NovAccess Global Inc. reported a material weakness in internal control
Internal control reported effective→Material weakness in internal control
… controls and procedures and internal controls over financial reporting. We have previously identified material weaknesses in our internal controls. Substantial efforts and resources must be expended to maintain a controlled environment, which is difficult for a small company like ours. Continued additional investments and management time to meet these requirements will be necessary since control weaknesses raise the risk of future material errors in our financial statements. We may not be able to maintain…
Evidence
Current state
material_weakness
Current state label
Material weakness in internal control
Direction
newly reported
Prior filed
2024-04-24
Prior form
10-K/A
Prior state
effective
Prior state label
Internal control reported effective
Remediation stated
No
Severity
high
Source
Item 9A internal control conclusion, compared with the prior filing
Why
The company's conclusion on internal control over financial reporting changed: a material weakness was newly reported, or a previously reported one no longer appears.
NovAccess Global Inc. disclosed substantial doubt about its ability to continue as a going concern
No going-concern disclosure→Substantial doubt about ability to continue as a going concern
Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company have suffered multiple net losses from operations, has an accumulated deficit and no revenue to date, which raises substantial doubt about its ability to continue as a going concern. Management’s plans regarding those matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this…
Evidence
Blank check
No
Comparable
Yes
Current state
substantial_doubt
Current state label
Substantial doubt about ability to continue as a going concern
Direction
escalated
Located in
going-concern note
Prior filed
2024-04-24
Prior form
10-K/A
Prior state
none
Prior state label
No going-concern disclosure
Source
ASC 205-40 going-concern note comparison
Why
Disclosure about the company's ability to continue as a going concern changed compared with its previous report.