Company: ZRCN
Filing Date: 2025-09-10
Form Type: 10-K
Source: 0001641172-25-027037
Chunk: 807

Company: ZRCN Inc.
Filing Date: 2025-09-10
Form: 10-K
Item: Item 7A
Chunk 807
---
 evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.

Kreston
GTA LLP

We
have served as the Company’s auditor since 2025.

Markham,
Ontario, Canada

September
9, 2025

    knowing
    you.

    Kreston
    GTA LLP is a partnership
    registered
    in Ontario, Canada.
     
    8953-8965
    Woodbine Avenue
    Markham,
    Ontario, L3R 0J9
     
    66
    Wellington Street
    Aurora,
    Ontario, L4G 1H8
    krestongta.com
     
    An
independent member of the 
                                                                     Kreston Global network

F-1

PART I
FINANCIAL INFORMATION

ITEM
1. Financial Statements.

ZRCN
Inc.

CONSOLIDATED
BALANCE SHEETS

(in
thousands, except share data)

    March
    31, 2025  
    March
    31, 2024 

    (As Revised) 
  
    ASSETS 

    Current assets: 

    Cash 
    $1,407  
    $502 
  
    Accounts receivable, net
    of provision for credit losses of $53 and $14, respectively 
     6,102  
     8,644 
  
    Inventory, net 
     12,456  
     14,057 
  
    Prepaid
    expenses and other assets 
     294  
     335 
  
    Total current assets 
     20,259  
     23,538 

    Property and equipment,
    net 
     1,594  
     1,803 
  
    Deferred tax asset 
     —  
     499 
  
    Operating lease right-of-use
    assets 
     558  
     751 
  
    Federal tax deposit 
     28  
     213 
  
    Intangible assets, net 
     684  
     792 
  
    Deposits 
     19  
     19 
  
    Deferred
    financing costs 
     236