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LSF on NYSE

Laird Superfood, Inc.

American Food and Kindred Products company, incorporated in Nevada1

In its 2026 annual report the company says: “Laird Superfood develops and markets great-tasting, high-quality food and beverage products designed to support health, convenience, and everyday use. Our product portfolio emphasizes natural ingredients, nutrient density, and functional attributes, and includes offerings that incorporate adaptogens and other functional ingredients commonly associated with supporting stress management, energy, mental focus, and overall wellness.”3 It is headquartered in Boulder, Colorado.1 Its shares trade on NYSE under the symbol LSF.1

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Last updated Oct 21, 2026.

Overview

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  • TickerLSF on NYSE1
  • IndustryFood and Kindred Products1
  • HeadquartersBoulder, Colorado1
  • Incorporated inNV2
  • Business address5303 Spine Road, Suite 204, Boulder, Co 803012
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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When used in this Annual Report on Form 10-K, the terms “Laird Superfood,” the “Company,” “we,” “our,” and “us” refer to Laird Superfood, Inc. and its wholly owned subsidiary, Picky Bars, LLC, on a consolidated basis.3 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

37.9%Gross margin4
-6.8%Operating margin4
-6.5%Net margin4
15.2%Revenue growth, 20254
-28.4%Return on equity4
-$2.9MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue62¢$31.0M
  • Research and development1¢$329.8K
  • Other costs37¢$18.6M
  • Income tax0¢$20.7K

Out of $49.9M in revenue.4 The company lost money this year.

Financial statements

Revenue567894$49.9M in 2025+281% since 2019
0$20.0M$40.0M$60.0M2019: $13.1M$13.1M20192020: $25.8M$25.8M2020+97%2021: $36.8M$36.8M2021+43%2022: $35.8M$35.8M2022−3%2023: $34.2M$34.2M2023−4%2024: $43.3M$43.3M2024+27%2025: $49.9M$49.9M2025+15%
Gross profit567894$18.9M in 2025+272% since 2019
0$5.0M$10.0M$15.0M$20.0M2019: $5.1M$5.1M20192020: $6.6M$6.6M2020+29%2021: $9.4M$9.4M2021+43%2022: $5.2M$5.2M2022−45%2023: $10.3M$10.3M2023+99%2024: $17.7M$17.7M2024+72%2025: $18.9M$18.9M2025+7%
Operating income567894-$3.4M in 2025−61% since 2019
-$60.0M-$40.0M-$20.0M02019: -$8.8M-$8.8M20192020: -$12.9M-$12.9M2020+48%2021: -$24.0M-$24.0M2021+85%2022: -$40.4M-$40.4M2022+69%2023: -$10.7M-$10.7M2023−73%2024: -$2.2M-$2.2M2024−80%2025: -$3.4M-$3.4M2025+57%
Net income567894-$3.3M in 2025−62% since 2019
-$60.0M-$40.0M-$20.0M02019: -$8.5M-$8.5M20192020: -$12.9M-$12.9M2020+51%2021: -$23.9M-$23.9M2021+86%2022: -$40.3M-$40.3M2022+69%2023: -$10.2M-$10.2M2023−75%2024: -$1.8M-$1.8M2024−82%2025: -$3.3M-$3.3M2025+79%
Fiscal year2019202020212022202320242025
Revenue$13.1M5$25.8M6$36.8M7$35.8M8$34.2M9$43.3M4$49.9M4
Cost of revenue$8.0M5$19.2M6$27.4M7$30.6M8$23.9M9$25.6M4$31.0M4
Gross profit$5.1M5$6.6M6$9.4M7$5.2M8$10.3M9$17.7M4$18.9M4
Research and development$324.3K5$508.2K6$1.0M7$427.5K8$219.7K9$114.1K4$329.8K4
Operating expenses$33.4M7$45.6M8$21.0M9$19.9M4$22.3M4
Operating income-$8.8M5-$12.9M6-$24.0M7-$40.4M8-$10.7M9-$2.2M4-$3.4M4
Interest$48.8K5$05
Income before tax-$23.9M7-$40.3M8-$10.1M9-$1.8M4-$3.2M4
Income tax$06$17.8K7$20.3K8$15.2K9$60.3K4$20.7K4
Net income-$8.5M5-$12.9M6-$23.9M7-$40.3M8-$10.2M9-$1.8M4-$3.3M4
Earnings per share-$0.295-$2.616-$2.667-$4.418-$1.099-$0.184-$0.314
Earnings per share (diluted)-$0.295-$2.616-$2.667-$4.418-$1.098
Shares (weighted, basic)9.0M shares79.1M shares89.3M shares99.9M shares410.6M shares4
Shares (weighted, diluted)9.0M shares79.1M shares7

