AMERICAN BATTERY TECHNOLOGY Co
For the period ended Jun 30, 2026. Filed Sep 14, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Sep 14, 2026
ABAT$1.34+11.7%Stored close · as of Nov 6, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-K
Period ended 2025-06-30; filed 2025-09-18.
0001493152-25-014092
Item 1A. Risk FactorsCurrent report: 10-K
Period ended 2026-06-30; filed 2026-09-14.
0001493152-26-042497
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 82 previous paragraphs and 95 current paragraphs.
60 unchanged; 17 reworded; 18 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (18)
Current report
We have a limited operating history and have incurred substantial losses since inception, and we may never achieve or sustain profitability.
Current report
We first generated revenue in the fourth quarter of fiscal year 2024 and have a limited operating history upon which investors may evaluate our business. We have incurred operating losses in each period since inception, including a net loss of $73.4 million for the fiscal year ended June 30, 2026, and we had an accumulated deficit of $333.5 million and negative cash flows from operating activities of $24.2 million as of and for that fiscal year. We expect to continue to incur significant expenditures to ramp our recycling operations and to advance the Tonopah Flats Lithium Project. Our ability to achieve and sustain profitability depends on increasing production volumes and realized prices while controlling costs, none of which can be assured. If we are unable to do so, we may be required to curtail operations, seek additional financing on unfavorable terms, or delay or abandon planned projects, and the value of our common shares could decline.
Current report
We depend on federal grants, cooperative agreements, and tax credits that are subject to conditions, milestones, appropriations, audit, suspension, and termination, and the loss or delay of these awards could materially impair our development plans.
Current report
A significant portion of our planned capital program depends on federal awards, including the $57.7 million DOE cooperative agreement for a lithium hydroxide refinery, the $10.0 million DOE award for next-generation recycling technologies, the $143.6 million DOE award for a new recycling facility, and $60.0 million of tax credits selected under the through the Qualifying Advanced Energy Project Credits program (“48C program”). These awards are reimbursement-based, are conditioned on our satisfaction of technical, commercial, cost-share, reporting, and compliance requirements, and remain subject to governmental appropriations, audit, and unilateral action. On October 9, 2025, the DOE notified us that the $57.7 million grant was terminated effective as of the end of the budget period ending August 31, 2025; we appealed, and following a series of technical and commercial reviews the award was subsequently reinstated in its entirety. As of June 30, 2026, we had invoiced only 11% of eligible reimbursements under that award, 27% under the $10.0 million award, and 1% under the $143.6 million award, and we had not recognized any amounts in respect of the 48C program tax credits. There is no assurance that these awards will not again be terminated, suspended, reduced, descoped, or delayed, that we will satisfy the applicable conditions and milestones, that we will be able to fund the required cost share, or that we will realize the tax credits, and any such outcome could require us to curtail or abandon planned projects and would adversely affect our business and financial condition.
Current report
A small number of customers account for a substantial majority of our revenue, and the loss of any of them, or a change in their purchasing practices, could materially reduce our revenue.
Current report
Revenue from five major customers accounted for approximately 86% of our revenue for the fiscal year ended June 30, 2026 and three major customers accounted for approximately 74% for the fiscal year ended June 30, 2025. Our sales are generally not supported by long-term, fixed-volume commitments, and our customers may reduce, delay, or discontinue purchases, seek price concessions, qualify alternative suppliers, or reject product that does not meet their specifications. The loss of, or a material reduction in purchases by, any one of these customers, or a disruption in our relationship with a significant supplier, could cause our revenue to decline materially, increase our credit exposure, and adversely affect our results of operations, financial condition, and cash flows.
Current report
We rely in part on third parties to collect, transport, and store lithium-ion battery feedstock that is regulated as hazardous material, and any accident, release, thermal event, or non-compliance in the supply chain could result in liability, penalties, and operational disruption.
Current report
We depend on third-party collectors, brokers, carriers, and storage providers to aggregate and deliver end-of-life batteries, manufacturing scrap, and black mass to our facility. Spent lithium-ion batteries and related materials are subject to extensive hazardous materials, waste, and transportation regulation, including requirements administered by the U.S. Department of Transportation and analogous state authorities, and are susceptible to thermal runaway, fire, and the release of hazardous substances during handling, packaging, transport, and storage. We do not control the operations or compliance practices of these third parties. An accident, release, fire, or regulatory violation in our inbound or outbound supply chain, or the loss of a significant logistics provider, could expose us to personal injury, property damage, remediation, and third-party claims, result in fines or the suspension of shipments, increase our insurance and freight costs, damage our reputation, and interrupt our ability to receive feedstock or deliver product.
