Landec(LFCR) - 2022 Q4 - Annual Report

Financial Restatement - Landec Corporation is restating its previously issued financial statements for the year ended May 29, 2022, including unaudited consolidated balance sheets and statements of comprehensive income[13]. - The restatement primarily involves corrections related to the classification of certain expenses and accruals, which will now be classified as selling, general and administrative expenses[14]. - The company has assessed the materiality of these corrections and concluded that the prior financial statements should be restated in accordance with SEC guidelines[15]. - The financial information previously reported is superseded by the information in the current Annual Report on Form 10-K[17]. Internal Controls - Management identified a material weakness in internal controls over financial reporting, particularly concerning non-standard transactions as of May 29, 2022[18]. - The updated disclosures regarding controls and procedures are reflected in the Annual Report on Form 10-K[16]. Forward-Looking Statements - Forward-looking statements in the report are subject to risks and uncertainties that may cause actual results to differ materially from expectations[20]. - Potential risks include the timing and expenses associated with operations and the ability to achieve market acceptance of new products[20]. - The company emphasizes that actual results could differ from projections due to various risk factors outlined in the report[21]. - All forward-looking statements are qualified by cautionary statements regarding the inherent uncertainties in predicting future events[22]. - The company emphasizes the importance of evaluating forward-looking statements in the context of identified risks and uncertainties[23]. - The company does not undertake any obligation to publicly update or revise forward-looking statements unless required by law[23]. - Risks and uncertainties mentioned may not encompass all factors significant to stakeholders[23]. - The forward-looking statements are only valid as of the date of the report[23].