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In that case, you may lose all or part of your investment.
−Removed: RISK FACTORS SUMMARY
−Removed: This risk factor summary contains a high-level summary of risks associated with our business, but does not address all of the risks that we face.
−Removed: Additional discussion of the risks summarized below, and other risks that we face, may be found immediately following this summary.
−Removed: We have incurred net losses and have never generated revenue since inception and expect to continue to incur losses for the foreseeable future and may never achieve or maintain profitability.
−Removed: Our limited operating history may make it difficult for you to evaluate the success of our business to date and to assess our future viability.
−Removed: We may not be able to execute our business plan or stay in business without additional funding.
−Removed: The global COVID-19 pandemic has adversely affected, and may in the future adversely affect, our business, results of operations and financial condition.
−Removed: We are subject to certain risks related to litigation filed by or against us and investigations we are subject to, and adverse results may harm our business.
−Removed: We have been named as a defendant in a putative shareholder class action lawsuits and are subject to an SEC Investigation which could have a material adverse impact on our business, financial condition, results of operation, cash flows and reputation.
−Removed: The macro-economic environment in the United States and abroad has adversely affected, and may in the future adversely affect, our ability to raise capital, which may potentially impact our ability to continue our operations.
−Removed: Our technology may not be successful in developing commercial products and if we are unable to successfully scale our manufacturing processes, we may not meet customer demand.
−Removed: We face business risks due to our relationships with strategic partners.
−Removed: Decreases in our ability to develop or apply new technology and know-how or protect our intellectual property and proprietary technology or obtain or maintain trade secret protection may affect our competitiveness.
−Removed: Disruption at, damage to or destruction of our Terrebonne Facility could impede our ability to continue innovating and refining our technological process, which would harm our business, financial condition and operating results.
−Removed: The plastics manufacturing industry is extremely price-competitive because of the commodity-like nature of virgin PET resin and its correlation to the price of crude oil.
−Removed: If our cost to manufacture recycled PET is not competitive with virgin PET or if the price of oil reduces significantly, it may adversely impact our ability to penetrate the market or be profitable.
−Removed: We are vulnerable to fluctuations in the supply and price of raw materials.
−Removed: The loss of the services of Mr.
−Removed: Daniel Solomita, our President and Chief Executive Officer, and Chairman of the Board of Directors, or our failure to timely identify and retain competent personnel could negatively impact our ability to develop our business.
−Removed: Our Terrebonne Facility and other planned facilities must operate under policies, procedures, and controls for the operation of a chemical manufacturing facility as required under various federal, provincial and local regulations and codes.
−Removed: Failure to comply with such regulations and codes may lead to disruption of operations at the Terrebonne Facility and the development of our technology, and financial sanctions.
−Removed: If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and the price of our common stock.
−Removed: We are subject to various federal, provincial, state and local laws and regulations and failure to secure and maintain permits could result in costs that have a material adverse effect on our business, results of operations and financial condition.
−Removed: Raising additional funds may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our technologies.
−Removed: Trading volume in our stock can fluctuate and an active trading market for our common stock may not be available on a consistent basis to provide stockholders with adequate liquidity.
−Removed: Our stock price may be volatile, and our stockholders could incur significant investment losses.
−Removed: Our President and Chief Executive Officer and Chairman of the Board of Directors, Mr.
−Removed: Daniel Solomita, beneficially owns a majority of the total voting power of our capital stock, and accordingly, has control over stockholder matters, our business and management.
−Removed: Anti-takeover effects of certain provisions of Nevada state law hinder a potential takeover of our company.
−Removed: Because we do not intend to pay any cash dividends on our common stock, our stockholders will not be able to receive a return on their shares unless they sell them.
RISKS RELATING TO OUR BUSINESS AND TECHNOLOGY
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Since our inception in 2010, we have incurred net losses.
−Removed: Our net loss for the year ended February 28, 2022 was $44.92 million and we have earned no revenues to date.
+Added: Our net loss for the year ended February 28, 2023 was $21.30 million and we have earned limited revenues to date.
We have financed our operations primarily through sales of common stock and incurrence of debt and have devoted substantial efforts to research and development, as well as building our team.
−Removed: We expect to continue to incur significant expenses and increasing operating losses for the foreseeable future.
+Added: We expect to continue to incur significant expenses and operating losses for the foreseeable future.
The net losses we incur may fluctuate significantly from quarter to quarter.
