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DRK on Nasdaq

DarkHorse Technologies Inc.

DarkHorse Technologies Inc. is a Canadian finance services company based in Wilmington, listed on Nasdaq (DRK).1

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Last updated Oct 21, 2026.

Overview

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  • TickerDRK on Nasdaq1
  • IndustryFinance Services1
  • HeadquartersWilmington, Delaware1
  • Incorporated inBritish Columbia, Canada2
  • Business address2810 N Church St, Suite 90696, Wilmington, De 198022
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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Sphere 3D was incorporated under the Business Corporations Act (Ontario) on May 2, 2007 as T.B. Mining Ventures Inc. On March 24, 2015, we completed a short-form amalgamation with a wholly-owned subsidiary. In connection with the short-form amalgamation, we changed our name to “Sphere 3D Corp.” Any reference to the “Company”, “Sphere 3D”, “we”, “our”, “us”, or similar terms refers to Sphere 3D Corp. and its subsidiaries. In January 2022, we commenced operations of our Bitcoin mining business and are dedicated to becoming a leader in the blockchain and cryptocurrency industry. We have established and continue to grow an enterprise-scale mining operation through the procurement of mining equipment and partnering with experienced service providers. In December 2023, we sold our service and product segment which focused on containerization and virtualization technologies along with data mana…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-196.8%Operating margin5
-192.1%Net margin5
-32.7%Revenue growth, 20255
-92.2%Return on equity5
-$23.6MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue77¢$8.6M
  • Other costs23¢$2.6M
  • Income tax0¢$2.0K

Out of $11.2M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$11.2M in 2025+100% since 2019
0$10.0M$20.0M$30.0M2019: $5.6M$5.6M20192020: $4.8M$4.8M2020−13%2021: $3.7M$3.7M2021−23%2022: $6.1M$6.1M2022+63%2023: $21.9M$21.9M2023+260%2024: $16.6M$16.6M2024−24%2025: $11.2M$11.2M2025−33%
Gross profit68$6.0M in 2023+222% since 2019
0$2.0M$4.0M$6.0M2019: $1.9M$1.9M20192020: $2.2M$2.2M2020+21%2021: $1.7M$1.7M2021−24%2022: $2.7M$2.7M2022+57%2023: $6.0M$6.0M2023+124%
Operating income67895-$22.0M in 2025+265% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M02019: -$6.0M-$6.0M20192020: -$6.0M-$6.0M2020−1%2021: -$19.7M-$19.7M2021+231%2022: -$157.7M-$157.7M2022+700%2023: -$30.0M-$30.0M2023−81%2024: -$21.4M-$21.4M2024−29%2025: -$22.0M-$22.0M2025+3%
Net income6795-$21.5M in 2025+402% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M02019: -$4.3M-$4.3M20192020: -$5.8M-$5.8M2020+35%2021: -$17.3M-$17.3M2021+199%2022: -$192.8M-$192.8M2022+1015%2023: -$23.3M-$23.3M2023−88%2024: -$9.5M-$9.5M2024−59%2025: -$21.5M-$21.5M2025+127%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Bitcoin mining revenue$11.2M$16.6M
Cost of revenue$8.6M$13.4M
General and Administrative Expense$8.3M$12.4M
Depreciation and amortization$6.9M$7.1M
Impairment of property and equipment$7.2M$1.1M
Loss on disposal of property and equipment$1.7M$3.5M
Change in fair value of Bitcoin$345.0K-$682.0K
Impairment of other assets$300.0K$1.1M
Costs and Expenses, Total$33.2M$38.0M
Loss from Operations-$22.0M-$21.4M
Investment gain$438.0K$9.0M
Other income, net$81.0K$3.1M
Net loss before taxes-$21.5M-$9.3M
Provision for income taxes$2.0K$150.0K
Net loss-$21.5M-$9.5M
Loss Per Share, Basic-$7.37-$4.78
Loss Per Share, Diluted-$7.37-$4.78
Weighted Average Number of Shares Outstanding, Basic2.9M shares2.0M shares
Weighted Average Number of Shares Outstanding, Diluted2.9M shares2.0M shares

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Corporate structure

DarkHorse Technologies Inc. sits at the top of its group. 5 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of DarkHorse Technologies Inc.

