Next Bridge Hydrocarbons, Inc.: auditor change — Next Bridge Hydrocarbons restates FY2023 and periodic 2023-2024 financials due to valuation errors

Next Bridge Hydrocarbons, Inc.

Errors in fair value adjustment of Orogrande oil and gas properties at Dec 2022 spin-off, impairment application, and Wildcat asset sale valuation.
Previously issued audited FY2023 and unaudited quarterly 2023 and 2024 financials should no longer be relied upon.
Company will restate financials, reversing 100% impairment recorded as of Dec 2022 and updating valuation method for Wildcat asset sale.
Restated financials to be filed in 2023 Form 10-K/A and 2024 Form 10-K as soon as practicable.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Next Bridge Hydrocarbons, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

the Company's previously issued audited consolidated financial statements for the fiscal year ended December 31, 2023 and unaudited consolidated financial statements as of and for each of the quarterly periods in 2023 and 2024 (collectively, the "Non-Reliance Periods") should no longer be relied upon

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Source: SEC EDGAR

accession 0001199835-25-000222

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