The Company's operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended July 31, 2020.
−Removed: Except as set forth below, there have been no material changes to our risk factors since the Company's Annual Report on Form 10-K for the year ended July 31, 2019.
−Removed: Our business could be adversely affected by a widespread threat to public health .
−Removed: In December 2019, COVID-19 was reported in China and has subsequently spread worldwide.
−Removed: In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic.
−Removed: In response to the COVID-19 outbreak, countries and local governments across the world implemented “Shelter in Place,” “Safe at Home,” quarantine or similar orders that restricted workforce and/or required closures of “non-essential” businesses along with restrictions on travel.
−Removed: Such restrictions and closures initially disrupted our sales office in China, limited travel by our salesforce and delayed product shipments.
−Removed: While our facilities otherwise have remained operational as essential businesses, there can be no assurances that we will not have to close facilities due to concerns over the health and well-being of our employees, or as a result of government directives.
−Removed: Further, while we have implemented policies and practices to protect our employees at each of our locations, including sanitizing and cleaning protocols, social distancing, remote work, and suspending non-essential employee travel, there can be no assurances that these efforts will be successful in preventing health concerns from impacting our operations.
−Removed: The spread of a widespread threat to public health such as COVID-19 has currently had limited disruption and impact our third party business partners, suppliers, service providers, and customers.
−Removed: Although the disruptions, delays and modifications to our operations caused by COVID-19 have not had a material impact on our results of operations, there continues to be significant uncertainty relating to the COVID-19 outbreak as well as the potential effects of such outbreak on our business which could negatively affect our costs, customer orders, and collection of accounts receivable, which may be material.
−Removed: In addition, the deterioration of worldwide economic conditions may impact the proper functioning of financial and capital markets, foreign currency exchange rates, and commodity and energy prices, as well as demand for our products.
−Removed: Even after the COVID-19 pandemic subsides, we may experience adverse impacts to our business and financial results due to any economic recession or depression that has occurred, and due to any major public health crises that may occur in the future.
−Removed: Given the uncertainties related to the outbreak, including its duration and severity, we cannot reasonably estimate the scope of its impact on our employees, operations, suppliers, or customers, or the full extent to which COVID-19 could continue to affect the global economy and our results.
−Removed: The potential effects of COVID-19 also could impact many of our risk factors included in Item 1.A.
−Removed: in our Annual Report on Form 10-K for the fiscal year ended July 31, 2019.
−Removed: However, as the COVID-19 situation is unprecedented and continuously evolving, the potential impacts to such risk factors remain uncertain.
+Added: There have been no material changes to our risk factors since the Company's Annual Report on Form 10-K for the year ended July 31, 2020.
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.