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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of
Meridian Technologies, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Meridian Technologies, Inc. and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2

{
  "document_type": "audit_report",
  "report_type": "financial_audit",
  "report_date": "2025-02-28",
  "auditor_info": {
    "firm_name": "Anderson & Sterling LLP",
    "firm_location": "San Francisco, California",
    "pcaob_registered": true,
    "auditor_id": "1847",
    "auditor_tenure_since": "2018"
  },
  "client_info": {
    "company_name": "Meridian Technologies, Inc.",
    "fiscal_year_end": "2024-12-31",
    "public_company": true,
    "sec_filer": true
  },
  "audit_scope": {
    "statements_audited": [
      "Consolidated Balance Sheets",
      "Consolidated Statements of Operations",
      "Consolidated Statements of Comprehensive Income",
      "Consolidated Statements of Stockholders' Equity",
      "Consolidated Statements of Cash Flows"
    ],
    "periods_covered": [
      "2022-01-01 to 2022-12-31",
      "2023-01-01 to 2023-12-31",
      "2024-01-01 to 2024-12-31"
    ],
    "comparative_periods": true,
    "standards_applied": "PCAOB"
  },
  "opinion": {
    "opinion_type": "Unqualified",
    "opinion_date": "2025-02-28",
    "opinion_text": "In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.",
    "going_concern": {
      "present": false,
      "emphasis_of_matter": false
    }
  },
  "basis_for_opinion": {
    "audit_standards": "PCAOB Standards",
    "independence_statement": true,
    "ethical_requirements": "U.S. federal securities laws, SEC rules, PCAOB rules",
    "sufficient_evidence": true
  },
  "critical_audit_matters": [
    {
      "cam_title": "Revenue Recognition - Multiple Performance Obligations",
      "description": "The Company enters into contracts with customers that include multiple performance obligations, including software licenses, implementation services, and post-contract support. Revenue of $1.2 billion recognized in 2024. Allocation requires significant judgment in determining standalone selling prices.",
      "principal_considerations": "Significant judgment in determining standalone selling prices for multiple performance obligations",
      "audit_procedures": "Evaluated controls over revenue recognition, tested standalone selling price methodology, performed substantive procedures on contract samples",
      "financial_statement_accounts": "Revenue - $1.2 billion"
    },
    {
      "cam_title": "Goodwill Impairment Assessment",
      "description": "Company has $425 million of goodwill. Annual impairment test requires significant estimates including projected future cash flows and discount rates.",
      "principal_considerations": "Significant estimates required for projected cash flows and discount rates in impairment testing",
      "audit_procedures": "Evaluated impairment assessment assumptions, engaged valuation specialists to evaluate discount rates, compared projections to historical results and industry trends",
      "financial_statement_accounts": "Goodwill - $425 million"
    }
  ],
  "internal_control_opinion": {
    "included": true,
    "opinion_type": "Unqualified",
    "opinion_date": "2025-02-28",
    "framework": "COSO Internal Control - Integrated Framework (2013)",
    "material_weakness": {
      "identified": false
    },
    "significant_deficiencies": {
      "identified": false
    }
  },
  "management_responsibilities": {
    "fair_presentation": true,
    "internal_control": true,
    "going_concern_assessment": true
  },
  "auditor_responsibilities": {
    "reasonable_assurance": true,
    "material_misstatement": "Perform procedures to detect material misstatement due to error or fraud",
    "internal_control_understanding": true
  },
  "signatures": {
    "firm_signature": true,
    "date": "2025-02-28"
  },
  "validation": {
    "opinion_clearly_stated": true,
    "periods_specified": true,
    "signatures_present": true,
    "standards_identified": true
  }
}