Company: ZRCN
Filing Date: 2025-09-10
Form Type: 10-K
Source: 0001641172-25-027037
Chunk: 942

Company: ZRCN Inc.
Filing Date: 2025-09-10
Form: 10-K
Item: Item 8
Chunk 942
---
Index
to Financial Statements

    Report of Independent Registered Public Accounting Firm (PCAOB ID: 5036)
    F-1

    Balance
    Sheets
    F-2

    Statements
    of Operations
    F-3

    Statements
    of Stockholders’ Equity
    F-4

    Statements
    of Cash Flows
    F-5

    Notes
    to Financial Statements
    F-6

28

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To
the Board of Directors and Stakeholders of ZRCN Inc.

Opinion
on the Financial Statements

We
have audited the accompanying consolidated balance sheets of ZRCN Inc. (the “Company”) as of March 31, 2025, and the related
consolidated statements of operations and comprehensive loss, stockholders’ equity, and cash flows for the year ended March 31,
2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company as of March 31, 2025, and the results of its operations and its
cash flows for the year ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We
also have audited the adjustments described in Note 3 that were applied to restate the financial statements for the year ended March
31, 2024 to correct an error. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to
audit, review, or apply any procedures to the March 31, 2024 financial statements of the Company other than with respect to the adjustments
and, accordingly, we do not express an opinion or any other form of assurance on the March 31, 2024 financial statements taken as a whole.
The previously issued consolidated financial statements of the Company for the year ended March 31, 2024 were audited by another auditor
who expressed an unmodified opinion on those consolidated financial statements on July 15, 2024.

Material
Uncertainty Related to Going Concern

The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
2 to the financial statements, the Company was in violation of a financial covenant under its Revolving Credit Agreement as of March
31, 202