Company: SACH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001410578-25-000587
Chunk: 37

Company: Sachem Capital Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 37
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Item 8. Consolidated Financial Statements and Supplementary Data

The consolidated financial statements required by this Item are set forth beginning on page F-1.

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Item 9. Change in and Disagreements with Accountants on Accounting and Financial Disclosure

Effective on November 18, 2024, we dismissed Hoberman & Lesser CPA’s, LLP (“Hoberman”) from serving as our independent registered public accounting firm and engaged Baker Tilly US, LLP (“Baker Tilly”) as our new independent registered public accounting firm. The Audit Committee directed the process of review of candidate firms to replace Hoberman and approved the decision to engage Baker Tilly. In connection with Hoberman’s audit of the year ended December 31, 2023 and reviews of the Company’s financial statements through November 14, 2024, there were no disagreements with Hoberman on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to Hoberman’s satisfaction, would have caused them to make reference thereto in their report on the financial statements for such years.

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Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Management, with the participation of our Principal Executive Officer and Principal Accounting Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2024 (the “Evaluation Date”).

Based on this evaluation, our Principal Executive Officer and Principal Accounting Officer concluded that our disclosure controls and procedures were not effective as of the Evaluation Date. This conclusion was based on the identification of a material weakness in our internal control over financial reporting related to stock-based compensation, as described in Management’s Report on Internal Control over Financial Reporting below.

Specifically, the material weakness resulted from deficiencies in the design and operation of controls surrounding the authorization and accounting for equity awards, which could impact the reliability of financial reporting and the accuracy of disclosures included in our periodic SEC filings.