FDCTech restates financials for 2024–2026 periods citing errors in asset classification
FDCTech, Inc. determined on June 3, 2026 that previously issued financial statements for fiscal years 2024 and 2025, and quarterly periods from Q1 2025 through Q1 2026, should no longer be relied upon. The restatements address errors including misclassification of client funds held by regulated brokerage subsidiaries, incorrect subscription receivable presentation, omitted share issuances, and foreign currency translation adjustments. Management and the current auditor LAO Professionals identified the errors during reaudit and in response to SEC staff comments on client fund presentation; the Board concluded the errors were material under SEC Staff Accounting Bulletin materiality guidance.
Key facts
- Board determination date: June 3, 2026
- Fiscal year ended December 31, 2024 restated total assets: $33,768,927 (originally $41,839,408, decrease of $8,070,481)
- Fiscal year ended December 31, 2024 restated net income attributable to FDCTech, Inc. shareholders: $247,544 (originally $80,027)
- Fiscal year ended December 31, 2025 restated consolidated net income: $5,828,978
- Fiscal year ended December 31, 2025 restated total assets: $64,051,886
- Three months ended March 31, 2025 restated net income: $314,122 (originally $104,548, increase of $209,574)
- Six months ended June 30, 2025 restated net loss: $(111,334) (originally $(319,249))
- Nine months ended September 30, 2025 restated net income: $623,918 (originally $436,159)
- Three months ended March 31, 2026 restated total assets: $72,807,161 (originally $72,195,266, increase of $611,895)
- Previous auditor: Olayinka Oyebola & Co., dismissed April 3, 2025
- Current auditor: LAO Professionals (PCAOB Firm ID: 7057), engaged April 3, 2025
- SEC staff comment letter received: May 11, 2026
- Material weaknesses in internal control over financial reporting identified
Why it matters
The restatements span six reporting periods and affect key balance-sheet and income figures, including a reversal of approximately $7–8 million in client fund misclassifications; the corrections reflect client fund segregation requirements under accounting standards and respond to SEC staff guidance, and management has identified material control weaknesses requiring remediation.
Developing story
- NT 10-K
- 8-Kthis filing
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Derived from 8-K filed 2026-06-08. Not investment advice. View the source filing on SEC.gov →