---
schema_version: "secwatch.filing_event.v1"
accession: "0001654954-23-006965"
form_type: "8-K"
ticker: "SUIG"
cik: "0001425355"
company_name: "SUI Group Holdings Ltd."
filed_at: "2023-05-22T23:59:59+00:00"
generated_at: "2026-06-14T18:09:37.174271+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001654954-23-006965
- form_type: 8-K
- ticker: SUIG
- cik: 0001425355
- company_name: SUI Group Holdings Ltd.
- filed_at: 2023-05-22T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1425355/000165495423006965/0001654954-23-006965-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1425355/000165495423006965/mcvt_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001654954-23-006965
- JSON: https://secwatch.observer/filing/0001654954-23-006965.json
- Plain text: https://secwatch.observer/filing/0001654954-23-006965.txt

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