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10-K/A: Annual report (Amendment)

SEC ·  Jan 15 22:33

Summary by Moomoo AI

Phunware has filed Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, primarily to address internal control issues and add risk factor disclosures. The company's management concluded that disclosure controls and procedures were not effective as of December 31, 2023, due to identified material weaknesses in internal control over financial reporting.Management identified material weaknesses related to information technology general controls concerning user access, program changes, and segregation of duties. The issues were compounded by cost-cutting measures and accounting staff turnover, which impacted the effective design and implementation of business process controls across financial reporting processes.The amendment also includes additional risk factor disclosures regarding the characterization of digital assets, specifically PhunCoin and PhunToken. While the company maintains that PhunToken is not a security, they are operating under the assumption that PhunCoin may be characterized as such. Management has committed to implementing remediation efforts, though no assurance can be given regarding their effectiveness.
Phunware has filed Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, primarily to address internal control issues and add risk factor disclosures. The company's management concluded that disclosure controls and procedures were not effective as of December 31, 2023, due to identified material weaknesses in internal control over financial reporting.Management identified material weaknesses related to information technology general controls concerning user access, program changes, and segregation of duties. The issues were compounded by cost-cutting measures and accounting staff turnover, which impacted the effective design and implementation of business process controls across financial reporting processes.The amendment also includes additional risk factor disclosures regarding the characterization of digital assets, specifically PhunCoin and PhunToken. While the company maintains that PhunToken is not a security, they are operating under the assumption that PhunCoin may be characterized as such. Management has committed to implementing remediation efforts, though no assurance can be given regarding their effectiveness.
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