Ac

Positives: asset‑light reinvestment needs, no equity compensation plan disclosed at FY2025, and IPO proceeds not yet used at the time of the annual report.

Negatives (and heavier weighting): adoption of dual‑class structure with super‑voting Class B shares, controlled company status, related‑party transactions (marketing and professional fees), dividend offsets to related parties in prior periods, and identified material weaknesses in internal controls.

These issues reduce confidence that incremental capital will be deployed with minority‑shareholder alignment.