domestic sales as we are among the few U.S. based providers of telecommunications equipment and services.