Item 1. Legal Proceedings
Item 1. Legal Proceedings
For a description of our material legal proceedings, refer to Note 9 of our Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q, which is incorporated herein by reference.
Item 1A. Ri sk Factors
There have been no material changes to the risk factors described under Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC, except for those noted below.
We may fail to realize the anticipated benefits of the Navigation-enabled Robotics Transaction, as defined below.
The success of the acquisition of the Navigation-enabled Robotics Platform (the "Navigation-enabled Robotics Transaction") will depend on, among other things, our ability to incorporate the Navigation-enabled Robotics Platform into our business in a manner that enhances our value proposition to clients and facilitates other growth opportunities. We must successfully include the Navigation-enabled Robotics Platform within our business in a manner that permits these growth opportunities to be realized. In addition, we must achieve the growth opportunities without adversely affecting current revenues and investments in other future growth. If we are unable to successfully achieve these objectives, the anticipated benefits of the Navigation-enabled Robotics Transaction may not be realized fully, if at all, or may take longer to realize than expected. Additionally, management may face challenges in incorporating certain elements and functions of the Navigation-enabled Robotics Platform with our business, and this process may result in additional and unforeseen expenses. The Navigation-enabled Robotics Transaction may also disrupt our ongoing business or cause inconsistencies in standards, controls, procedures and policies that adversely affect our relationships with third party partners, employees, suppliers, customers and others with whom we or the business related to the Navigation-enabled Robotics Platform have business or other dealings or limit our ability to achieve the anticipated benefits of the Navigation-enabled Robotics Transaction. If we are unable to successfully add the Navigation-enabled Robotics Platform to our existing business in an efficient, effective and timely manner, anticipated benefits, including the opportunities for growth it expects from the Navigation-enabled Robotics Transaction, may not be realized fully, if at all, or may take longer to realize than expected, and our cash flow and financial condition may be negatively affected.
Item 2. Unregiste red Sales of Equity Securities and Use of Proceeds
During the three months ended June 30, 2023, we issued unregistered equity securities as described below:
On April 1, 2023, we issued 648 restricted shares of our common stock with a grant date fair values of $15.60 based on the market price of common stock on grant dates, to an independent sales agent for distribution and related services rendered to us.
On May 1, 2023, we issued 2,000 restricted shares of our common stock with a grant date fair values of $14.74 based on the market price of common stock on grant dates, to an independent sales agent for distribution and related services rendered to us.
The issuances of the foregoing securities were made in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, as there was no general solicitation and the transactions did not involve a public offering.
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