Newgioco clarifies fiscal 2018 financial statements, reopens administrative offices in Europe

Newgioco Group Inc (NASDAQ:NWGI), a global sports betting and gaming technology company, submitted an amended version of its annual 10-K report for the 2018 fiscal year, which increased both the company’s net income and its net loss.  In its original report, the company had previously understated its unrealized foreign exchange losses of $178,976 and identified other miscellaneous immaterial adjustments worth $9,506. As a result, Newgioco’s 2018 net income increased by $85,198 and its net loss increased by $582,449. The cumulative adjustment to periods before January 2017 decreased by $460,885, the company added. READ: Newgioco Group says it has started reopening sports betting shops in Italy Newgioco also addressed the impact of the coronavirus (COVID-19) pandemic on its ability to timely file its financial reports. For instance, the company’s administrative offices are located in Italy, Austria and Malta, which have all been significantly impacted. The company has temporarily closed all its retail locations in Italy, and office employees are working from home. As a result, the company said, its books and records were not easily accessible, which led to delays in preparing financial statements. That said, Newgioco recently reopened its administrative offices and is taking steps to expedite the process of filing reports. Newgioco operates primarily through its internet-based betting distribution network on its website, www.newgioco.it, as well as in retail neighborhood betting shops throughout Italy. Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com Follow him on Twitter @andrew_kessel