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Risk Factors Update Summary
- The company has identified material weaknesses in internal controls, risking misstatements in financial statements. This could lead to significant financial reporting issues.
- Management concluded that internal control over financial reporting was ineffective as of December 31, 2023, due to key personnel resignations. This raises concerns about future compliance.
- The company has a substantial doubt about its ability to continue as a going concern, based on insufficient cash and net revenue. This uncertainty could severely impact investor confidence.
- The company plans to issue a senior promissory note of **$1 million** and a revolving line of credit of **$2 million** to support operations. This funding is crucial for ongoing business activities.
- The company has **18,977** shares reserved for future issuance under the 2021 Equity Incentive Plan, which may affect stockholder equity and dilution.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1744494&owner=exclude
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