The company now lacks a PCAOB-registered auditor, which may delay or prevent the filing of required periodic reports (10-K, 10-Q) and could lead to OTC Markets delinquency or SEC enforcement. Monitor for the appointment of a new auditor and any subsequent late filing notices (NT 10-K/Q).
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Executive Summary
Basanite, Inc. terminated its independent auditor, Hudgens CPA, PLLC, after discovering the firm had withdrawn from the PCAOB and ceased operations without notifying the company. The company had no communication with Hudgens since November 2025. No disagreements or reportable events were noted for the audited periods.
Key Facts
- Hudgens CPA, PLLC was terminated as auditor on June 2, 2026.
- The company had no contact with Hudgens since November 2025.
- Hudgens withdrew from the PCAOB and ceased operations without notifying the company.
- No disagreements or reportable events existed between the company and Hudgens for fiscal years 2023 and 2024.
- Hudgens' reports on the 2023 and 2024 financials were unqualified.
Financial Impact
Auditor termination without a replacement creates significant uncertainty around the company's financial reporting and ability to file timely audited financial statements.
Risk Factors
- Risk of delinquent SEC filings and potential trading suspension on OTC Markets.
- Risk of going concern or material weakness disclosures in future filings.
- Risk of SEC inquiry or enforcement action for failure to maintain a registered auditor.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001079973-26-000789 |
| Document: 0001079973-26-000789-index-headers.html | 0001079973-26-000789 |
| Document: 0001079973-26-000789-index.html | 0001079973-26-000789 |
| Document: 0001079973-26-000789.txt | 0001079973-26-000789 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 25, 2026 17w ago | 15-12G | $0.0140 $0.0300 | ▼ −114.29% | ▼ −109.54% | $0.0220 (−57.14%) |
Jun 5, 2026 20w ago | 8-K | $0.0130 $0.0200 | ▼ −53.85% | ▼ −50.53% | $0.0220 (−69.23%) |
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