  • Joel M. Block Filed SCHEDULE 13D on DarkHorse Technologies Inc., latest Oct 6, 2026
  • Endeavor Blockchain, LLC Filed SCHEDULE 13D/A on DarkHorse Technologies Inc., latest Aug 26, 2026 (2 filings since Jul 31, 2026)
  • Jialin (gavin) Qu Filed SCHEDULE 13G on DarkHorse Technologies Inc., latest Jul 20, 2026
  • Thomas Masiero Filed SCHEDULE 13G on DarkHorse Technologies Inc., latest Jul 8, 2026
  • ARMISTICE CAPITAL, LLC Filed SCHEDULE 13G/A on DarkHorse Technologies Inc., latest Nov 14, 2025 (4 filings since Feb 14, 2025)
  • MMCAP International Inc. SPC Filed SC 13G/A on DarkHorse Technologies Inc., latest Feb 13, 2024 (3 filings since Feb 7, 2022)
  • Hertford Advisors LTD Filed SC 13G/A on DarkHorse Technologies Inc., latest Feb 12, 2024 (4 filings since Feb 15, 2022)
  • DarkHorse Technologies Inc. Wilmington, Delaware
    • 101250 Investments Ltd. Subsidiary · Turks and Caicos Islands
    • S3D Acquisition Corp. Subsidiary · British Columbia, Canada
    • Sphere 3D Inc. Subsidiary · Ontario, Canada
    • Sphere 3D Mining Corp. Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What DarkHorse Technologies Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$25.5M5 Dec 31, 2025$29.0M5 Dec 31, 2024−11.8%
Accumulated depreciation$10.9M5 Dec 31, 2025$7.0M5 Dec 31, 2024+56.2%
Property and equipment, net$14.6M5 Dec 31, 2025$22.0M5 Dec 31, 2024−33.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.7M5 Dec 31, 2025$5.4M5 Dec 31, 2024−31.7%
Equity securities at fair value$05 Dec 31, 2025$7.5M5 Dec 31, 2024−100.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$1.6M5 Dec 31, 2025$3.1M5 Dec 31, 2024−48.0%
Finite-lived intangibles, gross$37.5M9 Dec 31, 2024$37.6M9 Dec 31, 2023−0.3%
Accumulated amortization$34.4M9 Dec 31, 2024$33.0M9 Dec 31, 2023+4.2%

Properties, in its own words

We are a remote-first company, meaning our employees have the option to work remotely. As a result of this strategy, we do not maintain a corporate headquarters. We believe that our remote working strategy is adequate to meet our needs for the immediate future, and that, should we need physical office space, suitable space will be available in the future.

Item 2 of the 10-K filed Mar 27, 2026.4

Leadership

Who has led DarkHorse Technologies Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Eric Kelly2017–2018
  2. Patricia Trompeter2023–2025
  3. Kurt L. Kalbfleisch2025–2026
  4. Joel M. Block2026–now

Chair

  1. Eric Kelly2017–2018

President

  1. Peter Tassiopoulos2017
  2. Joseph O'Daniel2018–2023

Chief financial officer

  1. Kurt L. Kalbfleisch2017–now
20202025
Board members and other officers (14)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorMahadevan S. Vivekanand named May 2, 202330
  • DirectorSusan S. Harnett named May 2, 202330

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 101250 Investments Ltd. Turks and Caicos Islands3
  • S3D Acquisition Corp. British Columbia, Canada3
  • Sphere 3D Inc. Ontario, Canada3
  • Sphere 3D Mining Corp. Delaware, United States3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Sphere 3D Corp.Apr 5, 2022 to Sep 14, 20262
  • Sphere 3D CorpNov 18, 2013 to Mar 31, 20222

