NOCERA, INC. 10-Q

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM _______ TO ___________

COMMISSION FILE NO.: 001-41434

NOCERA, INC.

(Exact name of registrant as specified in charter)

Nevada		16-1626611
(State or other jurisdiction of incorporation)		(IRS Employer Identification No.)

3F (Building B), No. 185, Sec. 1, Datong Rd., Xizhi Dist., New Taipei City Taiwan 221, ROC

(Address of principal executive offices and zip code)

(886)-910-163-358

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	NCRA	Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “small reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒		Smaller reporting company ☒
		Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of August 4, 2026, the registrant had 2,136,495 shares of common stock issued and outstanding.

TABLE OF CONTENTS

Cautionary Statement Regarding Forward-Looking Statements		ii

PART I	FINANCIAL INFORMATION	1

ITEM 1.	INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	1
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	23
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	29
ITEM 4.	CONTROLS AND PROCEDURES	29

PART II	OTHER INFORMATION	31

ITEM 1.	LEGAL PROCEEDINGS	31
ITEM 1A.	RISK FACTORS	31
ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	31
ITEM 3	DEFAULTS UPON SENIOR SECURITIES	31
ITEM 4	MINE SAFETY DISCLOSURES	31
ITEM 5	OTHER INFORMATION	32
ITEM 6	EXHIBITS	32

SIGNATURES		33

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as “anticipate,” “believe,” “estimate,” “intend,” “could,” “should,” “would,” “may,” “seek,” “plan,” “might,” “will,” “expect,” “anticipate,” “predict,” “project,” “forecast,” “potential,” and “continue” or the negatives thereof or similar expressions. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future and are not guarantees of future performance. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievement to be materially different from the results of operations or plans expressed or implied by such forward-looking statements.

We cannot predict all the risks and uncertainties that may impact our business, financial condition or results of operations. Accordingly, the forward-looking statements in this Quarterly Report on Form 10-Q should not be regarded as representations that the results or conditions described in such statements will occur or that our objectives and plans will be achieved, and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. These forward-looking statements are found at various places throughout this Quarterly Report on Form 10-Q and include information concerning possible or projected future results of our operations, including statements about potential acquisition or merger targets, strategies or plans; business strategies; prospects; future cash flows; financing plans; plans and objectives of management; any other statements regarding future acquisitions, future cash needs, future operations, business plans and future financial results; and any other statements that are not historical facts.

These forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to a variety of factors and risks, including, but not limited to, those set forth under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on April 15, 2026, as amended on April 21, 2026.

Many of those risk factors are outside of our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. Considering these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. All subsequent written and oral forward-looking statements concerning other matters addressed in this Quarterly Report on Form 10-Q and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this Quarterly Report on Form 10-Q.

Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.

PART I FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

NOCERA, INC.

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Stated in US Dollars except for Number of Shares)


	June 30, 2026			December 31, 2025
	(Unaudited)			(As Restated)
	$			$
ASSETS
Current assets
Cash and cash equivalents		4,792,297			7,952,180
Accounts receivable		–			–
Advance to suppliers		1,732			1,732
Prepaid expenses and other current assets		312,500			315,430
Financial assets at fair value through profit or loss		–			–
Total current assets		5,106,529			8,269,342
Equity method investments		784,435			924,152
Property and equipment, net		881,090			882,783
Right-of-use assets		30,436			34,942
Digital assets		1,377,574			–
Total assets		8,180,064			10,111,219
LIABILITIES AND EQUITY
Liabilities
Current liabilities
Income tax payable		312,293			336,936
Accrued expenses and other liabilities		126,729			121,961
Dividend payable		70,312			177,326
Due to related parties		24,902			23,565
Financial lease liabilities - current		7,832			7,398
Warrant liability		–			25,859
Total current liabilities		542,068			693,045
Financial Liability at FVTPL		2,188,158			7,205,666
Lease liability		14,808			18,243
Total liabilities		2,745,034			7,916,954
Commitments and contingencies (Note 19)		–			–
Mezzanine Equity
9.00% Convertible preferred stock ($0.001 par value; Series B Preferred Stock, 1,000,000 shares authorized. 0 and 3,500 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)		–			2,635,000
Total mezzanine equity		–			2,635,000
Equity
Common stock ($0.001 par value; authorized 200,000,000 shares; 1,560,210 shares and 481,121 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively, as adjusted for the 1-for-30 reverse stock split effected on July 6, 2026; see Note 21)		1,560			481
Preferred stock ($0.001 par value; authorized 10,000,000 shares; Series A Preferred Stock, 2,000,000 shares authorized, 80,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025)		80			80
Additional paid-in capital		34,150,832			25,465,037
Statutory and other reserves		191,219			191,219
Accumulated losses		(29,003,520	)		(26,188,471	)
Accumulated other comprehensive income		94,859			90,919
Total Nocera, Inc.’s stockholders’ equity		5,435,030			(440,735	)
Non-controlling interests		–			–
Total equity		5,435,030			(440,735	)
Total liabilities, mezzanine equity, and equity		8,180,064			10,111,219

See notes to the condensed consolidated financial statements which are an integral part of these unaudited condensed financial statements.