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We expect to incur operating losses in future periods.
−Removed: These losses will occur as we do not have any revenues to offset the expenses associated with our business operations.
+Added: These losses will occur as we do not have sufficient revenues to offset the expenses associated with our business operations.
We may not generate revenues from product sales for the next several years, if ever.
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If we are unable to generate revenues, we will not be able to earn profits or continue operations.
−Removed: Our limited operating history may make it difficult for you to evaluate the success of our business to date and to assess our future viability .
−Removed: Our business was started in October 2014 with the incorporation of Loop Holdings, Inc.
−Removed: and 8198381 Canada Inc., and the acquisition of our GEN I technology in October 2014.
−Removed: Our operations to date have been primarily limited to organizing and staffing our company, business planning, raising capital and developing our technology and our Terrebonne Facility.
−Removed: We have not yet demonstrated the ability to manufacture a commercial-scale product or conduct sales and marketing activities necessary for successful commercialization.
−Removed: Consequently, any predictions you make about our future success or viability may not be as accurate as they could be if we had a longer operating history.
−Removed: In addition, as a new business, we may encounter unforeseen expenses, difficulties, complications, delays and other known and unknown factors.
−Removed: We will need to transition from a company with a research focus to a company that is also capable of supporting commercial activities.
−Removed: We may not be successful in such a transition.
−Removed: There is no history upon which to base any assumption as to the likelihood that we will prove successful, and we can provide investors with no assurance that we will generate any operating revenues or ever achieve profitable operations.
−Removed: If we are unsuccessful in addressing these risks, our business will almost certainly fail.
We may not be able to execute our business plan or stay in business without additional funding.
−Removed: Our ability to successfully commercialize our business and generate future revenues depends on whether we can obtain the financing necessary to implement our business plan.
+Added: Our ability to successfully commercialize our business and generate future revenues depends on whether we can obtain the necessary financing to implement our business plan, on acceptable terms.
We will require additional financing through a combination of the issuance of debt, equity, and/or joint ventures and/or government incentive programs in order to establish profitable operations, and such financing may not be forthcoming.
−Removed: We are pursuing financial incentives and financing for our proposed projects with various countries through various programs that involve federal, provincial, state and local governments.
+Added: We are pursuing financial incentives and financing for our proposed projects with several countries through multiple programs that involve various branches of government.
If we are unable to attract government incentives and financing to our projects or investors to invest in our business, we may not be able to acquire additional financing through debt or equity markets.
−Removed: Even if additional financing is available, it may not be available on terms favorable to us.
Our failure to secure additional financing on favorable terms when it becomes required would have an adverse effect on our ability to execute our business plan or remain in business.
−Removed: The global COVID-19 pandemic has adversely affected, and may in the future adversely affect, our business, results of operations and financial condition.
−Removed: The COVID-19 pandemic has been the source of disrupted business operations for us and our customers, suppliers, vendors and other parties with whom we do business, and such disruptions could continue into the future as a result of the ongoing pandemic.
−Removed: In an effort to control the spread of COVID-19, governments and municipalities around the world instituted restrictive measures, including orders to shelter-in-place, travel restrictions, mandated business closures and social distancing.
−Removed: The pandemic and resulting governmental restrictions and regulations adversely affected businesses, economies, and financial markets globally.
−Removed: These measures have had and may continue to have negative effects on critical development and commercialization efforts.
−Removed: For example, the situation globally and the continued travel restrictions between Canada and the United States have caused disruptions in our timetable of our joint venture with Indorama in the development of our Spartanburg facility and commercialization of our technology.
−Removed: We cannot determine whether there will be further delays in light of the COVID-19 pandemic and further delays on the development and commercialization of our technology could have a material adverse effect on our results of operations and cash flows.
−Removed: In addition, as a result of COVID-19 and the measures designed to contain the spread of the virus, we may experience further restrictions on the movement of employees, disruption of supply chains, shipping of raw materials, restrictions on manufacturing and decline in value of assets held by us, including property and equipment.
−Removed: Additionally, our management team has, and may continue, to spend time, attention and resources monitoring the COVID-19 pandemic and seeking to manage its effects on our business and workforce.
