What changed in this filing

/stocks — the workspaceLOADING

Item 1A. Risk Factors

2024-03-27 compared with 2023-03-30 · 359 added, 314 removed, 1184 unchanged (36% of the section changed)

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not be made with the same data as would be available as if we had a longer history of public reporting.

We have incurred losses for the quarter ended

June 30, 2022 and the year ended December 31, 2021 and could continue to incur losses in the future.

For the year ended December 31, 2022, we incurred a loss from operations of

$6,021,707 and a net loss of $5,793,414.

For the year ended December 31, 2021, we incurred a loss from operations of $1,630,721 and a

net loss of $1,011,009.

As of December 31, 2022, we had an accumulated deficit of approximately $5.8 million.

There can be no assurance

that expenses will not continue to increase in future periods or that the cash generated from operations in future periods will be sufficient

to satisfy our operating needs and to generate income from operations and net income.

We have incurred losses for the years ended

December 31, 2023 and 2022 and could continue to incur losses in the future.

For the years ended December 31, 2023 and 2022, respectively,

we incurred a loss from operations of $11,987,299 and $6,021,708;

and a net loss of $9,782,196 and $5,792,414.

As of December 31, 2023,

we had an accumulated deficit of approximately $14.5 million.

There can be no assurance that expenses will not continue to increase in

future periods or that the cash generated from operations in future periods will be sufficient to satisfy our operating needs and to generate

income from operations and net income .

Our ability to meet

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We cannot assure you that we or our subsidiaries, will be able to attract and retain qualified employees to meet current

or future manufacturing needs at a reasonable cost, or at all.

For instance, the demand for skilled employees has increased recently with

the low unemployment rates in Florida where we have manufacturing facilities and in North Carolina where Forza is building a manufacturing

We anticipate increasing the number of employees that Forza will need to hire once the manufacturing facility in North Carolina

is operational.

Also, although none of our employees are currently covered by collective bargaining agreements, we cannot assure you that

our employees will not elect to be represented by labor unions in the future.

Additionally, competition for qualified employees could

require us to pay higher wages to attract a sufficient number of employees.

Significant increases in manufacturing workforce costs could

materially adversely affect our business, financial condition or results of operations.

Forza intends to continue to hire a number of

additional personnel, including design and manufacturing personnel and service technicians for its electric boats and powertrains.

for individuals with experience designing, manufacturing and servicing electric boats is intense, and Forza may not be able to attract,

assimilate, train or retain additional highly qualified personnel in the future.

The failure to attract, integrate, train, motivate and

retain these additional employees could seriously harm Forza’s business and prospects.

or future manufacturing needs at a reasonable cost,

For instance, the demand for skilled employees has increased recently

with the low unemployment rates in Florida where we have manufacturing facilities and in North Carolina where Forza is building a manufacturing

Also, although none of our employees are currently covered by collective bargaining agreements, we cannot assure you that our

employees will not elect to be represented by labor unions in the future.

Additionally, competition for qualified employees could require

us to pay higher wages to attract a sufficient number of employees.

Significant increases in manufacturing workforce costs could materially

adversely affect our business, financial condition or results of operations.

Forza intends to continue to hire a number of additional

personnel, including design and manufacturing personnel and service technicians for its electric boats and powertrains.

Competition for

individuals with experience designing, manufacturing and servicing electric boats is intense, and Forza may not be able to attract, assimilate,

train or retain additional highly qualified personnel in the future.

The failure to attract, integrate, train, motivate and retain these

additional employees could seriously harm Forza’s business and prospects.

We have a large, fixed

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years including the recent global economic uncertainty and financial market conditions.

Russia’s invasion and military attacks on

Ukraine have triggered significant sanctions from U.S.

and European leaders and financial markets around the world experienced volatility

following the invasion of Ukraine by Russia in February 2022.

Resulting changes in U.S.

trade policy could trigger retaliatory actions

by Russia, its allies and other affected countries, including China, resulting in a “trade war.” Furthermore, if other countries,

including the U.S., become further involved in the conflict, we could face significant adverse effects to our business and financial condition.

The circumstances relating to the COVID-19 pandemic,

the Russian invasion of Ukraine, the war in the Middle East, as well as other global conditions, have caused significant shortages in

the supply chain.

We are continuously evaluating alternative and secondary source suppliers in order to ensure that we are able to source

sufficient materials.