Compare Laird Superfood, Inc. with another company

Corporate structure

Laird Superfood, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Laird Superfood, Inc.

  • Nexus Capital Management LP Filed SCHEDULE 13D/A on Laird Superfood, Inc., latest Apr 23, 2026 (2 filings since Mar 19, 2026)
  • AWM Investment Company, Inc. Filed SCHEDULE 13G/A on Laird Superfood, Inc., latest Jan 8, 2026 (3 filings since Aug 14, 2025)
  • Thomas Wetherald Filed SC 13D/A on Laird Superfood, Inc., latest Oct 11, 2022 (3 filings since Feb 14, 2022)
  • FMR LLC Filed SC 13G/A on Laird Superfood, Inc., latest Aug 10, 2022 (3 filings since Feb 9, 2022)
  • BlackRock Filed SC 13G/A on Laird Superfood, Inc., latest Apr 8, 2022 (2 filings since Feb 4, 2022)
  • Laird Hamilton Filed SC 13G/A on Laird Superfood, Inc., latest Feb 14, 2022
  • Laird Superfood, Inc. Boulder, Colorado

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Laird Superfood, 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$296.8K4 Dec 31, 2025$220.3K4 Dec 31, 2024+34.7%
Accumulated depreciation$255.6K4 Dec 31, 2025$161.9K4 Dec 31, 2024+57.9%
Property and equipment, net$41.2K4 Dec 31, 2025$58.4K4 Dec 31, 2024−29.5%
Operating-lease assets (leased space)$128.9K4 Dec 31, 2025$205.7K4 Dec 31, 2024−37.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$5.1M4 Dec 31, 2025$8.3M4 Dec 31, 2024−38.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$207.1K4 Dec 31, 2025$1.0M4 Dec 31, 2024−79.9%
Finite-lived intangibles, gross$251.7K4 Dec 31, 2025$1.4M4 Dec 31, 2024−82.4%
Accumulated amortization$176.7K4 Dec 31, 2025$536.4K4 Dec 31, 2024−67.1%
Finite-lived intangibles, net$75.0K4 Dec 31, 2025$896.1K4 Dec 31, 2024−91.6%

Inventory

ItemLatestA year beforeChange
Inventory, total$7.8M4 Dec 31, 2025$6.0M4 Dec 31, 2024+30.2%
Raw materials$4.3M4 Dec 31, 2025$3.0M4 Dec 31, 2024+40.3%
Finished goods$3.5M4 Dec 31, 2025$2.9M4 Dec 31, 2024+19.7%

Properties, in its own words

We currently do not own any real property. We sublease our corporate headquarters at 5303 Spine Road, Suite 204, Boulder, Colorado, 80301. The term of the lease extends through July 1, 2027. We believe our leased space is adequate for our current needs and that suitable additional or substitute space would be available if needed.

