Company: BACC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001185185-25-001689
Chunk: 89

Company: Blue Acquisition Corp/Cayman
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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 to a quantitative threshold and disaggregation by
nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign
jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023-09 may be adopted on
a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024, and for interim periods for
fiscal years beginning after December 15, 2025, with early adoption permitted. We are currently assessing the impact, if any, that ASU
2023-09 would have on our financial position, results of operations or cash flows.

Item 3.
Quantitative and Qualitative Disclosures About Market Risk.

We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise
required under this Item.

Item 4.
Controls and Procedures.

Evaluation
of Disclosure Controls and Procedures

Disclosure
controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed
under the Exchange Act, such as this Report, is recorded, processed, summarized, and reported within the time periods specified in the
SEC’s rules and forms. Disclosure controls and procedures are also designed with the objective of ensuring that such information
is accumulated and communicated to our Management, including our Certifying Officers, as appropriate, to allow timely decisions regarding
required disclosure. Under the supervision and with the participation of our Management, including our Certifying Officers, we carried
out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e)
and 15d-15(e) under the Exchange Act. Based on the foregoing, our Certifying Officers concluded that our disclosure controls and procedures
were not effective as of September 30, 2025 as a result of the material weakness described below.

As
of September 30, 2025, we have a material weakness in our internal controls over financial reporting due to a lack of properly designed,
implemented, and effectively operating controls. Management, with oversight from the Board of Directors and the audit committee of the
Board of Directors, will implement a remediation plan for this material weakness, including, among other things, designing and maintaining
a formal control environment, accounting policies, procedures and controls to achieve complete, accurate and timely financial accounting,
report