Princeton Capital restates 2023 financials due to errors in Advantis subsidiary note

PRINCETON CAPITAL CORP

Non-reliance on 2023 audited financial statements after audit committee identified errors in Note 10 for subsidiary Advantis.
Balance sheet errors: $285,425 receivable write-off missed; $373,996 net increase in liabilities omitted, including $477,500 litigation liability.
Income statement errors: Intercompany revenues/gross profit of $1,952,381 not eliminated; net income overstated by $1,952,381 plus net decrease of $659,421.
Advantis net income revised from $3.1M gain to approx $0.5M gain; company's own financials and cash flows unaffected.
Amended Form 10-K/A to be filed 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 0.95

PRINCETON CAPITAL CORP reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: WithumSmith&Brown, PC

Exact text from the filing

On January 8, 2025, the Audit Committee of Princeton Capital Corporation, a Maryland corporation (the “Company”), after discussions with the Company’s management and WithumSmith&Brown, PC (“WithumSmith”), concluded that the Company’s previously issued audited financial statements as of and for the year ended December 31, 2023 (the “Non-Reliance Period”), included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2024 (the “2023 Form 10-K”), should no longer be relied upon and should be restated to properly summarize certain financial information for Advantis Certified Staffing Solutions, Inc.

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Source: SEC EDGAR

accession 0001213900-25-003402

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