−Removed: In addition to the following additional risk factors set forth in this Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended June 30, 2019.
−Removed: COVID-19 or other health crises may adversely affect our business.
−Removed: The occurrence of regional epidemics or a global pandemic may adversely affect our operations, financial condition, and results of operations.
−Removed: The COVID-19 pandemic is having widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial markets, and business practices.
−Removed: Federal and state governments have implemented measures in an effort to contain the virus, including social distancing, travel restrictions, border closures, limitations on public gatherings, work from home, supply chain logistical changes, and closure of non-essential businesses.
−Removed: Although transportation services are generally considered essential services, and the overall demand for such services has continued, we are experiencing significant changes in demand from certain customers.
−Removed: We anticipate the contraction in our business from the shelter-at-home mandates, closing of manufacturing facilities and general global economic slowdown has, and will continue to more than off-set any financial benefit from our support of essential businesses.
−Removed: Although we are working hard to mitigate the negative financial impacts of COVID-19 with a number of initiatives in response our declining gross margins, these measures may have little or no effect depending on the severity of the pandemic.
−Removed: We face significant risks related to the spread of COVID-19 and the recent developments surrounding the global pandemic have had, and will continue to have, significant effects on our business, financial condition, results of operations, and cash flows.
−Removed: We are facing increased operational challenges from the need to protect employee health and safety.
−Removed: We face significant risks related to the global economic downturn and severe reduction in sales caused by the pandemic.
−Removed: These risks include materially reduced demand for our services and challenges to the ongoing viability of some of our customers.
−Removed: The extent to which the pandemic impacts our business and operating results will depend on future developments, which are highly uncertain and cannot be predicted.
−Removed: We may face similar risks in connection with any future public health crises.
−Removed: Risks related to our receipt of PPP funding.
−Removed: In response to the COVID-19 pandemic and the resulting impact on our current and future operations we applied for funds under the Paycheck Protection Program (the “PPP”).
−Removed: In April of 2020 we were approved for the amount of $5.9 million.
−Removed: The PPP loan application required us to certify, among other things, that the current economic uncertainty made the PPP Loan request necessary to support our ongoing operations.
−Removed: While we made this certification in good faith, the certification does not contain any objective criteria and is subject to interpretation.
−Removed: Recently the Small Business Administration (“SBA”) has provided guidance that it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such company should be prepared to demonstrate to SBA, upon request, the basis for its certification.
−Removed: Further, the Secretary of the Treasury and SBA Administrator announced that the government will conduct a full audit of all PPP loans of more than $2 million for which the borrower applies for forgiveness.
−Removed: While we believe we have satisfied all eligibility requirements for the PPP loan, there is a risk that we may be deemed to ineligible to receive the PPP loan or in violation of any of the laws or governmental regulations that apply to us in connection with the PPP loan;
−Removed: we may be required to repay the PPP loan in its entirety and we could be subject to additional penalties.
−Removed: The terms of our credit facility impose operating and financial restrictions on us that may impair our ability to respond to changing business and economic condition.
−Removed: We maintain a Revolving Credit Facility led by Bank of America, N.A.
−Removed: The Revolving Credit Facility contains financial covenants setting forth requirements for certain levels of liquidity and profitability.
−Removed: We expect these ratios will become less favorable as our trailing twelve months EBITDA is expected to continue to compress in coming quarters and could be exacerbated by potential bad debts from our end customers, the financial health of our operating partners and the ultimate economic recovery.
−Removed: These limitations and covenants may restrict our ability to access capital in order to respond to changing business and economic conditions, including as a result of the COVID-19 pandemic, and may therefore absent accommodations from our senior lender cause us to seek external financing from the equity or credit markets, which given our market capitalization and potential market conditions may not be available on commercially reasonable terms, if at all.
+Added: In addition to the information set forth in this Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended June 30, 2020.
+Added: Incorporated by Reference
+Added: Filed/Furnished Herewith
+Added: Period Ending
+Added: Exhibit Number
+Added: Certification by Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
+Added: Certification by Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
+Added: Certification by the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C.
+Added: Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
+Added: Inline XBRL Instance
+Added: Inline XBRL Taxonomy Extension Schema
+Added: Inline XBRL Taxonomy Extension Calculation
+Added: Inline XBRL Taxonomy Extension Definition
+Added: Inline XBRL Taxonomy Extension Label
+Added: Inline XBRL Taxonomy Extension Presentation
+Added: Cover Page Interactive Data (embedded within the Inline XBRL document)
+Added: Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
+Added: RADIANT LOGISTICS, INC.
+Added: November 9, 2020
+Added: Chief Executive Officer
+Added: (Principal Executive Officer)
+Added: November 9, 2020
+Added: Senior Vice President and Chief Financial Officer
+Added: (Principal Financial Officer and Principal Accounting Officer)
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.