Red Flags Detected

• ⚠ Material Weakness (new) — Each recently acquired subsidiary has identified one or more material weaknesses in internal control over financial reporting.
• ⚠ Going Concern (new) — Auditors for the company and each acquired subsidiary included going-concern explanatory paragraphs, and the filing states substantial doubt about each subsidiary's ability to continue as a going concern.
• ⚠ Controlled Company (new) — David Wilcox controls approximately 70.18% of voting power, making EM&T a controlled company that may exempt itself from Nasdaq corporate governance requirements.
• ⚠ Concentration (new) — The company has no agreements for spent lithium-ion batteries and no long-term e-scrap supply contracts, creating feedstock uncertainty for its recycling strategy.
• ⚠ Related-party (new) — Jones Day sued a subsidiary for approximately $3.9 million in unpaid legal fees related to the business combination.