What changed in this filing

/stocks — the workspaceLOADING

Item 1A. Risk Factors

2026-03-31 compared with 2025-03-31 · 46 added, 53 removed, 314 unchanged (24% of the section changed)

19 unchanged sentences

of December 31, 2025, we had approximately $17.0 million of net intangible assets.

Approximately $17.8 million is associated with Impact Biomedical, Inc.

The Company has completed valuations for certain developed technology assets acquired in the transaction

as well as the non-controlling interest portion of Impact BioMedical, Inc.

Approximately $17.0 million is associated with Impact

Biomedical, Inc.

The Company has completed valuations for certain developed technology assets acquired in the transaction as well as

the non-controlling interest portion of Impact BioMedical, Inc.

and its subsidiaries.

If licensing efforts are not successful,

the values of these assets could be reduced.

We are required to evaluate the carrying value of such intangibles and goodwill and the

fair value of investments whenever events or changes in circumstances indicate that the carrying value of an intangible asset, including

goodwill, and investment may not be recoverable.

If any of our intangible assets, goodwill or investments are deemed to be impaired then

it will result in a significant reduction of the operating results in such period.

If licensing efforts are not successful, the values

of these assets could be reduced.

We are required to evaluate the carrying value of such intangibles and goodwill and the fair value

of investments whenever events or changes in circumstances indicate that the carrying value of an intangible asset, including goodwill,

and investment may not be recoverable.

If any of our intangible assets, goodwill or investments are deemed to be impaired then it will

result in a significant reduction of the operating results in such period.

have secured indebtedness, and a potential risk exists that we may be unable to satisfy our obligations to pay interest and principal

16 unchanged sentences

As of December 31, 2025, Premier is in compliance with these

Packaging entered into a loan and security agreement with Union Bank & Trust Company for the principal amount of $790,000 and

Packaging entered into a loan and security agreement with Bank of America for the principal amount of $790,000 and

shall accrued interest at the rate of 7.44%.

13 unchanged sentences

The net book value of these assets as of December 31, 2025 approximated $6,231,000.

As of December 31, 2024, the

outstanding principal and interest approximates $4,424,000 and is included in current portion of long-term debt on assets held-for-sale,

net on the accompanying consolidated balance sheet

loan agreement with BMIC (“BMIC Loan”), between LVAM and BMIC with interest to be charged at a variable rate to be calculated

at the maturity date.

The BMIC Loan matured on October 12, 2022 and both parties agree based on the language of the loan documents

that the loan will keep extending an additional 3 months until either party cancels the extension.

As of December 31,

2024, the outstanding principal and interest approximated $464,000 and is included in current portion of long-term debt, net on the

accompanying balance sheet.

As of December 31, 2025, the outstanding

principal and interest approximates $4,231,000.

As of December 31, 2025, $226,000 was included in the current portion of long-term

debt, net, and the remaining balance of approximately $4,005,000 recorded as long-term debt.

on the accompanying consolidated balance

$3,000,000 loan agreement with BMI Capital Partners International Limited

(“BMIC International”) (“BMIC International Loan”), between LVAM and BMIC International with interest to be charged

at a variable rate to be calculated at the maturity date.

The BMIC International Loan matured on October 12, 2022 and both parties agree

based on the language of the loan documents that the loan will keep extending an additional 3 months until either party cancels the extension.

As of December 31, 2025, the outstanding principal and interest approximated $33,000 and is included in current portion of long-term debt,

net on the accompanying balance sheet.

loan agreement with Lee Wilson Tsz Kin (“Wilson Loan”) between LVAM and Wilson with interest to be charged at a variable

2 unchanged sentences

of the loan documents that the loan will keep extending an additional 3 months until either party cancels the extension.

of December 31, 2024, the outstanding principal and interest approximated $145,000 and is included in current portion of long-term

debt, net on the accompanying balance sheet.

As of December

31, 2025, the outstanding principal and interest approximated $145,000 and is included in current portion of long-term debt, net

on the accompanying balance sheet.

