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Olenox Industries Inc. announced on July 31, 2026, that its independent auditors identified material errors in the…
OLOXOlenox Industries Inc.
Olenox Industries Inc. announced on July 31, 2026, that its independent auditors identified material errors in the unaudited condensed consolidated financial statements for the quarters ended March 31, June 30, and September 30, 2025. The error stemmed from an incorrect calculation of the acquisition-date fair value of 4,000,000 Series A Preferred Stock shares issued as consideration in its merger with New Asia Holdings, Inc. Management concluded on August 3, 2026, that these prior financial statements should no longer be relied upon. The correction reduces recorded goodwill and preferred stock equity by $15,769,600 but does not impact net loss, EPS, cash flows, or working capital. The company plans to file amended quarterly reports once reviewed by its auditor. Olenox Industries Inc. operates in the industrial manufacturing sector.