Filing Signals

Source: SEC EDGAR Compiled 2026-09-14 08:28 UTC All 21 checks passing

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EQUUS TOTAL RETURN, INC.

CIK 878932 EQS · All EDGAR filings ↗

Progression

  1. Going concern 10-K
  2. Auditor change 8-K +17d
  3. Accounting standard newly cited 10-Q +16d
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Form
An amendment is grouped with the report it amends; every 12b-25 notice is one group

Accounting standard newly cited Filing comparison

EQUUS TOTAL RETURN, INC. cited accounting standards ASU 2023-09, ASU 2024-04 for the first time in this filing series

Accounting Standards Recently Adopted—On January 1, 2025, we adopted ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”.
Evidence
Adopted
2023-09, 2024-04
Adoption year stated
2025
Contexts
Accounting Standards Recently Adopted—On January 1, 2025, we adopted ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”., On January 1, 2026, we adopted ASU 2024-04, “Debt with Conversion and Other Options (Subtopic 470-20), Induced Conversions of Convertible Debt Instruments”.
New standards
2017-01, 2023-09, 2024-03, 2024-04, 2025-01
Prior filed
2025-12-18
Prior form
10-Q/A
Restates existing policy
No
Source
accounting standards update (ASU) reference comparison
Why
An accounting standard (ASU) appears in this filing that did not appear in the previous comparable one, in a sentence describing it as adopted. That is a change in what the company discloses, which is not always a change of policy in the current period: the filing may state an adoption date years earlier.

Source filing ↗ Prior filing ↗

Late filing Filing comparison

EQUUS TOTAL RETURN, INC. told the SEC it could not file its quarterly report on time

The finalization of the financial statements of the registrant to be contained in registrant’s quarterly report on Form 10-Q for the three months ended March 31, 2026 cannot be analyzed and completed on a timely basis due to the registrant’s recent change of independent auditors.
Evidence
Days past due date
3
Routine
Yes
Severity
normal
Source
Form 12b-25 (notification of late filing)
Stated reason
The finalization of the financial statements of the registrant to be contained in registrant’s quarterly report on Form 10-Q for the three months ended March 31, 2026 cannot be analyzed and completed on a timely basis due to the registrant’s recent change of independent auditors.
Why
The company told the SEC it could not file a periodic report on time, using Form 12b-25.

Source filing ↗

Auditor change SEC item code

EQUUS TOTAL RETURN, INC. dismissed its auditor and engaged PKF O’Connor Davies, LLP

Evidence
Item code
4.01
Item title
Changes in Registrant's Certifying Accountant
Severity
normal
Source
SEC 8-K item code
Successor auditor
PKF O’Connor Davies, LLP
Successor tier
other
Why
The company's independent registered accounting firm changed.

Source filing ↗

Auditor change high SEC item code

BDO resigned as EQUUS TOTAL RETURN, INC.'s auditor

The auditor resigned. BDO → not stated No disagreements disclosed.

Evidence
Direction
resigned
Direction label
The auditor resigned
Disagreements disclosed
No
Item code
4.01
Item title
Changes in Registrant's Certifying Accountant
Predecessor auditor
BDO
Predecessor tier
national
Severity
high
Source
SEC 8-K item code
Why
The company's independent registered accounting firm changed.

Source filing ↗

Material weakness high Filing comparison

EQUUS TOTAL RETURN, INC. reported a material weakness in internal control

Internal control reported effective → Material weakness in internal control

Management identified a material weakness in the Company’s internal control over financial reporting relating to the measurement and assessment of complex accounting transactions, including warrants. A material error was identified in the related account balances and disclosures. Management concluded that since this accounting error was not identified by existing procedures, this control deficiency constitutes a material weakness. We believe our planned actions to enhance our processes and controls will address…
Evidence
Current state
material_weakness
Current state label
Material weakness in internal control
Direction
newly reported
Prior filed
2025-12-18
Prior form
10-K/A
Prior state
effective
Prior state label
Internal control reported effective
Remediation stated
Yes
Severity
high
Source
Item 9A internal control conclusion, compared with the prior filing
Why
The company's conclusion on internal control over financial reporting changed: a material weakness was newly reported, or a previously reported one no longer appears.

Source filing ↗ Prior filing ↗

Going concern Filing comparison

EQUUS TOTAL RETURN, INC. disclosed substantial doubt about its ability to continue as a going concern

No going-concern disclosure → Substantial doubt about ability to continue as a going concern

Going Concern Uncertainty The accompanying financial statements have been prepared assuming that the Fund will continue as a going concern. As discussed in Note 2 to the financial statements, the Fund has insufficient operating cash flows and cash on hand that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis for Opinion These financial statements and the selected per share data…
Evidence
Blank check
No
Comparable
Yes
Current state
substantial_doubt
Current state label
Substantial doubt about ability to continue as a going concern
Direction
escalated
Located in
going-concern note
Prior filed
2025-12-18
Prior form
10-K/A
Prior state
none
Prior state label
No going-concern disclosure
Source
ASC 205-40 going-concern note comparison
Why
Disclosure about the company's ability to continue as a going concern changed compared with its previous report.

Source filing ↗ Prior filing ↗

Late filing elevated Filing comparison

EQUUS TOTAL RETURN, INC. told the SEC it could not file its annual report on time

The finalization of the financial statements of the registrant and its wholly-owned subsidiary to be contained in registrant’s 10-K for the year ended December 31, 2025 cannot be analyzed and completed on a timely basis without unreasonable effort and expense.
Evidence
Days past due date
1
Routine
No
Severity
elevated
Source
Form 12b-25 (notification of late filing)
Stated reason
The finalization of the financial statements of the registrant and its wholly-owned subsidiary to be contained in registrant’s 10-K for the year ended December 31, 2025 cannot be analyzed and completed on a timely basis without unreasonable effort and expense.
Why
The company told the SEC it could not file a periodic report on time, using Form 12b-25.

Source filing ↗