High Wire Networks, Inc. Files 10-Q/A Amendment for Period Ended March 31, 2023

TL;DR

<b>High Wire Networks, Inc. filed an amendment to its Q1 2023 10-Q report, confirming its status as a smaller reporting company and its compliance with electronic filing requirements.</b>

AI Summary

HIGH WIRE NETWORKS, INC. (HWNI) filed a Amended Quarterly Report (10-Q/A) with the SEC on January 12, 2024. This filing is an Amendment No. 1 to Form 10-Q for the quarterly period ended March 31, 2023. High Wire Networks, Inc. is a non-accelerated filer and a smaller reporting company. The company has submitted electronically every Interactive Data File required for the preceding 12 months. The filing confirms the company is not a shell company. The company's principal executive offices are located at 30 North Lincoln Street, Batavia, Illinois.

Why It Matters

For investors and stakeholders tracking HIGH WIRE NETWORKS, INC., this filing contains several important signals. This amendment provides updated information for the quarterly period ended March 31, 2023, which is crucial for investors to have the most current financial and operational details. The confirmation of its status as a smaller reporting company and non-accelerated filer provides context for how the company is regulated and its reporting obligations.

Risk Assessment

Risk Level: low — HIGH WIRE NETWORKS, INC. shows low risk based on this filing. The filing is an amendment to a previous report, indicating potential corrections or additions to previously disclosed information, but does not contain new financial results or significant operational changes.

Analyst Insight

Review the specific amendments made in this 10-Q/A filing to understand any changes from the original report for the period ending March 31, 2023.

Key Numbers

• 20230331 — Quarterly Period End Date (Amendment No. 1 to Form 10-Q)
• 20240112 — Filing Date (Amendment No. 1 to Form 10-Q)

Key Players & Entities

• HIGH WIRE NETWORKS, INC. (company) — Registrant Name
• 000-53461 (company) — Commission File Number
• 20230331 (date) — Quarterly period ended
• 20240112 (date) — Filing Date
• 30 North Lincoln Street, Batavia, Illinois 60510 (company) — Principal executive offices address
• 952-974-4000 (company) — Registrant's telephone number

FAQ

Industry Context

High Wire Networks, Inc. operates within the telecommunications industry, specifically focusing on telephone communications as per its SIC code.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including filing quarterly reports (Form 10-Q) and amendments.

What Investors Should Do

1. Examine the specific changes and additions made in Amendment No. 1 to the Form 10-Q.
2. Verify High Wire Networks, Inc.'s current financial health and operational status based on the amended filing.
3. Monitor future filings for any new financial disclosures or strategic updates.

Key Dates

• 2023-03-31: Quarterly period ended — Reporting period for the 10-Q/A filing
• 2024-01-12: Filing Date — Date the amendment was filed with the SEC

Year-Over-Year Comparison

This is an amendment to a previously filed 10-Q for the period ending March 31, 2023, indicating updates or corrections rather than a new period's results.

Filing Documents

• f10q0323a1_highwire.htm (10-Q/A) — 1035KB
• f10q0323a1ex31-1_highwire.htm (EX-31.1) — 10KB
• f10q0323a1ex31-2_highwire.htm (EX-31.2) — 9KB
• f10q0323a1ex32-1_highwire.htm (EX-32.1) — 4KB
• f10q0323a1ex32-2_highwire.htm (EX-32.2) — 4KB
• 0001213900-24-003337.txt (&nbsp;) — 8187KB
• hwni-20230331.xsd (EX-101.SCH) — 112KB
• hwni-20230331_cal.xml (EX-101.CAL) — 44KB
• hwni-20230331_def.xml (EX-101.DEF) — 437KB
• hwni-20230331_lab.xml (EX-101.LAB) — 858KB
• hwni-20230331_pre.xml (EX-101.PRE) — 461KB
• f10q0323a1_highwire_htm.xml (XML) — 979KB

Financial Statements

Financial Statements The Company is filing this Amendment No. 1 on Form 10-Q/A (the "Amendment") to restate the following items of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, which was originally filed with the Securities and Exchange Commission on May 17, 2023 (the "Original Form 10-Q"): Item 1 of Part I "Financial Information" Item 2 of Part I "Financial Information" The Company has also updated the signature page, the certifications of its Chief Executive Officer and Chief Financial Officer in Exhibits 31.1, 31.2, 32.1, and 32.2, and its financial reader, the report on Form 10-Q/A restates in its entirety, as amended, the Company's Original Form 10-Q. The errors leading to this Amendment relate to derivatives recorded on the balance sheet as of March 31, 2023. Upon review, the instrument that required derivative accounting was removed from the Company's balance sheet in conjunction with the divestiture of the ADEX Entities on March 6, 2023. The effect of the errors is that the Company recorded a gain on extinguishment of derivatives for the quarter ended March 31, 2023 and no longer has any derivative liabilities outstanding as of March 31, 2023. As of result of removing the instrument requiring derivative accounting, the Company also reclassified the value of its Series D and Series E preferred stock from the mezzanine equity of the balance sheet to the permanent equity section of the balance sheet. Table of Contents Page

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 3.

Quantitative and Qualitative Disclosures

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 41

– FINANCIAL

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements The unaudited interim condensed consolidated financial statements of our company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars, unless otherwise noted. High Wire Networks, Inc. Page Number Condensed consolidated balance sheets as of March 31, 2023 (unaudited) (as restated) and December 31, 2022 2 Condensed consolidated statements of operations for the three months ended March 31, 2023 (as restated) and 2022 (unaudited) 3 Condensed consolidated statements of stockholders' equity (deficit) for the three months ended March 31, 2023 (as restated) and 2022 (unaudited) 4 Condensed consolidated statements of cash flows for the three months ended March 31, 2023 (as restated) and 2022 (unaudited) 5 Notes to unaudited condensed consolidated financial statements 6 1 High Wire Networks, Inc. Condensed consolidated balance sheets March 31, December 31, 2023 2022 (Unaudited) (As restated) ASSETS Current assets: Cash $ 978,243 $ 649,027 Accounts receivable, net of allowance of $ 36,000 7,037,009 3,925,504 Prepaid expenses and other current assets 509,876 883,858 Current assets of discontinued operations - 5,211,442 Total current assets 8,525,128 10,669,831 Property and equipment, net of accumulated depreciation of $ 327,509 and $ 294,763 , respectively 1,498,412 1,549,609 Goodwill 5,406,319 8,028,106 Intangible assets, net of accumulated amortization of $ 1,840,430 and $ 1,670,556 , respectively 4,568,259 4,738,134 Operating lease right-of-use assets 33,069 57,408 Noncurrent assets of discontinued operations - 7,551,883 Total assets $ 20,031,187 $ 32,594,971 LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT) Current liabilities: Accounts payable and accrued liabilities 5,920,765 6,425,226 Contract liabilities 808,045 1,665,831 Loans payable to related parties

View Full Filing

View this 10-Q/A filing on SEC EDGAR