Company: ZRCN
Filing Date: 2025-09-10
Form Type: 10-K
Source: 0001641172-25-027037
Chunk: 141

Company: ZRCN Inc.
Filing Date: 2025-09-10
Form: 10-K
Item: Item 1
Chunk 141
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 outstanding as of March 31, 2025 and March 31, 2024, respectively 
     1  
     1 
  
    Additional paid-in capital 
     8,532  
     — 
  
    Accumulated other comprehensive loss 
     (347) 
     (187)
  
    (Accumulated deficit) Retained earnings 
     (4,297) 
     6,762 
  
    Total equity attributable to ZRCN Inc. stockholders 
     3,889  
     6,576 
  
    Non-controlling interests in variable interest entities 
     1,641  
     1,692 
  
    Total stockholders’ equity 
     5,530  
     8,268 
  
    Total liabilities and stockholders’ equity 
    $23,378  
    $27,615 

    For the Years Ended March 31, 
  
    (in thousands) 
    2025  
    2024 
  
    Consolidated Statements of Operations Data: 

    Cash and cash equivalents 
    $1,407  
    $502 
  
    Working capital 
     3,460  
     13,429 
  
    Total assets 
     23,378  
     27,615 
  
    Long-term obligations 
     9,462  
     9,238 
  
    Total stockholders’ equity 
     5,530  
     8,268 

21

ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The
following management discussion and analysis of the financial position and results of operations (“MD&A”) should be read
in conjunction with the audited consolidated financial statements and related notes to the financial statements included elsewhere in
this Report. This discussion contains forward-looking statements that relate to future events or our future financial performance. These
statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance
or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied
by these forward-looking statements. These risks and other factors include, among others, those listed under “Forward-Looking Statements”
and “Risk Factors” and those included elsewhere in this report.

OVERVIEW

Zircon
is a Silicon Valley-based company operating in Northern