---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-013865"
form_type: "8-K"
ticker: "AIFC"
cik: "0000862861"
company_name: "AI Financial Corp"
filed_at: "2023-04-21T23:59:59+00:00"
generated_at: "2026-06-16T21:58:30.526309+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# JanOne restates Q2 and Q3 2022 financials due to SPYR note valuation error

## Summary
- Non-reliance on previously issued unaudited Q2 and Q3 2022 financials; initial $11.2M SPYR note carrying value restated to $9.4M.
- Restated values of $9.5M (July 2, 2022) and $9.6M (Oct 1, 2022); net income down ~$1.8M for Q2 2022, net loss down ~$94K for Q3.
- No impact on operating cash flows for any period; restatement discussed with auditors Frazier & Deeter and WSRP.
- Restated quarterly information included in the April 17, 2023 Form 10-K for year ended Dec 31, 2022.

## SEC filing metadata
- accession: 0000950170-23-013865
- form_type: 8-K
- ticker: AIFC
- cik: 0000862861
- company_name: AI Financial Corp
- filed_at: 2023-04-21T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/862861/000095017023013865/0000950170-23-013865-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/862861/000095017023013865/jan-20230417.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-013865
- JSON: https://secwatch.observer/filing/0000950170-23-013865.json
- Plain text: https://secwatch.observer/filing/0000950170-23-013865.txt

## Key facts
- Auditor Changes
  AI Financial Corp reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: On April 17, 2023, JanOne Inc.’s (the “Company”) management and the Audit Committee of the Company’s Board of Directors (the “Audit Committee”) reached a determination that the Company’s previously issued unaudited consolidated financial statements and related disclosures for each of the quarterly periods ended July 2, 2022 and October 1, 2022, should no longer be relied upon because of a material misstatement contained in those two quarterly unaudited condensed consolidated financial statements.
  evidence_url: https://www.sec.gov/Archives/edgar/data/862861/000095017023013865/0000950170-23-013865-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.