LifeCare entered into a loan agreement (“LifeCare Agreement”) with Pinnacle Bank, (“Pinnacle Bank”) in the

4 unchanged sentences

which equated to 8.12% on December 31, 2025.

The outstanding principal and interest approximated $46,069,000 and is included in

current portion of long-term debt on assets held-for-sale, net on the accompanying balance sheet.

This note is in default and is due as of the date of this

Winter Haven, LLC (“AMRE Winter Haven”) and Pinnacle Bank (“Pinnacle”) entered a term loan (“Pinnacle

Loan”) whereas Pinnacle lent to AMRE Winter Haven the principal sum of $2,990,000, maturing on March 7, 2024.

rate as of December 31, 2024 is 9.6%.

The outstanding principal and interest, approximates $3,040,000 and is included in

current portion of long-term debt on assets held-for-sale, net on the accompanying consolidated balance sheet at December 31, 2024.

This note was assumed

by SMS Financial on August 15, 2024.

This note is in default and is past due.

significant amount of our revenue is derived by two customers.

of December 31, 2024, two customers accounted for approximately 22% and 13% of our consolidated revenue and these two customers accounted

for approximately 29% and 20% of our consolidated trade accounts receivable balance.

As of December 31, 2023, two customers accounted

for approximately 20% and 11% of our consolidated revenue and 39% and 30% of our trade accounts receivable balance.

If we were to lose

this customer or if the amount of business we do with this customer declines significantly, our business would be adversely affected.

The net book value of these assets as of December 31, 2025 approximated $12,338,000.

The outstanding principal and interest approximated $37,000,000 and is included in current portion of long-term debt, net on the

accompanying balance sheet.

This note is in default and is due as of the date of this filing.

significant amount of our revenue is derived by one customers.

of December 31, 2025, one customers accounted for approximately 29% of our consolidated revenue.

As of December 31, 2025, five

customers accounted for 19%, 18%, 13%, 12% and 11% of our trade accounts receivable balance.

If we were to lose this customer or if

the amount of business we do with this customer declines significantly, our business would be adversely affected.

As of December 31,

2024, two customers accounted for approximately 22% and 13% of our consolidated revenue and these two customers accounted for

approximately 29% and 20% of our consolidated trade accounts receivable balance.

may face intellectual property infringement or other claims against us, our customers or our intellectual property that could be costly

26 unchanged sentences

agreements on acceptable terms, if at all.

Moreover, if we are unsuccessful in our pending patent infringement litigation, we could lose

certain patents that have been collateralized by third party funding partners.

This could prohibit us from providing our products and

services to customers, which could have a material adverse effect on our operations and our financial condition.

of our recently developed products are not yet commercially accepted and there can be no assurance that those products will be accepted,

70 unchanged sentences

competitive, continue to expand our technology or pursue growth.

future success depends upon the continued service of certain of our executive officers and other key sales and research personnel who

possess longstanding industry relationships and technical knowledge of our products and operations.

Although we believe that our relationship

with these individuals is positive, there can be no assurance that the services of these individuals will continue to be available to

us in the future.

There can be no assurance that these persons will agree to continue to be employed by us after the expiration dates

of their current contracts.

future success depends upon the continued service of certain of our executive officers and other key personnel who possess longstanding

industry relationships and technical knowledge of our products and operations.

Although we believe that our relationship with these individuals

is positive, there can be no assurance that the services of these individuals will continue to be available to us in the future.

can be no assurance that these persons will agree to continue to be employed by us after the expiration dates of their current contracts.

have identified weaknesses in our internal control over financial reporting structure;

122 unchanged sentences

requiring stockholder approval.

of March 24, 2025 our directors, executive officers and principal stockholders (those beneficially owning in excess of 5%), and their

of February 15, 2026 our directors, executive officers and principal stockholders (those beneficially owning in excess of 5%), and their

respective affiliates, beneficially own approximately 68% of our outstanding shares of common stock.

25 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1A. Risk Factors