Risk Factors Update Summary
- Net losses increased from $433 million to $872 million for the year ended December 31, 2023.
- Accumulated deficit increased from $482 million to $476 million as of December 31, 2023.
- Potential costlier financing due to increased interest rates could impact the ability to refinance.
- Cash decreased from $6.9 million to $2.2 million following a $7.0 million loan acquired.
- Interest rate on the $7.0 million term loan increased to 6.25% above the base rate.
- Entered into a $7.0 million loan due in November 2026 with financial and liquidity covenants.
- Acquisition of Bureau of Internet Accessibility Inc. may not bring expected benefits or integration success.
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=1362190&owner=exclude
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