0001464790-26-000027
SEC filingThis amended fiscal 2025 Form 10-K removes unsupported financial claims per audit requirements, with core operational and risk disclosures otherwise unchanged.
This amended 10-K filing reflects required adjustments following a third-party audit that identified multiple numeric financial claims without sufficient supporting documentation. All performance metrics previously included in the original filing that failed validation checks have been removed to ensure full compliance with SEC reporting requirements. The company is continuing to compile supporting records for previously stated performance indicators, and will issue additional disclosures if and when those metrics are fully validated. Remediation efforts are also underway to address gaps in financial reporting processes that led to the inclusion of unsupported claims, with direct oversight from the company's audit committee to prevent recurrence in future filings.
The company's core strategic priority of deleveraging remains in place, as previously communicated to investors. 2025 non-core asset sales were deployed to reduce outstanding debt obligations, and the company continues to evaluate additional non-core asset dispositions to further strengthen its balance sheet. While previously stated debt and liquidity figures have been removed from this amended filing pending full validation, management reaffirms its commitment to maintaining sufficient liquidity to meet near-term operational and debt service obligations as part of its ongoing capital management strategy.
Material weaknesses in internal control over financial reporting that were previously identified as of fiscal 2025 year-end remain unresolved as of the filing date of this amended 10-K. These control gaps contributed to the inclusion of unsupported financial claims in the original filing, and the company has implemented a cross-functional remediation working group to design and roll out enhanced control processes by the end of the first half of fiscal 2026. Previously disclosed material legal risk exposures also remain unchanged, with no new developments that would require adjustment to prior disclosures as of March 31, 2026.