Item 2 of the 10-K filed Mar 30, 2026.3

Leadership

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

Chief executive

  1. Paul Hodge Jr.2020–2021
  2. Jason D. Vieth2022–now

Chief financial officer

  1. Valerie Ells2020–2021
  2. Anna Hamill2022–now

Chief operating officer

  1. Jamie Eichman2020
  2. Scott McGuire2020–2021
2025
Board members and other officers (18)

Former names

  • Laird Superfood, LLCAug 12, 2015 to Aug 28, 20152

Timeline

  1. Sep 8, 20268-K Executive or director change; Other events33
  2. Aug 19, 20268-K Executive or director change34
  3. Aug 13, 20268-K Results of operations35
  4. Jul 14, 20268-K Executive or director change36
  5. Jul 7, 20268-K Completed an acquisition or sale37
  6. Jul 1, 20268-K Shareholder vote38
  7. May 20, 20268-K Executive or director change39
  8. May 14, 20268-K Results of operations40
  9. Apr 22, 20268-K Regulation FD disclosure41
  10. Apr 21, 20268-K Ended a material agreement; Results of operations; Change to shareholders' rights42
  11. Apr 6, 20268-K Completed an acquisition or sale43
  12. Mar 26, 20268-K Results of operations44
  13. Feb 2, 2022New chief executive Jason D. Vieth becomes CEO12
  14. Sep 22, 2020New chief executive Paul Hodge Jr. becomes CEO13

Calendar

Coming up

  1. Nov 9, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.03) a share, on Nov 10, 2025.45

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results35
  2. May 14, 2026Reported quarterly or annual results40
  3. Apr 21, 2026Reported quarterly or annual results42
  4. Mar 26, 2026Reported quarterly or annual results44
  5. Nov 10, 2025Reported quarterly or annual results46
  6. Aug 11, 2025Reported quarterly or annual results47
  7. Aug 6, 2025Reported quarterly or annual results48
  8. May 7, 2025Reported 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

270 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 63 major events, 118 insider forms, 14 large holders, 54 other. The latest 20:

  1. Oct 7, 20263 2026-10 MJ FORM 3 EDGAR
  2. Sep 8, 20268-K EDGAR
  3. Sep 2, 20264 2026-08-31-AH EDGAR
  4. Aug 27, 20264 26-08-27-MS-F4 EDGAR
  5. Aug 27, 20263 2026-MS-F3 EDGAR
  6. Aug 19, 20268-K EDGAR
  7. Aug 14, 2026S-8 EDGAR
  8. Aug 13, 202610-Q EDGAR
  9. Aug 13, 20268-K EDGAR
  10. Aug 5, 20264 2026-07-30-AH EDGAR
  11. Jul 21, 20264 202607F4-HAMILL EDGAR
  12. Jul 21, 20264 202607F4-LASDA EDGAR
  13. Jul 21, 20263 2026F3-LASDA EDGAR
  14. Jul 14, 20268-K EDGAR
  15. Jul 13, 20264 2026-07-09 FORM 4 EDGAR
  16. Jul 13, 20264 2026-07-09 FORM 4 GG EDGAR
  17. Jul 13, 20264 2026-07-09 FORM 4 GG EDGAR
  18. Jul 13, 20264 2026-07-09 FORM 4 GL EDGAR
  19. Jul 13, 20264 2026-07-09 FORM 4 EDGAR
  20. Jul 13, 20264 2026-07-09 FORM 4 JUDD EDGAR

The 270 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

23 open-market trades by officers, directors and large owners since October 2021: 20 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 10, 2026GRAVES GREGORY BDirectorBuy15,000$3.45$51.8KForm 4
Jun 5, 2026LaMontagne Grant JDirectorBuy6,910$3.30$22.8KForm 4
Jun 4, 2026LaMontagne Grant JDirectorBuy8,826$3.23$28.5KForm 4
Jun 3, 2026LaMontagne Grant JDirectorBuy17,054$3.30$56.3KForm 4
Jun 2, 2026LaMontagne Grant JDirectorBuy27,160$3.30$89.6KForm 4
May 29, 2026LaMontagne Grant JDirectorBuy6,610$3.30$21.8KForm 4
May 28, 2026LaMontagne Grant JDirectorBuy624$3.30$2.1KForm 4
May 22, 2026LaMontagne Grant JDirectorBuy615$3.30$2.0KForm 4
May 21, 2026LaMontagne Grant JDirectorBuy87$3.30$287Form 4
May 20, 2026LaMontagne Grant JDirectorBuy22,850$3.28$74.9KForm 4
May 23, 2025GRAVES GREGORY BDirectorSale2,127$7.03$15.0KForm 4
Mar 5, 2025Hamill AnnaChief Financial OfficerBuy2,683$5.49$14.7KForm 4
Mar 4, 2025Vieth Jason D.Chief Executive OfficerBuy10,000$5.37$53.6KForm 4
Mar 4, 2025Hamill AnnaChief Financial OfficerBuy921$5.71$5.3KForm 4
Mar 15, 2024Barker Geoffrey TDirectorBuy50,000$2.79$139.3KForm 4
Mar 15, 2024Naylor MaileDirectorBuy8,850$2.27$20.1KForm 4
Mar 15, 2024Vieth Jason D.Chief Executive OfficerBuy1,611$2.82$4.5KForm 4
Mar 15, 2024Gaston PatrickDirectorBuy2,000$2.61$5.2KForm 4
Mar 15, 2024Hamill AnnaChief Financial OfficerBuy4,600$2.03$9.3KForm 4
Mar 15, 2022Vieth Jason D.Chief Executive OfficerBuy15,000$3.00$45.0KForm 4

