Home / Auditor changes / INNOVATIVE DESIGNS INC
Filed 2025-06-20 · Form 8-K · Accession 0001731122-25-000887 nano
Price before filing: $0.33 (2025-06-18 close, split/dividend-adjusted)
Market cap at flag: $12.7M (2025-06-20) · Latest: $8.6M (2026-10-16)
| Window | IVDN | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -13.6% | +5.6% | -19.2% | 2025-07-21 |
| 90 days | -12.1% | +11.2% | -23.3% | 2025-09-18 |
| 180 days | -51.5% | +13.0% | -64.5% | 2025-12-17 |
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 bought $960 (2 purchases)
30 days after: 1 insider bought $500 (1 purchase)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-05-02 | Spagnolo John JR Director | Purchase | 2,000 | $0.32 | $640 | no | Form 4 |
| 2025-06-06 | Spagnolo John JR Director | Purchase | 1,000 | $0.32 | $320 | no | Form 4 |
| 2025-06-20: red flag filed | |||||||
| 2025-07-01 | Spagnolo John JR Director | Purchase | 2,500 | $0.20 | $500 | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-03-22 to 2025-07-20. 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.
"Dismissal of Auditors, Hiring of New Auditors On December 13, 2024 the Board of Directors of the registrant (the "Board") held a special meeting for the purpose of formally letting go of its Auditor – Elkana Amitai CPA, with an address of 500 Commercial Street, Suite 502K, Manchester NH 03101."
Quoted from the filing. Source
The company changed its outside auditor (8-K Item 4.01). A dismissal or resignation, especially near an annual report or with reported disagreements, is a warning sign. Changes caused by audit firms merging are usually routine.
Type: dismissed
Disagreements reported: no
Why this score: also within 90 days: Going-concern doubt
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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