Sports Entertainment Gaming Global Corp (SEGG) · Oct 8, 2026 · Restatement

SEGG restatement exposes $9M circular revenue and asset overstatement

Restatement — $9M circular transaction; 2021–2022 reports no longer reliable

SEGG’s restatement says a $9 million circular transaction inflated 2020–21 revenue, cash and acquisition value, reopening major reporting and control concerns.

SEGG is trying to move from a post-2022 operational shutdown and restructuring into a broader sports, entertainment and gaming platform built around digital assets, acquisitions and technology. This filing pulls the company back toward financial remediation: it says newly uncovered evidence changes the accounting foundation beneath that turnaround story.

The central issue is not a routine accounting cleanup; it is an alleged circular transaction. Management says a $9 million Datassure transaction was recorded as revenue and cash even though AutoLotto could not access or transfer the funds, which were held in restricted escrow. The filing says the same money was then used, along with other consideration, to support the Global Gaming acquisition before returning to its source. 〔0〕

Period	Key restatement effect	Restated amount
2020 revenue	Down $2.0M	$5.46M
2021 revenue	Down $7.0M	$9.41M
2021 total assets	Down $12.38M	$92.16M
2021 net loss	Worse by $8.14M	$(61.19)M
2022 total assets	Down $11.33M	$68.05M
2023 total assets	Down $6.76M	$57.65M
2023 net loss	Improved by $2.91M	$(22.89)M
2024 total assets	Down $3.29M	$49.65M
2024 net loss	Improved by $3.47M	$(25.24)M
2025 total assets	Down $2.76M	$52.90M
2025 net loss	Improved by $0.53M	$(20.28)M

The older business was materially overstated, especially in 2020–2021. The restatement removes $9 million of reported revenue across those years, reduces the reported Global Gaming acquisition economics, and cuts 2021 assets by $12.4 million. The company explicitly says the 2021 and 2022 reports should no longer be relied upon and must be restated.

The later-period improvement is accounting, not an operating turnaround. For 2023–2025, lower carrying values for Global Gaming eliminate or reduce amortization and impairment charges, making reported losses smaller and reducing accumulated deficits. That makes the later income statements look better mechanically, but it does not represent stronger demand, higher revenue quality or better execution; it is the downstream effect of correcting an inflated acquisition basis. The 2023 restatement, for example, reduces goodwill by $3.88 million, intangible assets by $2.88 million and net loss by $2.91 million, while the 2024 correction reduces total assets by $3.29 million and net loss by $3.47 million.

The disclosure also extends the remediation burden into future reporting. SEGG plans to present future filings, beginning with the quarter ended March 31, 2026, using corrected historical comparisons rather than leaving the superseded figures in place. 〔1〕 The filing also flags possible additional errors, control weaknesses, regulatory inquiries and litigation, so the final scope is not fully locked down.

Bottom line: This is a substantial negative reset of SEGG’s financial history, not a cosmetic restatement. It removes credibility from the legacy revenue and acquisition story while leaving the current sports-and-gaming strategy dependent on completing a broader reporting and control cleanup.

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Amended 2021–2022 reports and corrected 2023–2025 filings

Original filing on SEC EDGAR

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

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SEGG restatement exposes $9M circular revenue and asset overstatement

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