secwatch.observer — SEC 8-K summary
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Issuer:     Algorhythm Holdings, Inc. (RIME)
CIK:        0000923601
Form:       8-K/A
Filed at:   2025-10-03T23:59:59+00:00
Accession:  0001493152-25-016908
Event type: m_and_a
Sentiment:  negative
Materiality: 0.75
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Algorhythm acquires 99.99% of SMCB; acquired entity has going concern doubts
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- SMCB reported net loss of $890K for FY ended March 2025, revenue $2.653M, gross loss $28K.
- Audited statement reveals accumulated deficit of $1.445M, working capital deficit of $1.351M.
- Independent auditor notes substantial doubt about SMCB's ability to continue as a going concern.
- SMCB has $1.64M related party note payable; total liabilities $2.626M exceed assets $1.195M.
- Acquisition closed May 2, 2025; SemiCab Holdings (80% owned by Algorhythm) now holds 99.99%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/923601/000149315225016908/0001493152-25-016908-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/923601/000149315225016908/form8-ka.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-016908

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