What changed in this filing

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Item 1A. Risk Factors

2024-03-07 compared with 2023-03-09 · 15 added, 14 removed, 153 unchanged (16% of the section changed)

27 unchanged sentences

any non-recurring cash expenses and adjusted for additional royalties expected to be received for use of our products in new production,

for the next 12 months, is approximately $200,000 per quarter.

We may eliminate some operating expenses in the future, which will further

reduce our cash flow shortfall if needed.

Based on these assumptions, we currently expect to have sufficient working capital for more

than the next 5 years of operations.

for the next 12 months, is approximately $200,000 to $250,000 per quarter.

We may eliminate some operating expenses in the future, which

will further reduce our cash flow shortfall if needed.

Based on these assumptions, we currently expect to have sufficient working capital

for more than the next five years of operations.

of Operating Losses.

39 unchanged sentences

in sufficient quantities to make the Company profitable.

products have only recently been introduced.

using SPD technology have only recently begun to be introduced into the marketplace.

Developing products using new technologies can be

risky because problems, expenses and delays frequently occur, and costs may or may not come down quickly enough for such products using

new technologies to rapidly penetrate mass market applications.

SPD-Smart products have only recently been introduced.

using SPD technology have been in the market for decades and new product applications are being introduced in various industries.

Some of these new products have only recently begun to be introduced into the marketplace.

Developing products using new

technologies can be risky because problems, expenses and delays frequently occur, and costs may or may not come down quickly enough

for such products using new technologies to rapidly penetrate mass market applications.

have several large licensees that account for 10% or more of our annual fee income.

24 unchanged sentences

end-product licensees require a source of SPD film to manufacture finished products.

Currently, Hitachi Chemical and Gauzy Ltd.

only sources of commercial quantities of SPD-film.

There are several other companies that are licensed to manufacture SPD-film, but they

have not begun commercial production of this film.

Currently, Showa Denko Chemical and Gauzy Ltd.

the only sources of commercial quantities of SPD-film.

There are several other companies that are licensed to manufacture SPD-film, but

they have not begun commercial production of this film.

Our end-product licensees’ ability to sell SPD products could be negatively

57 unchanged sentences

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.

What changed 10-K

Item 1A. Risk Factors