RYVYL Inc. provides corporate update on restatement of financial statements

RYVYL provided a corporate update following the Company’s January 20th Current Report on Form 8-K filing with the SEC regarding non-reliance on previously issued financial statements. The impact of the restatement of the financial statements for the annual and interim periods for the year ended December 31, 2021 and the interim periods for the first three calendar quarters of the year ended December 31, 2022 is expected to be limited to decreases to total revenue, increased net losses, decreases to total assets, and decreased total stockholders’ equity, as noted in the 8-K. The Company expects that cash, operating margins, and processing volumes as reported in our previously issued financial statements will not be materially impacted by the restatements. The Company anticipates filing the restatements of the previously issued financial statements as soon as practicable. The Company plans on filing the restated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2022 and in any other filings that may be necessary or appropriate.