Hawkeye Digital, Inc.
For the period ended Jun 30, 2026. Filed Sep 11, 2026.
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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 11, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2025-06-30; filed 2025-10-15.
0001477932-25-007562
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-06-30; filed 2026-09-11.
0001683168-26-007087
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe 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 33 previous paragraphs and 60 current paragraphs.
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Tables are not compared: 0 previous and 0 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 (44)
Current report
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Current report
We have incurred recurring losses and generated no operating revenue during either fiscal year 2026 or fiscal year 2025. During the fourth quarter of fiscal year 2026, we settled or converted all of our outstanding indebtedness and received $2,218,786 in cash proceeds from the sale of the HH Warrant. As of June 30, 2026, we had cash of $2,105,343, total liabilities of $272,782 consisting of accounts payable and accrued liabilities, and total stockholders’ equity of $1,991,388, compared with cash of $502, total liabilities of $3,135,271 and a total stockholders’ deficit of $3,077,354 as of June 30, 2025.
Current report
Our improved balance-sheet liquidity resulted from the warrant financing and the settlement or conversion of indebtedness. It does not demonstrate that our merchant-banking and investment strategy is self-funding. We generated no operating revenue during fiscal year 2026, used $330,630 of cash in operating activities and reported a net loss of $572,893. We expect that we will require additional capital to further execute our business strategy at the scale we contemplate, and we expect to raise that capital through the sale of equity or debt securities. That expectation relates to the growth of our business and not to our ability to fund our obligations as they become due over the next twelve months.
Current report
Revenue
Current report
We had no operating revenue for the fiscal years ended June 30, 2026 and 2025. The post-year-end advisory engagement discussed above did not affect fiscal year 2026 results.
Current report
Operating Expenses
Current report
Total operating expenses increased $396,990, or 146.7%, to $667,659 for fiscal year 2026 from $270,669 for fiscal year 2025. Professional fees increased $350,957, or 185.3%, to $540,330 from $189,373 and included $144,000 of share-based payments in fiscal year 2026 compared with none in fiscal year 2025. This increase represented approximately 88.4% of the total increase in operating expenses. Research and development expense was $38,815 in fiscal year 2026 compared with none in fiscal year 2025. General and administrative expense increased $7,218, or 9.3%, to $85,014 from $77,796. Sales and marketing expense was $3,500 in fiscal year 2026 was offset by the absence of the $3,500 of management compensation recognized in fiscal year 2025.
Current report
The increase in professional fees was the principal driver of the higher operating loss. The nature of the $206,957 increase in professional fees excluding the $144,000 share-based payment, including the amounts attributable to legal, accounting, valuation, consulting and transaction-related services, were primarily related to legal and advisory services to develop and begin implementation of our strategic business plan. We do not expect the expenses related to our business planning to recur, however, there are ongoing legal and advisory expenses related to our securities counsel, audit and consulting fees that will recur on an annual basis.
Current report
Loss from operations increased $396,990 to $667,659 for fiscal year 2026 from $270,669 for fiscal year 2025 because we had no operating revenue in either year and operating expenses increased as described above.
Current report
Other Income and Expense
Current report
Other income, net, was $94,766 in fiscal year 2026, compared with other expense, net, of $252,658 in fiscal year 2025, an improvement of $347,424. Fiscal year 2026 included a $375,751 gain on settlement of debt, a $3,022 gain on the partial sale of our investment in Rift Cyber LLC and $5,067 of interest income, partially offset by $206,540 of related-party interest expense and $82,534 of accretion of the discount on the Convertible Note. Fiscal year 2025 other expense consisted principally of $252,658 of related-party interest expense.
Current report
The $375,751 debt-settlement gain materially reduced the fiscal year 2026 net loss and should not be viewed as operating revenue. Management has concluded that the debt-settlement gain and the related transactions are not expected to recur.
Current report
Change in Control and Its Effect on Our Financial Statements
Current report
HH obtained a beneficial controlling interest on April 1, 2026, and HH obtained a controlling financial interest on June 1, 2026. Following the exercise of the stock purchase warrant on June 11, 2026, HH held approximately 91% of our outstanding common stock as of June 30, 2026. The change in control did not result in a new basis of accounting in our financial statements because we did not elect to apply pushdown accounting under ASC 805-50-25-4 through 25-8. As a result, our assets and liabilities continue to be carried at their historical amounts, no goodwill or other new basis was recognized, and our accumulated deficit was not reset. Fiscal year 2026 is presented as a single continuous period rather than as separate predecessor and successor periods. See Note 2, Summary of significant accounting policies, to the financial statements.
