Nukkleus Inc. Financial Statements Not Reliable

TL;DR

NUKK's old financials are toast, don't trust 'em.

AI Summary

Nukkleus Inc. is filing an 8-K to report that its previously issued financial statements for the fiscal year ended December 31, 2024, should not be relied upon. This non-reliance is due to potential errors or restatements that will be addressed in future filings. The company, formerly known as Brilliant Acquisition Corp, is incorporated in Delaware and headquartered in Jersey City, NJ.

Why It Matters

Investors should be aware that past financial reporting may be inaccurate, requiring careful review of future restatements.

Risk Assessment

Risk Level: medium — Non-reliance on financial statements indicates potential accounting issues that could impact the company's valuation and investor confidence.

Key Players & Entities

• Nukkleus Inc. (company) — Registrant
• December 31, 2024 (date) — Fiscal year end for unreliable financial statements
• Brilliant Acquisition Corp (company) — Former company name
• Delaware (jurisdiction) — State of incorporation
• Jersey City, NJ (location) — Business address

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share NUKK The Nasdaq
• $92.00 — sable for one Share of Common Stock for $92.00 per share NUKKW The Nasdaq Stock Ma

Filing Documents

• ea0226927-8k_nukkleus.htm (8-K) — 34KB
• 0001213900-25-001731.txt ( ) — 248KB
• nukk-20241231.xsd (EX-101.SCH) — 4KB
• nukk-20241231_def.xml (EX-101.DEF) — 26KB
• nukk-20241231_lab.xml (EX-101.LAB) — 36KB
• nukk-20241231_pre.xml (EX-101.PRE) — 25KB
• ea0226927-8k_nukkleus_htm.xml (XML) — 6KB

02 Non-Reliance on Previously Issued Financial Statements

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review On December 31, 2024, the Audit Committee of the Board of Directors of Nukkleus Inc. (f/k/a Brilliant Acquisition Corp. ("Brilliant")) (the "Company") in consultation with management of the Company concluded that the Company's previously issued unaudited condensed financial statements for the quarterly periods ended December 31, 2023, March 31, 2024, and June 30, 2024 (the "Prior Quarterly Filings"), should no longer be relied upon due to errors identified in the financial statements. During the preparation of the Company's annual report on Form 10-K for the fiscal year ended September 30, 2024, it was discovered that: significant costs incurred by Nukkleus Inc. ("Old Nukk"), which became a wholly subsidiary of the Company as result of the business combination contemplated by the Amended and Restated Agreement and Plan of Merger dated November 1, 2023 (the "Business Combination") and paid or payable to SPAC-related advisors at closing of the Business Combination were recorded as operating expenses during the quarter ended March 31, 2024 instead of properly accrued for or and reflected as a reduction to the Company's Additional Paid-in Capital at the time of closing of the Business Combination during the quarter ended December 31, 2023. significant costs incurred by Brilliant and paid to SPAC-related advisors by Old Nukk during the quarter ended December 31, 2023 were not properly accrued for on Brilliant's closing balance sheet and therefore were improperly recorded as an expense of Old Nukk instead of as a reduction to the Company's Additional Paid-in Capital as part of the reverse recapitalization. interest expense owed to a shareholder was accrued using an annual interest rate during the quarter ended June 30, 2024 instead of a monthly rate the related party loan payable requires. Losses on extinguishment of related party obligations tha

View Full Filing

View this 8-K filing on SEC EDGAR