The uncertain financial markets, disruptions in supply

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in the future lead to market-wide liquidity problems.

For example, on March 10, 2023, Silicon Valley Bank, was closed by the California

Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver.

did not have any cash or cash equivalent balances on deposit with Silicon Valley Bank, uncertainty and liquidity concerns in the broader

financial services industry remain and the failure of Silicon Valley Bank and its potential near- and long-term effects on the biotechnology

industry and its participants such as our vendors, suppliers, and investors, may also adversely affect our operations and stock price.

We are actively monitoring the effects these disruptions

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had sales of over 10% of our total sales, that dealer represented 10% of total sales.

During the year ended December 31, 2021, five

individual dealers had sales of over 10% of our total sales and combined these five dealers represented 67% of total sales.

of a significant dealer could have a material adverse effect on our financial condition and results of operations.

The number of dealers

supporting our products and the quality of their marketing and servicing efforts are essential to our ability to generate sales.

for dealers among other boat manufacturers continues to increase based on the quality, price, value, and availability of the manufacturers’

During the year ended December 31, 2022, one

individual dealer had sales of over 10% of our total sales and that dealer represented 12% of total sales.

The loss of a significant

dealer could have a material adverse effect on our financial condition and results of operations.

The number of dealers supporting our

products and the quality of their marketing and servicing efforts are essential to our ability to generate sales.

Competition for dealers

among other boat manufacturers continues to increase based on the quality, price, value, and availability of the manufacturers’

products, the manufacturers’ attention to customer service, and the marketing support that the manufacturer provides to the dealers.

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A substantial

deterioration in the number of dealers or quality of our network of dealers would have a material adverse effect on our business, financial

condition, and results of operations.

deterioration in the number of dealers or the quality of our network of dealers would have a material adverse effect on our business,

financial condition, and results of operations.

Our success depends,

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In addition, applicable

laws regulating dealer relations may also require us to repurchase our products from our dealers under certain circumstances, and we may

laws regulating dealer relations may also require us to repurchase our products from our dealers under certain circumstances,

not have any control over the timing or amount of any repurchase obligation nor have access to capital on terms acceptable to us to satisfy

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suppliers to provide components and raw materials essential to the construction of our boats.

While we believe that our relationships

with our current suppliers are sufficient to provide the materials necessary to meet present production demand, we cannot assure you that

these relationships will continue or that the quantity or quality of materials available from these suppliers will be sufficient to meet

our future needs, irrespective of whether we successfully implement our growth strategy.

We expect that our need for raw materials and

supplies will increase.

Our suppliers must be prepared to ramp up operations and, in many cases, hire additional workers and/or expand

capacity in order to fulfill the orders placed by us and other customers.

Operational and financial difficulties that our suppliers may

face in the future could adversely affect their ability to supply us with the parts and components we need, which could significantly

disrupt our operations.

During the year ended December 31, 2023,

the Company purchased all engines for its boats under supplier agreements with three vendors.

During the year ended December 31, 2022,

the Company purchased all engines for its boats under supplier agreements with one vendor.

While we believe that our relationships with

our current suppliers are sufficient to provide the materials necessary to meet present production demand, we cannot assure you that these

relationships will continue or that the quantity or quality of materials available from these suppliers will be sufficient to meet our

future needs, irrespective of whether we successfully implement our growth strategy.

We expect that our need for raw materials and supplies

will increase.

Our suppliers must be prepared to ramp up operations and, in many cases, hire additional workers and/or expand capacity

in order to fulfill the orders placed by us and other customers.

Operational and financial difficulties that our suppliers may face in

the future could adversely affect their ability to supply us with the parts and components we need, which could significantly disrupt

our operations.

Termination or interruption

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and operating results.

We rely on one manufacturer

to supply our engines for our gas powered boats and do not have any long terms commitments from such manufacturer.

We currently rely on one

manufacturer, Suzuki Motor of America, Inc.

for the supply of outboard engines for our gas powered boats.

We do not have any long-term

commitments from Suzuki to supply any specified number of engines and therefore cannot guarantee that there will be adequate supply of

To date, as a result of the COVID-19 pandemic, we have experienced shortages in obtaining the 150-horsepower motors that

are supplied to us by Suzuki Motor of America, Inc., which historically have been used in approximately 15% of our boats.

believe we have sufficient supply of our other engines, due to supply chain shortages, we may not be able to obtain engines in the future

from other manufacturers if Suzuki Motor of America, Inc.

should be unable to satisfy our needs.

