---
schema_version: "secwatch.filing_event.v1"
accession: "0001139020-25-000225"
form_type: "8-K"
ticker: null
cik: "0000772263"
company_name: "NITCHES INC"
filed_at: "2025-07-15T23:59:59+00:00"
generated_at: "2026-05-18T06:34:32.643537+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Nitches restates FY2023 financials due to errors in non-cash interest and derivatives

## Summary
- Board determined FY2023 annual and certain quarterly financial statements are no longer reliable due to material misstatements.
- Errors identified in treatment of non-cash interest, changes in derivative liabilities, and valuation of stock issuances.
- Restated financials to be filed as amendments to 10-K for FY2023 and affected 10-Qs as soon as practicable.
- Newly appointed auditor RBSM LLP will finalize audit of the restated periods.
- Investors advised not to rely on the prior financial statements until restatements are completed and filed.

## SEC filing metadata
- accession: 0001139020-25-000225
- form_type: 8-K
- cik: 0000772263
- company_name: NITCHES INC
- filed_at: 2025-07-15T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/772263/000113902025000225/0001139020-25-000225-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/772263/000113902025000225/nich-20250710.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001139020-25-000225
- JSON: https://secwatch.observer/filing/0001139020-25-000225.json
- Plain text: https://secwatch.observer/filing/0001139020-25-000225.txt

## Key facts
- Auditor Changes
  NITCHES INC reported that prior financial statements should not be relied upon.
  - Action: non reliance
  - Auditor: RBSM LLP
  source text: (the “Company”) concluded, after discussion with management and its Independent Registered Public Accounting Firm, RBSM LLP, that the financial statements of the Company for the fiscal year ended August 31, 2023, including, potentially, certain quarterly reports filed for that year (collectively, the “Prior Financial Statements”), may no longer be able to be relied upon. The determination was based on the discovery of certain errors in the treatment of non-cash interest, changes in derivative liabilities and valuation of stock issuances, which management believes may have resulted in material misstatements in those periods. Accordingly, the Company has directed management to restate the Prior Financial Statements to correct the errors described above. The restated financial statements are expected to be filed as an amendment to the Company’s Annual Reports on Form 10-K for the year ended
  evidence_url: https://www.sec.gov/Archives/edgar/data/772263/000113902025000225/0001139020-25-000225-index.htm

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