Current report
Substantially all of our operations are concentrated at a single recycling facility and a single exploration-stage project in Nevada, and any casualty, natural disaster, utility interruption, or other disruption at those locations could halt production.
Current report
All of our revenue-generating operations are conducted at our recycling facility in McCarran, Nevada, and our principal mineral property interests are concentrated at the Tonopah Flats Lithium Project in Nye and Esmeralda Counties, Nevada. We do not maintain redundant processing capacity at an alternative site. A fire, thermal runaway event, explosion, equipment failure, extended power or water interruption, labor disruption, earthquake, flood, wildfire, or other casualty or force majeure event affecting these locations, or the loss of a permit or a governmental order suspending operations, could interrupt or halt production for an extended period. Our insurance may not be available on commercially reasonable terms, may not cover all losses, and may not compensate us for lost revenue or the costs of resuming operations, and any such interruption could have a material adverse effect on our business, results of operations, and financial condition.
Current report
Physical effects of climate change, including drought and constraints on water availability, and evolving climate-related disclosure and permitting requirements could increase our costs and delay our projects.
Current report
Our recycling and planned refining and mining operations require reliable access to water and power in an arid region of Nevada, and we depend on a limited portfolio of acquired water rights, including an 18.45 acre-foot annual portion of the Truckee-Carson Irrigation District and water rights purchased in the City of Fernley. Prolonged drought, reduced snowpack, changes in the administration or curtailment of water rights, extreme heat, wildfire, or severe precipitation and flooding events could restrict our operations, increase our operating and capital costs, and delay permitting and construction. In addition, federal and state climate-related disclosure, greenhouse gas, and permitting requirements continue to evolve and may impose additional compliance obligations and costs on us, and we may be subject to increased scrutiny or litigation concerning our environmental practices and the environmental benefits attributed to our products and processes. Any of the foregoing could have a material adverse effect on our business, results of operations, and financial condition.
Current report
A recently-issued federal directive may prevent us from exporting black mass to foreign customers, which would materially adversely affect our revenue, results of operations, financial condition, and ability to fund ongoing operations.
Current report
A recently-issued federal directive (the “Directive”), which became effective on August 27, 2026, essentially prohibits the export of black mass by any domestic company from the United States, unless an exception or adjustment is obtained from the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”). The Directive will remain in effect for approximately one year from the date of publication. Sales of black mass represent the majority of the Company’s total revenue, and substantially all of its current black mass customers are located outside the United States in OECD countries. The Company has submitted a request to BIS for an exception from the Directive’s domestic allocation requirement and is actively engaging with Congressional representatives, government affairs advisors, and other stakeholders regarding this matter, but it cannot predict the outcome of these efforts. There can be no assurance that the Company’s request for an exception will be granted, that any exception will be granted on terms that are commercially favorable to the Company, or that any exception will be granted within a timeframe that avoids material disruption to its business and operations. If the Company is unable to obtain an exception or other relief from the Directive, or if any exception is subject to conditions that are commercially impracticable, the Company may be unable to sell black mass to all of its foreign customers. The loss of its foreign black mass sales revenue would have a material adverse effect on the Company’s revenue, results of operations, financial condition, cash flows, and ability to fund ongoing operations and growth initiatives. The Company may be required to seek alternative income sources, reduce operating costs, or pursue additional financing. Additionally, even if the Company is able to identify and develop domestic customers for black mass over time, such development efforts may take considerable time, and the terms of domestic sales may be significantly less favorable than existing international arrangements. See Note 19, “Subsequent Events,” to the consolidated financial statements.
Current report
If we fail to satisfy the continued listing requirements of The Nasdaq Stock Market, our common stock could be delisted, which would reduce liquidity and could impair our ability to raise capital.
Current report
Our common stock is listed on The Nasdaq Capital Market under the symbol “ABAT.” To maintain that listing we must satisfy continued listing standards, including minimum bid price, stockholders’ equity or market value, publicly held shares, market maker, and corporate governance requirements. Our share price has been volatile, and we rely substantially on equity issuances to fund our operations. If we fail to satisfy any applicable standard and are unable to regain compliance within any cure period, our common stock could be suspended or delisted. Delisting would likely reduce the liquidity and market price of our common stock, limit the willingness of institutional investors and market makers to trade in our securities, impair our eligibility to use short-form registration statements and our at-the-market program, and make it more difficult and more expensive for us to raise capital.
