Norris Industries, Inc. (NRIS): auditor change — Norris Industries: BDO says FY2025, FY2024 financials should not be relied upon due to preferred stock accounting error

Norris Industries, Inc.

BDO concluded Series A Convertible Preferred Stock was incorrectly classified in permanent equity; error is material.
BDO advises that previously issued financial statements for FY ending Feb 28, 2025, and Feb 29, 2024, should no longer be relied upon.
Board is evaluating the matter; has not yet determined that restatement is required or that financials are unreliable.
Preferred Stock has been cancelled and contributed to capital, but the accounting classification evaluation continues.
Company to engage independent accounting advisory firm and provide both BDO's and management's views to any new auditor.

item 4.02 item 9.01

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

Norris Industries, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: BDO USA, P.C.

Exact text from the filing

and communicated that BDO concluded that the Company’s historical accounting treatment was incorrect. BDO further stated that the Company’s previously issued financial statements for the fiscal years ended February 28, 2025 and February 29, 2024, should no longer be relied upon.

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Source: SEC EDGAR

accession 0001493152-26-007342

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