Panamera Holdings to restate financial statements over unrecorded employment obligations
PHCI•Panamera Holdings will restate audited fiscal 2022–2025 and unaudited quarterly financial statements through April 30, 2026, after determining unrecorded employment obligations made them unreliable. Preliminary corrections would increase accrued liabilities by $509,000 at July 31, 2025.
1. Statements deemed unreliable
Panamera Holdings said it will restate its audited fiscal 2022–2025 financial statements and unaudited quarterly statements from April 30, 2022, through April 30, 2026, after an October 26, 2026 determination that unrecorded employment obligations made the statements unreliable. The omitted employment agreement also prompted a former vice president’s March 1, 2024 breach-of-contract lawsuit, which was not included in required disclosures.
2. Settlement and adjustments
An August 17, 2026 settlement requires Panamera Holdings to pay $650,000 in installments through August 2027, without admitting liability. Preliminary corrections would increase accrued liabilities by $509,000 as of July 31, 2025; payroll taxes, legal fees and other items remain under evaluation.