Current report
Provisions of our charter documents, our authorized but unissued preferred stock, and Nevada law could delay or prevent a change of control and may depress the market price of our common shares.
Current report
Our amended and restated articles of incorporation authorize 1,666,667 shares of preferred stock issuable in one or more series, and our Board of Directors is authorized to fix the voting rights, designations, preferences, and other terms of each series without stockholder approval. The issuance of preferred stock with voting or other rights senior to our common stock could adversely affect the voting power and other rights of holders of our common stock and could have the effect of delaying, deferring, or preventing a change of control of the Company or the removal of existing management. In addition, we are a Nevada corporation and are subject to Nevada statutes governing combinations with interested stockholders and the acquisition of controlling interests, which may further discourage, delay, or prevent a transaction that stockholders might otherwise consider favorable, including a transaction at a premium to the then-current market price of our common shares.
Removed paragraphs (5)
Previous report
There is substantial doubt about our ability to continue as a going concern and to achieve or sustain profitability.
Previous report
The continuation of the Company as a going concern is dependent upon generating profit from its operations and its ability to obtain debt or equity financing to meet expected cash requirements. There is no assurance that the Company will be able to generate sufficient profits, obtain such financings, or obtain them on favorable terms, which could limit its operations. Any such financing activities are subject to market conditions.
Previous report
These uncertainties cause substantial doubt about the Company’s ability to continue as a going concern for 12 months from issuance of the financial statements included in this Form 10-K. In their report on our financial statements included in this Form 10-K, our independent auditors have expressed substantial doubt about our ability to continue as a going concern.
Previous report
Failure to comply with covenants in our debt agreements could result in default, acceleration of repayment obligations, or loss of collateral, which could materially adversely affect our business and operations.
Previous report
The Company has contractual arrangements that contain affirmative and negative covenants that must be adhered to. It is possible that the Company could fail to meet the requirements of one or more covenants, resulting in penalties or acceleration of amounts due. No assurance can be given that a breach will not occur. This could result in a default under our credit agreements that would permit the applicable lenders to declare all amounts outstanding thereunder to be due and payable, together with accrued and unpaid interest. If we are unable to repay our debt, creditors would have the right to proceed against the collateral securing the debt. This in turn could have a material adverse effect on the Company’s business and operations.
Reworded paragraphs (17)
Previous wording
Our future business depends in large part on its ability to economically and efficiently source, recycle, and recover lithium-ion battery materials (including end-of-life batteries, manufacturing scrap, and third-party black mass) and to meet the growing market demand for an environmentally sustainable, closed-loop recycling solution. Although we have commenced operations at our McCarran, Nevada facility, we will need to continue to operate this facility and improve efficiencies.
Current wording
Our future business depends in large part on its ability to economically and efficiently source, recycle, and recover lithium-ion battery materials (including end-of-life batteries, manufacturing scrap, and third-party black mass) and to meet the growing market demand for an environmentally sustainable, closed-loop recycling solution. Although we have commenced operations at our McCarran, Nevada facility, we will need to continue to operate this facility and improve efficiency.
Previous wording
While we have developed and begun to implement our proprietary recycling process at our McCarran location, we have not yet operated at full commercial scale to consistently produce and sell battery-grade materials. It is uncertain whether we will be able to develop and sustain efficient, automated, low-cost recycling capabilities and processes, or secure sufficient reliable sources of feedstock, in a manner that allows it to meet production standards, volumes, and costs necessary to achieve its business objectives. Even if we are successful in expanding production, we may not be able to do so without delays, cost overruns, or supply chain challenges, some of which may be outside of our control.
Current wording
While we have developed and begun to implement our proprietary recycling processes at our McCarran location, we have not yet operated at full commercial scale to consistently produce and sell battery-grade materials. It is uncertain whether we will be able to develop and sustain efficient, automated, low-cost recycling capabilities and processes, or secure sufficient reliable sources of feedstock, in a manner that allows it to meet production standards, volumes, and costs necessary to achieve its business objectives. Even if we are successful in expanding production, we may not be able to do so without delays, cost overruns, or supply chain challenges, some of which may be outside of our control.
Previous wording
The ability to reach and sustain profitable operations on the recycling and extraction projects, if and to the extent the projects are developed and enter full commercial operation, will be significantly affected by changes in the market price of global metal products. The market price of these products fluctuates widely and is affected by numerous factors beyond the Company’s control, including world supply and demand, pricing characteristics for alternate energy sources such as oil and gas, government policy and laws, interest rates, the rate of inflation and the stability of currency exchange rates, and other geopolitical and global economic factors. Such external economic factors are influenced by changes in international investment patterns, various political developments and macro-economic circumstances. Furthermore, the price of lithium products is significantly affected by their purity and performance, and by the specifications of end-user battery manufacturers. If the products produced from the Company’s projects do not meet battery-grade quality and/or do not meet customer specifications, pricing will be reduced from that expected for battery-grade product. In turn, the company may lose or fail to attract customers. The Company may not be able to effectively mitigate pricing risks for its products. Depressed pricing for the Company’s products will affect the level of revenues expected to be generated by the Company, which in turn could affect the value of the Company, its share price and the potential value of its properties.
Current wording
The ability to reach and sustain profitable operations on the recycling and extraction projects, if and to the extent the projects are developed and enter full commercial operation, will be significantly affected by changes in the market price of global metal products. The market price of these products fluctuates widely and is affected by numerous factors beyond the Company’s control, including world supply and demand, pricing characteristics for alternate energy sources such as oil and gas, government policy and laws, interest rates, the rate of inflation and the stability of currency exchange rates, and other geopolitical and global economic factors. Such external economic factors are influenced by changes in international investment patterns, various political developments and macro-economic circumstances. Furthermore, the price of lithium products is significantly affected by their purity and performance, and by the specifications of end-user battery manufacturers. If the products produced from the Company’s projects do not meet battery-grade quality and/or do not meet customer specifications, pricing will be reduced from that expected for battery-grade product. In turn, the company may lose or fail to attract customers. The Company may not be able to effectively mitigate pricing risks for its products. Depressed pricing for the Company’s products will affect the level of revenue expected to be generated by the Company, which in turn could affect the value of the Company, its share price and the potential value of its properties.
Previous wording
Safety concerns in handling lithium-ion batteries, changes in battery chemistry or technology, slower-than-expected adoption of electric vehicles or stationary energy storage batteries, or reduced government support for clean energy could all negatively impact our revenues and operating results.
Current wording
Safety concerns in handling lithium-ion batteries, changes in battery chemistry or technology, slower-than-expected adoption of electric vehicles or stationary energy storage batteries, or reduced government support for critical minerals could all negatively impact our revenues and operating results.
Previous wording
Our operations in the United States are subject to the federal, state and local environmental, health and safety laws applicable to the reclamation of lithium-ion batteries and exploration for, and the development and operation of, mineral properties. Depending on how any particular operation is structured, our operations and related facilities will have to obtain environmental permits or approvals to operate, including those associated with, among other things, air emissions, water discharges, waste management and storage, and exploration and development of mineral properties on federal lands and related processing facilities. We may face opposition from local residents or public interest groups to the installation and operation of our facilities. Failure to secure (or significant delays in securing) the necessary approvals could prevent us from pursuing some of our planned operations and adversely affect our business, financial results and growth prospects. Additionally, there can be no certainty that current permits will be maintained, permitting changes will be approved, estimated permitting timelines will be met, estimated costs will be accurate, or additional or approvals required to carry out recycling, extraction and refining will be obtained. There is the risk that existing permits will be subject to challenges of regulatory administrative processes and similar litigation and appeal processes. Litigation and regulatory review processes can result in lengthy delays, with uncertain outcomes. Such issues could impact the expected timelines of the Company’s projects and consequently have a material adverse effect on the Company’s prospects and business.
Current wording
Our operations in the United States are subject to the federal, state and local environmental, health and safety laws applicable to the reclamation of lithium-ion batteries and exploration for, and the development and operation of, mineral properties. Depending on how any particular operation is structured, our operations and related facilities will have to obtain environmental permits or approvals to operate, including those associated with, among other things, air emissions, water discharges, waste management and storage, and exploration and development of mineral properties on federal lands and related processing facilities. We may face opposition from local residents or public interest groups to the installation and operation of our facilities. Failure to secure (or significant delays in securing) the necessary approvals could prevent us from pursuing some of our planned operations and adversely affect our business, financial results and growth prospects. Additionally, there can be no certainty that current permits will be maintained, permitting changes will be approved, estimated permitting timelines will be met, estimated costs will be accurate, or additional permits or approvals required to carry out recycling, extraction and refining will be obtained. There is the risk that existing permits will be subject to challenges of regulatory administrative processes and similar litigation and appeal processes. Litigation and regulatory review processes can result in lengthy delays, with uncertain outcomes. Such issues could impact the expected timelines of the Company’s projects and consequently have a material adverse effect on the Company’s prospects and business.
