MainStreet Bancshares, Inc.: Form 10-K/A for the period ended Dec 31, 2024
Filed with the SEC on Mar 12, 2026 and accepted by EDGAR at Mar 12, 2026, 15:33 ET.
Controls and procedures
As filed, 3,219 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of December 31, 2024. Based on their evaluation of the Company’s disclosure controls and procedures, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and regulations are designed and operating in an effective manner.
Management’s Report on Internal Control over Financial Reporting. Management of the Company is also responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a‑15(f) under the Exchange Act). Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
Management, including the Company’s principal executive and principal financial officer, assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control – Integrated Framework (2013). Based on our assessment, we believe that, as of December 31, 2024, the Company’s internal control over financial reporting was effective based on those criteria.
The effectiveness of the Company’s internal control over financial reporting as of December 31, 2024 has been audited by Yount, Hyde & Barbour, P.C. (YHB), the independent registered public accounting firm that also audited the Company’s consolidated financial statements included in this 10-K/A. YHB's attestation report on the Company’s internal control over financial reporting is included in this amendment to Form 10-K/A.
The 2024 consolidated financial statements have been audited by the independent registered public accounting firm of Yount, Hyde, & Barbour. P.C. Personnel from YHB were given unrestricted access to all financial records and related data, including minutes of all meetings of the Board of Directors and Committees thereof. Management believes that all representation made to the independent auditors were valid and appropriate. The resulting report from YHB accompanies the consolidated financial statements.
Changes in Internal Controls. There were no changes in the Company’s internal control over financial reporting during the Company’s fourth quarter ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2024-12-31. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 12 months2024-01-01 to 2024-12-31 | $2.0m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Gross profit | 12 months2024-01-01 to 2024-12-31 | $65.8m | us-gaap:GrossProfit |
| Selling, general and administrative | 12 months2024-01-01 to 2024-12-31 | $929.0k | us-gaap:SellingGeneralAndAdministrativeExpense |
| Income tax | 12 months2024-01-01 to 2024-12-31 | −$3.9m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 12 months2024-01-01 to 2024-12-31 | −$10.0m | us-gaap:NetIncomeLoss |
| Diluted EPS | 12 months2024-01-01 to 2024-12-31 | −$1.60 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 12 months2024-01-01 to 2024-12-31 | −$1.60 | us-gaap:EarningsPerShareBasic |
| Operating cash flow | 12 months2024-01-01 to 2024-12-31 | $14.7m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 12 months2024-01-01 to 2024-12-31 | $909.0k | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 12 months2024-01-01 to 2024-12-31 | $3.0m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 12 months2024-01-01 to 2024-12-31 | $732.0k | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Total assets | At period end2024-12-31 | $2.23bn | us-gaap:Assets |
| Total liabilities | At period end2024-12-31 | $2.02bn | us-gaap:Liabilities |
| Shareholders' equity | At period end2024-12-31 | $208.0m | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0001437749-26-007948. Last ingested by Listed: Oct 27, 2026, 09:36 ET. Listed shows no prices and gives no investment advice.