Trump Media & Technology Group Corp. It showed the “material weakness” in internal control over the financial report, and increased the risks of distortion, recent quarterly results showed.
The company conducted a review of its information and control and found that the procedures were ineffective, the report said. It referred to “Inability to design and maintain formal accounting policies, processes, and analytical controls, and a complex activity account as well as the need for accounting workers who have the required experience in Secure Reporting Rules.”
The result comes after the company sent a total loss of $ 31.7 million in the first quarter, which ended with cash, cash and short -term investments of $ 759 million.
“TMTG's management ruled that material weaknesses are mainly related to its failure to design and maintain formal accounting policies, processes, and control controls, accounts and properly exposing income records and also the need for accounting workers who have the experience required in Secure Reporting regulations,” the company said in a statement.
The findings increase the risk of “good possibility that the distortion of financial information equipment will not be prevented or discovered in a timely manner,” according to the statement.
The journalist group said it implemented adjustment measures including hiring additional accounting staff and the required basis and knowledge to fix issues.
This story was previously shown Bahati.com