Specificity (SPTY) delays 10-Q; identifies ~$121K liability understatement
Rhea-AI Filing Summary
Specificity, Inc. notified the SEC it cannot timely file its Form 10-Q for the period ended March 31, 2026. The company says unanticipated delays arose from adjustments to prior-year financials after opening three new bank accounts and a corporate credit card late in December 2025.
The company's preliminary analysis identifies an understatement of cash of approximately $200, an understatement of current liabilities of approximately $121,000 (including ~$100,000 in convertible debt and ~$21,000 in corporate credit card debt), an understatement of expenses of approximately $81,000, and an overstatement of equity of approximately $40,000. The company needs additional time to finalize its analysis and prepare adjustments to the opening balance sheet as of December 31, 2025.
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Insights
Late 10-Q due to bookkeeping and opening-balance adjustments from new banking relationships.
The filing states the company opened three bank accounts and a corporate credit card in December 2025 and failed to obtain statements, producing preliminary misstatements: cash $200, liabilities $121,000, expenses $81,000, equity $40,000.
Final adjustments will change the opening balance sheet as of December 31, 2025. Timing and cash-flow treatment are not provided in the excerpt; subsequent periodic filings should disclose corrected balances and the exact adjustments made.
Key Figures
Key Terms
Rule 12b-25 regulatory
Form 10-Q regulatory
convertible debt financial
Strata Agreement legal
FAQ
Why did Specificity, Inc. (SPTY) file a Form 12b-25 for its 10-Q?
What misstatements did Specificity, Inc. disclose in the notification?
Does the notification say when Specificity will file the completed 10-Q?
Are the misstatements material to Specificity's financials?
Who signed the Form 12b-25 for Specificity, Inc.?
AI-generated analysis. How Rhea-AI works. Not financial advice.