Timeline

  1. Sep 17, 20268-K Bylaws or fiscal year changed; Regulation FD disclosure; Other events31
  2. Sep 14, 20268-K Regulation FD disclosure32
  3. Sep 11, 20268-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure33
  4. Sep 8, 20268-K Entered a material agreement34
  5. Aug 24, 20268-K Shareholder vote; Regulation FD disclosure; Other events35
  6. Aug 14, 20268-K Results of operations; Regulation FD disclosure36
  7. Aug 10, 20268-K Entered a material agreement; Change to shareholders' rights; Regulation FD disclosure37
  8. Jul 31, 20268-K Entered a material agreement; Other events38
  9. Jun 3, 20268-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares39
  10. Jun 1, 2026New chief executive Joel M. Block becomes CEO13
  11. May 21, 20268-K Shareholder vote; Regulation FD disclosure40
  12. May 15, 20268-K Results of operations41
  13. May 14, 20268-K Shareholder vote42
  14. Mar 18, 2025New chief executive Kurt L. Kalbfleisch becomes CEO14
  15. Jan 3, 2023New chief executive Patricia Trompeter becomes CEO15
  16. Dec 29, 2017New chief executive Eric Kelly becomes CEO16

Calendar

Coming up

  1. Nov 3, 2026Reports results for the quarter ending Sep/202643

When it reported results

  1. Aug 14, 2026Reported quarterly or annual results36
  2. May 15, 2026Reported quarterly or annual results41
  3. Mar 9, 2026Reported quarterly or annual results44
  4. Nov 5, 2025Reported quarterly or annual results45
  5. Aug 6, 2025Reported quarterly or annual results46
  6. May 15, 2025Reported quarterly or annual results47
  7. Mar 28, 2025Reported quarterly or annual results48
  8. Nov 14, 2024Reported quarterly or annual results49

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

348 filings to the SEC since October 2021: 5 annual reports, 11 quarterly reports, 85 major events, 89 insider forms, 16 large holders, 2 private raises, 140 other. The latest 20:

  1. Oct 9, 2026S-3 REGISTRATION STATEMENT EDGAR
  2. Oct 6, 2026SCHEDULE 13D EDGAR
  3. Sep 23, 20264 EDGAR
  4. Sep 17, 20268-K CURRENT REPORT EDGAR
  5. Sep 14, 20268-K CURRENT REPORT EDGAR
  6. Sep 11, 20268-K CURRENT REPORT EDGAR
  7. Sep 10, 20264 EDGAR
  8. Sep 10, 20264 EDGAR
  9. Sep 10, 20264 EDGAR
  10. Sep 8, 20268-K CURRENT REPORT EDGAR
  11. Sep 4, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  12. Aug 26, 2026SCHEDULE 13D/A EDGAR
  13. Aug 24, 20268-K EDGAR
  14. Aug 14, 202610-Q EDGAR
  15. Aug 14, 20268-K EDGAR
  16. Aug 10, 20268-A12B EDGAR
  17. Aug 10, 20268-K EDGAR
  18. Aug 7, 2026DEFA14A EDGAR
  19. Jul 31, 20268-K EDGAR
  20. Jul 31, 2026424B5 EDGAR