NOCERA, INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Stated in US Dollars except for Number of Shares)


	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
	(Unaudited)			(As Restated)			(Unaudited)			(As Restated)
	$			$			$			$
Net sales		2,139,564			3,971,716			4,417,348			8,505,844
Cost of sales		(2,121,566	)		(3,939,262	)		(4,357,370	)		(8,422,440	)
Gross profit		17,998			32,454			59,978			83,404

Operating expenses
General and administrative expenses		(591,629	)		(235,834	)		(1,210,691	)		(569,375	)
Share based compensation		(601,090	)		–			(601,090	)		–
Total operating expenses		(1,192,719	)		(235,834	)		(1,811,781	)		(569,375	)

Loss from operations		(1,174,721	)		(203,380	)		(1,751,803	)		(485,971	)

Other (expense) income		(366,587	)		16,579			(1,063,246	)		42,221
Loss before income taxes		(1,541,308	)		(186,801	)		(2,815,049	)		(443,750	)

Income tax (expense) benefit		–			(140,561	)		–			(140,561	)
Net loss		(1,541,308	)		(327,362	)		(2,815,049	)		(584,311	)

Less: Net loss attributable to non-controlling interests		–			(10,937	)		–			(20,537	)
Net loss attributable to the company		(1,541,308	)		(316,425	)		(2,815,049	)		(563,774	)

Comprehensive loss
Net loss		(1,541,308	)		(327,362	)		(2,815,049	)		(584,311	)
Foreign currency translation gain		2,561			48,463			3,940			45,872
Total comprehensive loss		(1,538,747	)		(278,899	)		(2,811,109	)		(538,439	)

Less: comprehensive loss attributable to non-controlling interest		–			(10,937	)		–			(20,537	)
Less: Foreign currency translation (loss) gain attributable to noncontrolling interest		–			3,443			–			3,020
Comprehensive loss attributable to the Company		(1,538,747	)		(271,405	)		(2,811,109	)		(520,922	)

Loss per share*
Basic		(0.9879	)		(0.6607	)		(1.8043	)		(1.1772	)
Diluted		(0.9879	)		(0.6607	)		(1.8043	)		(1.1772	)

Weighted average number of common shares outstanding*
Basic		1,560,210			478,918			1,560,210			478,918
Diluted		1,560,210			478,918			1,560,210			478,918

See notes to the condensed consolidated financial statements which are an integral part of these unaudited condensed financial statements.

*	Weighted average shares outstanding and net loss per share for all periods presented have been retroactively adjusted to reflect the 1-for-30 reverse stock split effected on July 6, 2026. See Note 21.

NOCERA, INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Stated in US Dollars except for Number of Shares)


	Six months ended June 30,
	2026			2025
	(Unaudited)			(As Restated)
	$			$
Cash flows from operating activities:
Net loss		(2,815,049	)		(584,311	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation expenses		7,261			199,344
Amortization		–			8,152
Unrealized losses on digital assets		622,426			45,700
Share of profit of associates		139,717			–
Loss on disposal of SY Media		–			(87,603	)
Gain on fair value change of financial assets held for trading		–			(3	)
Non-cash interest expenses arisen from convertible note		326,263			–
Non-cash interest expenses on Lease liability		118			302
Share-based compensation expense		601,090			–
Changes in operating assets and liabilities:
Accounts receivable, net		–			35,043
Inventories		–			(20,774	)
Advance to suppliers		–			6,672
Prepaid expenses and other assets, net		2,180			64,037
Other non-current assets		–			949
Accounts payable		–			–
Advanced from customers		–			(29,418	)
Other payables and accrued liabilities		7,405			(105,540	)
Income tax payable		(24,643	)		127,355
Subtract non-cash gain on warrant liabilities		(25,859	)		31,005
Advance receipts		(134	)		445
Net cash used in operating activities		(1,159,225	)		(308,645	)

Cash flows from investing activities:
Proceeds from sale of property and equipment		–			–
Proceeds from disposal of financial assets at FVTPL		–			213
Disposal of subsidiary		–			363,845
Acquisition of associate		–			(500,000	)
Purchases of digital assets		(2,000,000	)		–
Net cash (used in) provided by investing activities		(2,000,000	)		(135,942	)

Cash flows from financing activities:
Proceeds from issuance of common stock		–			240,000
Proceeds from secured other borrowing		–			(2,316	)
Payment of lease liabilities		(3,817	)		–
Net cash (used in) provided by financing activities		(3,817	)		237,684

Net effect of exchange rate changes on cash and cash equivalents		3,159			(127,128	)
Net (decrease)/increase in cash and cash equivalents		(3,159,883	)		(334,031	)
Cash and cash equivalents at beginning of period		7,952,180			484,161
Cash and cash equivalents at end of period		4,792,297			150,130

See notes to the condensed consolidated financial statements which are an integral part of these unaudited condensed financial statements.

