Risk Factors Update Summary
- Revenue concentration increased with a single U.S. customer accounting for 61% of revenues in 2023, up from 73% in 2022.
- Information technology system risks highlighted, with potential disruptions leading to transaction errors and loss of sales.
- Cybersecurity threats and incidents continue, with varying degrees of incidents impacting the company's operations.
- Accumulated net loss reduced significantly from $24.2 million in 2022 to $0.5 million in 2023.
- The company reported net income of $4.1 million in 2022, down from $17 million in 2023.
- The company may need to seek additional capital in the future to support growth efforts.
- Stockholders may require additional financial and management resources due to potential redemptions and tax distributions.
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=1494891&owner=exclude
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