The restatement confirms deeper financial distress and no near-term revenue catalyst. The company is reliant on shareholder loans and has a working capital deficit of $4.33M. Monitor for potential debt restructuring, equity dilution, or further going-concern disclosures. Any financing event is likely to be highly dilutive given the current debt load.
Price Chart
Executive Summary
NEXT-ChemX Corporation filed an amended 10-K for FY2024, restating financial statements with a net loss of $2,282,812, zero revenue, and an accumulated deficit of $8.79M. The restatement includes a $523,102 write-off of uncollectable receivables, reclassification of loans, and correction of preferred stock subscriptions. The auditor issued a going-concern opinion, and the company remains dependent on shareholder loans with no near-term revenue path.
Key Facts
- Net loss of $2,282,812 for FY2024 (restated), compared to $2,511,013 in FY2023
- Zero revenue for both FY2024 and FY2023
- Accumulated deficit of $8,794,922 as of December 31, 2024
- Working capital deficit of $4,334,788
- Total liabilities of $6,140,703 vs total assets of $2,770,381
- Restatement adjustments totaling $468,486, including write-off of $523,102 in uncollectable receivables
- Going-concern opinion from auditor Fruci & Associates II PLLC
- Auditor changed from BF Borgers (banned by SEC) to Fruci & Associates in May 2024
- Company has no revenues and is funded entirely by shareholder loans and convertible notes
- Ongoing litigation related to disputed share transfer and hostile takeover attempt
Financial Impact
Restatement reduced net income by $468,486, primarily from a $523,102 write-off of uncollectable receivables and a $38,549 correction for additional share issuance. Total debt stands at $6.14M with no revenue.
Risk Factors
- Going-concern risk is substantial with no revenue and negative working capital
- Restatement may trigger securities litigation or SEC scrutiny
- Heavy debt burden ($6.14M) limits ability to raise new capital
- Technology commercialization remains in early pilot stage with uncertain timeline
- Litigation over disputed share transfer could further destabilize ownership
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-K/A Filing (Primary) | 0001493152-26-041187 |
| Exhibit: ex31-2.htm | 0001493152-26-041187 |
| Exhibit: ex31-1.htm | 0001493152-26-041187 |
| Exhibit: ex32-1.htm | 0001493152-26-041187 |
| Document: 0001493152-26-041187-index-headers.html | 0001493152-26-041187 |
| Document: 0001493152-26-041187-index.html | 0001493152-26-041187 |
| Document: 0001493152-26-041187.txt | 0001493152-26-041187 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 7w ago | 10-K/A | $0.001400 $0.0100 | ▼ −614.29% | ▼ −614.19% | $0.010000 (−614.29%) |
Jul 22, 2026 13w ago | 8-K | $0.000500 $0.001400 | ▼ −180.00% | ▼ −177.10% | $0.010000 (−1900.00%) |
May 8, 2026 24w ago | 8-K | $0.0111 $0.0111 | · 0.00% | ▼ −0.02% | $0.010000 (−9.91%) |
Apr 20, 2026 27w ago | 8-K | $0.0111 $0.0111 | · 0.00% | ▼ −4.20% | $0.010000 (−9.91%) |
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