pdvWireless Announces New Time for Conference Call and Earnings Release and Delayed Filing of its Form 10-Q for the quarter ended June 30, 2018
8/09/18
WOODLAND PARK, N.J.,
Delayed Filing of Form 10-Q
The Company also announced that it has delayed the filing of its quarterly report on Form 10-Q for the quarter ended
Restated Financial Statements
The Company also filed restated financial statements for the quarter ended
Specifically, the Company determined that, based on the current language of the TCJA, the correct accounting treatment for the NOLs it generated during Fiscal 2018 is to apply an indefinite carryforward period to these NOLs, rather than a 20-year carryforward period. Applying an indefinite life to the NOLs enables the Company to utilize an increased amount of NOLs to offset the deferred tax liability created by the Company's amortization of its indefinite-lived intangible assets. The Company determined that it should recognize an additional deferred tax benefit of
Although these changes are non-cash items and do not change the Company's reported operating revenues or reported operating costs and expenses, the Company's Audit Committee determined that these changes have a material impact on the as filed financial statements for the Third Quarter and Fiscal 2018, and as a result, the restatement of these periods was required.
Director of Corporate Communications
pdvWireless, Inc.
973-531-4397
nvecchiarelli@pdvwireless.com
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SOURCE pdvWireless