8 unchanged sentences
We have a limited operating history upon which investors may rely in evaluating our business and prospects.
−Removed: We have generated limited revenues to date, and as of June 30, 2021, we had an accumulated deficit of approximately $315 million.
+Added: We have generated limited revenues to date, and as of September 30, 2021, we had an accumulated deficit of approximately $327 million.
Our ability to generate revenues and achieve profitability will depend on our ability to execute our business plan, complete the development and approval of our technology, incorporate the technology into products that customers wish to buy, and if necessary, secure additional financing.
37 unchanged sentences
The effects of state executive orders, local shelter-in-place orders, government-imposed quarantines and our work-from-home policies could negatively impact productivity, disrupt our research and development or other operations and delay the planned launch of our customers’ new products that incorporate our technology, the magnitude of which will depend, in part, on the length and severity of the continuing restrictions and other limitations on our ability to conduct our business in the ordinary course.
−Removed: Several vaccines have been approved for use since the fourth quarter of 2020, with vaccination rates increasing through early 2021.
−Removed: Several new variants of COVID-19 have emerged including the “delta” variant, which is now widespread, and may be more transmissible than other variants.
+Added: Several vaccines have been approved for use since the fourth quarter of 2020, with vaccination rates increasing through the year 2021.
+Added: Several new variants of COVID-19 have emerged and may be more transmissible than other variants.
Vaccines approved to date have lower efficacy in combating the transmission of some of these new variants, though vaccines appear to protect against severe illness.
Due to the continuing developments and fluidity of this situation, the magnitude and duration of the pandemic and its impact on our operations and liquidity are still uncertain as of the date of this report.
−Removed: In addition, COVID-19, including in particular the “delta” variant, has resulted and may continue to result in a widespread health crisis that could contribute to increased market volatility and adversely affect the economies and financial markets of many countries, resulting in a global economic downturn that could affect interest in our products or demand by potential customers.
+Added: In addition, COVID-19 and any variants thereof, has resulted and may continue to result in a widespread health crisis that could contribute to increased market volatility and adversely affect the economies and financial markets of many countries, resulting in a global economic downturn that could affect interest in our products or demand by potential customers.
Any of these events could materially and adversely affect our business, results of operations and financial condition.
26 unchanged sentences
These additional steps and expenses may offset the convenience for users and discourage customers from licensing our technology.
−Removed: Such factors may inhibit adoption of our technology, which could harm our business.
+Added: Such factors may inhibit adoption of our
+Added: technology, which could harm our business.
We have not developed an enhanced battery for use in devices with our technology, and our ability to enable use of our technology with devices that require an enhanced battery will depend on our ability to develop a commercial version of such a battery that could be manufactured at a reasonable cost.
54 unchanged sentences
Any of these events or circumstances could materially adversely affect our business, financial condition and operating results.
−Removed: We depend upon our strategic relationship with Dialog Semiconductor, a provider of electronics products, and there can be no assurance that we will achieve the expected benefits of this relationship.
−Removed: We have entered into a strategic alliance agreement with Dialog Semiconductor, a provider of electronics products, pursuant to which we licensed our WattUp technology to Dialog and it became the exclusive provider of our technology.
−Removed: We intend to leverage Dialog’s sales and distribution channels and its operational capabilities to accelerate market adoption of our technology, while we focus our resources on research and development of our technology.
−Removed: We were informed that Dialog Semiconductor might be acquired by the Japanese chipmaker, Renesas Electronics.
−Removed: There can be no assurance that Dialog will promote our technology successfully, or that it will be successful in producing and distributing related products to our customers’ specifications.
−Removed: Dialog, under the control of Renesas Electronics, may have other priorities or strategic plans or may encounter difficulties in its own business that interfere with the success of our relationship.
−Removed: If this strategic relationship does not work as we intend, then we
−Removed: may be required to seek an arrangement with another strategic partner, or to develop internal capabilities, which will require a commitment of management time and our financial resources to identify a replacement strategic partner, or to develop our own production and distribution capabilities.
−Removed: As a result, we may be unable without undue expense to replace this agreement with one or more new strategic relationships to promote and provide our technology which could increase our costs and delay revenues.
+Added: Our strategic relationship with Dialog Semiconductor, a provider of electronics products, was terminated, and there can be no assurance that we will find a suitable replacement or be able to conduct the same activities internally.
+Added: We were party to a strategic alliance agreement with Dialog Semiconductor, a provider of electronics products, pursuant to which we licensed our WattUp technology to Dialog and it became the exclusive provider of our technology.
+Added: We were informed that Dialog Semiconductor was acquired by the Japanese chipmaker, Renesas Electronics, and that Dialog, under the control of Renesas Electronics will not be continuing our relationship.
+Added: Due to the termination of the strategic relationship with Dialog, we will be required to seek an arrangement with another strategic partner, a manufacturing partner, or to develop internal capabilities, which will require a commitment of management’s time and our financial resources to identify a new solution for our production and distribution.
+Added: We may be unable to replace this agreement with one or more new strategic or manufacturing relationships or to develop internal capabilities to manufacture and sell our WattUp technology, which could result in manufacturing delays, increases in manufacturing or sales costs or reduced revenues.
Risks Related to Our Intellectual Property and Other Legal Risks
53 unchanged sentences
In addition, if a product that we or a strategic partner design is defective, whether due to design or manufacturing defects, improper use of the product or other reasons, we or our strategic partner may be required to notify regulatory authorities and/or to recall the product.
−Removed: A required notification to a regulatory authority or recall could result in an investigation by regulatory authorities of products incorporating our technology, which could in turn result in required recalls, restrictions on the sale of such products or other penalties.
+Added: A required notification to a regulatory authority or recall could result in an investigation by regulatory authorities of products incorporating our technology, which could in
+Added: turn result in required recalls, restrictions on the sale of such products or other penalties.
The adverse publicity resulting from any of these actions could adversely affect the perception of our customers and potential customers.
22 unchanged sentences
Our ability to implement our business plan depends, to a critical extent, on the continued efforts and services of a very small number of key executives.
−Removed: If we lose the services of any of these persons, we could be required to expend significant time and money in the pursuit of replacements, which may result in a delay in the implementation of our business plan and plan of operations, including in particular the result of the appointments of Cesar Johnson and William Mannina as acting chief executive officer and acting chief financial officer, respectively, following the retirement of our former chief executive officer and president, Stephen Rizzone, and the resignation of our chief financial officer, Brian Sereda in July 2021,.
+Added: If we lose the services of any of these persons, we could be required to expend significant time and money in the pursuit of replacements, which may result in a delay in the implementation of our business plan and plan of operations, including in particular the result of the appointments of Cesar Johnston and William Mannina as acting chief executive officer and acting chief financial officer, respectively, following the retirement of our former chief executive officer and president, Stephen Rizzone, and the resignation of our chief financial officer, Brian Sereda in July 2021.
We can give no assurance that we could find satisfactory permanent replacements for these individuals on terms that would not be unduly expensive or burdensome to us.
3 unchanged sentences
We take steps to monitor and regulate the performance of these independent third parties.
−Removed: However, arrangements with third party service providers may make our operations vulnerable if these consultants fail to satisfy their obligations to us as a result of their performance, changes in their own operations, financial condition, or other matters outside of our control.
+Added: However, arrangements with third party service providers may make our operations vulnerable if these consultants fail to satisfy their obligations to us as a result of
+Added: their performance, changes in their own operations, financial condition, or other matters outside of our control.
Effective management of our consultants is important to our business and strategy.
16 unchanged sentences
As a public company, we are required to maintain internal control over financial reporting and to report any material weaknesses in such internal controls.
−Removed: Although our management has determined that our internal control over financial reporting was effective as of June 30, 2021, we cannot assure you that we will not identify any material weakness in our internal control in the future.
+Added: Although our management has determined that our internal control over financial reporting was effective as of September 30, 2021, we cannot assure you that we will not identify any material weakness in our internal control in the future.
We qualify as a “smaller reporting company” under new SEC rules such that we are not required to file an auditor attestation report.
72 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.