−Removed: Although we continue to monitor the situation and may adjust our current policies as more information and public health guidance become available, the COVID-19 pandemic is ongoing, and its dynamic nature, including uncertainties relating to the ultimate spread of the virus, the severity of the disease, the duration of the outbreak and actions that may be taken by governmental authorities to contain the outbreak or to treat its impact, makes it difficult to accurately forecast any effects on our results of operations for 2022 and beyond.
−Removed: COVID-19 and the measures designed to contain the spread of the virus may affect our capacity to continue our development efforts according to our schedule.
−Removed: Further, there may be logistics issues, operations impacts, and transportation disruptions that may cause further delays or increase costs.
−Removed: The macroeconomic environment in the United States and abroad has adversely affected, and may in the future adversely affect, our ability to raise capital, which may potentially impact our ability to continue our operations.
−Removed: We have and, prior to commercialization, will continue to rely on raising funds from investors and/or other sources to support our research and development activities and our operations.
−Removed: Macro-economic conditions in the United States and abroad as well as geo-political disruptions may result in a tightening of the credit markets and/or less capital available for small public companies, which may make it more difficult to raise capital.
−Removed: Specifically, the outbreak of COVID-19 has caused significant disruptions to the global financial markets, which could increase the cost of capital or volatility and adversely impact our ability to raise additional capital, which could negatively affect our liquidity in the future.
−Removed: If we are unable to raise funds as and when we need them, we may be forced to curtail our operations or even cease operating altogether.
−Removed: Therefore, unfavorable macroeconomic and geo-political conditions, including as a result of COVID-19 and any resulting recession or slowed economic growth, could have a negative impact on us.
−Removed: It is not possible at this time to estimate the impact that COVID-19 could have on our business, as the impact will depend on future developments, which are highly uncertain.
+Added: Conditions in the financial markets and economic conditions in general may adversely affect our ability to raise additional capital, execute our business plan or remain in business.
+Added: The business environment in which we operate has been impacted by the effects of worldwide macroeconomic uncertainty.
+Added: Economic activity continued to improve during 2022 as COVID-19 cases declined worldwide and restrictions were lifted.
+Added: However, economic concerns remain as a result of the cumulative weight of uncertainty regarding the economic conditions domestically and in foreign countries, including global political hostilities and other financial crises.
+Added: Inflation has become elevated, reflecting demand and supply imbalances, supply chain issues, higher energy prices, fiscal stimulus and broader price pressures.
+Added: Uncertainty surrounding the near-term direction of global markets, and the potential impact of these trends on the global economy, are expected to persist for the near term.
+Added: Strategic risk, including threats to business models from rising interest rates and modest economic growth, remain high.
+Added: It is difficult to predict the extent to which these challenging economic conditions will persist or whether recent progress in the economic recovery will instead shift to the potential for further decline.
+Added: If the economy does weaken in the future, it is uncertain how our business would be affected and whether we would be able successfully to mitigate any such effects on our business.
+Added: Accordingly, these factors in the global economy could have an adverse effect on our ability to raise additional capital, execute our business plan or remain in business.
+Added: In recent months, multiple regional banks were either taken over by the Federal Deposit Insurance Corporation (FDIC) or entered receivership.
+Added: If other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, our ability to access our existing cash, cash equivalents and investments may be threatened and could have a material adverse effect on our business and financial condition.
+Added: Weakness and volatility in capital markets and the economy, in general or as a result of bank failures or macroeconomic conditions such as rising inflation, could limit our access to capital markets and increase our costs of borrowing.
Our technology may not be successful in developing commercial products.
−Removed: We and our potential future collaborators may spend many years and dedicate significant financial and other resources developing our technology that may never be successfully commercialized.
+Added: We and our potential future collaborators may spend many years and dedicate significant financial and other resources to developing our technology that may never be successfully commercialized.
Our technology may never become successfully commercialized for any of the following reasons:
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We may be unable to secure adequate patent protection in the necessary jurisdictions.
−Removed: If any of these things were to occur, it could have a material adverse effect on our business and our results of operations.
+Added: If any of these things were to occur, it could have an adverse effect on our ability to raise additional capital, execute our business plan or remain in business.
We face business risks due to our relationships with strategic partners.
We rely on our strategic partner relationships for the scaling, manufacturing and commercialization of our technology.
−Removed: We have various arrangements with Indorama, SK geo centric and Suez to commercially scale our technology in Spartanburg, Asia and Europe respectively and with Chemtex and our external engineering partners.
