Risk Factors Update Summary
- Accumulated deficit increased from $28 million to $49 million as of December 31, 2023.
- Convertible Notes entered in 2023 contain covenants restricting business activities, potentially impacting operations.
- Net loss increased from $20.6 million to $49.7 million for the year ended December 31, 2023.
- Need to raise additional funds in the capital markets to service obligations under Convertible Notes.
- Design, manufacture, and sale of electric vehicles require continued capital investment and substantial costs.
- Going concern statement included due to potential inability to continue operations without additional financing.
- Failure to obtain necessary financing may result in the inability to maintain operations.
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=1879848&owner=exclude
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