Current report
The change in control constituted an ownership change under Section 382 of the Internal Revenue Code, which limits the amount of our pre-change net operating loss carryforwards that may be used to offset future taxable income. We expect that a substantial portion of those carryforwards will not be available to us. Because we maintain a full valuation allowance against our deferred tax assets, this limitation did not affect our reported results. See Note 12, Income taxes, to the financial statements.
Current report
The issuance of 255,017,296 shares of common stock during June 2026 substantially increased our outstanding share count, from 8,706,772 as of June 30, 2025 to 266,052,926 as of June 30, 2026. Because those shares were issued in the final month of the fiscal year, weighted average shares outstanding for the year were 24,992,743 and loss per share was $(0.02). Our loss per share for future periods will be computed on a substantially larger share base.
Current report
As of June 30, 2026, we had cash of $2,105,343, total liabilities of $272,782 consisting of accounts payable and accrued liabilities, and total stockholders’ equity of $1,991,388. We had no outstanding indebtedness at that date. We believe our existing cash is sufficient to fund our operating requirements and to satisfy our obligations as they become due for at least the next twelve months. We expect that we will require additional funding in order to execute our business strategy at the scale we contemplate, including any acquisition of a registered broker-dealer, the recruitment of investment and advisory personnel, and any further investment in Rift.
Current report
During the fiscal years ended June 30, 2026, and 2025, we received funding from a related party totaling $125,831, and $225,272, respectively. Of the fiscal year 2026 amount, $98,368 was advanced under a promissory note issued to a related party and $27,463 was recorded in accounts payable and accrued liabilities – related party rather than as an advance under that note. Of the $125,831 of advances received during fiscal 2026, $47,463 was received in cash and $78,368 represented expenses and payables paid directly by the related party on our behalf. Prepaid expenses increased to $119,027 as of June 30, 2026 from $2,600 as of June 30, 2025, primarily as a result of the timing on insurance binding and certain payments made to retain professionals for services. We expect these amounts to be consumed within the next fiscal year.
Current report
On June 3, 2026, we received proceeds of $2,218,786 from the sale to HH of the HH Warrant, a Common Stock Purchase Warrant covering 221,878,595 shares of common stock. On June 11, 2026, HH exercised the HH Warrant in full on a cashless basis and was issued 218,952,662 shares of common stock. The $2,218,786 received on June 3, 2026 represents the purchase price of the HH Warrant itself; because the HH Warrant was exercised on a cashless basis, no additional cash proceeds were received upon exercise and no further shares are issuable under the HH Warrant. The shares issued on exercise were substantially dilutive to our other stockholders, and following the exercise HH held approximately 91% of our outstanding common stock.
Current report
On July 20, 2026, in connection with our Advisory Agreement with ThinkEquity LLC, we issued warrants to ThinkEquity and certain designees covering an aggregate of 14,000,000 shares of our common stock. The warrants have an exercise price of $0.01 per share, permit cashless exercise and expire on December 31, 2026. We received aggregate subscription proceeds of $140,000 upon issuance of the warrants. As of September 8, 2026, none of the warrants had been exercised, no shares had been issued upon exercise, and warrants covering all 14,000,000 underlying shares remained outstanding.
Current report
As of June 30, 2026, we had cash of $2,105,343, no outstanding indebtedness and total liabilities of $272,782, consisting of accounts payable and accrued liabilities. We currently estimate that our baseline public-company and corporate overhead is approximately $125,000 per quarter. This estimate includes the costs of maintaining our corporate existence, complying with our reporting obligations under the Securities Exchange Act of 1934 and supporting our existing administrative infrastructure. Based on our current cash balance, we expect to have sufficient liquidity to fund these baseline requirements and satisfy our existing obligations for at least the next twelve months.
Current report
The approximately $125,000 quarterly estimate does not include the full amount of capital that may be required to develop and operate our merchant-banking and investment business. Implementation of this strategy may require additional funds for the recruitment and compensation of investment and advisory personnel, legal and regulatory compliance, technology and other operating infrastructure, transaction sourcing and due diligence, the possible acquisition of or affiliation with a registered broker-dealer, additional investments in Rift Cyber LLC and investments in other portfolio companies or transactions. The amount and timing of these expenditures will depend on the opportunities we pursue, the structure of individual transactions, applicable regulatory requirements and the pace at which we build the business.
