Noble Roman's Withdraws Prior Financial Statements

TL;DR

Noble Roman's is ditching old financials - expect restatements.

AI Summary

Noble Roman's, Inc. announced on May 8, 2024, that it will not rely on previously issued financial statements or related audit reports. This decision impacts financial reporting for periods prior to the announcement, requiring restatement or correction of past financial data.

Why It Matters

This filing indicates potential accounting issues or errors that could affect investor confidence and the company's reported financial health.

Risk Assessment

Risk Level: medium — The non-reliance on previously issued financial statements suggests potential accounting irregularities or errors that could lead to restatements and impact the company's financial standing.

Key Players & Entities

• Noble Roman's, Inc. (company) — Registrant
• May 8, 2024 (date) — Date of earliest event reported
• Indiana (location) — State of incorporation
• 317-634-3377 (phone_number) — Company's telephone number

FAQ

Filing Documents

• nrom_8k.htm (8-K) — 41KB
• 0001654954-24-006097.txt ( ) — 156KB
• nrom-20240508.xsd (EX-101.SCH) — 6KB
• nrom-20240508_lab.xml (EX-101.LAB) — 13KB
• nrom-20240508_cal.xml (EX-101.CAL) — 1KB
• nrom-20240508_pre.xml (EX-101.PRE) — 8KB
• nrom-20240508_def.xml (EX-101.DEF) — 2KB
• nrom_8k_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 May 8, 2024, management of Noble Roman's, Inc. (the "Company") and Assurance Dimensions, its registered independent public accounting firm, agreed that the Company's previously issued financial statements in its Annual Report on Form 10-K for the year ended December 31, 2022 (the "Prior Statements") should be restated to correct an error from prior periods that was reflected in the opening balance sheet for that year. Accordingly, the Prior Statements should no longer be relied upon. The error related to years prior to 2020 and was carried forward to 2022. This error affected accounts payable and accumulated deficit in the consolidated balance sheets. Specifically, the Company's accounts payable and accumulated deficit were understated. Below is a comparison of the previously reported amounts compared to the restated amounts: Balance Sheet as of December 31, 2022 As Filed As Restated Total current assets $ 3,032,303 $ 3,032,303 Net property and equipment 4,713,208 4,713,208 All other assets 10,597,687 10,597,687 Total assets 18,343,198 18,343,198 Accounts payable and accrued expenses 650,582 1,807,035 All other current liabilities 1,665,831 1,665,831 Total current liabilities 2,316,413 3,472,866 Long-term liabilities 14,160,123 14,160,123 Common stock 24,819,736 24,819,736 Accumulated deficit (22,953,074 ) (24,109,527 ) Total liability and stockholders equity $ 18,343,198 $ 18,343,198 The Company has determined to correct the error by restating the Prior Statements in its Annual Report on Form 10-K for the year ended December 31, 2023, which the Company anticipates filing as soon as practicable upon completion of the audit process. The correction will also restate a fraction of the interest expense reported in 2022 which the Company had previously recorded in 2023. Management evaluat

Forward-Looking Statements

Forward-Looking Statements Certain statements contained in this Current Report on Form 8-K are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the Company that are based on the beliefs of the management of the Company, as well as assumptions and estimates made by and information currently available to the Company's management. The Company's actual results in the future may differ materially from those indicated by the forward-looking statements due to risks and uncertainties that exist in the Company's operations and business environment, including the factors discussed under "Risk Factors" contained in the Company's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission from time to time. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. * * * 2

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. NOBLE ROMAN'S, INC. Dated: May 13, 2024 By: /s/ Paul W. Mobley Paul W. Mobley Executive Chairman and Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR