UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 9, 2024 (
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Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
On February 2, 2024, the Audit Committee of the Board of Directors of 1847 Holdings LLC (the “Company”), after discussions with the Company’s management, determined that the consolidated financial statements for the Company’s subsidiary ICU Eyewear Holdings, Inc. (“ICU”) for the years ended December 31, 2022 and 2021, filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K/A filed on April 27, 2023 should be restated and should no longer be relied upon. Similarly other communications describing ICU’s financial statements and other related financial information covering these periods should no longer be relied upon.
The determination was based on the discovery that an impairment of an intangible asset related to a trademark that was recorded in 2022 was overstated based on a formal third-party asset valuation report. The financial impact on the financial statements of ICU as of and for the year ended December 31, 2022 is an increase in total assets of $642,000, a decrease in accumulated deficit of $642,000, and a decrease in loss from operations and net loss of $3,618,000. Management discussed the matter and determined that the effect of such error was material. As a result, ICU has decided to restate its consolidated financial statements for the years ended December 31, 2022 and 2021. The financial statements included within the Form 8-K/A noted above should no longer be relied upon.
The Company will file an amendment to the Form 8-K/A in which the consolidated financial statements for ICU for the years ended December 31, 2022 and 2021 will be restated.
The Audit Committee has discussed the matters disclosed in this Current Report on Form 8-K with Frank, Rimerman + Co. LLP, ICU’s former independent auditor.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 9, 2024 | 1847 HOLDINGS LLC | |
/s/ Ellery W. Roberts | ||
Name: | Ellery W. Roberts | |
Title: | Chief Executive Officer |
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