Suzuki Motor of America, Inc., and other

manufacturers may not be able to provide us with engines in a timely manner due to supply chain shortages and even if other manufacturers

are able to fulfill our engine needs they may not be able to do so at the same price as we currently pay for the engines we install in

our boats, which could result in lower profit margins or us increasing the price of our boats in order to maintain profit margins which

could adversely impact demand for our boats.

In addition, certain geopolitical events, such as the current military conflict between Russia

and Ukraine, may increase the likelihood of supply chain interruptions and hinder our ability to find materials we need to build our boats.

Significant product repair and/or replacement

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While our employees who handle these and other potentially

hazardous or toxic materials receive specialized training and wear protective clothing, there is still a risk that they, or others, may

hazardous or toxic materials receive specialized training and wear protective clothing, there is still a risk that they,

or others, may

be exposed to these substances.

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at sites where our hazardous wastes have been disposed or at our current facility, regardless of whether our facility is owned or leased

or whether the environmental conditions were created by us, a prior owner or tenant, or a third-party.

While we do not believe that we

are presently subject to any such liabilities, we cannot assure you that environmental conditions relating to our prior, existing, or

future sites or operations or those of predecessor companies will not have a material adverse effect on our business or financial condition.

or whether the environmental conditions were created by us, a prior owner or tenant, or third-party.

While we do not believe that we are

presently subject to any such liabilities, we cannot assure you that environmental conditions relating to our prior, existing, or future

sites or operations or those of predecessor companies will not have a material adverse effect on our business or financial condition.

Our industry is characterized

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financial condition, and results of operations.

We also compete with other manufacturers for employees.

We face increasing

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Our boats are not necessities

and in times of economic hardship, and consumers may cease purchasing non-essential items.

and in times of economic hardship, consumers may cease purchasing non-essential items.

Demand for our boats may be adversely affected

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consumer and dealer base.

Failure to continue to protect our brand may adversely affect our business, financial condition, and results

Failure to continue to protect our brand may adversely affect our business, financial condition,

of operations.

We expect that our ability to develop, maintain and strengthen the Twin Vee brand and the Forza brand will also depend

We expect that our ability to develop, maintain and strengthen the Twin Vee, AquaSport and Forza brands will also depend

heavily on the success of our marketing efforts.

To further promote our brand and Forza’s brand, we and Forza may be required to

To further promote our brands and Forza’s brand, we and Forza may be required to

change our marketing practices, which could result in substantially increased advertising expenses, including the need to use traditional

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from operations and from our initial public offering and follow on offering are not sufficient to meet our cash requirements, we will

need to seek additional capital, potentially through debt or equity financings, to fund our growth.

need to seek additional capital,

potentially through debt or equity financings, to fund our growth.

We cannot assure you that we will

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and that one dealer represented 10% of total sales.

During the year ended December 31, 2021, five dealers represented 67% of our

The loss of business from a significant dealer could have a material adverse effect on our business, financial condition, results

of operations and cash flows.

During the year ended December 31, 2022, one dealer represented 12% of our sales.

The loss of business from a significant dealer could have a material adverse effect on our business, financial condition, results of operations

and cash flows.

We depend upon our

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Our future success will depend

in significant part upon the continued service of our executive officers.

We cannot assure you that we will be able to continue to attract

or retain such persons.

We do not have an insurance policy on the life of our chief executive officer, and we do not have “key person”

life insurance policies for any of our other officers or advisors.

The loss of the technical knowledge and management and industry expertise

of any of our key personnel could result in delays in product development, loss of customers and sales and diversion of management resources,

which could adversely affect our operating results.

in significant part upon the continued service of our Chief Executive Officer and other executive officers.

We cannot assure you that

we will be able to continue to attract or retain such persons.

We do not have an insurance policy on the life of our chief executive officer,

and we do not have “key person” life insurance policies for any of our other officers or advisors.

The loss of the technical

knowledge and management and industry expertise of any of our key personnel could result in delays in product development, loss of customers

and sales and diversion of management resources, which could adversely affect our operating results.

Certain of our shareholders

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there is a risk that this information may be compromised.

Maintaining the secrecy of confidential, proprietary,

or trade secret information is important to our competitive business position.

While we have taken steps to protect such information and

invested in information technology, there can be no assurance that our efforts will prevent service interruptions or security breaches

in our systems or the unauthorized or inadvertent wrongful use or disclosure of confidential information that could adversely affect our

business operations or result in the loss, dissemination, or misuse of critical or sensitive information.

A cyber-attack or other significant

disruption involving our information technology systems, or those of our vendors, suppliers and other partners,

could also result in disruptions

in critical systems, corruption or loss of data and theft of data, funds or intellectual property.

A breach of our security measures or

the accidental loss, inadvertent disclosure, unapproved dissemination, misappropriation or misuse of trade secrets, proprietary information,

or other confidential information, whether as a result of theft, hacking, fraud, trickery or other forms of deception, or for any other

reason, could enable others to produce competing products, use our proprietary technology or information, or adversely affect our business

or financial condition.

We may be unable to prevent outages or security breaches in our systems.

We remain potentially vulnerable to additional

known or yet unknown threats as, in some instances, we, our suppliers and our other partners may be unaware of an incident or its magnitude

We also face the risk that we expose our vendors or partners to cybersecurity attacks.

Any or all of the foregoing could

adversely affect our results of operations and our business reputation.

Likewise, data privacy breaches

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results of operations.

Uninsured losses could result in payment of

substantial damages, which would decrease our cash reserves and could harm our cash flow and financial condition.

Our business and operations would suffer in

the event of computer system failures.

Despite the implementation of security measures, our

internal computer systems, and those of third parties on which we rely, are vulnerable to damage from computer viruses, malware, natural

disasters, terrorism, war, telecommunication and electrical failures, cyber-attacks or cyber-intrusions over the internet, attachments

to emails, persons inside our organization, or persons with access to systems inside our organization.

The risk of a security breach or

disruption, particularly through cyber-attacks or cyber-intrusions, including by computer hackers, foreign governments, and cyber-terrorists,

has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased.

If such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our current or future

product development programs.

For example, the loss of any customer data could impact our ability to retain customers or attract new customers.

To the extent that any disruption or security breach was to result in a loss of or damage to our data or applications, or inappropriate

disclosure of confidential or proprietary information, we could incur material legal claims and liability, damage to our reputation, and

the further development of our product candidates could be delayed.

We are increasingly

dependent on information technology, and our systems and infrastructure face certain risks, including cybersecurity and data leakage risks.

Significant disruptions to

our information technology systems or breaches of information security could adversely affect our business.

In the ordinary course of

business, we collect, store and transmit confidential information, and it is critical that we do so in a secure manner to maintain the

confidentiality and integrity of such confidential information.

The size and complexity of our information technology systems, and those

of our third-party vendors with whom we contract, make such systems potentially vulnerable to service interruptions and security breaches

from inadvertent or intentional actions by our employees, partners or vendors, from attacks by malicious third parties, or from intentional

or accidental physical damage to our systems infrastructure maintained by us or by third parties.

Maintaining the secrecy of this confidential,

proprietary, or trade secret information is important to our competitive business position.

While we have taken steps to protect such

information and invested in information technology, there can be no assurance that our efforts will prevent service interruptions or security

breaches in our systems or the unauthorized or inadvertent wrongful use or disclosure of confidential information that could adversely

affect our business operations or result in the loss, dissemination, or misuse of critical or sensitive information.

A breach of our security

measures or the accidental loss, inadvertent disclosure, unapproved dissemination, misappropriation or misuse of trade secrets, proprietary

information, or other confidential information, whether as a result of theft, hacking, fraud, trickery or other forms of deception, or

for any other reason, could enable others to produce competing products, use our proprietary technology or information, or adversely affect

our business or financial condition.

Further, any such interruption, security breach, loss or disclosure of confidential information,

could result in financial, legal, business, and reputational harm to us and could have a material adverse effect on our business, financial

position, results of operations or cash flow.

Uninsured losses could

result in payment of substantial damages, which would decrease our cash reserves and could harm our cash flow and financial condition.

In the ordinary course of business, we may be subject

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has not yet been developed, and even if developed, interest in it may not develop.

Forza, has not completed the design and engineering

of the FX1 sport boat.

There can be no assurance that Forza will be able to complete development of the FX1 when anticipated, if at all,

that we will be able to mass produce the FX1 or that the anticipated features or services to be included in the FX1 will create substantial

interest or a market, and therefore Forza’s anticipated FX1 product, its sales and growth for our product may not develop as expected,

For example, in May 2021 we experienced a small fire in connection with the sea trial of a prototype of our electric boat which

resulted in a six-month delay in our design timetable as we implemented changes to the design for outboard electric motor system as a

result of the fire.

We cannot guarantee that similar events will not occur in the future, or that we will be able to contain such events

without damage or delay.

Even if such a market for the FX1 sport boat develops, there can be no assurance that Forza would be able to

maintain that market.

Forza has not yet commercialized any boats.

can be no assurance that Forza will be able to complete development of the fully electric sport boat when anticipated, if at all, that

we will be able to mass produce the fully electric sport boat or that the anticipated features or services to be included in the fully

electric will create substantial interest or a market, and therefore Forza’s anticipated product, its sales and growth for our product

may not develop as expected, or at all.

For example, in May 2021 we experienced a small fire in connection with the sea trial of a prototype

of our electric boat which resulted in a six-month delay in our design timetable as we implemented changes to the design for outboard

electric motor system as a result of the fire.

We cannot guarantee that similar events will not occur in the future, or that we will be

able to contain such events without damage or delay.

Even if such a market for the fully electric sport boat develops, there can be no

assurance that Forza would be able to maintain that market.

Forza’s operations to date have been primarily

limited to finalizing the design and engineering of its electric sport boat as well as organizing and staffing Forza in preparation for

launching the FX1 electric boat.

launching the fully electric boat.

As such, Forza has not yet demonstrated, and the success of Forza is wholly dependent upon, its ability

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The successful commercialization of any products will require us to perform a variety of functions, including:

completing the design and testing for the FX1 sport boat and Forza’s proprietary outboard electric motor;

manufacturing the FX1 sport boats;

completing the design and testing for the fully electric sport boat and our Forza’s proprietary outboard electric motor;

manufacturing the fully electric sport boats;

developing a vertically integrated direct-to-consumer distribution system;

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Forza will require significant capital to develop

and grow our business, including developing its first boat to be manufactured, the FX1, as well as building its brand.

Forza expects to

make additional capital expenditures and incur substantial costs as it completes the design and engineering of the FX1 and prepare to

commercially launch sales of its boats and grow its business, including research and development expenses, raw material procurement costs,

sales and distribution expenses as we build our brand and market its boats and general and administrative expenses as Forza scales its

operations, identifies and commits resources to investigate new areas of demand and incurs costs as a public company.

Forza’s ability

to become profitable in the future will not only depend on its ability to complete the design and development of its boats but also to

control its capital expenditures and costs.

As Forza expands its product portfolio, it will need to manage costs effectively to sell those

products at our expected margins.

If Forza is unable to cost efficiently design, manufacture, market, sell and distribute and service

its boats and provide its services, our business, prospects, financial condition, results of operations, and cash flows would be materially

and adversely affected.

and grow our business, including developing its first boat to be manufactured, as well as building its brand.

Forza expects to make additional

capital expenditures and incur substantial costs as it completes the design and engineering of the fully electric sport boat and prepare

to commercially launch sales of its boats and grow its business, including research and development expenses,

raw material procurement

costs, sales and distribution expenses as we build our brand and market its boats and general and administrative expenses as Forza scales

its operations, identifies and commits resources to investigate new areas of demand and incurs costs as a public company.

ability to become profitable in the future will not only depend on its ability to complete the design and development of its boats but

also to control its capital expenditures and costs.

As Forza expands its product portfolio, it will need to manage costs effectively to

sell those products at our expected margins.

If Forza is unable to cost efficiently design, manufacture, market, sell and distribute and

service its boats and provide its services, our business, prospects, financial condition, results of operations, and cash flows would

be materially and adversely affected.

Forza’s planned distribution model is

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Forza’s distribution model is still in the planning

We, through Forza, currently plans to mainly sell its electric-powered boats directly to customers rather than through franchised

dealerships (unless required to do so by certain states), primarily through the Forza X1 website and app platform, subject to obtaining

applicable dealer licenses and equivalent permits in such jurisdictions.

The digital customer experience via our online platform will

allow customers to research, shop, choose boat hull color, interior upholstery color, and a possible upgrade of an additional battery

to extend run times, order, track and take delivery through our web-based and app platform.

Forza currently plans to mainly sell its electric-powered boats directly to customers rather than through franchised dealerships

(unless required to do so by certain states), primarily through the Forza X1 website and app platform, subject to obtaining applicable

dealer licenses and equivalent permits in such jurisdictions.

The digital customer experience via our online platform will allow customers

to research, shop, choose boat hull color, interior upholstery color, and a possible upgrade of an additional battery to extend run times,

order, track and take delivery through our web-based and app platform.

Forza has not yet:

(i) entered into any arrangements

with third parties to provide financing services through Forza X1’s web and app platform, (ii) hired staff for our intended support

and service department or (iii) partnered with any third parties to address service needs or operate service centers.

Once the customer

places the order, their Forza X1 account will request several documents, including license, insurance, etc., which can be uploaded online

without ever speaking with a salesperson.

If the customer has questions, concerns, or needs support through the sales and purchase process,

they will be able to contact Forza X1 through the website or app with any questions, concerns.

(i) entered into any arrangements with third

parties to provide financing services through Forza X1’s web and app platform, (ii) hired staff for our intended support and service

department or (iii) partnered with any third parties to address service needs or operate service centers.

Once the customer places the

order, their Forza X1 account will request several documents, including license, insurance, etc., which can be uploaded online without

ever speaking with a salesperson.

If the customer has questions, concerns, or needs support through the sales and purchase process, they

will be able to contact Forza X1 through the website or app with any questions or concerns.

Since Forza’s planned sales and marketing platform

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its electric boat product to markets across the country that are more familiar purchasing boats at a traditional boat dealership.

This model of boat distribution is relatively new, different from the predominant

current distribution model for boat manufacturers and, with limited exceptions, unproven, which subjects us to substantial risk.

Forza has no experience in selling or leasing boats direct-to-consumer and therefore this model may require significant expenditures and

provide for slower expansion than the traditional dealer franchise system.

For example, Forza will not be able to utilize long established

relationships developed by Twin Vee with its dealer network.

Moreover, we Forza will be competing with companies with well established

distribution channels.

Forza’s success will depend in large part on its ability to effectively develop its own sales channels and

marketing strategies.

This model of boat distribution is relatively new,

different from the predominant current distribution model for boat manufacturers and, with limited exceptions, unproven, which subjects

us to substantial risk.

We and Forza have no experience in selling or leasing boats direct-to-consumer and therefore this model may require

significant expenditures and provide for slower expansion than the traditional dealer franchise system.

For example, Forza will not be

able to utilize long established relationships developed by Twin Vee with its dealer network.

Moreover, Forza will be competing with companies

with well established distribution channels.

Forza’s success will depend in large part on our its ability to effectively develop

our its own sales channels and marketing strategies.

Implementing a direct sales model is subject to numerous

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Forza’s ability to generate meaningful

product revenue from its electric-powered boats will depend on consumer adoption of electric boats.

product revenue from our electric-powered boats will depend on consumer adoption of electric boats.

Forza’s ability to generate meaningful product

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manner and Forza’s and our business would be adversely impacted.

Semiconductor chips are a vital input component to the electrical architecture of electric

boats, controlling wide aspects of the Forza boats’ operations.

Many of the key semiconductor chips Forza intends to use in its

electric boats come from limited or single sources of supply, and therefore a disruption with any one manufacturer or supplier in the

supply chain would have an adverse effect on our ability to effectively manufacture and timely deliver its boats.

Forza does not have

any long- term supply contracts with any suppliers and purchase chips on a purchase order basis.

Due to its reliance on these semiconductor

chips, Forza is subject to the risk of shortages and long lead times in their supply.

Forza in the process of identifying alternative

manufacturers for semiconductor chips.

Forza has in the past experienced, and may in the future experience, semiconductor chip shortages,

and the availability and cost of these components would be difficult to predict.

For example, Forza’s manufacturers may experience

temporary or permanent disruptions in their manufacturing operations due to equipment breakdowns, labor strikes or shortages, natural

disasters, component or material shortages, cost increases, acquisitions, insolvency, changes in legal or regulatory requirements, or

What changed 10-K

Item 1A. Risk Factors