Mill City Ventures III to restate 2022 financials after $640k bonus error; material weakness cited

SUI Group Holdings Ltd.

Auditor Boulay PLLP advised that Dec 31, 2022 financials are unreliable due to failure to accrue $640k in cash bonuses.
Restatement will increase payroll by $400k and director fees by $240k, decreasing net assets by $470,779.
Net asset value per common share will decrease by $0.08 per the correction.
Company identified a material weakness in internal controls over accruing compensation.
Amended 10-K expected to be filed by May 22, 2023.

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