Cardiff Lexington Corp Revises Q1 2024 Financials
Ticker: CDIX · Form: 10-Q/A · Filed: Oct 17, 2024 · CIK: 811222
Sentiment: neutral
Topics: amendment, financial-restatement, 10-Q
Related Tickers: CDIF
TL;DR
Cardiff Lexington Corp just amended their Q1 2024 financials. Expect revisions.
AI Summary
Cardiff Lexington Corporation filed an amendment (10-Q/A) on October 17, 2024, to revise its financial statements for the period ending March 31, 2024. The filing indicates adjustments to previously reported figures, with specific details of the revisions not fully elaborated in the provided header information.
Why It Matters
This amendment suggests that the company's previously reported financial performance for the first quarter of 2024 may have contained inaccuracies, requiring correction and potentially impacting investor understanding of the company's financial health.
Risk Assessment
Risk Level: medium — Financial restatements or amendments can indicate underlying accounting issues or misstatements, which pose a risk to investors.
Key Numbers
- 20240331 — Revised Financial Period End (This is the period for which the financial statements were amended.)
- 20241017 — Amendment Filing Date (The date Cardiff Lexington Corp filed this amended report.)
Key Players & Entities
- Cardiff Lexington Corp (company) — Filer of the 10-Q/A amendment
- 0001683168-24-007192 (filing_id) — Accession number for the filing
- 20241017 (date) — Filing date of the amendment
- 20240331 (date) — Conformed period of report for the revised financials
FAQ
What specific financial figures were revised in the 10-Q/A filing?
The provided header information does not detail the specific financial figures that were revised, only that an amendment was filed for the period ending March 31, 2024.
Why did Cardiff Lexington Corporation file an amendment to its 10-Q report?
The filing is an Amendment #1 to the Quarterly Report, indicating a need to revise previously submitted financial information for the period ending March 31, 2024.
What is the accession number for this filing?
The accession number for this 10-Q/A filing is 0001683168-24-007192.
What is the fiscal year end for Cardiff Lexington Corporation?
Cardiff Lexington Corporation's fiscal year ends on December 31.
When was the original 10-Q report for the period ending March 31, 2024, likely filed?
While not explicitly stated, a 10-Q is typically filed within 45 days of the period end. Therefore, the original filing for the period ending March 31, 2024, would likely have been filed around May 2024.
Filing Stats: 4,513 words · 18 min read · ~15 pages · Grade level 16.9 · Accepted 2024-10-17 15:15:38
Key Financial Figures
- $0.001 — d Stock - 3,000,000 shares authorized, $0.001 par value, stated value $ 4.00 , 868,05
Filing Documents
- cardiff_i10qa1-33124.htm (10-Q/A) — 1286KB
- cardiff_10qa1-ex3101.htm (EX-31.1) — 12KB
- cardiff_10qa1-ex3102.htm (EX-31.2) — 12KB
- cardiff_10qa1-ex3201.htm (EX-32.1) — 4KB
- cardiff_10qa1-ex3202.htm (EX-32.2) — 4KB
- 0001683168-24-007192.txt ( ) — 7073KB
- cdif-20240331.xsd (EX-101.SCH) — 56KB
- cdif-20240331_cal.xml (EX-101.CAL) — 64KB
- cdif-20240331_def.xml (EX-101.DEF) — 200KB
- cdif-20240331_lab.xml (EX-101.LAB) — 383KB
- cdif-20240331_pre.xml (EX-101.PRE) — 329KB
- cardiff_i10qa1-33124_htm.xml (XML) — 1194KB
Financial Statements
Financial Statements 2 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 52 Item 4.
Controls and Procedures
Controls and Procedures 52 PART II OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 54 Item 1A.
Risk Factors
Risk Factors 54 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54 Item 3. Defaults Upon Senior Securities 54 Item 4. Mine Safety Disclosures 54 Item 5. Other Information 54 Item 6. Exhibits 54 PART I FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS. CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Page Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (Unaudited and restated) 4 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited and restated) 5 Condensed Consolidated Statements of Stockholders' Equity (Deficiency) for the Three Months Ended March 31, 2024 and 2023 (Unaudited and restated) 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 3 CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (UNAUDITED) March 31, 2024 December 31, 2023 (Restated) ASSETS Current assets Cash $ 1,253,552 $ 866,943 Accounts receivable-net 14,649,930 13,305,254 Prepaid and other current assets 7,100 5,000 Total current assets 15,910,582 14,177,197 Property and equipment, net 31,296 34,661 Land 540,000 540,000 Goodwill 5,666,608 5,666,608 Right of use - assets 416,441 289,062 Due from related party 4,979 4,979 Other assets 35,404 33,304 Total assets $ 22,605,310 $ 20,745,811 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expense $ 2,104,109 $ 2,047,131 Accrued expenses - related parties 4,323,057 4,733,057 Accrued interest 668,729 620,963 Right of use - liabilities 195,934 157,669 Due to director and officer 45,844 120,997 Notes payable 3,599,345 2,136,077 Convertible notes payable, net of debt discounts of $ 11,305 and $ 24,820 , respectively 3,820,545 3,807,030 Net liabilities of discontinued operations 237,643 237,643 Total current liabilities 14,995,206 13,860,567 Notes paya