NOCERA, INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Stated in US Dollars except Number of Shares)

(UNAUDITED)


	Mezzanine Equity						Shareholders’ Equity
	Convertible Preferred Stock						Common Stock*				Preferred Stock				Additional Paid-in			Statutory and other		Accumulated			Accumulated Other Comprehensive		Total Nocera Inc.’s Stockholders’			Non- controlling			Total Stockholders’
	Stock			Amount			Stock		Amount		Stock		Amount		Capital			Reserves		Losses			Income		Equity			Interests			Equity
				$					$				$		$			$		$			$		$			$			$
Balance, January 1, 2025		–			–			468,251		468		80,000		80		25,213,844			191,219		(23,335,453	)		24,018		2,094,176			40,434			2,134,610
Common stock issuance		–			–			10,667		11		–		–		239,989			–		–			–		240,000			–			240,000
Foreign currency translation adjustments		–			–			–		–		–		–		–			–		–			42,852		42,852			3,020			45,872
Preferred stock dividend		–			–			–		–		–		–		–			–		–			–		–			–			–
Net loss		–			–			–		–		–		–		–			–		(563,774	)		–		(563,774	)		(20,537	)		(584,311	)
Balance, June 30, 2025		–			–			474,918		479		80,000		80		25,453,833			191,219		(23,899,227	)		66,870		1,813,254			22,917			1,836,171



Balance, January 1, 2026		3,500			2,635,000			481,121		481		80,000		80		25,465,037			191,219		(26,188,471	)		90,919		(440,735	)		–			(440,735	)
Convertible preferred stock converted into common stock		–			–			28,883		29		–		–		354,218			–		–			–		354,247			–			354,247
Convertible preferred stock issuance		(340	)		(340,000	)		–		–		–		–		–			–		–			–		–			–			–
Foreign currency translation adjustments		–			–			–		–		–		–		–			–		–			1,379		1,379			–			1,379
Preferred stock dividend		–			–			–		–		–		–		(70,126	)		–		–			–		(70,126	)		–			(70,126	)
Net loss		–			–			–		–		–		–		–			–		(1,273,741	)		–		(1,273,741	)		–			(1,273,741	)
Balance, March 31, 2026		3,160			2,295,000			510,004		510		80,000		80		25,749,129			191,219		(27,462,212	)		92,298		(1,428,976	)		–			(1,428,976	)
Convertible preferred stock issuance		(3,160	)		(2,295,000	)		374,080		374		–		–		2,446,671			–		–			–		2,447,045			–			2,447,045
Common stock issuance								676,126		676						5,924,576										5,925,252						5,925,252
Foreign currency translation adjustments		–			–			–		–		–		–		–			–		–			2,561		2,561			–			2,561
Preferred stock dividend		–			–			–		–		–		–		–			–		–			–		–			–			–
Net loss		–			–			–		–		–		–		–			–		(1,541,308	)		–		(1,541,308	)		–			(1,541,308	)
Balance, June 30, 2026		–			–			1,560,210		1,560		80,000		80		34,150,832			191,219		(29,003,520	)		94,859		5,435,030			–			5,435,030

See notes to the condensed consolidated financial statements which are an integral part of these unaudited condensed financial statements.

*	Common stock presented in this statement for all periods have been retroactively adjusted to reflect the 1-for-30 reverse stock split effected on July 6, 2026. See Note 21.

NOCERA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1 DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

Business Description

Nocera is a Nevada corporation headquartered in New Taipei City, Taiwan. As of the date of this Quarterly Report on Form 10-Q, our business operations consist primarily of two segments: (i) Fish Trading and (ii) E-Commerce. Our Fish Trading segment is carried out by our wholly-owned subsidiary, Nocera Inc. Taiwan Branch (“NTB”). NTB engages in the trading of fish, primarily eels, in the Republic of Taiwan. In the E-Commerce segment, which is administered through Zhejiang Xinca Mutual Entertainment Culture Media Co., Ltd. (“Xinca”), an unincorporated division of the Company, we act as an agent in facilitating the sale of third-party products through live-streaming e-commerce platforms. In addition, we design recirculation aquaculture systems (“RAS”) for fish farming, and we consult with customers in the manufacture and installation of RAS.

