Home / Going-concern warnings / BARNWELL INDUSTRIES INC
Filed 2025-12-23 路 Form 10-K 路 Accession 0001628280-25-058738 nano
Price before filing: $1.15 (2025-12-22 close, split/dividend-adjusted)
Market cap at flag: $13.0M (2025-12-23) 路 Latest: $13.1M (2026-10-16)
| Window | BRN | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -4.3% | +0.6% | -5.0% | 2026-01-22 |
| 90 days | +0.9% | -4.0% | +4.9% | 2026-03-23 |
| 180 days | -11.3% | +9.3% | -20.6% | 2026-06-22 |
| 1 year | pending | pending | until 2026-12-23 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 1 insider sold $362K (3 sales); 3 insiders bought $179K (4 purchases)
30 days after: none reported.
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-11-24 | GROSSMAN KENNETH S Director | Purchase | 59,563 | $1.10 | $66K | no | Form 4 |
| 2025-11-24 | Horowitz Joshua Director | Purchase | 14,563 | $1.10 | $16K | no | Form 4 |
| 2025-11-24 | Horowitz Joshua Director | Purchase | 45,000 | $1.10 | $50K | no | Form 4 |
| 2025-11-24 | Patman Philip F Jr Executive VP - Finance, Director | Purchase | 43,796 | $1.10 | $48K | no | Form 4 |
| 2025-12-02 | SHERWOOD NED L (+2 joint filers) 10% owner | Sale | 174,587 | $1.15 | $201K | no | Form 4 |
| 2025-12-02 | SHERWOOD NED L (+2 joint filers) 10% owner | Sale | 13,743 | $1.14 | $16K | no | Form 4 |
| 2025-12-03 | SHERWOOD NED L (+2 joint filers) 10% owner | Sale | 131,910 | $1.10 | $145K | no | Form 4 |
| 2025-12-23: red flag filed | |||||||
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-09-24 to 2026-01-22. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"However, due to the gross proceeds of $2,443,000 raised in the private placement offering in November 2025, management has determined that there is no longer substantial doubt regarding the Company's ability to continue as a going concern for one year from the filing of this Annual Report on Form 10-K. 47 Oil and Natural Gas Capital Expenditures Barnwell's oil and natural gas capital expenditures, including accrued capital expenditures and acquisitions of oil and natural gas properties and exclu"
Quoted from the filing. Source
Going-concern doubt disclosed, then alleviated: the company said conditions raised substantial doubt about its ability to continue as a going concern, but that its plans or new funding resolve that doubt for the next 12 months. A weaker warning than an unresolved going-concern doubt, but the company recently needed a rescue plan or fresh money to stay afloat.
Source: management disclosure in Form 10-K (period 2025-09-30)
Status: doubt alleviated (the company says its plans or new funding resolve the substantial doubt it disclosed)
Why this score: substantial doubt disclosed, then alleviated by management's plans or new funding
Read the original filing on SEC.gov →
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Not investment advice. Automated summary; verify against the filing.
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