{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-25-003402","form_type":"8-K","ticker":"PIAC","cik":"0000845385","company_name":"PRINCETON CAPITAL CORP","filed_at":"2025-01-14T23:59:59+00:00","discovered_at":"2026-05-14T18:03:06.498094+00:00","generated_at":"2026-05-28T02:30:53.612829+00:00","sec_items":["4.02"],"event_type":"other_material","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Princeton Capital restates 2023 financials due to errors in Advantis subsidiary note","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-25-003402","json":"https://secwatch.observer/filing/0001213900-25-003402.json","markdown":"https://secwatch.observer/filing/0001213900-25-003402.md","text":"https://secwatch.observer/filing/0001213900-25-003402.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/845385/000121390025003402/0001213900-25-003402-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/845385/000121390025003402/ea0227524-8k_princeton.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-28T02:30:53.612829+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"7bb6fb0f4fb9093933d42bfc48862d82ca68495b","claim":"PRINCETON CAPITAL CORP reported that prior financial statements should not be relied upon.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 4.01/4.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/845385/000121390025003402/0001213900-25-003402-index.htm","confidence":0.95,"family_label":"Auditor Changes","details":[{"label":"Action","value":"non reliance"},{"label":"Auditor","value":"WithumSmith&Brown, PC"}]}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}