TOKYO, May 07 (Pulse News Wire) – V-cube,inc. (3681.T) reported on May 07, 2026 that its auditor, Taiyou Certified Public Accountants, did not issue an audit opinion for the fiscal year ended December 31, 2025, due to insufficient and appropriate audit evidence.
The company received an unqualified opinion report based on Article 436, Paragraph 2, Item 1 and Article 444, Paragraph 4 of the Companies Act. As a result, V-cube will seek approval of the financial statements at a special shareholders' meeting. The lack of audit opinion stems from issues related to a $5.4 million payment made by subsidiary TEN Holdings, Inc. in February 2025 for post-NASDAQ listing capital policy consultancy services.
Former CEO Masago Akinobu had submitted documents without board approval authorizing financial support to TEN. Additionally, discrepancies in contract details and service provision realities could not be verified, leading to ongoing investigations by external experts and US authorities. These unresolved matters pose significant potential impacts on the financial statements but cannot be quantified yet. In light of these circumstances, the auditor concluded there was insufficient basis for issuing an opinion and could not determine whether corrections were necessary.
V-cube stated it would handle the situation appropriately and promptly inform stakeholders of any updates regarding the special shareholders' meeting.
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