All 23 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.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Jason ViethCEO53$500.0K$840.7K56
2025Anya HamillCFO52$311.5K$580.7K56
2025Laird HamiltonChief Innovator62$176.0K$303.9K56
2024Jason ViethCEO53$462.5K$3.1M56
2024Laird HamiltonChief Innovator62$125.0K$1.1M56
2024Anya HamillCFO52$290.6K$517.9K56

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 46. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Osaic Holdings, Inc.396,898$1.9M0.0%+65,526
Mink Brook Asset Management LLC361,729$1.7M0.8%+6,305
Vanguard Capital Management LLC233,922$1.1M0.0%+23,507
Renaissance Technologies LLC129,600$609.1K0.0%−3,300
BlackRock, Inc.100,338$471.6K0.0%+6,125
Aspiriant, LLC91,450$429.8K0.0%New
Geode Capital Management, LLC90,214$424.2K0.0%−9,433
HighTower Advisors, LLC73,099$343.6K0.0%+2,673
Finley Financial, LLC50,000$235.0K0.1%+25,000
Citadel Advisors LLC45,316$213.0K0.0%+24,943
Vanguard Fiduciary Trust Co44,508$209.2K0.0%+337
Crewe Advisors LLC43,002$202.1K0.0%No change
MAI Capital Management38,683$181.8K0.0%New
Goldman Sachs Group Inc35,633$167.5K0.0%+2,267
Creative Planning34,642$162.8K0.0%No change
State Street Corp34,246$161.0K0.0%No change
Dimensional Fund Advisors LP23,598$110.9K0.0%−3,927
Marshall Wace, Llp21,753$102.2K0.0%New
Northern Trust Corp19,265$90.5K0.0%−1,516
Jane Street Group, LLC18,929$89.0K0.0%New
Bridgeway Capital Management, LLC15,000$70.5K0.0%No change
Two Sigma Securities, LLC10,761$50.6K0.0%New
Steadtrust LLC10,000$47.0K0.0%−10,000
StoneX Group Inc.10,786$42.5K0.0%New
UBS Group AG5,946$27.9K0.0%+723

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

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

  • Name on EDGARLaird Superfood, Inc.1
  • CIK0001650696
  • Employer ID (EIN)81-15897883
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inNevada3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2000 Food and Kindred Products1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address5303 Spine Road, Suite 204, Boulder, CO 803011
  • Phone(541) 548-05771
  • Shares outstanding11,192,884 as of Aug 10, 202611
  • Public float$52.0M as of Jun 30, 20253
  • AuditorKPMG LLP, Denver, Colorado PCAOB ID 185; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceAug 12, 20151
  • Filings383 in all: 4 (143), 8-K (67), 3 (27), 10-Q (18), D (11), CORRESP (10), DEFA14A (10), UPLOAD (8)1
    All 41 form types

