Risk Factors Update Summary
- Accumulated deficit increased from $101 million to $204 million, with a current year net loss rising from $25 million to $103 million.
- Federal NOL carryforwards increased from approximately $140 million to $171 million as of December 31, 2022.
- State NOL carryforwards rose from about $56 million to $89 million, with federal and state R&D credit carryforwards increasing.
- One VAR represented more than 10% of total revenue, and one VAR accounted for 13% of accounts receivable balance as of December 31, 2023.
- The company incurred substantial losses during the year, with federal NOL carryforwards of $171 million and state NOL carryforwards of $89 million.
- The company may face delisting from the NYSE due to the average closing price of its common stock being less than $1.00.
- The company may issue 14,666,667 shares of common stock upon achieving certain Earnout Triggering Events.
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=1816613&owner=exclude
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