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, 2024,
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 annual
and quarterly net losses which may continue and which may negatively impact our ability to achieve our business objectives.
We have experienced annual and
quarterly net losses which may continue and which may negatively impact our ability to achieve our business objectives. We incurred a
net loss of approximately $21 million for the three months ended March 31, 2025. As of March 31, 2025, we had net working capital of approximately
$66 million and an accumulated deficit of approximately $757 million. We have not yet achieved profitability.
If our revenues grow slower than
we anticipate, or if our operating expenses are higher than we expect, we may not be able to achieve profitability on an annual or quarterly
basis in the future 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 it 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.
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