Specificity (SPTY) warns on 2025 results, delays Q1 10-Q amid errors
Rhea-AI Filing Summary
Specificity, Inc. reported that investors should no longer rely on its previously issued financial statements for the year ended December 31, 2025, after identifying accounting errors tied to bank and credit card accounts opened in mid-December 2025.
The company’s preliminary review indicates an approximate understatement of expenses of $83,422, understatement of revenues of $2,500, understatement of liabilities of $121,122, overstatement of additional paid-in capital of $40,000, and understatement of cash of $202. Specificity is preparing an amended Form 10-K/A for 2025 and completing its Form 10-Q for the quarter ended March 31, 2026, which it plans to file as soon as practical following review by its independent registered public accounting firm.
Positive
- None.
Negative
- Non-reliance on 2025 financial statements – The company determined that previously issued financial statements for the year ended December 31, 2025 should not be relied upon due to identified errors and will require a Form 10-K/A restatement.
- Delayed Q1 2026 filing – Completion of the Form 10-Q for the quarter ended March 31, 2026 has been delayed, with a Form 12b-25 filed to notify shareholders and the SEC of the late filing.
Insights
Specificity flags 2025 errors and plans a 10-K restatement.
Specificity, Inc. identified errors in its 2025 annual report, prompting a formal non‑reliance notice. The company attributes the issue to an inadvertent failure to obtain and review bank and credit card statements for accounts opened in mid‑December 2025.
The preliminary corrections involve an understatement of expenses of $83,422, revenues of $2,500, liabilities of $121,122, an overstatement of additional paid‑in capital of $40,000, and an understatement of cash of $202. These adjustments will be reflected in an amended Form 10‑K/A for the year ended December 31, 2025.
The company has also delayed its Form 10‑Q for the quarter ended March 31, 2026 and filed a Form 12b‑25 to notify of the late filing. The board and senior management have discussed the matter with independent auditor CM3 Advisory, and the restatement amounts remain subject to completion of CM3 Advisory’s review.
8-K Event Classification
Key Figures
Key Terms
Non-Reliance on Previously Issued Financial Statements regulatory
Form 12b-25 regulatory
Form 10-K/A regulatory
independent registered public accounting firm financial
additional paid in capital financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
(a) On May 15, 2026, the Company identified certain errors in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. In connection with the identification of these errors, the Company delayed the completion of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and filed a Form 12b-25 (Notice of Late Filing) with the Securities and Exchange Commission to provide notice of such delay to the SEC and its shareholders.
Based upon our current understanding, we believe that the underlying error was due to an inadvertent failure by management to obtain and review certain bank and credit card statements associated with accounts opened in mid-December 2025. Based upon the Company’s preliminary analysis of bank and credit card transactions processed as part of this correction there is an approximate understatement of expenses of $83,422, an understatement of revenues of $2,500, an understatement of liabilities of $121,122, an overstatement of additional paid in capital of $40,000, and an understatement of cash of $202. This correction is isolated to mid-December 2025 when the accounts were opened up and as such the Company believes that these errors have no effect upon the operating results for the quarterly reporting periods during 2025.
The Company is concurrently preparing amendment on Form 10-K/A for the year ended December 31, 2025 and completing its quarterly report on Form 10-Q for the three months ended March 31, 2026. The Company intends to file both financial reports as soon as practical.
The Company’s Board of Directors and senior management has discussed this matter with the Company’s independent registered public accounting firm, CM3 Advisory. The restatement amounts are subject to completion of CM3Advisory review.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Specificity, Inc. | ||
| Date: May 22, 2026 | By: | /s/ Jason Wood |
| Name: | Jason Wood | |
| Title: |
Chairman of the Board of Directors, & Chief Executive Officer (Principal Executive Officer) | |
| Date: May 22, 2026 | By: | /s/ Jason Wood |
| Name: | Jason Wood | |
| Title: | Chief Financial Officer (Principal Financial and Accounting Officer) | |