1847 Holdings announces restatement of financial results for ICU for 2021, 2022

1847 Holdings has restated the financial results of its subsidiary ICU Eyewear Holdings for the fiscal years ending December 31, 2021 and December 31, 2022. The financial impact of the restatement on ICU was a decrease in loss from operations of approximately $3.6 million for the year ended December 31, 2022, and an increase in total assets of $642,000, as well as a decrease in accumulated deficit as of December 31, 2022. The determination to restate the financial statements 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.