---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-034684"
form_type: "8-K"
ticker: "HOVR"
cik: "0001930021"
company_name: "New Horizon Aircraft Ltd."
filed_at: "2024-04-22T23:59:59+00:00"
generated_at: "2026-06-03T14:33:39.141334+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# New Horizon Aircraft restates FY2023 financials; prior statements no longer reliable

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-24-034684
- form_type: 8-K
- ticker: HOVR
- cik: 0001930021
- company_name: New Horizon Aircraft Ltd.
- filed_at: 2024-04-22T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 4.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1930021/000121390024034684/0001213900-24-034684-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1930021/000121390024034684/ea0204342-8k_newhoriz.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-034684
- JSON: https://secwatch.observer/filing/0001213900-24-034684.json
- Plain text: https://secwatch.observer/filing/0001213900-24-034684.txt

## Key facts
- Auditor Changes
  New Horizon Aircraft Ltd. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1930021/000121390024034684/0001213900-24-034684-index.htm

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