Risk Factors Update Summary
- Limited borrowing capacity increased from $1.8 million to $2 million under Credit Agreement.
- Debt outstanding increased from approximately $1.7 million to $2.2 million under Credit Facility Agreement.
- Revenue from top three clients increased from 17% to 18%, with ten largest customers accounting for 70%.
- Revenue generated from contracts with U.S. government increased from 18% to 20%.
- Backlog decreased from $20 million to $13 million, with majority expected to be completed in 2024.
- Noncompliance with Nasdaq listing requirements due to minimum bid price, with extension granted.
- Cybersecurity risk management strategy and controls enhanced to prevent, detect, and mitigate cyberattacks.
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=933738&owner=exclude
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