What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2022-06-13 compared with 2021-12-23 · 50 added, 45 removed, 31 unchanged (75% of the section changed)

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Company’s consolidated financial statements and related notes, together with the report of independent registered public accounting

firm, appear starting at pages F-1 of this Annual Report on Form 10-K for the years ended December 31, 2021 and 2020 are incorporated

1 unchanged sentence

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

August 25, 2021, the Audit Committee of the Board of Directors of Bright Mountain Media, Inc.

(the “Company”) dismissed

EisnerAmper LLP (“Eisner”), as the Company’s independent registered public accounting firm, effective August 24,

2021, and engaged WithumSmith+Brown, PC (“Withum”) as its new independent registered public accounting firm for the

years ended December 31, 2019 and December 31, 2020.

As described below, the change in independent registered public accounting firm

is not the result of any disagreement with Eisner.

Eisner’s

audit reports on the financial statements for the years ended December 31, 2018 did not provide an adverse opinion or disclaimer of opinion

to the Company’s financial statements, or modify its opinion as to uncertainty, audit scope or accounting principles except for

August 25, 2021, the Audit Committee of the Board of Directors of the Company dismissed EisnerAmper LLP (“Eisner”), as the

Company’s independent registered public accounting firm, effective August 24, 2021, and engaged WithumSmith+Brown, PC (“Withum”)

as its new independent registered public accounting firm for the years ended December 31, 2020 and 2019.

As described below, the change

in independent registered public accounting firm is not the result of any disagreement with Eisner.

audit reports on the financial statements for the year ended December 31, 2018 did not provide an adverse opinion or disclaimer of opinion

to the Company’s financial statements, or modify its opinion as to uncertainty, audit scope or accounting principles except for

the inclusion of an explanatory paragraph related to substantial doubt about the ability to continue as a going concern, but the 2019

opinion was withdrawn when the Company filed its Form 8-K on March 31, 2021 stating that a restatement was necessary and all previously

filed financials could not be relied upon.

opinion was withdrawn when the Company filed its Form 8-K on March 31, 2021 stating that a restatement was necessary and previously issued

consolidated financial statements as of and for the year ended December 31, 2019, and unaudited consolidated financial statements as

of and for each of the interim quarterly periods ended March 31, 2020, June 30, 2020, and September 30, 2020 could not be relied upon.

the fiscal years ended December 31, 2020 and 2019, and the subsequent interim period through August 24, 2021, there were:

1 unchanged sentence

within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related instructions between the Company and Eisner on any matters

of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Eisner’s

satisfaction, would have caused Eisner to make reference thereto in their reports;

and (ii) no “reportable events”

the meaning of Item 304(a)(1)(v) of Regulation S-K, except that Eisner concurred with the Company’s assessment of material weaknesses

related to the Company’s internal controls over financial reporting.

its Management’s Report on Internal Control Over Financial Reporting, as set forth in Item 4 “Controls and Procedures”

of the Company’s Quarterly Report on Form 10-Q for the quarters ended March 31, 2019, June 30, 2019, September 30, 2019, March

31, 2020, June 30, 2020 and September 30, 2020 and Item 9A “Controls and Procedures”

of the Company’s Annual Report

and (ii) no “reportable events” within

the meaning of Item 304(a)(1)(v) of Regulation S-K, except that Eisner concurred with the Company’s assessment of material weaknesses

related to the Company’s internal controls over financial reporting.

August 25, 2021 through the date of filing of this 10-K, there were:

(i) no disagreements within the meaning of Item 304(a)(1)(iv) of

Regulation S-K and the related instructions between the Company and Withum on any matters of accounting principles or practices, financial

statement disclosure, or auditing scope or procedure which, if not resolved to Withum’s satisfaction, would have caused Withum

to make reference thereto in their reports;

and (ii) no “reportable events” within the meaning of Item 304(a)(1)(v) of Regulation

S-K, except that Withum concurred with the Company’s assessment of material weaknesses related to the Company’s internal

controls over financial reporting.

its Management’s Report on Internal Control Over Financial Reporting, as set forth in Item 4 “Controls and Procedures”

of the Company’s Quarterly Report on Form 10-Q for the quarters ended March 31, 2019, June 30, 2019, September 30, 2019, March

31, 2020, June 30, 2020 and, September 30, 2020 and Item 9A “Controls and Procedures” of the Company’s Annual Report

on Form 10-K for the year ended December 31, 2019, the Company reported material weaknesses in its internal controls over financial reporting,

3 unchanged sentences

segregation of duties, oversight of work performed and lack of compensating controls in our finance and accounting functions due to limited

personnel, ii) The Company’s systems that impact financial information and disclosures have ineffective information technology

controls, iii) Inadequate controls surrounding revenue recognition, to ensure that all material transactions and developments impacting

4 unchanged sentences

and free from misstatements, and vii) Management calculation of the provision for income taxes and related deferred income taxes were

not calculated correctly in accordance with ASC 740, Income Taxes.

