Horizon Kinetics Withdraws Prior Financial Statements
Ticker: HKHC · Form: 8-K · Filed: Feb 13, 2025 · CIK: 88000
| Field | Detail |
|---|---|
| Company | Horizon Kinetics Holding Corp (HKHC) |
| Form Type | 8-K |
| Filed Date | Feb 13, 2025 |
| Risk Level | high |
| Pages | 7 |
| Reading Time | 8 min |
| Key Dollar Amounts | $0.10 |
| Sentiment | bearish |
Sentiment: bearish
Topics: accounting-restatement, financial-reporting, disclosure
TL;DR
Horizon Kinetics is ditching old financials - big accounting mess incoming.
AI Summary
Horizon Kinetics Holding Corp. announced on February 7, 2025, that it will not rely on previously issued financial statements or any related audit report or interim review. This decision impacts financial reporting for periods prior to the announcement.
Why It Matters
This filing indicates a significant accounting issue that could lead to restatements, impacting investor confidence and potentially the company's stock price.
Risk Assessment
Risk Level: high — The non-reliance on previously issued financial statements suggests potential material weaknesses or errors in accounting, which is a significant risk for investors.
Key Players & Entities
- Horizon Kinetics Holding Corp. (company) — Registrant
- February 07, 2025 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of Incorporation
- 470 Park Ave S. (address) — Principal Executive Offices
- New York (location) — Principal Executive Offices City
- 10016 (zip_code) — Principal Executive Offices Zip Code
- (646) 291-2300 (phone_number) — Registrant's Telephone Number
FAQ
What specific financial periods are affected by the non-reliance on previously issued financial statements?
The filing states that the company will not rely on previously issued financial statements, or any related audit report or completed interim review, implying all prior periods covered by such statements are affected.
What is the primary reason for Horizon Kinetics Holding Corp. not relying on its previous financial statements?
The filing does not specify the exact reason but indicates a general non-reliance on previously issued financial statements, audit reports, or interim reviews.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on February 07, 2025.
What is the Commission File Number for Horizon Kinetics Holding Corp.?
The Commission File Number is 001-13458.
What is the IRS Employer Identification Number for Horizon Kinetics Holding Corp.?
The IRS Employer Identification Number is 84-0920811.
Filing Stats: 2,114 words · 8 min read · ~7 pages · Grade level 20 · Accepted 2025-02-13 17:00:10
Key Financial Figures
- $0.10 — ued and outstanding - Common stock; $0.10 par value, authorized 50,000 shares; is
Filing Documents
- slgdd-20250207.htm (8-K) — 378KB
- 0000950170-25-020010.txt ( ) — 499KB
- slgdd-20250207.xsd (EX-101.SCH) — 23KB
- slgdd-20250207_htm.xml (XML) — 4KB
02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. On February 7, 2025, the Audit Committee of the Board of Directors (the "Audit Committee") of Horizon Kinetics Holding Corporation (the "Company"), in consultation with the Company's management and Marcum LLP ("Marcum"), the Company's independent registered public accounting firm, concluded that the Company's previously issued consolidated financial statements as of and for the years ended December 31, 2023 and 2022 contained within Exhibit 99.1 to the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on August 7, 2024 should no longer be relied upon. As set forth below, it was determined that a restatement is required to consolidate certain proprietary funds in the Company's financial statements. However, the Company does not expect that this change will have any impact on the Company's cash and cash equivalents, total shareholders' equity, or the net income (loss) attributable to Horizon Kinetics Holding Corporation. Additionally the Company's previously issued unaudited consolidated financial statements as of and for the three, six and nine months ended, March 31, June 30 and September 30, 2024 and 2023, respectively, contained within Exhibit 99.2 to the Company's Current Report on Form 8-K filed on August 7, 2024, Exhibit 99.1 to the Company's Current Report on Form 8-K filed on August 28, 2024, and the Company's Quarterly Report on Form 10-Q filed on November 12, 2024 should no longer be relied upon. Similarly, press releases, earnings releases or other communications describing the Company's financial statements and other related financial information covering the aforementioned periods should no longer be relied upon. The Company intends to restate the aforementioned financial statements by restating the Company's consolidated financial statements as of and for the year ended December 31, 2023
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HORIZON KINETICS HOLDING CORPORATION Date: February 13, 2025 /s/ Jay Kesslen Jay Kesslen General Counsel