Receipt of an Audit Report Stating That No Audit Opinion Would Be Expressed on the Financial Statements and Consolidated Financial Statements for the Fiscal Year Ending March 2026
KUBOTEK CORPORATION (including its consolidated subsidiaries in relation to the consolidated financial statements)
The Company was facing events or circumstances giving rise to significant doubt regarding the going concern assumption. Orders on hand in the core business had declined substantially, the Company had no clear prospect of securing financing from the next fiscal year onward, and no specific financing plan had been presented. As a result, sufficient appropriate audit evidence could not be obtained.
Fiscal year ending March 2026 (1 April 2025 to 31 March 2026)
Company response
Hibiscus Audit Corporation, the accounting auditor, conducted the audit.
The Company will implement measures to improve its performance and work to secure financing from the next fiscal year onward in order to resolve at an early stage the circumstances that led to the disclaimer of audit opinion. The approval of the financial statements will also be submitted to the Annual General Meeting of Shareholders.
| Item | Details |
|---|---|
| Event name | Receipt of an Audit Report Stating That No Audit Opinion Would Be Expressed on the Financial Statements and Consolidated Financial Statements for the Fiscal Year Ending March 2026 |
| Date of occurrence | 22 May 2026 (the date on which the Company received the audit report from Hibiscus Audit Corporation and became aware of the matter) |
| Date recognized / date notice received | 22 May 2026 |
| Subject Entity | KUBOTEK CORPORATION (including its consolidated subsidiaries in relation to the consolidated financial statements) |
| Cause | The Company was facing events or circumstances giving rise to significant doubt regarding the going concern assumption. Orders on hand in the core business had declined substantially, the Company had no clear prospect of securing financing from the next fiscal year onward, and no specific financing plan had been presented. As a result, sufficient appropriate audit evidence could not be obtained. |
| Accounting period in which recognized | Fiscal year ending March 2026 (1 April 2025 to 31 March 2026) |
| Investigation structure | Hibiscus Audit Corporation, the accounting auditor, conducted the audit. |
| Outlook | The Company will implement measures to improve its performance and work to secure financing from the next fiscal year onward in order to resolve at an early stage the circumstances that led to the disclaimer of audit opinion. The approval of the financial statements will also be submitted to the Annual General Meeting of Shareholders. |
Items this document does not state (17)
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.There was significant uncertainty regarding the going concern assumption. Although orders on hand in the core business had declined substantially, the Company had no clear prospect of securing financing from the next fiscal year onward and did not present a specific financing plan. As a result, the audit firm was unable to obtain sufficient appropriate audit evidence on which to base an audit opinion.