Get notified when EQS files again. Create a free account and we'll email you the moment its next filing is analyzed.

Get filing alerts

Red Flags Detected

  • Going Concern (new) — Substantial doubt disclosed about ability to continue operations; operating cash and cash on hand insufficient for next 12 months without portfolio sales or external financing.
  • Debt Default (new) — $2M convertible note matured unpaid on February 7, 2026; no default notice received yet but represents missed payment obligation.
  • Material Weakness (worsened) — Second material weakness identified in 2025 for complex accounting transactions including warrants, in addition to continuing portfolio valuation weakness from 2024.
NYSE: EQS EQUUS TOTAL RETURN, INC. 10-K

Equus NAV plunges 45% to $1.19/share; new debt defaults, going concern warning

Filed April 17, 2026 · Period ending December 31, 2025 · Compared to 10-K Apr 10, 2025 · ~2 min read

Key Changes

  • high

    Net asset value collapsed from $2.17 to $1.19 per share (down 45%) driven by $13M Morgan E&P impairment, $4.3M Equus Energy sale loss, and $2.8M NAEOC write-off. Two-year cumulative NAV decline now 66%.

    Notes: NAV decline view on EDGAR →
  • high

    Company disclosed substantial doubt about ability to continue as going concern; $2M convertible note matured unpaid February 2026 with no default notice yet received. Operating cash insufficient for next 12 months.

    Notes: Going concern & debt default view on EDGAR →
  • high

    Two material weaknesses in internal controls: new 2025 weakness for complex accounting (warrants) plus continuing portfolio valuation weakness. 2025 filing removed prior assurance that valuation weakness caused no material misstatement.

    Controls: Material weaknesses verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

Read 3 full reports/month free No card required. Takes 30 seconds.

Want to see a complete report first? Today's free report (CAG 10-K) is open in full — no account needed.

Partner

Trade EQS commission-free

Open an account, get a free stock.

Sign up

Investing involves risk. Free stock terms apply.

Was this report useful?
View original filing on SEC.gov View full financials on EDGAR ↗

Source-verified from EDGAR · Narrative written by AI · Jun 2, 2026 · How we verify