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Get filing alertsRed Flags Detected
- Material Weakness (worsened) — Company now discloses two material weaknesses (technical accounting and portfolio valuation) versus one in the prior period.
Equus NAV jumps 26% on oil spike, but control weaknesses worsen and $2M note overdue
Filed May 20, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 19, 2025 · ~1 min read
Key Changes
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NAV surged 26% to $1.50/share in Q1 2026 as oil hit $101/barrel due to Iran conflict, driving $5M gain in Morgan E&P holding. However, NAV remains 40% below year-ago levels ($2.52 in Q1 2025).
MD&A: Portfolio Valuation verify on EDGAR → -
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Company now reports two material weaknesses in financial controls: the prior portfolio valuation deficiency persists, and a new weakness in applying technical accounting to complex transactions was identified.
Controls & Procedures verify on EDGAR → -
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$2M convertible note issued February 2025 matured February 2026 and remains unpaid as of filing date, indicating potential liquidity stress.
MD&A: Subsequent Events 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.
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Source-verified from EDGAR · Narrative written by AI · May 25, 2026 · How we verify