26 Feb 2026auditor change● Neutral
Norris Industries engaged Sadler, Gibb & Associates, LLC as its new independent auditor on February 24, 2026, replacing BDO USA, PC. The board approved the engagement on February 13, 2026.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Feb 2026financial restatement▼ BadMajor
BDO formally told Norris Industries' board that its historical accounting for the Preferred Stock (classified as permanent equity since fiscal 2018) was wrong and that the fiscal 2024 and 2025 financial statements shouldn't be relied upon. Management disagrees and has not concluded a restatement is needed, and plans to bring in an independent accounting advisor to referee the dispute; separately, the preferred stockholder contributed its shares back to the company and they were cancelled, though that doesn't resolve the underlying accounting question.
13 Feb 2026auditor change▼ BadMajor
Just over three months after taking over, Norris Industries dismissed BDO amid a real dispute: BDO believed the company's Series A Convertible Preferred Stock should have been classified as temporary (mezzanine) rather than permanent equity. The company also disclosed four material weaknesses in internal controls, including inexperienced accounting staff, no independent audit committee, and no segregation of duties - and had not yet lined up a new auditor.
3 Nov 2025auditor change● Neutral
Horne LLP's entire staff joined BDO USA, automatically transitioning Norris Industries' audit relationship to BDO - a firm succession rather than a dismissal, with no disagreements noted.
16 June 2021auditor change▼ Bad
Norris Industries dismissed Marcum LLP as auditor and engaged Horne, LLP; no disagreements were cited, but the company's 10-K disclosed material weaknesses in its internal controls.
9 Oct 2018auditor change● Neutral
GBH CPAs' tenure as the company's auditor ended again; the cached record (an auditor confirmation letter agreeing with the company's disclosures) does not identify the successor firm.
26 Feb 2018capital raising announcement● NeutralMajor
The company renamed itself from International Western Petroleum to Norris Industries (new ticker NRIS) and raised authorized shares from 90 million to 170 million, including up to 20 million blank-check preferred. Its $750,000 JBB Partners note automatically converted into 1,000,000 shares of new Series A Preferred Stock.
15 Dec 2017auditor change▼ Bad
Less than a year and a half after hiring them, the company dismissed Anton & Chia and went back to its prior auditor, GBH CPAs; no disagreements were cited, though Anton & Chia's reports had flagged substantial doubt about the company's ability to continue as a going concern.
12 July 2016auditor change● Neutral
The company's auditor GBH CPA's departed and Anton & Chia, LLP was engaged in its place.
20 May 2015asset acquisition disposition● NeutralMajor
International Western Petroleum (later renamed Norris Industries) bought working interests in two small Coleman County, Texas oil/gas ventures - 39.5% of the "1A" venture and 50% of the "1B" venture - from International Western Oil Corp, a company under common control: officers Benjamin Tran and Ross Ramsey ran both sides of the deal. Consideration was a $22,263/month operating retainer plus 500,000 total shares of company stock; management's own (unaudited) estimate put 1A's reserves at about 5.3 million barrels.