Kinetic Seas Incorporated

KSEZ: NT 10-Q · late filing

Kinetic Seas Incorporated filed a Form 12b-25 (NT 10-Q) on August 14, 2026, notifying the SEC that it could not timely file its Form 10-Q for the quarterly period ended June 30, 2026. The delay stems from an unresolved revenue-recognition accounting question tied to an investment held by the Company. Management needs financial information and supporting documentation from the unnamed investee, and certain information was not available in time to complete the financial statements and related disclosures without unreasonable effort or expense. CEO Edward Honour said the Company is working to finalize the accounting treatment and expects to file the Form 10-Q within the extension period permitted under Rule 12b-25. Notably, the Company checked the box anticipating a significant change in results of operations versus the year-ago period, referencing the same accounting analysis — a detail investors should scrutinize when the 10-Q actually lands.

SEC NT 10-Q•2mo ago

KSEZ: 8-K · debt financing

Kinetic Seas Inc. entered into a Securities Purchase Agreement with CFI Capital LLC to issue a 6% Convertible Redeemable Note with a principal amount of $210,000. The note includes an original issue discount of $21,000, resulting in gross proceeds of $189,000, and is set to mature on July 8, 2027. Interest on the note is payable in the company's common stock. The note is convertible into common stock at a price equal to 60% of the lowest trading price during the 20 trading days preceding the conversion notice. To facilitate this, the company has agreed to reserve 49,857,550 shares of common stock for issuance upon conversion. The agreement also includes provisions for redemption by the company at premiums ranging from 105% to 140% of the outstanding principal.

SEC 8-K•2mo ago

KSEZ: 10-Q · periodic report

Kinetic Seas reported total revenue of $545,645 for the three months ended March 31, 2026, a significant increase from $67,871 in the prior-year period. This growth was primarily driven by $519,750 in product sales revenue recognized from the satisfaction of performance obligations associated with previously deferred customer contracts. Despite the revenue increase, the company incurred a net loss of $1,375,608 for the quarter, widening from a net loss of $223,891 in the comparable prior-year period. The financial statements include a going-concern warning, stating there is substantial doubt about the company's ability to continue as a going concern within one year due to a working capital deficit of approximately $2.03 million and an accumulated deficit of $7.63 million. The company's operations remain heavily reliant on external financing, with notes payable increasing to $602,564 during the quarter. Kinetic Seas continues to issue common stock for services, debt settlement, and financing fees, resulting in a total of 57,145,926 shares outstanding as of March 31, 2026.

SEC 10-Q•4mo ago

KSEZ: 10-K · periodic report

Kinetic Seas Inc. reported a net loss of $1.24 million for the fiscal year ended December 31, 2025, driven by $1.55 million in operating expenses against $417,768 in revenue. The company generated $71,268 in consulting revenue and $346,500 in product sales, primarily from a licensing agreement with Sagtec Global Limited for its Skilliks AI platform. The auditor issued a going-concern opinion, citing recurring losses and a net capital deficiency that raise substantial doubt about the company's ability to continue operations. As of year-end, Kinetic Seas held only $7,767 in cash but carried over $10 million in deferred revenue liabilities, indicating significant future performance obligations or potential refund risks. The company remains heavily dependent on equity financing and stock-based compensation, which totaled $2.39 million in 2025. With a market cap under $3 million and thin OTC trading liquidity, the filing highlights severe liquidity constraints and execution risks in its early-stage AI business model.

SEC 10-K•4mo ago

KSEZ: NT 10-Q · late filing

Kinetic Seas Incorporated filed a Form 12b-25 notification on May 14, 2026, requesting an extension to file its Form 10-Q for the quarter ended March 31, 2026. The company cited the need for additional time to complete and finalize financial statements and related disclosures. The delay is primarily due to the transition to a new independent registered public accounting firm. The new firm requires time to obtain, review, and reconcile historical financial information and supporting documentation from the company’s prior accounting firm. This inability to file on time signals potential accounting complexities or internal control issues. The company expects to file the 10-Q within the extension period permitted under Rule 12b-25, but the reliance on a new auditor for historical data reconciliation is a risk factor for investors.

SEC NT 10-Q•5mo ago