−Removed: We also have various supply agreements with Danone, Pepsi, L’Oreal and L’OCCITANE en Provence for our planned commercial facilities.
+Added: We have various arrangements with SK Geo Centric and Suez to commercially scale our technology Asia and Europe respectively and with Chemtex and our external engineering partners.
+Added: We also have various supply agreements with Danone, L’Oreal and L’OCCITANE en Provence for our planned commercial facilities.
Termination of any of these agreements could have an adverse effect on our business.
In particular, certain of our agreements with our strategic partners have termination rights related to the satisfaction of milestones, some of which we have not achieved.
−Removed: Other than as noted below and though we have not received any indication from our strategic partners as to their indication to terminate, we cannot provide assurance that these strategic partners with whom we have entered into such agreements will not exercise their applicable termination rights, which are not within our control.
−Removed: For example, we previously announced that Coca-Cola Cross Enterprise Procurement Group (“CEPG”) advised us that it was terminating our Master Terms and Conditions Supply Agreement for Loop PET plastic, dated November 14, 2018 (the “MTC”) because we did not satisfy our first production milestone from the joint venture facility by July 2020 as required by the MTC.
−Removed: CEPG indicated in its notice that it is open and interested in exploring a new framework agreement with us for North America and/or Europe.
−Removed: We cannot provide any assurances that we will be able to enter into a new agreement with CEPG on terms that are favorable to us or at all.
+Added: Though we have not received any indication from our strategic partners as to their indication to terminate, we cannot provide assurance that these strategic partners with whom we have entered into such agreements will not exercise their applicable termination rights, which are not within our control.
Any failure of our strategic partners or us to meet our required commitments, whether financial or otherwise, could result in a termination of such agreements as described above, operational issues, increased expenditures or damage to our reputation or loss of clients or customers, any of which could adversely affect our business and operations, financial performance or prospects.
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We, however, have not yet tested our technology at the scale that will be required for large commercial use nor at a scale sufficient to conclude the success of our technology.
−Removed: Decreases in our ability to develop or apply new technology and know-how may affect our competitiveness.
−Removed: Our success depends partially on our ability to improve production processes and services.
−Removed: We must also introduce new products and services to meet changing customer needs.
−Removed: If we are unable to implement better production processes or to develop new products through research and development or licensing of new technology, we may not be able to remain competitive with other manufacturers.
−Removed: As a result, our business, financial condition or results of operations could be adversely affected.
−Removed: Disruption at, damage to or destruction of our Terrebonne Facility could impede our ability to continue innovating and refining our technological process, which would harm our business, financial condition and operating results.
+Added: Disruption at, damage to or destruction of our Terrebonne Facility could impede our ability to continue innovating and refining our technological process, and supporting our commercial projects, which would harm our business, financial condition and operating results.
Our research and development activities are performed from a single location in Terrebonne, Québec.
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As our equipment ages, it will need to be replaced.
−Removed: Any disruption that impedes our ability to optimize our process in a timely manner could reduce our revenues and materially harm our business.
+Added: Any disruption that impedes our ability to optimize our process and provide support for our commercial projects in a timely manner could reduce our revenues and materially harm our business.
The plastics manufacturing industry is extremely price-competitive because of the commodity-like nature of virgin PET resin and its correlation to the price of crude oil.
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The profitability of our business also depends on the availability and proximity of these raw materials to our factories.
−Removed: The choice of raw materials to be used at our facility is determined primarily by the price and availability, the yield loss of lower quality raw materials, and the capabilities of the producer’s production facility.
+Added: The choice of raw materials to be used at our facility is determined primarily by the price and availability, yield loss of lower quality raw materials, and the capabilities of the producer’s production facility.
Additionally, the cost of transportation could favor suppliers located in close proximity to our factories.
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Our feedstock supply strategy, including any hedging procedures, may be insufficient, and our results could be materially impacted if costs of materials increase.
−Removed: In light of the uncertain and evolving situation relating to the global COVID-19 pandemic, our access to raw materials, the quality and proximity of such materials may be disrupted.
−Removed: We currently cannot predict the impact that the global COVID-19 pandemic will have on our access to raw materials.
The loss of the services of Mr.
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The loss of the services of Mr.
−Removed: Daniel Solomita or our failure to timely identify and retain competent personnel could negatively impact our ability to develop our business which could adversely affect our financial results and impair our growth.
