−Removed: We have disclosed under "Item 1A – Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, the risk factors which may materially affect our business, financial conditions or results of operations.
+Added: We have disclosed under "Item 1A – Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, the risk factors that may materially affect our business, financial conditions or results of operations.
Except as set forth below, there have been no material changes from the risk factors previously disclosed.
3 unchanged sentences
An impairment charge of goodwill or other intangibles could have a material adverse impact on our results of operations.
−Removed: Goodwill was $17.9 million as of June 30, 2023, and December 31, 2022, of which $3.0 million is allocated to the Security Solutions segment and $14.9 million is allocated to the Secure Networks segment.
−Removed: Intangible assets were $37.8 million and $37.4 million as of June 30, 2023, and December 31, 2022, respectively.
−Removed: Under generally accepted accounting principles ("GAAP"), we are required to test the carrying value of goodwill and intangible assets at least annually or sooner if events occur that indicate impairment could exist.
+Added: Goodwill was $17.9 million as of September 30, 2023, and December 31, 2022, of which $3.0 million is allocated to the Security Solutions segment and $14.9 million is allocated to the Secure Networks segment.
+Added: Intangible assets were $39.0 million and $37.4 million as of September 30, 2023, and December 31, 2022, respectively.
+Added: Under GAAP, we are required to test the carrying value of goodwill and intangible assets at least annually or sooner if events occur that indicate impairment could exist.
These events or circumstances could include a significant change in the business climate, including a sustained decline in a reporting unit’s fair value, legal and regulatory factors, operating performance indicators, competition and other factors.
3 unchanged sentences
In addition, if the revenue and cash flows generated from any of our other intangible assets is not sufficient to support its net book value, we may be required to record an impairment charge.
−Removed: During the first half of 2023, the price per share of our common stock as traded on the NASDAQ Global Market declined below net book value per share.
−Removed: If our stock price remains below net book value per share or other negative business factors described above exist, we may be required to perform a goodwill impairment analysis before the end of the year.
+Added: During the first three quarters of 2023, the price per share of our common stock as traded on the NASDAQ Global Market declined below net book value per share.
+Added: If our stock price drops and remains below net book value per share or other negative business factors described above exist, we may be required to perform a goodwill impairment analysis before the end of the year.
That analysis or the annual analysis may result in an impairment charge that could be significant and could have a material adverse impact on our results of operations for the period in which the charge is taken.
7 unchanged sentences
Future spending levels are subject to a wide range of factors, including Congressional action.
−Removed: In addition, in recent years, the U.S.
+Added: In addition, over the last few years, the U.S.
government has been unable to complete its budget process before the end of its fiscal year, resulting in both a government shutdown and continuing resolutions to extend sufficient funds only for U.S.
government agencies to continue operating.
−Removed: Most recently, the federal government was shut down due to a lack of funding for over one month between late 2018 and early 2019.
−Removed: Additionally, the national debt has recently threatened to reach the statutory debt ceiling in 2023, and such an event in future years could result in the U.S.
+Added: Not long ago, the federal government was shut down due to a lack of funding for over one month between late 2018 and early 2019, and currently, the federal government is funded under a continuing resolution until November 17, 2023.
+Added: Moreover, the national debt has recently threatened to reach the statutory debt ceiling in 2023, and such an event in future years could result in the U.S.
government defaulting on its debts.
7 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.