Panamera Holdings withdraws four years of accounts over an unrecorded $250,000-a-year employment contract it settled for $650,000
SEC filings show Panamera Holdings' audit committee has said its accounts for fiscal 2022 to 2025 can no longer be relied on.
Panamera Holdings will restate its accounts for fiscal 2022 to 2025 because it never recorded a 2022 employment agreement that ended in a $650,000 settlement.
- Company
- Panamera Holdings Corporation (CIK 1620749)
- Periods affected
- FY2022 to FY2025, quarters to April 2026
- Contract
- $250,000 a year for three years
- Settlement
- $650,000, agreed 17 Aug 2026
- Filing
- Form 8-K Item 4.02, 26 Oct 2026
Panamera Holdings Corporation (CIK 1620749) has said its audited financial statements for the fiscal years ended 31 July 2022, 2023, 2024 and 2025, and its quarterly statements for the periods from 30 April 2022 to 30 April 2026, should no longer be relied upon. Its audit committee reached that conclusion on 26 October 2026 after discussion with management (Form 8-K, Item 4.02, filed 26 October 2026).
The company says it did not record or disclose its obligations under an employment agreement dated 18 February 2022 with a former vice president. The agreement provided an annual base salary of $250,000 for a three-year term. No salary was paid under it, and the former vice president resigned with effect from 9 February 2024 (Form 8-K, 26 October 2026).
According to the filing, the former vice president brought a breach of contract claim on 1 March 2024 in the 80th Judicial District Court of Harris County, Texas, and the claim was not disclosed under legal proceedings in the company's fiscal 2024 annual report. On 17 August 2026 the company agreed a settlement, without admitting liability, to pay $650,000 in instalments through August 2027 (Form 8-K, 26 October 2026).
Preliminary figures show accrued liabilities rising by $112,000 at 31 July 2022, $362,000 at 31 July 2023, $506,000 at 31 July 2024 and $509,000 at 31 July 2025. Operating expenses rise by $112,000, $250,000, $144,000 and $3,000 for the same four years. These figures exclude payroll taxes, legal fees and other items still being evaluated (Form 8-K, 26 October 2026).
The company says it will file the restated figures as soon as practicable, either in an amended periodic report or in its fiscal 2025 annual report, and that the audit committee has discussed the matters with its independent auditor (Form 8-K, 26 October 2026).
The filings do not state the name of the company's auditor or a date for the restated accounts. Loro has made no approach to the company. Figures are as reported in Panamera Holdings' SEC filings.
Primary sources
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