The 348 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

21 open-market trades by officers, directors and large owners since October 2021: 0 buys and 21 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 13, 2026Kalbfleisch Kurt L.Chief Financial OfficerSale9,800$1.59$15.6KForm 4
Mar 12, 2026Reppas Tiah NortonChief Accounting OfficerSale6,250$1.61$10.1KForm 4
Dec 9, 2025Kalbfleisch Kurt L.Chief Financial OfficerSale90,000$0.47$42.3KForm 4
Dec 13, 2024Trompeter PatriciaCEOSale35,000$1.21$42.4KForm 4
Dec 12, 2024Trompeter PatriciaCEOSale10,000$1.27$12.7KForm 4
Dec 11, 2024Trompeter PatriciaCEOSale20,000$1.30$26.0KForm 4
Dec 10, 2024Trompeter PatriciaCEOSale20,000$1.31$26.2KForm 4
Dec 10, 2024Kalbfleisch Kurt L.Chief Financial OfficerSale6,000$1.31$7.9KForm 4
Aug 29, 2024Kalbfleisch Kurt L.Chief Financial OfficerSale11,000$0.95$10.4KForm 4
Jun 12, 2024Trompeter PatriciaCEOSale120,000$1.20$144.0KForm 4
Jun 11, 2024Kalbfleisch Kurt L.Chief Financial OfficerSale80,000$1.17$93.6KForm 4
Jun 11, 2024Trompeter PatriciaCEOSale150,000$1.14$171.0KForm 4
Dec 6, 2023Kalbfleisch Kurt L.Chief Financial OfficerSale10,070$1.55$15.6KForm 4
Dec 5, 2023O'Daniel JosephPresidentSale21,429$1.56$33.4KForm 4
Dec 1, 2023Kalbfleisch Kurt L.Chief Financial OfficerSale38,617$0.91$35.1KForm 4
Nov 30, 2023Kalbfleisch Kurt L.Chief Financial OfficerSale26,240$0.63$16.5KForm 4
May 25, 2023O'Daniel JosephPresidentSale50,000$0.30$15.0KForm 4
May 25, 2023Kalbfleisch Kurt L.Chief Financial OfficerSale80,000$0.30$24.0KForm 4
May 23, 2023Trompeter PatriciaCEOSale29,142$0.34$9.9KForm 4
May 22, 2023Trompeter PatriciaCEOSale10,000$0.33$3.3KForm 4

All 21 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$1.0M 2023–2023
Money received by yearMoney received by year, 2023–2023: $1.0M in all. Private raises (Form D) $1.0M.$0$250K$500K$750K$1M2023 · Private raises (Form D): $1.0M2023
Figures by year
YearPrivate raises (Form D)Total
2023$1.0M$1.0M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Apr 17, 2023Raised $1 million in a private offering of debt30 Form D: $3 million offered in all Form D
  2. Apr 5, 2022Filed a private offering of equity57 Form D: 1 investor so far Form D

SEC filer profile

How DarkHorse Technologies Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDarkHorse Technologies Inc.1
  • CIK0001591956
  • Employer ID (EIN)98-12207924
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inOntario4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address2810 N Church St, Suite 90696, Wilmington, DE 198021
  • Phone(647) 952-50491
  • Shares outstanding8,704,816 as of Aug 11, 202611
  • Public float$16.0M as of Jun 30, 20254
  • AuditorMaloneBailey, LLP, Houston, Texas PCAOB ID 206; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceNov 18, 20131
  • Filings822 in all: 6-K (150), 8-K (144), 4 (122), CORRESP (37), SC 13D/A (32), 425 (26), 144 (25), 3 (24)1
    All 59 form types

    UPLOAD (24), S-8 (21), 10-Q (20), 424B5 (15), EFFECT (14), DEFA14A (13), DEF 14A (12), SC 13G/A (12), SC 13G (11), SD (8), 10-K (7), F-3 (7), D (6), F-3/A (6), PRE 14A (6), S-3 (5), S-3/A (5), 6-K/A (4), F-1/A (4), F-4/A (4), SC 13D (4), 20-F (3), 3/A (3), 4/A (3), 424B3 (3), 8-K/A (3), CT ORDER (3), SCHEDULE 13G (3), SCHEDULE 13G/A (3), 40-F (2), 424B4 (2), 8-A12B (2), F-1 (2), F-4 (2), PREM14A (2), RW (2), SCHEDULE 13D (2), 10-K/A (1), 40-F/A (1), 40FR12G (1), 424B2 (1), CERTNAS (1), D/A (1), DEFM14A (1), F-3MEF (1), F-X (1), F-X/A (1), PRER14A (1), S-1 (1), S-1/A (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 27, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Jul 13, 2026
    Latest 8-K (8-K) Sep 17, 2026

Securities registered for trading

ClassSymbolExchange
Common SharesANYNasdaq

From the cover page of the 10-K filed Mar 27, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks DarkHorse Technologies Inc. names in Item 1A of its 10-K filed Mar 27, 2026: 54 risks under these headings, as written.4

  • Risks Related to Our Business
  • Our total revenue is substantially dependent on the price of Bitcoin and volume of Bitcoin transactions. If such price or volume declines, our business, operating results, and financial condition would be adversely affected.
  • Our operating results have and will significantly fluctuate due to the highly volatile nature of Bitcoin.
  • Significant disruption in the cryptocurrency market may harm our reputation.
  • The future development and growth of cryptocurrency is subject to a variety of factors that are difficult to predict and evaluate. If cryptocurrency does not grow as we expect, our business, operating results, and financial condition could be adversely affected.
  • Changing environmental regulation and public energy policy may expose our business to new risks.
  • Bitcoin mining activities are energy-intensive, which may restrict the geographic locations of miners and have a negative environmental impact. Government regulators may potentially restrict the ability of electricity suppliers to provide electricity to mining operations, such as ours, or even fully or partially ban mining operations.
  • Concerns about greenhouse gas emissions and global climate change may result in environmental taxes, charges, assessments, penalties or litigation, and could have a material adverse effect on our business, financial condition and results of operations.
  • We rely on hosting arrangements to conduct our business, and the availability of such hosting arrangements is uncertain and competitive and may be affected by changes in regulation in one or more countries.
  • We face risks of downtime at hosting sites due to excessive weather or heat, which could have an adverse effect on the mining of Bitcoin and impact our revenues.
  • We may be affected by price fluctuations in the wholesale and retail power markets.
  • As cryptocurrency may be determined to be investment securities, we may inadvertently violate the Investment Company Act of 1940 and incur large losses and third party liabilities as a result and potentially be required to register as an investment company or terminate operations.
The other 43 risks
  • Regulatory changes or actions in one or more countries or jurisdictions may alter the nature of an investment in us or restrict the use of cryptocurrency in a manner that adversely affects our business, prospects or operations.
  • Our business is dependent on a small number of Bitcoin mining equipment suppliers.
  • Bitcoin mining machines rely on components and raw materials that may be subject to price fluctuations or shortages, including ASIC chips that have been subject to a significant shortage.
  • Our miners are designed to mine Bitcoin and may not be readily adaptable to other uses, a sustained decline in Bitcoin value could adversely affect our business and results of operations.
  • The impact of geopolitical and economic events on the supply and demand for cryptocurrency is uncertain.
  • We may not be able to compete with other companies, some of whom have greater resources and experience.
  • The mining data centers at which we maintain our mining equipment may experience damages, including damages that are not covered by insurance.
  • The dynamic nature of cryptocurrency exchanges which Bitcoin, and other cryptocurrency, are traded on may cause disruptions in the cryptocurrency markets, which may expose us to the effects of negative publicity resulting from fraudulent actors in the cryptocurrency space, and can adversely affect an investment in us.
  • It may be illegal now, or in the future, to acquire, own, hold, sell, or use cryptocurrency, participate in blockchains or utilize similar cryptocurrency in one or more countries, the ruling of which would adversely affect us.
  • Investors may not have the same protections that exist for traditional stock exchanges.
  • Our operations, investment strategies and profitability may be adversely affected by competition from other methods of investing in cryptocurrency.
  • Cryptocurrency may be subject to loss, theft, or restriction on access.
  • We may not have adequate sources of recovery if our Bitcoin holdings are lost, stolen or destroyed.
  • Incorrect or fraudulent cryptocurrency transactions may be irreversible.
  • Our interactions with a blockchain may expose us to specially designated nationals or blocked persons or cause us to violate provisions of law that did not contemplate distributed ledger technology.
  • The price of cryptocurrency may be affected by the sale of cryptocurrency by other vehicles investing in cryptocurrency or tracking cryptocurrency markets.
  • Bitcoin is subject to halving, and our Bitcoin mining operations may generate less revenue as a result.
  • There are risks related to technological obsolescence, the vulnerability of the global supply chain to cryptocurrency hardware disruption, and difficulty in obtaining new hardware which may have a negative effect on our business.
  • We may not adequately respond to price fluctuations and rapidly changing technology, which may negatively affect our business.
  • The reward for mining cryptocurrency in the future may decrease, and the value of cryptocurrency may not adjust to compensate us for the reduction in the rewards we receive from our mining efforts.
  • The value of Bitcoin may be subject to pricing risk and has historically been subject to wide swings.
  • We may not be able to realize the benefits of forks. Forks in a cryptocurrency network may occur in the future which may affect the value of cryptocurrency held by us.
  • If a malicious actor or botnet obtains control in excess of 50% of the processing power active on any cryptocurrency network, it is possible that such actor or botnet could manipulate the blockchain in a manner that adversely affects an investment in us.
  • Cryptocurrency, including those maintained by or for us, may be exposed to cybersecurity threats and hacks.
  • Malicious cyber-attacks, attempted cybersecurity breaches, and other adverse events affecting our operational systems or infrastructure, or those of third parties, could disrupt our businesses and cause losses.
  • Our cash and other sources of liquidity may not be sufficient to fund our operations and there is substantial doubt about our ability to continue as a going concern within 12 months from the date of issuance of our financial statements and we may not be successful in raising additional capital necessary to meet expected increases in working capital needs, and if we raise additional funding through sales of equity or equity-based securities your shares will be diluted.
  • We have a history of net losses. We may not achieve or maintain profitability.
  • The failure to attract, hire, retain and motivate key personnel could have a significant adverse impact on our operations.
  • Our financial results may fluctuate substantially for many reasons, and past results should not be relied on as indications of future performance.
  • We may engage in strategic acquisitions and other arrangements that could disrupt our business, cause dilution to our shareholders, reduce our financial resources and harm our operating results.
  • We may not be able to timely complete our future strategic growth initiatives or within our anticipated cost estimates, if at all.
  • We may experience increased compliance costs as a result of future strategic acquisitions.
  • Risks Related to Our Public Company Status and Our Common Shares
  • Sales of common shares issuable upon exercise of outstanding warrants, the conversion of outstanding preferred shares, or the effectiveness of our registration statement may cause the market price of our common shares to decline.
  • We may issue additional shares or other equity securities without your approval, which would dilute your ownership interest in us and may depress the market price of our common shares.
  • The market price of our common shares is volatile and it may decline significantly.
  • If our performance does not meet market expectations, the price of our common shares may decline.
  • If the trading price of our common shares fails to comply with the continued listing requirements of Nasdaq, we would face possible delisting, which would result in a limited public market for our common shares and make obtaining future debt or equity financing more difficult for us.
  • We may be subject to securities litigation, which is expensive and could divert management attention.
  • We will continue to incur substantial costs and obligations as a result of being a public company.
  • We must comply with the financial reporting requirements of a public company, as well as other requirements associated with being listed on Nasdaq.
  • We may be treated as a Passive Foreign Investment Company.
  • Certain of our directors, officers and management could be in a position of conflict of interest.
  • We may issue an unlimited number of common shares. Future sales of common shares will dilute your shares.

Legal proceedings

For a discussion of our legal proceedings, see Note 16. Commitments and Contingencies to our Consolidated Financial Statements.

The opening of Item 3, Legal Proceedings.4

Sources

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