−Removed: You should carefully consider the following risk factors, and the risk factors identified in the Company’s 2019 annual report on Form 10-K, filed with the SEC on June 14, 2019, the Risk Factors identified in our Form 10-Q filed with the SEC on August 9, 2019, and November 6, 201,9 for three months ended June 30, 2019, and September 30, 2019, respectively, together with all other information included in this report in evaluating our company and our common stock.
+Added: You should carefully consider the risk factors identified in the Company’s 2020 annual report on Form 10-K, filed with the SEC on July 1 3 , 2020 , together with all other information included in this report in evaluating our company and our common stock.
If any of the following risks and uncertainties develops into actual events, they could have a material adverse effect on our business, financial condition or results of operations.
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We make various statements in this section, which constitute “forward-looking statements.” See “Forward-Looking Statements.”
−Removed: The Company incorporates by reference as if fully set forth and restated herein all Risk Factors identified in our 2019 annual report on Form 10-K, filed with the SEC on June 14, 2019 and the Risk Factors identified in our Form 10-Q filed with the SEC on August 9, 2019, and November 6, 2019, for three months ended June 30, 2019, and September 30, 2019, respectively.
+Added: The Company incorporates by reference as if fully set forth and restated herein all Risk Factors identified in our 2020 annual report on Form 10-K, filed with the SEC on July 13, 2020.
Additionally, risks and uncertainty of which we are unaware or which currently we deem immaterial also may become important factor that affects us.
−Removed: The additional risk factors have been mentioned below:
−Removed: The farming of hemp is inherently risky, and failed crops can impact our balance sheet and profitability.
−Removed: As the Farm Bill, legalizing hemp, became effective in 2019, legal hemp farming is relatively new in the United States and few farmers have developed the requisite experience to grow, dry, and store hemp.
−Removed: There are many factors that contribute to crop failure including:
−Removed: picking the right seeds that can be germinated in a particular climate and soil condition, appropriate plant nutrition, pest control, and weather and hours of sunshine, among others.
−Removed: Unlike other plants, growing hemp also involves growing a flower that will test at THC levels that are below legal levels of 0.3% THC.
−Removed: Therefore, if plants that are cultivated grow to levels of THC that are higher than the legal limit (“hot” plant), 1% for example, they will fail the state testing protocols and, in many cases, cannot be transported across state borders and will have to be destroyed.
−Removed: In Arizona, where we cultivate hemp, while our plants passed inspection, across the entire hemp farming industry, approximately 40% of the crops failed inspection this past season.
−Removed: In addition, the flowers of a hemp plant, unfortunately, look like those of the marijuana plant and attract thieves that believe it is marijuana and steal them.
−Removed: The plants that are harvested must be dried to a particular moisture level, in order to be stored, or they could develop mold.
−Removed: While many farmers grow plants all over the west coast, the support infrastructure to manage the yield and dry hemp plants did not exist before the onset of winter.
−Removed: Therefore, growing hemp involves forethought and management of the entire chain of growing, drying, testing, transportation, and processing.
−Removed: This past season, no plant insurance was available;
−Removed: however, we anticipate that this will change.
−Removed: While, we have taken many precautions to avert potential problems, we cannot guarantee that all or a portion of our plants will not be hot, stolen, or destroyed by extreme weather, among other risks, any of which could adversely impact our balance sheet and profitability.
−Removed: | December 31, 2019 Form 10-Q
−Removed: The installation and delivery of equipment ordered from China may be delayed as a result of shipping restrictions imposed due to corona v irus and may impact our production and business adversely .
−Removed: The Company ordered equipment from China for the processing of hemp.
−Removed: Upon delivery of the equipment, the Chinese manufacturer is contracted to travel to the U.S.
−Removed: in order to help commission and certify the equipment.
−Removed: However, due to the recent outbreak of the coronavirus, shipping and travel restrictions imposed to contain the epidemic and avoid further transmission have resulted in delays and may result in delay in the shipping of the equipment.
−Removed: As we cannot predict how long these restrictions will be in place, the delay in shipping equipment, and the delay in Chinese engineers traveling to the U.S., would adversely impact the production of our products and the provision of services to other farmers, customers and Company products.
−Removed: This may also result in other market entrants obtaining a first mover advantage and may adversely impact our revenue in the Plant and Cannabinoid Business.
+Added: The additional risk factor has been mentioned below:
+Added: Revenue from the infrastructure segment continues to be adversely affected and revenue from Life Sciences segment is also unpredictable.
+Added: We continue to monitor the impact from restrictions imposed by the COVID-19 pandemic on our financial condition, liquidity, operations, suppliers, industry, and workforce.
+Added: Revenue from the infrastructure segment continues to be adversely affected as we are unable to fully deploy our workforce.
+Added: However, as soon as we can safely, we expect to engage in the infrastructure segment including completing the road building contract that we have been awarded.
+Added: In response to the evolving circumstances, we supplemented our facilities to manufacture, label, and distribute FDA-registered alcohol-based hand sanitizers and hand rubs.
+Added: As there is a general lack of visibility regarding the ongoing impact of the COVID-19 pandemic, revenue from our Life Sciences segment is also unpredictable.
Unregistered Sales of Equity Securities and Use of Proceeds
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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.