Business Context and Reporting Period
Maison Solutions Inc. (MSS), a Delaware corporation, filed this Form 8-K on August 13, 2025. The filing addresses a material restatement of previously issued financial statements for the periods ended April 30, 2024, July 31, 2024, October 31, 2024, and January 31, 2025. The company is classified as an emerging growth company.
Key Financial Metrics and Restatement Details
The filing discloses a specific accounting adjustment related to the April 2024 acquisition of Lee Lee Oriental Supermart, Inc. The restatement involves:
- Cash Balance: Increased by $2,074,298.
- Goodwill: Decreased by $2,074,298.
- Impact on Operations: No change to reported loss from operations, operating/investing/financing cash flows, or key business metrics (bookings, average deal size).
- Non-GAAP Measures: No impact on non-GAAP gross margin, gross profit, adjusted operating expenses, or adjusted EBITDA loss.
The filing text does not provide updated total revenue, net income, or total debt figures for the current period, as the restatement is balance sheet specific.
Material Changes Versus Prior Period
The primary material change is the reclassification of $2,074,298 from goodwill to cash on the Consolidated Balance Sheet as of April 30, 2024. This adjustment corrects an error in the accounting of historical transactions under US GAAP. The company states that the errors were unintentional and not the result of fraud.
Guidance, Outlook, and Risks
Management Commentary: The Audit Committee and management determined that the previously issued financial statements for the affected periods should no longer be relied upon. The restatement does not impact compliance with financial covenants or employee compensation plans.
Risks and Contingencies: The filing includes standard forward-looking statement disclaimers, noting that actual results may differ due to risks discussed in the company's most recent Form 10-K and Form 10-Q filings. No new specific risks were introduced in this 8-K beyond the accounting error itself.
Investor Verification Checklist
- Verify the updated Consolidated Balance Sheet in the upcoming 2025 Form 10-K to confirm the $2,074,298 cash increase and goodwill reduction.
- Review the 2025 Form 10-K for the full details of the restatement adjustments and the corrected financial statements.
- Confirm that the restatement has not triggered any covenant breaches, as stated by management.
- Monitor future filings for any additional disclosures regarding the Lee Lee Oriental Supermart, Inc. acquisition accounting.