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AUDITED FINANCIAL REPORT <br />f� Crowe <br />A <br />Crowe LLP <br />Independenl Member Crowe Global <br />INDEPENDENT AUDITOR'S REPORT <br />Board of Directors and Stockholders <br />Kokosing, Inc. and Subsidiaries <br />Opinion <br />We have audited the consolidated financial statements of Kokosing, Inc. and Subsidiaries, which <br />comprise the consolidated balance sheet as of March 31, 2023, and the related consolidated statements <br />of income, equity, and cash flows for the year then ended, and the related notes to the financial <br />statements. <br />In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, <br />the financial position of Kokosing, Inc. and Subsidiaries as of March 31, 2023, and the results of its <br />operations and its cash flows for the year then ended in accordance with accounting principles generally <br />accepted in the United States of America. <br />Basis for Opinion <br />We conducted our audits in accordance with auditing standards generally accepted in the United States <br />of America (GAAS). Our responsibilities under those standards are further described in the Auditor's <br />Responsibilities for the Audit of the Financial Statements section of our report. We are required to be <br />independent of Kokosing, Inc. and Subsidiaries and to meet our other ethical responsibilities, in <br />accordance with the relevant ethical requirements relating to our audits. We believe that the audit <br />evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. <br />Responsibilities of Management for the Financial Statements <br />Management is responsible for the preparation and fair presentation of the consolidated financial <br />statements in accordance with accounting principles generally accepted in the United States of America, <br />and for the design, implementation, and maintenance of internal control relevant to the preparation and <br />fair presentation of consolidated financial statements that are free from material misstatement, whether <br />due to fraud or error. <br />In preparing the consolidated financial statements, management is required to evaluate whether there are <br />conditions or events, considered in the aggregate, that raise substantial doubt about Kokosing, Inc. and <br />Subsidiaries' ability to continue as a going concern for one year from the date the consolidated financial <br />statements are available to be issued. <br />Auditor's Responsibilities for the Audit of the Financial Statements <br />Our objectives are to obtain reasonable assurance about whether the consolidated financial statements <br />as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's <br />report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute <br />assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always <br />detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting <br />from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional <br />omissions, misrepresentations, or the override of internal control. Misstatements are considered material <br />if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment <br />made by a reasonable user based on the consolidated financial statements. <br />(Continued) <br />SOUTH BEND, INDIANA GSC 15 <br />