The amendment itself is immaterial, but the underlying FY2025 filing reveals a liquidity cliff: the Corbel loan ($5.47M) is due June 30, 2026, against only $534K cash. Watch for the outcome of the $7M-$8M refinancing effort disclosed in subsequent events — failure to close would trigger default risk.
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Executive Summary
Noble Romans filed this 10-K/A solely to correct a clerical error in the audit report date (from May 29, 2026 to June 5, 2026). No financial statements, auditor opinion, or any other disclosures were changed. The underlying FY2025 results show a turnaround to net income of $1.17M vs a $3K loss in FY2024, with revenue up 8.7% to $16.5M, but the company faces a near-term liquidity crunch with the Corbel loan reclassified as current ($5.47M due June 2026) and cash declining to $534K.
Key Facts
- Amendment corrects only the audit report date from May 29, 2026 to June 5, 2026 — no financial restatement
- FY2025 net income of $1,173,224 vs FY2024 net loss of $3,174
- FY2025 total revenue of $16,461,459 vs $15,149,600 in FY2024 (up 8.7%)
- Cash declined to $533,670 at Dec 31, 2025 from $710,227 at Dec 31, 2024
- Corbel loan of $5,470,824 reclassified as current liability (maturity June 30, 2026)
- Company pursuing $7M-$8M replacement financing to repay Corbel, sub debt, and repurchase warrants
- Auditor changed to Stephano Slack LLC for FY2025; Sassetti LLC audited FY2024
- No material pending litigation per Note 12
Financial Impact
No financial impact — amendment is purely clerical
Risk Factors
- Refinancing risk — company must secure $7M-$8M replacement loan by June 30, 2026 to avoid Corbel default
- Cash burn — operating cash flow of $1.24M in FY2025 insufficient to cover $1.28M in debt principal payments
- Dilution risk — 8.7M dilutive shares from options/warrants and $575K convertible notes at $0.50/share
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-K/A Filing (Primary) | 0001654954-26-008984 |
| Document: 0001654954-26-008984-index-headers.html | 0001654954-26-008984 |
| Document: 0001654954-26-008984-index.html | 0001654954-26-008984 |
| Document: 0001654954-26-008984.txt | 0001654954-26-008984 |
US Market Status
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