Sky Quarry

1 serious warning sign in Sky Quarry’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 10 later 8-Ks.

• Weak checks on its own accounts

  Serious

  The company said its checks on its own accounts did not work at year end. Mistakes could slip into the numbers.

  “Based on this evaluation and qualified by the “Limitations on Effectiveness of Controls” set forth in this Item 9A below, management has determined that a of December 31, 2025, our internal controls over financial reporting were not effective and there are material weaknesses in our internal control over financial reporting.”

  Show the full paragraph

  In connection with the preparation of our annual financial statements, our principal executive officer and principal financial officer, has assessed the effectiveness of internal control over financial reporting. As of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, or the COSO Framework, and SEC guidance on conducting such assessments. Management’s assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of those controls. Based on this evaluation and qualified by the “Limitations on Effectiveness of Controls” set forth in this Item 9A below, management has determined that a of December 31, 2025, our internal controls over financial reporting were not effective and there are material weaknesses in our internal control over financial reporting.

  From the 10-K filed 31 March 2026, Item 9A. Controls and Procedures. Read it in the filing

• One big customer

  Worth knowing

  One customer brings in a big share of sales: 33% last year. Losing that customer would hurt.

  “For the year ended December 31, 2025, three customers accounted for approximately 33%, 31% and 24%, respectively, of our total net sales, and for the year ended December 31, 2024, these customers accounted for approximately 35%, 23% and 22%, respectively, of our total net sales.”

  From the 10-K filed 31 March 2026, Item 1. Business. Read it in the filing