Nukkleus restates Q1-Q3 FY2024; SPAC cost misclassification and interest rate errors

T3 Defense Inc.

Audit committee concludes prior unaudited quarterly statements (Dec 2023, Mar 2024, Jun 2024) should not be relied upon.
SPAC-related advisor costs were misclassified as operating expenses instead of reduction to Additional Paid-in Capital, overstating net loss.
Interest on related-party loan accrued at annual instead of monthly rate, understating net loss for Q3 FY2024.
Losses on extinguishment of related-party obligations misclassified as increasing accumulated deficit instead of reducing APIC.
Company will file amended 10-Qs and expects restatements to materially impact previously reported results.

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

T3 Defense Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

0, 2024 (the “Prior Quarterly Filings”), should no longer be relied upon due to errors identified in the financial statements.

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Source: SEC EDGAR

accession 0001213900-25-001731

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