Risk Factors Update Summary
- Cooperation with FTC and SEC investigations, including a subpoena from the SEC in February 2024. This could lead to significant penalties or claims.
- Increase in gross federal net operating losses from $124.3 million to $142.4 million in 2023.
- Gross U.S. development and other tax credit carryforwards decreased from $3.2 million to $2.1 million in 2023.
- Increase in the number of Founder Shares vesting from 25% to 50% at the closing of the Merger.
- Incurred net losses increased from $86.4 million in 2022 to $106.3 million in 2023.
- Gross UK net operating loss carryforwards increased from $1.5 million to $2.3 million in 2023.
- Loss of emerging growth company status, leading to increased compliance requirements and potential higher costs.
- Accumulated deficit rose from $192 million to $298 million as of December 31, 2023.
- Identified material weaknesses in internal control over financial reporting, impacting accurate financial disclosures.
- Transitioned to reseller partners from channel resellers for sales organization expansion.
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=1805385&owner=exclude
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