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SDR Drone, Inc. (SDCO) disclosed that its previously issued consolidated financial statements for the years ended December 31, 2025 and 2024, and certain related interim periods, along with the associated audit reports, should no longer be relied upon. The company identified material errors primarily involving accounting for convertible notes payable, accrued interest and derivative liabilities, as well as revenue recognition, receivables, related-party cash, credit losses and various accruals for 2024.
The restatements increased net loss by $1,569,224 for 2025 and $826,206 for 2024, raising accumulated deficits to $5,315,165 and $3,922,221, respectively. SDR Drone reports that its disclosure controls and internal control over financial reporting were not effective as of December 31, 2025 due to material weaknesses, including lack of adequate accounting personnel and no independent audit committee. An Audit Committee was formed in June 2026 and is evaluating remediation measures.
SDR Drone, Inc. (SDCO) filed its June 30, 2026 quarterly report showing it remains a pre‑revenue company with a small balance sheet and significant financing risk. Cash was only $1,036 and total assets were $1,036, against $255,765 in current liabilities, leaving a stockholders’ deficit of $254,729. The company reported a net loss of $142,657 for the quarter and $416,153 for the first six months of 2026, with no revenue after discontinuing its former advertising subsidiary in 2025.
During the quarter a June 9, 2026 change of control transferred 100,000 Series A preferred shares and 50,000,000 common shares to EQUORIX LLC, which now holds voting control and about 75.55% of the common stock. Management determined the company ceased to be a shell at that date. In connection with this, SDR Drone acquired a portfolio of Korean drone‑related intellectual property from related parties, recorded at nil carrying value, and licensed it back for Korean use while planning U.S. and allied‑market commercialization.
The company relies heavily on convertible notes and derivative‑linked financing. A derivative liability of $71,228 and multiple deep‑discount conversion features reflect substantial potential dilution. A new related‑party EQUORIX note and a February 2026 third‑party note provide limited additional capacity, but management discloses substantial doubt about its ability to continue as a going concern and identifies material weaknesses in internal controls due to small staff and related‑party dominance.