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Get filing alertsCritical incident detected
Fraud / investigation
Time-sensitive event — see the red-flag panel below for the source-quoted detail.
Red Flags Detected
- Material Weakness (unchanged) — Material weaknesses in internal control remain unresolved as of March 31, 2026, consistent with prior period.
- Sec Investigation (new) — SEC opened formal investigation into financial restatements, accounting practices, internal controls, and premature 10-K filing.
Net loss widens 25% on non-operating costs despite narrower operating loss; SEC probes restatements
Filed May 14, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 14, 2025 · ~2 min read
Key Changes
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high
Operating loss narrowed 3.4% to $24.6M, but net loss widened 25.1% to $25.8M due to $6.0M in non-operating/other costs and $61k tax drag — the bottom-line deterioration did NOT come from operations.
MD&A: Financial Results verify on EDGAR → -
high
SEC issued subpoena in July 2025 investigating financial restatements, accounting practices, internal control material weaknesses, and premature 10-K filing; outcome and timing unknown.
Legal Proceedings verify on EDGAR → -
high
Customer terminated contract on April 23, 2026, removing $42.3M of expected future revenue ($8.1M in next 12 months, $19.7M in months 13-24, $14.5M in months 25-36).
MD&A: RPO verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify