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We might not be able to continue as a going concern.
−Removed: Our unaudited condensed consolidated financial statements as of June 30, 2022 have been prepared under the assumption that we will continue as a going concern for the next twelve months.
−Removed: As of June 30, 2022, we had cash and cash equivalents of $6.0 million and an accumulated deficit of $131.0 million.
−Removed: We do not believe that our cash, cash equivalents and investments are sufficient for the next 12 months.
+Added: Our unaudited condensed consolidated financial statements as of September 30, 2022 have been prepared under the assumption that we will continue as a going concern for the next twelve months.
+Added: As of September 30, 2022, we had cash, cash equivalents and investments of $3.9 million and an accumulated deficit of $135.0 million.
+Added: We do not believe that our cash, cash equivalents and investments are sufficient to fund our operations for the next 12 months.
We will need to increase revenues substantially beyond levels that we have attained in the past in order to generate sustainable operating profit and sufficient cash flows to continue doing business without raising additional capital from time to time.
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We have a history of losses, and we will need to raise additional capital.
−Removed: We recorded net losses of approximately $7.0 million and $10.9 million for the six months ended June 30, 2022 and year ended December 31, 2021, respectively.
+Added: We recorded net losses of approximately $17.8 million and $10.9 million for the nine months ended September 30, 2022 and year ended December 31, 2021, respectively.
These and prior-year losses have resulted in significant negative cash flows.
2 unchanged sentences
As a result, we will need to raise additional capital to meet our cash requirements for the next 12 months, which may or may not be available to us at all or only on unfavorable terms.
+Added: We have significant accounts receivable from a significant customer and collectability is uncertain.
+Added: As of September 30, 2022, we had outstanding accounts receivable of $1.6 million, which included $0.7 million collectible from WeLink, a customer that represented 28% of our revenue for the nine months ended September 30, 2022.
+Added: During the three months ended September 30, 2022, we had $1.1 million of product shipments to WeLink for which the revenue recognition criteria had not been met.
+Added: Accordingly, we deferred the cost of net revenue of $0.6 million associated with these shipments.
+Added: Historically, we have collected all amounts due from WeLink, although generally not within contractual payment terms.
+Added: As of September 30, 2022, we determined that an allowance for doubtful accounts of $0.7 million was warranted on certain outstanding receivables from WeLink due to the collection delays.
+Added: The longer collection times have negatively impacted our liquidity and working capital.
+Added: No assurances can be given that we will be able to collect the receivables from WeLink in a timely manner, if at all.
+Added: Recognition of additional bad debt expense, further delays in collecting accounts receivable or our inability to recognize the deferred cost of net revenues could have a material adverse effect on our financial condition, cash flows and results of operations
The invasion of Ukraine by Russia could negatively impact our business.
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If inflation rates continue to rise or remain elevated for a sustained period of time, they could have a material adverse effect on our business, financial condition, results of operations and liquidity.
−Removed: Amendment to offer of employment between the Company and Daniel Lewis dated April 25, 2022
−Removed: Amendment to offer of employment between the Company and James Sullivan dated April 25, 2022
−Removed: Amendment to employment agreement between Peraso Technologies Inc.
−Removed: and Brad Lynch dated April 25, 2022
+Added: If our goodwill or intangible assets become impaired, we would be required to record a charge to earnings.
+Added: We review our goodwill and intangible assets for impairment when events or changes in circumstances, such as a decline in our stock price and/or market capitalization, indicate the carrying value may not be recoverable.
+Added: We test goodwill for impairment at least annually.
+Added: If our goodwill or intangible assets are deemed to be impaired, an impairment loss equal to the amount by which the carrying amount exceeds the fair value of the assets would be recognized.
+Added: We would be required to record an impairment charge in our financial statements during the period in which any impairment of our goodwill or intangible assets is determined, which would negatively affect our results of operations.
+Added: Technology License and Patent Assignment Agreement By and Between Intel Corporation and Peraso Inc.
+Added: dated August 5, 2022
Rule 13a-14 certification
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Section 1350 certifications
−Removed: The following financial information from Peraso Inc.’s quarterly report on Form 10-Q for the period ended June 30, 2022, filed with the SEC on August 15, 2022, formatted in Inline Extensible Business Reporting Language (Inline XBRL):
−Removed: (i) the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2022 and 2021, (ii) the Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021, (iii) the Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the three and six months ended June 30, 2022 and 2021, (iv) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021, and (v) Notes to Condensed Consolidated Financial Statements.
+Added: The following financial information from Peraso Inc.’s quarterly report on Form 10-Q for the period ended September 30, 2022, filed with the SEC on November 14, 2022, formatted in Inline Extensible Business Reporting Language (Inline XBRL):
+Added: (i) the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021, (ii) the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021, (iii) the Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the three and nine months ended September 30, 2022 and 2021, (iv) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021, and (v) Notes to Condensed Consolidated Financial Statements.
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*Filed herewith.
+Added: + Certain schedules, exhibits and similar attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K.
+Added: The Company hereby undertakes to furnish copies of such omitted materials supplementally upon request by the SEC.
**Furnished herewith.
−Removed: +Management contract, compensatory plan or arrangement.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
−Removed: August 15, 2022
+Added: November 14, 2022
/s/ Ronald Glibbery
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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.