New Horizon Aircraft Ltd. (HOVR): auditor change — New Horizon Aircraft restates FY2023 financials; prior statements no longer reliable

New Horizon Aircraft Ltd.

Company reclassified deferred development costs to R&D expenses, prompting restatement of FY2023 financials.
Audit committee determined previously issued FY2023 audited and FY2024 interim statements are unreliable.
Restated FY2023 shows net loss of CAD $1.25M and accumulated deficit of CAD $6.5M; negative working capital CAD $1.24M.
Auditor notes substantial doubt about going concern due to expected continued losses and negative cash flows.

item 4.02 item 8.01 item 9.01

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

New Horizon Aircraft Ltd. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On April 19, 2024, the Audit Committee of the Board of Directors of the Company, concluded that the Company’s previously issued audited financial statements for the year ended May 31, 2023, and unaudited interim financial statements for the period ended August 31, 2023 (collectively, the “Non-Reliance Periods”), as reported in the Company’s Current Report on Form 8-K, filed on January 19, 2024, should no longer be relied upon.

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Source: SEC EDGAR

accession 0001213900-24-034684

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