In January 2026, the Company allocated an aggregate $2.0 million of corporate funds to purchase Bitcoin as part of its corporate treasury strategy. The Company completed the first $1.0 million tranche on January 25, 2026, acquiring approximately 11.48 Bitcoin at an average purchase price of approximately $87,700 and the remaining $1.0 million tranche on January 29, 2026, acquiring approximately 12.05 Bitcoin at an average purchase price of approximately $83,000. The Company intends to continue its corporate treasury strategy, with an emphasis on Bitcoin for now, for the foreseeable future.

Going concern

The accompanying unaudited condensed consolidated financial statements have been prepared on a going-concern basis which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying unaudited condensed consolidated financial statements, for the three months and six months ended June 30, 2026, the Company recorded a net loss of $1,541,308 and $2,815,049, respectively, and net cash used in operations of $1,177,289 and $1,159,225, respectively. As of June 30, 2026, the Company incurred an accumulated deficit of $29,003,520, compared to $26,188,471 as of December 31, 2025. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Management’s plans to address these conditions include, but are not limited to, (i) seeking additional capital through equity financing arrangements with existing shareholders and potential new investors, (ii) pursuing strategic financing alternatives, including debt financing, to improve liquidity, (iii) implementing cost control measures to reduce operating expenses, and (iv) expanding revenue-generating activities through the development of new business opportunities and enhancement of existing operations.

The Company is currently in discussions with potential investors and financing sources; however, other than the Equity Purchase Facility Agreement described in Note 12, no definitive agreements have been executed as of the date of issuance of these financial statements. Accordingly, there can be no assurance that the Company will be successful in obtaining sufficient funding or achieving its business objectives.

Even if the Company is able to obtain additional financing, such financing may not be available on favorable terms, and may include restrictive covenants in the case of debt financing or result in significant dilution to existing stockholders in the case of equity financing. Therefore, management has concluded that substantial doubt about the Company’s ability to continue as a going concern has not been alleviated.

Basis of Presentation

The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required for complete financial statements and should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on April 15, 2026.

The unaudited condensed consolidated financial statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future years or interim periods.

On July 6, 2026, the Company effected a 1-for-30 reverse stock split of its common stock (the “Reverse Stock Split”). All share and per-share amounts included in these unaudited condensed consolidated financial statements and accompanying notes, including common stock issued and outstanding, weighted average shares outstanding, net loss per share, warrants, and shares reserved for issuance, have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented, unless otherwise indicated. For periods prior to the Reverse Stock Split, share and per-share amounts have been retroactively restated by dividing the historical amounts by 30, the ratio of the Reverse Stock Split, and rounding to the nearest whole share; such restatement did not involve the actual issuance, cancellation, or cash settlement of any shares, which occurred only in connection with the Reverse Stock Split effected on July 6, 2026. See Note 21, Subsequent Events, for additional information.

Reclassification

Certain prior period amounts have been reclassified to conform with current year presentation.

Concentrations of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers and suppliers and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

The following table summarizes the significant customers’ revenue as a percentage of total revenue:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Revenue
Customer A		11.77%		9.16%		10.36%		16.12%
Customer B		11.68%		21.46%		13.66%		23.46%
Customer C		15.58%		5.14%		9.96%
Customer D		15.15%		4.63%		13.18%
Customer E		19.40%		19.95%		17.42%		19.24%
Customer F		11.74%		19.30%		17.19%		18.65%
Customer G		10.92%		15.64%		16.38%		13.23%
		96.24%		95.28%		98.15%		90.7%

The Company does not have accounts receivable outstanding as of June 30, 2026 and December 31, 2025

Recent Accounting Pronouncements

The FASB issued several updates during the period, but none of these standards are either applicable to the Company or require adoption at a future date and none are expected to have a material impact on the consolidated financial statements upon adoption.

Fair Value Measurement

The Company follows Accounting Standards Codification (“ASC”) 820, Fair Value Measurement (“ASC 820”), which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level hierarchy for inputs used in measuring fair value:

	·	Level 1: Quoted prices in active markets for identical assets or liabilities.
	·	Level 2: Observable inputs other than Level 1, either directly or indirectly.
	·	Level 3: Unobservable inputs, used when observable inputs are not available.

The Company measures certain financial instruments at fair value on a recurring basis, including warrant liabilities and convertible notes. When observable market data is available, such inputs are used to measure fair value. When observable inputs are not available, the Company applies valuation techniques which require management to develop significant estimates and assumptions.

Certain non-financial assets, including goodwill, intangi