<a href="https://laohu8.com/S/PORTU">Southport Acquisition Corporation</a> Identifies Material Weaknesses in Financial Controls, No Reportable Events Found
Southport Acquisition Corporation, now known as Angel Studios, Inc., recently announced a change in its certifying accountant, following the completion of a business combination with Angel Studios Legacy, Inc. An audit conducted by BDO revealed material weaknesses in Southport's internal controls over financial reporting for the fiscal years ended December 31, 2024, and December 31, 2023. The identified weaknesses pertain to the presentation of the statement of cash flows, recognition of excise tax liabilities, and the process for recording accrued liabilities. Despite these issues, there were no disagreements between Southport and BDO on accounting principles or practices that would have necessitated further references in BDO's reports. The audit also expressed substantial doubt about Southport's ability to continue as a going concern, pending the successful execution of its business plan.
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