LEGAL PROCEEDINGS
−Removed: On January 4, 2024, the
−Removed: Company initiated a lawsuit against Omnia Global a/k/a Omnia Schweiz GmbH, Daniel Hansen, Mette Abel Hansen, and James Mair Findlay (collectively,
−Removed: “Omnia”) by filing a complaint in the U.S.
−Removed: District Court for the Southern District of New York, Case No.
−Removed: 1:24-cv-00048
−Removed: alleging that Omnia had breached the Pre-Purchase Agreement by and between the Company and Omnia, dated as of May 12, 2023.
−Removed: and Omnia have agreed to an amicable resolution of the lawsuit on mutually acceptable terms and without admission of fault by any party.
−Removed: On March 11, 2024, the Company settled an outstanding lawsuit against Omnia and the sponsor received the net lawsuit settlement amount
−Removed: of $206,500 on behalf of the Company ($295,000 gross settlement less $88,500 legal fees incurred).
−Removed: As of September 30, 2024, all
−Removed: payments due pursuant to the settlement have been made
−Removed: Other than the above-mentioned
−Removed: (and now settled) lawsuit against Omnia, there is no material litigation, arbitration or governmental proceeding currently pending against
−Removed: us or any members of our management team in their capacity as such, and we and the members of our management team have not been subject
−Removed: to any such proceeding in the 12 months preceding the date of this Annual Report.
+Added: We have a limited operating
+Added: Currently, we are not involved in, nor are we aware of any threats of, legal or administrative proceedings that, in management’s
+Added: opinion, would have a material adverse effect on our business, financial condition, cash flow, or operating results.
+Added: However, as our business
+Added: grows, we may from time to time become involved in legal or administrative proceedings in the ordinary course of business, including those
+Added: related to intellectual property infringement, third-party license violations, contract disputes, and labor or employment claims.
+Added: such proceedings, if significant, could have a material adverse effect on our business, financial condition, cash flow, or operating results.
MINE SAFETY DISCLOSURES
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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.