Current report
Our existing cash may be sufficient to fund our baseline public-company and corporate overhead for at least the next twelve months, but it may not be sufficient to implement our merchant-banking and investment strategy at the scale or within the timeframe we contemplate. We expect to fund strategic activities through a combination of existing cash, revenue from advisory engagements and, as necessary, additional debt or equity financing or other strategic capital. We have not finalized the amount or timing of the capital required to implement the strategy. Additional financing may not be available when needed or may be available only on terms that are dilutive or otherwise unfavorable to our stockholders. Our ability to pursue particular investments or transactions may therefore depend on our ability to obtain additional capital.
Current report
As of June 30, 2026, we had cash of $2,105,343, no outstanding indebtedness, and total liabilities of $272,782 consisting solely of ordinary-course accounts payable and accrued liabilities. Under a limited operations scenario in which we maintain our corporate existence and satisfy our reporting obligations under the Securities Exchange Act of 1934, we estimate that we require approximately $125,000 per quarter. We believe our existing cash is sufficient to fund those requirements for at least the next twelve months following the date of this Annual Report on Form 10-K. We have no debt maturities, no financial covenants and no capital commitments during that period.
Current report
Executing the business strategy described above at the scale we contemplate — including beginning research and development for our private equity and merchant banking activities, exploring the acquisition of a FINRA-registered financial services firm, recruiting and retaining personnel, and evaluating a possible working capital infusion into Rift — will require capital in excess of our existing resources. Those initiatives are discretionary and within management’s control to defer, and we are not obligated to pursue any of them. We expect that any additional working capital requirements would be funded through offerings of equity or convertible debt securities or through the exercise of outstanding warrants. We have no lines of credit or other bank financing arrangements, and we have no commitment from any party to provide additional financing.
Current report
Historically, and through the third quarter of fiscal year 2026, our operations were funded principally by advances from Mr. Hall under a related party promissory note. That indebtedness was purchased, exchanged and converted into common stock during the fourth quarter of fiscal 2026 as described in Note 7, Debt, to the financial statements, and no related party advance arrangement remains in place. We have no guarantee that related party funding would be available in the future, and we do not expect to rely on it.
Current report
Recent Developments
Current report
Subsequent to June 30, 2026, we entered into an advisory engagement. No revenue from the engagement was recognized in fiscal year 2026. The amount of consideration, the applicable performance obligations, the effect of any closing conditions and the timing of the revenue recognition remain subject to confirmation under the executed agreement. We expect to recognize approximately $600,000 of advisory fee revenue in cash and equity, subject to a non-binding letter of intent. See Note 14, Subsequent events, to the financial statements.
Current report
On September 1, 2026, we issued at-will offer letters to four individuals. Salaries begin to accrue on that date at a stated aggregate annual rate of $900,000, while cash payment is deferred until completion of the Company’s current fundraising. Because the offer letters were entered into after June 30, 2026, no compensation expense or related liability was recognized in the fiscal year 2026 financial statements.
Current report
Our contingent obligation under the HIE Membership Agreement was extinguished on April 1, 2026 in connection with the Eagle settlement. As of June 30, 2026 and the issuance date of these financial statements, we had no material contractual commitments, debt obligations, or loss contingencies. We were not a party to any material pending legal proceeding and are not aware of any material threatened litigation.
Current report
Liquidity Outlook
Current report
In prior periods, including as of and for the year ended June 30, 2025, we disclosed that recurring losses, an accumulated deficit, a total stockholders’ deficit and outstanding indebtedness raised substantial doubt about our ability to continue as a going concern. During the fourth quarter of fiscal year 2026, we settled the Eagle Debt, exchanged and converted the indebtedness formerly owed to Mr. Hall, and sold the HH Warrant for cash proceeds of $2,218,786. As a result, we had no outstanding indebtedness as of June 30, 2026, total liabilities of $272,782 consisting solely of ordinary-course accounts payable and accrued liabilities, cash of $2,105,343, and total stockholders’ equity of $1,991,388.
Current report
Management has evaluated whether conditions and events, considered in the aggregate, raise substantial doubt about our ability to continue as a going concern within one year after the date the financial statements included in this Annual Report on Form 10-K are issued. In connection with that evaluation, management prepared a cash flow projection extending beyond one year after that date, reflecting our known and committed cash requirements. Under that projection, and under a downside scenario in which costs are increased by 30% with no cost reductions assumed, our existing cash is projected to be sufficient to fund our obligations as they become due throughout the evaluation period. We have no debt maturities, no financial covenants and no capital commitments during that period, and our planned strategic initiatives are discretionary and within management’s control to defer.
Current report
Accordingly, management has concluded that the conditions that previously raised substantial doubt have been resolved and that no substantial doubt exists as of the date of this Annual Report on Form 10-K. We nevertheless expect to require additional capital to execute our business strategy at the scale we contemplate, as described above under "Liquidity and Capital Resources." See Note 4, Liquidity, to the financial statements.
