secwatch.observer — SEC 8-K summary
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Issuer:     American Fusion, Inc. (AMFN)
CIK:        0000096664
Form:       8-K
Filed at:   2026-10-06T21:28:07+00:00
Accession:  0001079973-26-001329
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 3.02, 3.03, 5.03, 4.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

American Fusion auditor JV CPA resigns Oct 1; Series C preferred issued to 12 insiders for $2.88M compensation
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- JV CPA resigned as independent auditor effective Oct 1, 2026, covering the Q3 2026 review and FY2026 audit; prior FY2025/FY2024 opinions cited substantial doubt about going concern.
- Company is engaging MBP Global LLP as successor auditor; client acceptance and countersignature of the engagement letter were still pending as of the Oct 6, 2026 report.
- 12 officers, directors, consultants and advisors swapped $240,000 each of stock-based pay rights ($2.88M total) for 24,000 Series C preferred shares each — up to 288,000 shares, no cash.
- Certificate of Designation filed Oct 2, 2026 for 500,000 Series C preferred shares ($0.001 par); converts 1:1 to common with 30%-per-quarter leak-out and a 4.99% voting cap.
- Series C ranks senior to common on dividends/liquidation; company may repurchase shares for cash at 125% of face value ($12.50/share) until exchange listing or nine months after issue.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/96664/000107997326001329/0001079973-26-001329-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/96664/000107997326001329/amfn_8k.htm
  HTML page:      https://secwatch.observer/filing/0001079973-26-001329

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