Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1610

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 5
Chunk 1610
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2024 Annual
Report.

61 

Restatement

NI Holdings filed Amendment No. 1 to our Quarterly Report on Form
10-Q/A to amend certain information included in the Company's Quarterly Report on Form 10-Q for the three- and six-month periods ended
June 30, 2024, which was filed with the SEC on August 8, 2024, due to errors resulting from the incorrect accounting for, and presentation
of, the previously announced sale of Westminster. Specifically, the Company failed to record certain receivables on Westminster’s
closing balance sheet as well as the corresponding payable for Nodak Insurance for amounts owed to Westminster related to the final settlement
of the intercompany reinsurance pooling agreement after the date of sale. Failure to include this receivable in Westminster’s closing
net assets and liabilities also caused an understatement of the loss on sale of discontinued operations, which also understated the Company’s
total net loss. The impact of the corrections related to this error on the consolidated financial statements as of and for the three-
and six-month periods ended June 30, 2024, are as follows:

Consolidated Balance Sheets (Unaudited)

    As of June 30, 2024 

    As Reported  
    Adjustment  
    As Restated 
  
    Accrued expenses and other liabilities 
    $24,368  
    $3,386  
    $27,754 
  
    Total liabilities 
    $331,537  
    $3,386  
    $334,923 
  
    Retained earnings 
    $197,827  
    $(3,386) 
    $194,441 
  
    Total shareholders’ equity 
    $239,450  
    $(3,386) 
    $236,064 

Consolidated Statements of Operations (Unaudited)

    Three Months Ended June 30, 2024  
    Six Months Ended June 30, 2024 

    As Reported  
    Adjustment  
    As
 Restated  
    As Reported  
    Adjustment  
    As
 Restated 
  
    Loss on sale of discontinued operations, net of taxes 
    $(7,762) 
    $(3,386) 
    $(11,148) 
    $(7,762) 
    $(3,386) 
    $(11,148)
  
    Net loss 
    $(16,236)