Boumarang Inc.
Boumarang filed Form 10-Q/A (Amendment No. 1) to restate its Q2 2026 quarterly report, originally filed August 11, 2026. The restatement corrects the measurement of its 1,000,000-share investment in related party Nuvora Energy, remeasured from $2.00 to $3.00 per share after Nuvora's May 2026 $500,000 financing at $3.00/share. This added a $1,000,000 non-cash unrealized gain, turning the Q2 net loss of $(549,864) into net income of $450,136 ($0.01/share) and cutting the six-month loss from $(1,064,222) to $(64,222). Management concluded prior financials should no longer be relied upon and disclosed a material weakness in controls.
- Restatement adds $1,000,000 to investment, total assets, and stockholders' equity as of June 30, 2026.
- Q2 net income restated to $450,136 ($0.01/share) from a $(549,864) loss.
- Six-month net loss reduced to $(64,222) from $(1,064,222).
- Company disclosed a material weakness in internal controls related to the restatement.
- No revenue from customer contracts in Q2 2026; first revenue contract executed after June 30, 2026.
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A restatement that flips a loss to a profit via a non-cash related-party gain, plus a material weakness disclosure, is a red flag for a pre-revenue company.
Pre-revenue hydrogen-powered drone developer with $16.0M of acquired intangible assets and no customer revenue through Q2 2026.
Material weakness in internal controls over investment measurement; reliance on a single related-party private investment for reported profitability; no revenue from customer contracts during the period.