Risk Factors Update Summary
- Transitioning to a wireless systems solutions provider, investing significantly in research and development.
- Accumulated deficit increased from $66 million to $78 million by December 31, 2023.
- Net loss increased from $8.7 million in 2022 to $12.4 million in 2023.
- Addition of geopolitical risks in China, Taiwan, Middle East may impact financial stability.
- Federal NOL carryforwards decreased from $21.6 million to $23 million by December 31, 2023.
- Closure of financial institutions in 2023 may affect liquidity and financial conditions.
- Sales reliance on top customers decreased from approximately 57% to around 40% in 2023.
- Increase in the number of financial institutions from 35 to 36.
- Engaged new contract manufacturers outside China for additional supply chain diversity.
- Increased focus on compliance with anti-bribery laws and regulations in various jurisdictions.
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=1272842&owner=exclude
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