Management needs to gain a more precise understanding of the components

of the income tax provision and deferred income taxes and monitor the differences between the income tax basis and financial reporting

basis of assets and liabilities to effectively reconcile the deferred income tax balances.

The Audit Committee discussed the subject

matter of the reportable events with Eisner.

The Company has authorized Eisner to respond fully to Withum’s inquiries concerning

the subject matter of such reportable events.

Notwithstanding these material weaknesses in internal control over financial reporting,

the Company has concluded that, based on its knowledge, the consolidated financial statements, and other financial information included

in its Annual Reports on Form 10-K for the fiscal year ended December 31, 2019 present fairly, in all material respects the Company’s

financial condition, results of operations and cash flows for the periods presented in conformity with accounting principles generally

accepted in the United States.

However, on March 31, 2021, the Company issued a Form 8-K where it disclosed that it determined that the

Company’s previously issued consolidated financial statements as of and for the years ended December 31, 2019, and the unaudited

consolidated financial statements as of and for each of the interim quarterly periods ended September 30, 2019, March 31, 2020, June

30, 2020 and September 30, 2020 (collectively, the “Prior Period Financial Statements”), should no longer be relied upon

due to material errors contained in those financial statements.

not calculated correctly in accordance with ASC Topic 740, Income Taxes .

Management needs to gain a more precise understanding

of the components of the income tax provision and deferred income taxes and monitor the differences between the income tax basis and

financial reporting basis of assets and liabilities to effectively reconcile the deferred income tax balances.

The Audit Committee discussed

the subject matter of the reportable events with Eisner.

The Company has authorized Eisner to respond fully to Withum’s inquiries

concerning the subject matter of such reportable events.

Notwithstanding these material weaknesses in internal control over financial

reporting, the Company has concluded that, based on its knowledge, the consolidated financial statements, and other financial information

included in its Annual Reports on Form 10-K for the fiscal year ended December 31, 2019 present fairly, in all material respects the

Company’s financial condition, results of operations and cash flows for the periods presented in conformity with accounting principles

generally accepted in the United States.

However, on March 31, 2021, the Company issued a Form 8-K where it disclosed that it determined

that the Company’s previously issued consolidated financial statements as of and for the years ended December 31, 2019, and the

unaudited consolidated financial statements as of and for each of the interim quarterly periods ended September 30, 2019, March 31, 2020,

June 30, 2020 and September 30, 2020 (collectively, the “Prior Period Financial Statements”), should no longer be relied

upon due to material errors contained in those financial statements.

the fiscal years ended December 31, 2019 and 2020 and the subsequent interim period through August 24, 2021, neither the Company nor

1 unchanged sentence

(i) the application of accounting principles to a specific transaction, either

completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a

written report nor oral advice was provided to the Company that Withum concluded was an important factor considered by the Company in

4 unchanged sentences

of Item 304(a)(1)(v) of Regulation S-K.

Company provided Eisner with a copy of its Form 8-K prior to its filing with the Securities and Exchange Commission (“SEC”)

and requested that Eisner furnish the Company with a letter addressed to the SEC stating whether or not Eisner agrees with the above

A copy of the letter from Eisner dated August 31, 2021 is filed with its Form 8-K.

with the decision to dismiss Eisner as the Company’s independent registered public accounting firm, the Company’s Audit Committee

and the Board of Directors approved the engagement of Withum as the Company’s new independent registered public accounting firm

to audit the Company’s financial statements fiscal year 2019 and 2020.

with the decision to dismiss Eisner as the Company’s independent registered public accounting firm, the Company’s Audit Committee

and the Board of Directors approved the engagement of Withum as the Company’s new independent registered public accounting firm

to audit the Company’s financial statements for the fiscal years ended December 31, 2021, 2020 and 2019.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data