secwatch.observer — SEC 8-K summary
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Issuer:     SUI Group Holdings Ltd. (SUIG)
CIK:        0001425355
Form:       8-K
Filed at:   2023-05-22T23:59:59+00:00
Accession:  0001654954-23-006965
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1425355/000165495423006965/0001654954-23-006965-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1425355/000165495423006965/mcvt_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-006965

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