OTC: NRDE
Stark Novus Financial Inc.CIK 0001759546 · SIC 3711 · Motor Vehicles & Passenger Car Bodies
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Stark Novus Financial files to sell up to 50.2M shares in at-the-market offering; terms not set
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Latest financial statements
From 10-Q filed Aug 14, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands except for per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Operating expense (income): | ||||
| Selling, general and administrative expenses | 1,550 | 1,683 | 3,051 | 3,621 |
| Legal settlement and litigation benefit, net | — | (1,326) | (779) | (1,498) |
| Total operating expense, net | 1,550 | 357 | 2,272 | 2,123 |
| Loss from operations | (1,550) | (357) | (2,272) | (2,123) |
| Other (expense) income: | ||||
| Other expense, net | (49) | (37) | (68) | (68) |
| Realized gain on debt securities available for sale | — | 696 | — | 925 |
| Investment and interest income | 539 | 440 | 1,172 | 797 |
| (Loss) income before income taxes | (1,060) | 742 | (1,168) | (469) |
| Income tax expense (benefit) | — | — | — | — |
| Net (loss) income | (1,060) | 742 | (1,168) | (469) |
| Less accrued preferred stock dividend | 782 | 723 | 1,550 | 1,432 |
| Net (loss) income attributable to common shareholders | (1,842) | 19 | (2,718) | (1,901) |
| Net (loss) income per share attributable to common shareholders | ||||
| Basic | (0.11) | 0.00 | (0.17) | (0.12) |
| Diluted | (0.11) | (0.00) | (0.17) | (0.12) |
| Weighted-average number of common shares outstanding | ||||
| Basic | 16,096 | 16,096 | 16,096 | 16,096 |
| Diluted | 16,096 | 17,528 | 16,096 | 16,096 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands except for per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 21,525 | 34,439 |
| Short-term investments | 7,373 | 4,722 |
| Short-term investments, restricted | 2,619 | 5,100 |
| Prepaid insurance | 252 | 317 |
| Other current assets | 390 | 176 |
| Total current assets | 32,159 | 44,754 |
| Loans receivable | 11,595 | 2,215 |
| Total assets | 43,754 | 46,969 |
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 47 | 464 |
| Accrued legal and professional fees | 697 | 401 |
| Accrued expenses and other current liabilities | 55 | 126 |
| Total current liabilities | 799 | 991 |
| Liabilities subject to compromise | 2,603 | 5,004 |
| Total liabilities | 3,402 | 5,995 |
| Commitments and contingencies (Note 7) | ||
| Mezzanine equity | ||
| Series A Convertible Preferred stock, $0.0001 par value, 12,000,000 shares authorized; 300,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025 | 39,928 | 38,378 |
| Stockholders’ equity | ||
| Class A common stock, $0.0001 par value, 450,000,000 shares authorized; 16,211,365 and 16,211,365 shares issued as of June 30, 2026 and December 31, 2025, respectively, 16,096,296 and 16,096,296 shares outstanding as of June 30, 2026 and December 31, 2025, respectively | 24 | 24 |
| Additional paid in capital | 1,180,833 | 1,182,014 |
| Accumulated other comprehensive loss | (231) | (408) |
| Accumulated deficit | (1,180,202) | (1,179,034) |
| Total stockholders’ equity | 424 | 2,596 |
| Total liabilities, mezzanine equity and stockholders’ equity | 43,754 | 46,969 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Net loss | (1,168) | (469) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation | 369 | 216 |
| Realized gain on debt securities available for sale | — | (925) |
| Accretion of investment income | — | (104) |
| Change in operating assets and liabilities: | ||
| Prepaid insurance and other assets | (149) | (124) |
| Accounts payable | (417) | (25) |
| Accrued legal and professional fees | 296 | (167) |
| Accrued expenses and other current liabilities and liabilities subject to compromise | (2,465) | (2,382) |
| Net cash used in operating activities | (3,534) | (3,980) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchase of short-term investments | — | (19,589) |
| Maturities of short-term investments | — | 30,000 |
| Issuance of loans receivable | (9,380) | — |
| Net cash (used in) provided by investing activities | (9,380) | 10,411 |
| Cash and cash equivalents, and restricted cash: | ||
| Net (decrease) increase during the period | (12,914) | 6,431 |
| Balance, beginning of period | 34,439 | 23,095 |
| Balance, end of period | 21,525 | 29,526 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands except for per share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