Our business, operations, and financial condition are subject to various risks and uncertainties.
−Removed: The risk factors described in Part I, Item 1A, “Risk Factors” contained in our Annual Report on Form 10K for the year ended September 30, 2021, as filed with the SEC on December 17, 2021, should be carefully considered, together with the other information contained or incorporated by reference in this Quarterly Report on Form 10-Q
−Removed: and in our other filings filed with the SEC in connection with evaluating us, our business, and the forward-looking statements contained in this Quarterly Report on Form 10-Q.
−Removed: During the nine months ended June 30, 2022, there have been no material changes from the risk factors previously disclosed under Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K,
−Removed: for the year ended September 30, 2021, other than the addition of the following risk factor:
−Removed: Global, market and economic conditions may negatively impact our business, financial condition and share price
−Removed: Concerns over inflation, geopolitical issues, global financial markets and the COVID-19
−Removed: pandemic have led to increased economic instability and expectations of slower global economic growth.
−Removed: Our business may be adversely affected by any such economic instability or unpredictability.
−Removed: Russia’s invasion of Ukraine and related sanctions has led to increased oil and natural gas prices.
−Removed: Such sanctions and disruptions to the global economy may lead to additional inflation and may disrupt the global supply chain and could have a material adverse effect on our ability to secure supplies.
−Removed: The increased cost of oil, along with increased or prolonged periods of inflation, would likely increase our costs in the form of higher wages, further inflation on supplies and equipment necessary to operate our business.
−Removed: There is a risk that one or more of our suppliers could be negatively affected by global economic instability, which could adversely affect our ability to operate efficiently and timely complete our operational goals.
−Removed: Our marketable securities, including cash and money funds, equities, corporate bonds, mutual funds, exchange-traded funds, and government securities invested through a professional investment management firm are subject to general credit, liquidity, market and interest rate risks, instability in the global financial markets, or other factors.
−Removed: As a result of recent market volatility, the value of our investments has declined, may continue to fluctuate, and may continue to have a negative effect on our financial results and, if we need to liquidate our investments to fund operations, then the availability of cash to fund our operations may be reduced.
−Removed: Net losses relating to marketable securities reported during the quarter and nine months ended June 30, 2022 were $3,693,000 and $4,020,000, respectively.
+Added: The risk factors described in Part I, Item 1A, “Risk Factors” contained in our Annual Report on Form 10K for the year ended September 30, 2022, as filed with the SEC on December 16, 2022, should be carefully considered, together with the other information contained or incorporated by reference in this Quarterly Report on Form 10-Q and in our other filings filed with the SEC in connection with evaluating us, our business, and the forward-looking statements contained in this Quarterly Report on Form 10-Q.
+Added: During the quarter ended December 31, 2022, there have been no material changes from the risk factors previously disclosed under Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K, for the year ended September 30, 2022, other than the addition of the following risk factor:
+Added: Changes in our tax rates or exposure to additional tax liabilities could adversely affect our earnings and financial condition
+Added: Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option of expensing all research and development expenditures in the current year, instead requiring amortization over five years pursuant to IRC Section 174.
+Added: In the future, Congress may consider legislation that would eliminate the capitalization and amortization requirement.
+Added: There is no assurance that the requirement will be deferred, repealed or otherwise modified.
+Added: The requirement is effective for the Company’s fiscal year 2023, beginning October 1, 2022.
+Added: The Company will continue to make additional estimated federal tax payments based on the current Section 174 tax law.
+Added: The impact of Section 174 on the Company’s cash from operations depends primarily on the amount of research and development expenditures incurred and whether the IRS issues guidance on the provision which differs from the Company’s current interpretation.
Certification of Principal Executive Officer Pursuant to Rule 13a – 14(a) of the Securities Exchange Act of 1934, as amended
2 unchanged sentences
Exhibit 101.1
−Removed: Inline Interactive Data File
−Removed: Exhibit 101.INS
+Added: Interactive Data File
XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
−Removed: Exhibit 101.SCH
−Removed: Inline XBRL Schema Document
−Removed: Exhibit 101.CAL
−Removed: Inline XBRL Calculation Linkbase Document
−Removed: Exhibit 101.DEF
−Removed: Inline XBRL Definition Linkbase Document
−Removed: Exhibit 101.LAB
−Removed: Inline XBRL Label Linkbase Document
−Removed: Exhibit 101.PRE
−Removed: Inline XBRL Presentation Linkbase Document
−Removed: The cover page from the Company’s Quarterly Report on Form 10-Q
−Removed: for the quarter ended June 30, 2022, formatted in Inline XBRL (included in Exhibit 101)
+Added: XBRL Schema Document
+Added: XBRL Calculation Linkbase Document
+Added: XBRL Definition Linkbase Document
+Added: XBRL Label Linkbase Document
+Added: XBRL Presentation Linkbase Document
+Added: The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2022, formatted in Inline XBRL (included in Exhibit 101)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
1 unchanged sentence
(Principal Executive Officer)
−Removed: August 12, 2022
+Added: February 10, 2023
Chief Financial Officer
(Principal Financial and Accounting Officer)
−Removed: August 12, 2022
+Added: February 10, 2023
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.