Previous wording
The Company is concurrently overseeing the advancement of our major battery material projects. Working to advance these projects requires the dedication of considerable time and resources by the Company and its management team. The advancement of the projects concurrently brings with it the associated risk of strains on managerial, human and other resources. The Company’s ability to successfully manage each of these processes will depend on a number of factors, including its ability to manage competing demands on time and other resources, financial or otherwise, and successfully retain personnel and recruit new personnel to support its growth and the advancement of its projects.
Current wording
The Company is concurrently overseeing the advancement of our major critical mineral projects. Working to advance these projects requires dedication of considerable time and resources by the Company and its management team. The advancement of the projects concurrently brings with it the associated risk of strains on managerial, human and other resources. The Company’s ability to successfully manage each of these processes will depend on a number of factors, including its ability to manage competing demands on time and other resources, financial or otherwise, and successfully retain personnel and recruit new personnel to support its growth and the advancement of its projects.
Previous wording
The Company may be subject to a variety of regulatory requirements, and resulting investigations, claims, lawsuits and other proceedings in the ordinary course of its business, as a result of its status as a publicly traded company and because of its mining exploration and development business. Litigation related to environmental and climate change-related matters, the Company’s environmental practices, the environmental benefits of the Company’s products or services, ESG disclosure, and securities class actions arising from share price volatility is also on the rise. The occurrence and outcome of any legal proceedings cannot be predicted with any reasonable degree of certainty due to the inherently uncertain nature of litigation, including the effects of discovery of new evidence or advancement of new legal theories, the difficulty of predicting decisions of judges and juries and the possibility that decisions may be reversed on appeal. Defense and settlement costs of legal claims can be substantial, even with respect to claims that are determined to have little or no merit.
Current wording
The Company may be subject to a variety of regulatory requirements, and resulting investigations, claims, lawsuits and other proceedings in the ordinary course of its business, because of its status as a publicly traded company and because of its mining exploration and development business. Litigation related to environmental and climate change-related matters, the Company’s environmental practices, the environmental benefits of the Company’s products or services, ESG disclosure, and securities class actions arising from share price volatility is also on the rise. The occurrence and outcome of any legal proceedings cannot be predicted with any reasonable degree of certainty due to the inherently uncertain nature of litigation, including the effects of discovery of new evidence or advancement of new legal theories, the difficulty of predicting decisions of judges and juries and the possibility that decisions may be reversed on appeal. Defense and settlement costs of legal claims can be substantial, even with respect to claims that are determined to have little or no merit.
Previous wording
Export controls or trade restrictions on lithium, equipment, or technology could limit our market access, sourcing options, or partnerships, and create compliance conflicts across jurisdictions.
Current wording
Export controls or trade restrictions on lithium, black mass, equipment, or technology could limit our market access, sourcing options, or partnerships, and create compliance conflicts across jurisdictions.
Previous wording
There is no assurance that economically recoverable mineral reserves exist on our properties, and even if reserves are identified, exploration and development risks could prevent their extraction or the generation of revenue, adversely affecting our business and operations.
Current wording
There is no assurance that economically recoverable mineral reserves exist on our properties, and even though reserves have been identified, exploration and development risks could prevent their extraction or the generation of revenue, adversely affecting our business and operations.
Previous wording
We cannot assure you about the existence of economically extractable mineralization at this time, nor about the quantity or grade of any mineralization we may have found. Because the probability of an individual prospect ever having reserves is uncertain, our properties may not contain any reserves and any funds spent on evaluation and exploration may be lost. Even if we confirm reserves on our properties, any quantity or grade of reserves we indicate must be considered as estimates only until such reserves are mined. We do not know with certainty that economically recoverable minerals exist on our properties. In addition, the quantity of any reserves may vary depending on commodity prices. Any material change in the quantity or grade of reserves may affect the economic viability of our properties. Further, our lack of established reserves means that we are uncertain about our ability to generate revenue from our operations.
