Risk Factors Update Summary
- Net losses increased significantly from $5.538 million in 2022 to $10.2 million in 2023.
- Cash used in operating activities rose from $9.2 million in 2022 to $8.5 million in 2023.
- Potential delisting consequences include loss of liquidity, investor confidence, and market price decline.
- Impairment charge of $685,967 recorded in 2023 due to lower estimates for property and equipment.
- Risk of delisting from Nasdaq due to non-compliance with listing standards and low stock price.
- Approval for a reverse stock split to regain compliance with Nasdaq's minimum bid price rule.
- Concentration risk increased as 83.1% of total revenue in 2023 was attributed to five customers.
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=1809750&owner=exclude
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