What we know about Cortes Campers LLC from their SEC fillings

Cortes Campers’ Parent Company Faces Financial and Leadership Turmoil

Cortes Campers is a struggling company that reported just $2,847 in cash as of its latest SEC filing. In late 2024, its parent company US Lighting Group (USLG) announced the departure of both its CEO and CFO, leaving the board of directors to run day-to-day operations. The company later appointed attorney Taylor Bennington as Vice President and General Counsel in 2025 — one of several high-profile changes following months of financial losses, leadership churn, and legal troubles involving key insiders.

📊 Financial Red Flags

• Revenue collapse: 2024 sales dropped to under $1 million, down roughly 70% from 2023’s $3.6 million.
• Almost no cash: Only $2,847 on hand as of September 30, 2024.
• Deep deficit: Shareholders’ equity was negative $5.8 million (compared to -$4.6 million the prior year).
• Mounting debt: Over $6 million in related-party loans, many tied to former CEO Paul Spivak and other insiders.
• Ongoing defaults: Multiple notes in default with lenders and former executives who personally borrowed money to fund the company.
• Going-concern warning: Auditors and management acknowledge “substantial doubt” about the company’s ability to continue operating.

⚙️ Leadership Shake-Up

• Sept 27, 2024: CEO Joseph Matozzo and CFO Michael Coates resigned simultaneously.
• Interim management: Board members Olga Smirnova and Patricia Salaciak took over as co-executive officers; Smirnova also became acting finance chief.
• April 2025: Attorney Taylor Bennington named Vice President & General Counsel.
• Internal-control failure: The company disclosed its financial-reporting controls were not effective due to limited staff and oversight.

⚖️ Legal & Governance Issues

• Former CEO Paul Spivak was convicted on some federal fraud counts in 2024 and pled guilty to others.
• Olga Smirnova, now running day-to-day operations, pled guilty to conspiracy to commit securities fraud in August 2024.
• USLG itself is not charged but admits these events pose material risks to its reputation and stability.

💸 Stock and Investor Concerns

• Massive dilution: Shares outstanding rose from ~103 million to over 112 million within ten months as the company converted debt to stock.
• Defaulted loan: A high-cost note with 1800 Diagonal Lending LLC (60% effective rate) went into default, triggering penalties and debt-to-stock conversions at steep discounts.
• Late SEC filings: USLG filed a Form 12b-25 admitting it missed its annual 10-K deadline and wouldn’t file within the grace period.

🧭 Why It Matters for Buyers and Dealers

• Delivery risk: Deposits and deferred revenue are rising while actual camper sales have dropped sharply.
• Warranty risk: Minimal cash and negative equity threaten the company’s ability to support repairs and parts.
• Transparency risk: Leadership turnover and weak financial controls raise serious concerns about the reliability of public statements.

Bottom line: Cortes Campers’ parent company is operating on thin cash, deep debt, and temporary leadership while its key executives face federal criminal fallout. Consumers and dealers should weigh these risks carefully before signing a contract or depositing money.