secwatch.observer — SEC 8-K summary
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Issuer:     Feel The World, Inc. (—)
CIK:        0001690455
Form:       8-K
Filed at:   2026-09-25T20:28:16+00:00
Accession:  0001079973-26-001283
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

Feel the World (XERO Shoes) to restate 2024-2025 financials after preferred stock misclassification
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- Audit committee concluded on Sept 22, 2026 that audited FY2025 and FY2024 statements and interim Q1 2026/2025 statements should be restated and no longer be relied upon.
- Series A Preferred Stock was misclassified since its Dec 2, 2020 issuance, carried at $368 par instead of accreted redemption value of $20,798,604 at March 31, 2026.
- Senior Preferred Stock issued March 21, 2025 was carried at $50 par rather than net proceeds of $4,859,967; both instruments now reported in temporary equity.
- Management identified a material weakness in internal control over complex equity instruments; restatement had no effect on total assets, revenue, net loss, cash flows or EPS.
- Q1 2026 revenue was $15,983,170 with net income of $472,603, versus a Q1 2025 net loss of $1,712,095; cash fell to $5,598,365 from $10,134,276.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1690455/000107997326001283/0001079973-26-001283-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1690455/000107997326001283/ftw_8k.htm
  HTML page:      https://secwatch.observer/filing/0001079973-26-001283

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