Where Food Comes From says lease control fixed
Amended Q1 2026 Form 10-Q updates WFCF’s internal control disclosure to reflect remediation of a prior lease-accounting material weakness.
Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q/A
Rhea-AI Filing Summary
Where Food Comes From, Inc. (WFCF) filed an amended quarterly report for the period ended March 31, 2026 to revise the description of Item 4, Controls and Procedures. The company clarifies that a previously identified material weakness in internal control over financial reporting related to the application of FASB ASC 842 (Leases) for the year ended December 31, 2025 had been remediated before those financial statements were released.
Management reports that disclosure controls and procedures were effective as of March 31, 2026, and that the material weakness was fully remediated by properly applying ASC 842 and testing the related remedial measures. The amendment does not change the financial statements or other disclosures from the original Form 10-Q, and adds only updated control disclosures and new Section 302 officer certifications.
Positive
- Company reports that the prior material weakness in internal control over financial reporting related to FASB ASC 842 was fully remediated as of March 31, 2026 and that disclosure controls and procedures were effective for the quarter.
Negative
- Management and the independent auditor previously identified a material weakness in internal control over financial reporting tied to improper application of FASB ASC 842 (Leases), which caused a material overstatement of right-of-use assets and other income for 2025 before remediation.
