Item 1A. Risk Factors
ITEM 1A. RISK FACTORS
Our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our control. We have identified these risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which should be taken into consideration when reviewing the information contained in this report. Except as described below, there have been no material changes in the Company’s risk factors from those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
We recently identified a material weakness in our internal control over financial reporting, which could impact the Company’s ability to report its results of operations and financial condition accurately and in a timely manner and may adversely affect our stock price.
Our management is responsible for establishing and maintaining effective internal control over financial reporting and disclosure controls and procedures. As described in “Part II, Item 4. Controls and Procedures,” we identified a material weakness in the Company’s internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements would not be prevented or detected in a timely manner.
Although the error that led to the identification of the material weakness was not material to our previously issued financial statements and did not require the restatement of those financial statements, management concluded that the control deficiency created a reasonable possibility that a material misstatement of our interim or annual financial statements could occur and not be prevented or detected in a timely manner.
While we have implemented remediation measures designed to address this material weakness and have concluded that the material weakness has been remediated, there can be no assurance that the controls we have implemented will continue to operate effectively or that additional material weaknesses or other control deficiencies will not be identified in the future. If our internal control over financial reporting is not effective, or if we are unable to maintain effective disclosure controls and procedures, we may be unable to prevent or detect misstatements in our financial statements in a timely manner.
48
Any failure to maintain effective internal control over financial reporting could adversely affect our ability to accurately report our and results of operations and financial condition, result in restatements of our financial statements, cause us to fail to meet our reporting obligations, impair investor confidence in our reported financial information, subject us to regulatory scrutiny or enforcement actions, and adversely affect the market price of our common stock.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.