net income $1.3M. TDACU discloses ineffective controls, working capital deficit, and heightened liquidation risk

Filed May 15, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~1 min read

Key Changes

• high

  Management concluded disclosure controls were NOT effective as of March 31, 2026, citing inadvertent omission of internal control report from prior year's 10-K—a reversal from prior quarter's 'effective' conclusion.

  Controls & Procedures verify on EDGAR →
• high

  Working capital flipped from +$93K surplus to -$786K deficit as cash fell from $207K to $25K, forcing reliance on a new up to $2M sponsor promissory note (already $500K drawn).

  MD&A: Liquidity verify on EDGAR →
• high

  Going concern language now explicitly ties substantial doubt to mandatory liquidation risk if no business combination closes by June 2026 deadline, up from prior period's generic insufficient-funds warning.

  MD&A: Going Concern verify on EDGAR →