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Document and Entity Information - shares | 3 Months Ended |
--- | --- | ---
Dec. 31, 2018 | Feb. 10, 2019
Document And Entity Information |  |
Entity Registrant Name | Level Brands, Inc. |
Entity Central Index Key | 0001644903 |
Document Type | 10-Q/A |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | true |
Amendment Description | This Amendment No. 1 to Form 10-Q, or this Amendment, amends the Quarterly Report on Form 10-Q for the three months ended December 31, 2018 we originally filed with the Securities and Exchange Commission, or the Commission, on February 14, 2019, or the Original Filing, in connection with our failure to give effect to the phase in of FASB ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”) in the financial statements included in the Original Filing. All amendments and restatements to the financial statements are non-cash in nature. Restatement As further discussed in Note 18 to our unaudited condensed consolidated financial statements in Part I, Item 1, “Financial Statements” of this Amendment, on April 12, 2019, we concluded that we would restate our previously issued consolidated financial statements as of and for the three months ended December 31, 2018, as set forth in the Original Filing in connection with our failure to give effect to the phase in of ASU 2016-01 in the financial statements included in the Original Filing. Disclosure Controls and Procedures Management has reassessed its evaluation of the effectiveness of the design and operation of its disclosure controls and procedures as of December 31, 2018. As a result of that reassessment, management has concluded that we did not maintain effective disclosure controls and procedures due to the material weakness in internal control over financial reporting which existed at that date. For a description of the material weakness in internal control over financial reporting and actions taken, and to be taken, to address the material weakness, see Part 1, Item 4 “Controls and Procedures” of this Amendment. Amendment The purpose of this Amendment is to restate our previously issued unaudited condensed consolidated financial statements and related disclosures as of and for the three months ended December 31, 2018 in connection with the application of ASU 2016-01. This Amendment also includes (a) an amended Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to reflect the correction of the error described above, and (b) an amended Part I, Item 4 “Controls and Procedures” to restate the conclusion on the effectiveness of disclosure controls and procedures. Disclosure controls and procedures were deemed effective in the Original Filing on February 14, 2019 and are deemed ineffective as a result of the material weakness described in Part I, Item 4 “Controls and Procedures” of this Amendment. Except as expressly set forth herein, including in the notes to the unaudited condensed consolidated financial statements, this Amendment does not reflect events occurring after the date of the Original Filing or modify or update any of the other disclosures contained therein in any way other than as required to reflect the amendment discussed above. Accordingly, this Amendment should be read in conjunction with the Original Filing and our other filings with the Commission. Information not affected by the restatement is unchanged and reflects disclosures made at the time of the filing of the Original Filing. Items Amended in this Filing For reasons discussed above, we are filing this Amendment in order to amend the following items in our Original Filing to the extent necessary to reflect the adjustments discussed above and make corresponding revisions to our financial data cited elsewhere in this Amendment in connection with the application of ASU 2016-01 in this Amendment that was not previously applied: · Part I, Item 1. Financial Statements · Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations · Part I, Item 4. Controls and Procedures In accordance with applicable Commission rules, this Amendment includes new certifications required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, from our Chief Executive Officer and Chief Financial Officer dated as of the date of filing of this Amendment. |
Current Fiscal Year End Date | --09-30 |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Small Business | true |
Entity Common Stock, Shares Outstanding |  | 10,170,356
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2019 |

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