CEO Lies to SEC, Inadvertently Triggers Revolution
st year.
Interviewer: According to this SEC filing, Unisync reported record Q1 2023 revenues and improving profitability. However, you appear to have omitted a few key details. Could you elaborate?
CEO: Yes, I regret to say that I have lied about two key points in our SEC filing for the first quarter ended December 31, 2022. The first is our increased airplane account sales. While it is true that we had a significant increase in airline account sales due to the post pandemic rebound, this increase was significantly smaller than what was reported.
The second detail that I lied about was our total general and administrative expenses. We had noted that they had only increased by 5%, when in reality they had risen by 25%. This was due to a particularly embarrassing incident with the CFO. In particular, the CFO attempted to automate and simplify our business processes, however, the software had a hidden programming bug that was not discovered until after the software was in use and it gave them the ability to adjust employee pay without any form of approval or control, which resulted in mass overpayments and compromised our bottom line.
As shameful as it is to admit, I take full responsibility for these lies. I understand that in both instances, the lack of transparency was intentional and inexcusable, and I can only express my sincere apology to my staff, investors, and the public. The lessons we learned will serve as a reminder to all of us in the business community to always adhere to the highest standards of ethical conduct.
Original Release: https://www.globenewswire.com/news-release/2023/02/14/2607658/0/en/UNISYNC-Reports-Record-Q1-Fiscal-2023-Revenues-and-Improving-Profitability.html