Current wording
We cannot assure you about the existence of economically extractable mineralization at this time, nor about the quantity or grade of any mineralization we may have found. Because the probability of an individual prospect ever having reserves is uncertain, our properties may not contain any reserves and any funds spent on evaluation and exploration may be lost. Even though reserves have been confirmed on our properties, any quantity or grade of reserves we indicate must be considered as estimates only until such reserves are mined. We do not know with certainty that economically recoverable minerals exist on our properties. In addition, the quantity of any reserves may vary depending on commodity prices. Any material change in the quantity or grade of reserves may affect the economic viability of our properties. Further, our lack of established reserves means that we are uncertain about our ability to generate revenue from our operations.
Previous wording
Even if we do eventually discover a mineral reserve on one or more of our properties, there can be no assurance that they can be developed into producing mines and that we can extract those minerals. Both mineral exploration and development involve a high degree of risk, and few mineral properties that are explored are ultimately developed into producing mines.
Current wording
Even though we have discovered a mineral reserve on one or more of our properties, there can be no assurance that they can be developed into producing mines and that we can extract those minerals. Both mineral exploration and development involve a high degree of risk, and few mineral properties that are explored are ultimately developed into producing mines.
Previous wording
Pursuant to the terms of the Purchase Agreement and Notes, we may issue common shares upon conversion, redemption, or exercise of related provisions. We may also issue common shares upon the exercise of outstanding warrants.
Current wording
We may issue common shares upon conversion, redemption, or exercise of related equity securities. We may also issue common shares upon the exercise of outstanding warrants.
Previous wording
Our common shares have experienced, and may continue to experience significant volatility. We also do not currently anticipate paying dividends in the foreseeable future
Current wording
Our common shares have experienced and may continue to experience significant volatility, and the trading price of our common shares may decline regardless of our operating performance.
Previous wording
We have identified a material weakness in our internal control over financial reporting (ICFR). If we fail to remediate this weakness and establish effective controls, our business, operating results, and the market price of our shares could be materially adversely affected.
Current wording
We have identified material weaknesses in our internal controls over financial reporting (ICFR). If we fail to remediate the weaknesses and establish effective controls, our business, operating results, and the market price of our shares could be materially adversely affected.
Previous wording
As a public reporting company, we are subject to the information and reporting requirements of the Securities Exchange Act of 1934, as amended, and other federal securities laws, rules and regulations. Complying with these laws and regulations requires more time and attention of our Board of Directors and management and requires additional employees compared to a privately-held company. In addition, the costs of preparing and filing annual and quarterly reports, proxy statements and other information with the SEC, furnishing audited reports to stockholders, maintaining more comprehensive compliance functions, policies and procedures, and corporate governance, are greater than that of a privately-held company.
Current wording
As a public reporting company, we are subject to the information and reporting requirements of the Exchange Act, and other federal securities laws, rules and regulations. Complying with these laws and regulations requires more time and attention from our Board of Directors and management and requires additional employees compared to a privately-held company. In addition, the costs of preparing and filing annual and quarterly reports, proxy statements and other information with the SEC, furnishing audited reports to stockholders, maintaining more comprehensive compliance functions, policies and procedures, and corporate governance, are greater than that of a privately-held company.
Previous wording
The Company has not paid dividends on its Common Shares since incorporation. The Company anticipates that it will retain its earnings and other cash resources for future operations and the ongoing development of its business. As such, the Company does not intend to declare or pay any cash dividends in the foreseeable future. Payment of any future dividends is solely at the discretion of the Board, which will take into account many factors including the Company’s operating results, financial condition and anticipated cash needs.
Current wording
The Company has not paid dividends on its Common Shares since incorporation. The Company anticipates that it will retain its earnings and other cash resources for future operations and the ongoing development of its business. As such, the Company does not intend to declare or pay any cash dividends in the foreseeable future. Payment of any future dividends is solely at the discretion of the Board, which will consider many factors including the Company’s operating results, financial condition and anticipated cash needs.
Previous wording
We may be required to record write-downs, impairments, restructurings, or other charges, any of which could materially and negatively impact our financial condition, operating results, and share value.
Current wording
We may be required to record asset write-downs, impairments, restructurings, or other charges, any of which could materially and negatively impact our financial condition, operating results, and share value.