+Added: Daniel Solomita or our failure to timely identify and retain competent personnel could negatively impact our ability to develop our business, which could adversely affect our financial results and impair our growth plans.
We are subject to certain risks related to litigation filed by or against us and investigations we are subject to, and adverse results may harm our business.
−Removed: We cannot predict with certainty the cost of defense, of prosecution or of the ultimate outcome of litigation, investigations and other proceedings filed by or against us, including penalties or other civil or criminal sanctions, or remedies or damage awards, and adverse results in any litigation and other proceedings may materially harm our business, including the subpoena we received from the SEC in October 2020 requesting certain information regarding testing, testing results and details of results from our GEN I and GEN II technologies and certain of our partnerships and agreements.
+Added: We cannot predict with certainty the cost of defense, of prosecution or of the ultimate outcome of litigation, investigations and other proceedings filed by or against us or individuals to whom we may have indemnity and/or advancement obligations, including penalties or other civil or criminal sanctions, or remedies or damage awards, and adverse results in any litigation and other proceedings may materially harm our business, including the subpoena we received from the SEC in October 2020 requesting certain information regarding testing, testing results and details of results from our GEN I and GEN II technologies and certain of our partnerships and agreements.
In March 2022, we received a subpoena requesting additional information, including information concerning our reverse-merger in 2015, and communications with certain individuals and entities.
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We expect to continue to incur legal fees in relation to litigation, investigations and other proceedings.
−Removed: We were named as a defendant in putative shareholder class action lawsuits and are subject to an SEC Investigation which could have a material adverse impact on our business, financial condition, results of operation, cash flows and reputation.
−Removed: We are defending against putative shareholder class action lawsuits described in “Item 3.
−Removed: Legal Proceedings—Litigation,” including any appeals of such lawsuit.
−Removed: We are currently unable to estimate the possible loss or possible range of loss, if any, associated with the resolution of these lawsuits.
−Removed: In the event that our initial defense of these lawsuits is unsuccessful, there can be no assurance that we will prevail in any appeal.
−Removed: Any adverse outcome, including any plaintiff’s appeal of the judgment in this case, could have a material adverse effect on our business, financial condition, results of operation, cash flows and reputation.
−Removed: In addition, there can be no assurance that our insurance carriers will cover all or part of the defense costs, or any liabilities that may arise from these matters.
−Removed: The litigation process may utilize a significant portion of our cash resources and divert management’s attention from the day-to-day operations of our company, all of which could harm our business.
−Removed: We also may be subject to claims for indemnification related to these matters, and we cannot predict the impact that indemnification claims may have on our business or financial results.
−Removed: As explained in Item 3 Legal Proceedings, we have entered a settlement for the consolidated class action In re Loop Industries, Inc.
−Removed: Securities Litigation , Master File No.
−Removed: 7:20-cv-08538-NSR.
−Removed: The settlement is subject to conditions including court approval.
−Removed: There is no guarantee that the settlement will become final.
−Removed: In addition, as described in “Item 3.
−Removed: Legal Proceedings—SEC Investigation,” of this annual report, the SEC in October 2020 requesting certain information regarding testing, testing results and details of results from our GEN I and GEN II technologies and certain of our partnerships and agreements.
+Added: We are subject to an SEC Investigation which could have a material adverse impact on our business, financial condition, results of operation, cash flows and reputation.
+Added: As described in “Item 3.
+Added: Legal Proceedings—SEC Investigation,” of this annual report, the SEC in October 2020 requested certain information regarding testing, testing results and details of results from our GEN I and GEN II technologies and certain of our partnerships and agreements.
In March 2022, we received a subpoena requesting additional information, including information concerning our reverse-merger in 2015, and communications with certain individuals and entities.
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In addition, our board of directors, management and employees may expend a substantial amount of time on the SEC investigation, diverting resources and attention that would otherwise be directed toward our operations and implementation of our business strategy, all of which could materially adversely affect our business, financial condition and results of operations.
−Removed: Furthermore, while the SEC has informed us that the investigation should not be construed as an indication by the SEC or its staff that any violation of law has occurred, nor as a reflection upon any person, entity or security, publicity surrounding the foregoing, or any SEC enforcement action or settlement as a result of the SEC’s investigation, even if ultimately resolved favorably for us, could have an adverse impact on our reputation, business, financial condition, results of operations or cash position.