Current report
Our accounting and reporting policies comply with US GAAP. The preparation of financial statements in compliance with US GAAP requires us to make estimates and assumptions that could materially affect amounts reported in our financial statements. Critical accounting policies are those policies that we believe to be the most important to the portrayal of our financial condition and results of operations and that require us to make estimates that are difficult, subjective or complex. Most accounting policies are not considered by us to be critical accounting policies. Several factors are considered in determining whether or not a policy is critical, including whether the estimates are significant to the financial statements taken as a whole, the nature of the estimates, the ability to readily validate the estimates with other information (e.g., third-party or independent sources), the sensitivity of the estimates to changes in economic conditions and whether alternative accounting methods may be used under US GAAP.
Current report
Each of the estimates described below depends on the value of our common stock, which is quoted on the OTCID marketplace in a thin market. The fair value hierarchy classification of each measurement, when applicable, is described in the referenced note. We are generally unable to validate these estimates against third-party or independent sources. For a full description of our significant accounting policies, see Note 2, Summary of significant accounting policies, to our financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.
Current report
Fair Value of Equity Instruments Issued
Current report
During the year we issued common stock to settle obligations and to compensate a service provider, and we sold a warrant to purchase 221,878,595 shares to our controlling stockholder. Measuring these transactions requires us to estimate the fair value of the instruments issued and to identify the measurement date, which in several instances is the date the obligation to issue the shares arose rather than the date the shares were delivered. Our share price ranged from $0.045 to over $1.00 during the fourth quarter, so the choice of measurement date can change a measurement by an order of magnitude.
Current report
Where shares are issued to a related party, the difference between the fair value of the shares and the carrying amount of the obligation settled is recorded in additional paid-in capital rather than in our statement of operations, so these estimates generally affect the composition of our disclosure rather than our reported net loss. The most significant instance was the issuance of 228,858 shares to Mr. Hall on May 7, 2026 to settle a $27,463 payable. Because Mr. Hall is a related party acting in his capacity as a shareholder, the shares were recorded at the $27,463 carrying amount of the liability settled and the difference between that amount and the fair value of the shares was recorded in additional paid-in capital as a capital transaction rather than in our statement of operations. See Note 5, Loan payable due to Eagle, JV partner, Note 6, Equity method investment, and Note 9, Stockholders’ equity, to our financial statements.
Current report
Fair Value of the Convertible Note
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Removed paragraphs (18)
Previous report
We have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue our operations.
Previous report
We expect we will require additional capital to develop our business plan. We expect to raise additional capital through, among other things, the sale of equity or debt securities in the near future.
Previous report
The Company had $0 operating revenues for both fiscal years of 2025, and 2024 after the Company ceased operations of its PPE business in July 2021. The Company generated from CNTNR a total of $0, and $45,000 for the year ended June 30, 2025, and 2024 in other income, of which $0, and $45,000 were generated for consulting fees, respectively. See further discussion on Note 10– Note receivable to the Financial Statements**.**
Previous report
During our fiscal year 2025, total operating expenses were $270,669 compared to $373,390 for the same period in 2024. The decrease in operating expenses is primarily a result of a decrease in Selling, General, and Administrative expenses due to company downsizing. The Company’s net loss was $523,327 for the fiscal year ended June 30, 2025 compared to net loss of $578,717 for the fiscal year ended June 30, 2024. The net losses are primarily a result of operating expenses, and interest expenses. The Company earned no interest income as of June 30, 2025, whereas the Company earned $103,556 in interest income as of June 30, 2024.
Previous report
Our cash balance at June 30, 2025 was $502 compared to $0 at June 30, 2024. We do not believe these cash reserves are sufficient to cover our expenses for our operations for the next 12 months. We will require additional funding for our ongoing operations.
Previous report
In the fiscal year ended June 30, 2024, we received $45,250, from a line of credit from a related party. The outstanding balance was settled with the Debt Consolidation Agreement. In addition, on April 1, 2024, the Company settled $250,000 in accounts payable, and $33,218 in accrued expenses with a related party with the Debt Consolidation Agreement. See further discussion on Note 11 – Debt Consolidation Agreement.
Previous report
During the fiscal years ended June 30, 2025, and 2024, we received $225,272, and 994,623 from a promissory note issued by a related party, respectively.
Previous report
We are a smaller reporting company and have accumulated losses to date. Under a limited operations scenario to maintain our corporate existence, we believe we will require additional funds over the next 12 months to complete our regulatory reporting and filings. However, we will require maximum participation through private placements, or alternative financing to implement our business plan.
Previous report
We expect that working capital requirements will continue to be funded through equity offerings, warrant exercises, and related party advances in the near future. We have no guarantees or firm commitments that the related party advances will continue in the near future.
Previous report
Existing working capital, further advances, together with anticipated capital raises are expected to be adequate to fund our operations over the next twelve months, but there is no guarantee that we will be successful in raising enough capital, or that we will receive the cash flow required to fund our operations. We have no lines of credit with banking institutions or other bank financing arrangements. Generally, we have financed operations to date through proceeds from convertible loans.
Previous report
As of the date of this annual report, we have entered into various commitments on loan obligations or capital options. For a discussion of the related items, please see Notes 5 to 10 to the Financial Statements.
Previous report
Going Concern
Previous report
As reflected in the accompanying financial statements, the Company had an accumulated deficit of approximately $13,210,531 at June 30, 2025 and net loss from operations of $270,669.
Previous report
The Company does not yet have a history of financial stability. Historically, the principal source of liquidity has been the issuance of equity securities, proceeds from convertible loans, and related party advances. In addition, the Company is in the development stage and has accumulated losses since inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
Previous report
The ability of the Company to continue operations is dependent on the success of Management’s plans and raising capital through the issuance of equity securities, until such time that funds provided by operations are sufficient to fund working capital requirements.
Previous report
The Company will require additional funding to finance its operations as well as to identify, negotiate and materialize a business combination with a target business. The Company believes its current available cash may be insufficient to meet its cash needs for the near future. There can be no assurance that financing will be available in amounts or terms acceptable to the Company, if at all.
Previous report
The accompanying financial statements have been prepared on the going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.
Previous report
For a discussion of our accounting policies and related items, please see the Notes to the Financial Statements, included in Item 8.
Reworded paragraphs (6)
Previous wording
The following discussion relates to the historical operations and financial statements of Hawkeye Systems, Inc. for the fiscal year ended June 30, 2025.
Current wording
The following discussion relates to the historical operations and financial statements of Hawkeye Digital, Inc. for the fiscal year ended June 30, 2026.
Previous wording
The following Management’s Discussion and Analysis should be read in conjunction with our financial statements and the related notes thereto included elsewhere in this annual report. The Management’s Discussion and Analysis contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,” “expect,” and the like, and/or future-tense or conditional constructions (“will,” “may,” “could,” “should,” etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements in this annual report. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the heading “Risks Factors” in our various filings with the Securities and Exchange Commission. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this annual report.
Current wording
The following Management’s Discussion and Analysis should be read in conjunction with our financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K. The Management’s Discussion and Analysis contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,” “expect,” and the like, and/or future-tense or conditional constructions (“will,” “may,” “could,” “should,” etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements in this Annual Report on Form 10-K. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the heading “Risk Factors” in this Annual Report on Form 10-K and in our various filings with the Securities and Exchange Commission. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Annual Report on Form 10-K.
Previous wording
Fiscal Years Ended June 30, 2025 and 2024
Current wording
Results of Operations – Fiscal Years Ended June 30, 2026 and 2025
Previous wording
There are no assurances that we will be able to obtain further funds required for our continued operations. Even if additional financing is available, it may not be available on terms we find favorable. Failure to secure the additional financing needed will have an adverse effect on our ability to remain in business.
Current wording
There are no assurances that we will be able to obtain further funds required for our continued operations and reporting obligations, raise the money or recruit the proper talent to build out the market for our intended financial services, develop a sales and marketing strategy to position our Company for the coming year, or negotiate on terms acceptable to us any future development of Rift technology. In addition, even if additional financing is available, it may not be available on terms we find favorable. Failure to secure the additional financing needed will have an adverse effect on our ability to remain in business.
Previous wording
Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences, or privileges senior to our common stock. Additional financing may not be available on acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to continue our operations.
Current wording
Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders, and that dilution could be substantial. On June 17, 2026, our controlling stockholder approved an increase in our authorized capital stock to 10,050,000,000 shares, consisting of 10,000,000,000 shares of common stock and 50,000,000 shares of preferred stock, and we may issue a significant number of additional shares without further stockholder approval. Securities issued in the future financings might have rights, preferences, or privileges senior to our common stock. Additional financing may not be available on acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to continue our operations.
Previous wording
As of the date of this annual report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
Current wording
As of the date of this Annual Report on Form 10-K, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
As of June 30, 2026, we had no off-balance-sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, revenues or expenses, results of operations, liquidity, cash requirements or capital resources.