Panamera Holdings Corp (PHCI) Form 8-K — Oct 26, 2026
Panamera Holdings' Audit Committee concluded on October 26, 2026 that its audited financial statements for fiscal years 2022 through 2025, and unaudited quarterly financials from April 2022 through April 2026, should no longer be relied upon. A formal restatement via amended periodic reports and the FY2025 10-K will follow as soon as practicable. The root cause was an undisclosed February 2022 employment agreement with a former Vice President, providing $250,000 annual salary over three years, that was never recorded or disclosed — and was not shown to the Board. The former VP resigned in February 2024 and sued the company for breach of contract in Texas state court.
Key figures
- Settlement amount
- $650,000 payable in installments through August 2027
- Opex increase fy2022
- $112,000
- Opex increase fy2023
- $250,000
- Opex increase fy2024
- $144,000
- Opex increase fy2025
- $3,000
- Employment agreement salary
- $250,000 annual base salary
- Accrued liability increase fy2022
- $112,000
- Accrued liability increase fy2023
- $362,000
- Accrued liability increase fy2024
- $506,000
- Accrued liability increase fy2025
- $509,000
AI analysis
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