+Added: Furthermore, while the SEC has informed us that the investigation should not be construed as an indication by the SEC or its staff that any violation of law has occurred, nor as a reflection upon any person, entity or security, publicity surrounding the foregoing, or any SEC enforcement action or settlement as a result of the SEC’s investigation, even if ultimately resolved favorably for us, could have an adverse impact on our reputation, business, financial condition, or results of operations.
Our Terrebonne Facility or other planned facilities must operate under policies, procedures, and controls for the operation of a chemical manufacturing facility as required under various federal, provincial and local regulations and codes.
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Even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm may conclude that there are material weaknesses with respect to our internal controls or the level at which our internal controls are documented, designed, implemented or reviewed.
−Removed: If we are unable to assert that our internal control over financial reporting is effective, or when required in the future, if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports, the market price of our common stock could be adversely affected and we could become subject to litigation or investigations by the stock exchange on which our securities are listed, the SEC or other regulatory authorities, which could require additional financial and management resources.
+Added: As we remain a Smaller Reporting Company, our independent registered public accounting firm is not required to express an opinion as to the effectiveness of our internal control over financial reporting.
+Added: However, pursuant to Section 404, in the future, we may be required to furnish an attestation on internal control over financial reporting issued by our independent registered public accounting firm.
+Added: Despite our efforts, our independent registered public accounting firm may determine we have a material weakness or significant deficiency in our internal controls over financial reporting once such firm begins its Section 404 reviews in the future.
+Added: If we are unable to assert that our internal controls over financial reporting are effective, or when required in the future, if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal controls over financial reporting as required by Section 404, investors may lose confidence in the accuracy and completeness of our financial reports, the market price of our common stock could be adversely affected and we could become subject to litigation or investigations by the stock exchange on which our securities are listed, the SEC or other regulatory authorities, which could require additional financial and management resources.
We are subject to risks associated with currency fluctuations, and changes in foreign currency exchange rates could impact our results of operations.
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dollars while our operations are concentrated in our wholly-owned subsidiary, Loop Canada.
−Removed: Additionally, we are planning a commercial development project in Bécancour, Québec which is expected to involve the purchase of various equipment primarily in Canadian dollars and U.S.
Accordingly, we are exposed to foreign exchange risk as we maintain bank accounts in U.S.
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general market conditions and other factors unrelated to our operating performance or the operating performance of our competitors;
−Removed: volatility in the financial and credit markets, including the recent volatility due, in part, to the current COVID-19 outbreak and geo-political events;
+Added: volatility in the financial and credit markets, including the recent volatility due, in part, to current geo-political events, inflation, economic uncertainty and the corresponding fiscal and monetary responses by central banks and governments;
future issuances and/or sales of our securities;
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announcements related to patents issued to us or our competitors and to litigation involving our intellectual property;
−Removed: a lack of, or limited, or negative industry or security analyst coverage;
+Added: a lack of, or negative security analyst coverage;
uncertainty regarding our ability to secure additional cash resources with which to operate our business;
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Any negative change in the public’s perception of the prospects of companies in our industry could depress our stock price regardless of our results of operations.
−Removed: These factors may have a material adverse effect on the market price and liquidity of our common stock and affect our ability to obtain required financing.
+Added: These factors may have a material adverse effect on the market price and liquidity of our common stock and affect our ability to obtain the required financing.
Our President and Chief Executive Officer and Chairman of the Board of Directors, Mr.
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If any of the following risks and uncertainties develop into actual events, our business, financial condition or results of operations could be materially adversely affected.
−Removed: Changes in tax legislation in the countries the Company has operations could adversely affect our results of operations and financial condition .
−Removed: On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (“TCJA”) that significantly reforms the Internal Revenue Code of 1986, as amended.
−Removed: The TCJA, among other things, includes changes to U.S.
−Removed: federal tax rates, imposes significant additional limitations on the deductibility of interest and net operating loss carryforwards, allows for the expensing of capital expenditures, and puts into effect the migration from a “worldwide” system of taxation to a territorial system.
−Removed: The impact of enactment of U.S.
−Removed: tax reform was recorded on a provisional basis as the legislation provides for additional guidance to be issued by the U.S.
−Removed: Treasury Department on several provisions including the computation of the transition tax.
−Removed: We continue to examine the impact this tax reform legislation may have on our business and we urge our stockholders to consult with their legal and tax advisors with respect to such legislation and the potential tax consequences of investing in our common stock.
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.