6 unchanged sentences
In addition, our independent registered public accounting firm has issued a report that included an explanatory paragraph referring to our significant net losses, working capital deficit and need to raise additional capital, which as it noted raised substantial doubt about our ability to continue as a going concern.
−Removed: Delfin Midstream LLC (“Delfin”), the Company’s majority stockholder, has continued to fund the Company through loans to the Company.
+Added: Delfin, the Company’s majority stockholder, has continued to fund the Company through loans to the Company.
See the section of this annual report entitled “Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.” At December 31, 2022, the Company had a net working capital deficit of approximately $1,087,000.
−Removed: This deficit included accrued expenses of approximately $25,000, accounts payable of approximately $37,000 and approximately $847,000 in principal and accrued interest owed under the Promissory Note with Delfin.
+Added: This deficit included accrued expenses of approximately $25,000, accounts payable of approximately $2,000 and approximately $1,067,000 in principal and accrued interest owed under the Promissory Note entered into with Delfin in March 2018 (the "Promissory Note") which has been subsequently amended and restated.
On a short term liquidity basis, we must receive capital contributions or loans from Delfin or its affiliates in order to continue as a going concern.
3 unchanged sentences
Any such capital would likely come from Delfin, as we currently have no access to credit facilities and have traditionally relied on borrowings from related parties to meet short-term liquidity needs.
−Removed: Any equity capital raised may result in substantial dilution in the number of outstanding shares of our common stock, par value $0.001 per share (“Common Stock”).
−Removed: We intend to use the proceeds from the 2018 Promissory Note and seek other loans from Delfin and related entities, if necessary, to fund our public company operating costs while we explore our options related to the future of theglobe.
−Removed: Through December 2021, we borrowed a total of $705,000 under an amended and restated promissory note from Delfin, which was increased to $750,000 in January 2022.
+Added: Any equity capital raised may result in substantial dilution in the number of outstanding shares of our Common Stock.
+Added: We intend to continue to use the proceeds from the amended and restated Promissory Note and seek other loans from Delfin and related entities, if necessary, to fund our public company operating costs while we explore our options related to the future of theglobe.
+Added: As of December 31, 2022, we borrowed a total of $861,000 under the amended and restated Promissory Note from Delfin which was amended and restated on December 23, 2022 to increase our borrowing to $906,000.
+Added: The additional principal amounts were received on January 4, 2023.
Our management may have other interests that may conflict with the interests of our stockholders.
23 unchanged sentences
This would negatively affect our ability to consummate a potential acquisition of an operating company, subjecting us to disclosure and accounting guidance geared toward investment, rather than operating companies;
−Removed: limiting our ability to borrow money, issue
−Removed: options, issue multiple classes of stock and debt, and engage in transactions with affiliates;
+Added: limiting our ability to borrow money, issue options, issue multiple classes of stock and debt, and engage in transactions with affiliates;
and requiring us to undertake significant costs and expenses to meet disclosure and regulatory requirements to which we would be subject as a registered investment company.
4 unchanged sentences
The delisting of our Common Stock makes it more difficult for investors to sell shares.
−Removed: The shares of our Common Stock were delisted from the NASDAQ national market in April 2001 and are now traded in the over-the-counter market on what is commonly referred to as the electronic bulletin board or “OTCBB.” As a result, an investor may find it more difficult to dispose of or obtain accurate quotations as to the market value of the securities, if at all.
+Added: The shares of our Common Stock were delisted from the NASDAQ national market in April 2001 and have traded since in the over-the-counter market on what is commonly referred to as the electronic bulletin board or “OTCBB.” As a result, an investor may find it more difficult to dispose of or obtain accurate quotations as to the market value of the securities, if at all.
The delisting has made trading our shares more difficult for investors.
25 unchanged sentences
With limited exceptions related to restrictive securities acquired before we became a “shell company,” holders of our restricted securities are limited in their ability to resell their securities pursuant to Rule 144.
−Removed: Preclusion from the use of the resale exemption from registration afforded by Rule 144 may make it more difficult for us to sell equity securities in the future, and for stockholders to resell their restricted securities.
+Added: Preclusion from the use of the resale
+Added: exemption from registration afforded by Rule 144 may make it more difficult for us to sell equity securities in the future, and for stockholders to resell their restricted securities.
Our need for capital may create additional risks and create dilution to existing stockholders.
12 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.