Trump Media said it had ‘material weakness’ in internal controls
Trump Media & Technology Group Corp. showed the “Material weakness” internal control, increase the risk of misconceptions, the last quarterly result of the firm showed.
The company has evaluated its discoveries and control and find out that the procedures were not effective, the report said. It quoted the non-fulfillment of the formal accounting policy, processing processes, and non-compliance with the need, as well as the need for staff needed to resolve the report.
Discoveries come after the company installed a net loss of $ 31.7 million for the first quarter, which ended with cash, cash and short-term investment – $ 759 million.
The “TMTG leadership decided that material weakness is mainly related to the regulation of accounting regulations, as well as the material weakness required for the regulation of the report required for the report to resolve the report.
The discovery raises the “risks of reasonable opportunity that the financial reporting of the organization’s financial statements will not be prevented or discovered on time,” the statement said.
The media group said that it implements recovery measures, including the background and knowledge of the basis for hiring additional accounting workers.
This story was originally shown Fortune.com
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