Item 1A. Risk Factors
ITEM
1A.
RISK FACTORS.
In
addition to the information set forth under Item 1A of Part I in our Annual Report on Form 10-K for the year ended December 31, 2023,
and under a similar item in subsequent periodic reports, the information set forth at the beginning of Management’s Discussion
and Analysis entitled “Special Note Regarding Forward-Looking Information,” and updates noted below, you should consider
that there are numerous and varied risks, known and unknown, that may prevent us from achieving our goals. If any of these risks actually
occur, our business, financial condition or results of operation may be materially and adversely affected. In such case, the trading
price of our common stock could decline and investors could lose all or part of their investment. These risk factors may not identify
all risks that we face and our operations could also be affected by factors that are not presently known to us or that we currently consider
to be immaterial to our operations.
We
have a history of substantial net losses and expect losses to continue in the future; if we do not achieve and sustain profitability
our financial condition could suffer.
We
have experienced substantial net losses, and we expect to continue to incur substantial losses for the foreseeable future. We incurred
net losses of approximately $ 87 million for the quarter ended September 30, 2024. As of
September 30, 2024, we had net working capital of approximately $ 97 million and an accumulated
deficit of approximately $ 662 million. We have not yet achieved profitability.
If
our revenue grows slower than we anticipate, or if our operating expenses are higher than we expect, we may not be able to achieve profitability
and our financial condition could suffer. We can give no assurance that we will ever achieve profitable operations. Even if we achieve
profitability in the future, we may not be able to sustain profitability in subsequent periods. Whether we can achieve cash flow levels
sufficient to support our operations cannot be accurately predicted. We may need to borrow additional funds or sell our debt or equity
securities, or some combination of both, to provide funding for our operations in the future. Such additional funding may not be available
on commercially reasonable terms, or at all.
ITEM
2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM
3.
DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4.
MINE SAFETY DISCLOSURES.
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.