Risk Factors Update Summary

• The company incurred net losses of $186 million in 2023, a significant decrease from $1,561.6 million in 2022.
• Increased scrutiny on ESG practices may lead to higher costs and reputational damage.
• Cash available for future operations increased from $17 million to $36 million in 2023.
• The company may need to raise additional capital for various factors, including revenue growth and managing expenses.
• Potential delisting from Nasdaq due to non-compliance with reporting requirements could impact stock price.
• Accumulated deficit increased from $309 million to $367 million in 2023.
• The company sold unsecured promissory notes and warrants, raising approximately $59.26 million.
• Hiring additional legal and accounting personnel may increase expenses and management resources.
• The company issued warrants to purchase approximately 69.2 million shares of Class A common stock.
• The company settled a renegotiation in January 2023, resulting in an additional payment of approximately $5.6 million.