Risk Factors Update Summary
- Completed one acquisition to expand sales presence in Ireland and UK, increasing international sales to 26%.
- Purchases from largest two vendors decreased from 26% to 23% and from largest five vendors decreased from 42% to 40%.
- Misapplication of accounting rules could impact operating results and financial condition significantly.
- Net sales from two largest customers decreased from 37% to 35% and from largest five customers decreased from 52% to 51%.
- Impairment of goodwill and intangible assets may reduce asset value and net income.
- Outstanding debt of approximately $1.3 million with restrictions could negatively affect business operations.
- Failure to maintain effective internal controls could lead to inaccurate financial reporting and fraud.
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=945983&owner=exclude
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