---
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"
generated_at: "2026-05-28T02:30:53.612829+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 4.02
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-003402
- JSON: https://secwatch.observer/filing/0001213900-25-003402.json
- Plain text: https://secwatch.observer/filing/0001213900-25-003402.txt

## Key facts
- Auditor Changes
  PRINCETON CAPITAL CORP reported that prior financial statements should not be relied upon.
  - Action: non reliance
  - Auditor: WithumSmith&Brown, PC
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/845385/000121390025003402/0001213900-25-003402-index.htm

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