    DEF 14A (7), SC 13G/A (7), 10-K (6), 8-K/A (6), D/A (6), EFFECT (5), SC 13G (5), ARS (4), S-3 (4), S-8 (4), 144 (3), 4/A (3), 424B3 (3), S-1/A (3), DRS/A (2), DRSLTR (2), S-3/A (2), SCHEDULE 13G/A (2), 10-K/A (1), 424B4 (1), 8-A12B (1), CERT (1), DEFM14A (1), DRS (1), PRE 14A (1), PREM14A (1), S-1 (1), S-8 POS (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 30, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) May 22, 2026
    Latest 8-K (8-K) Sep 8, 2026

Securities registered for trading

ClassSymbolExchange
Common StockLSFNYSE American

From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Laird Superfood, Inc. names in Item 1A of its 10-K filed Mar 30, 2026: 55 risks under these headings, as written.3

  • Risks Relating to Our Limited Operating History, Financial Position and Capital Needs
  • We are an early-stage company and have incurred significant losses since our inception. We may continue to incur losses for the foreseeable future.
  • We may need additional funding in order to grow our business.
  • Our limited operating history may make it difficult to assess our future viability.
  • We may be unable to manage our future growth effectively, which could make it difficult to execute our business strategy.
  • We have a history of losses, and we may be unable to sustain profitability and positive cash flows from operating activities.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
  • Risks Relating to Our Business
  • We may not be able to effectively integrate the businesses of Navitas, or realize the anticipated benefits and synergies expected from the Navitas Acquisition.
  • The integration and transition associated with the Navitas Acquisition may result in the Company incurring significant costs to implement changes to its control over financial reporting following the Navitas Acquisition.
  • Nexus controls the Company and its interests may conflict with the interests of our other stockholders.
  • Nexus has certain director appointment rights, which limits the ability of other stockholders to affect the outcome of director elections.
The other 45 risks
  • Nexus has certain limited consent rights that could prevent us from taking certain corporate actions.
  • Our status as a controlled company may permit us to rely on exemptions from certain of the NYSE American’s corporate governance requirements, which could reduce protections for minority stockholders.
  • We depend on third parties for manufacturing and distribution.
  • Competition in the food and beverage retail industry, especially online competition, is strong and presents an ongoing threat to the success of our business.
  • We may not be able to successfully implement our growth strategy for our brand on a timely basis or at all.
  • Our Laird Superfood products are new, and our industry is rapidly evolving.
  • We are subject to the risks associated with conducting business operations outside of the U.S., which could adversely affect our business.
  • Our results may be negatively affected by changes in foreign currency exchange rates.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes to offset future taxable income for U.S. federal income tax purposes may be significantly limited due to various circumstances, including certain possible future transactions involving the sale or issuance of our common stock, or if taxable income does not reach sufficient levels.
  • We may be unable to adequately protect our brand and our other intellectual property rights.
  • We may not be able to enforce our intellectual property rights throughout the world.
  • Third parties may assert that our employees or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets.
  • A food safety or quality issue that results in a product disruption such as a recall, health issue, or death of a consumer could harm our business.
  • We may be subject to significant liability that is not covered by insurance.
  • We rely on independent certification for a number of our products.
  • Our future results of operations may be adversely affected by the availability of Non-GMO and organic ingredients.
  • Adverse weather conditions, fires, natural disasters, crop disease, pests and other natural conditions can impose significant costs and losses on our business.
  • Climate change may negatively affect our business and operations.
  • We rely on a small number of suppliers to provide our raw materials, and our supply chain may be interrupted and prevent us from obtaining the necessary materials we need to operate.
  • Our future results of operations may be adversely affected by volatile commodity costs.
  • We rely on our founders, Laird Hamilton and Gabrielle Reece.
  • If the reputation of our brand erodes significantly, it could have a material impact on our results of operations.
  • We rely on retailers and distributors for a substantial portion of our sales, and our failure to maintain and further develop our sales channels could harm our business.
  • We depend upon internet search engines and other providers of digital advertising to attract a significant portion of our potential customers to our websites, and any change in the prominence of our website in either paid or algorithmic search result listings or an increase in purchasing digital ads could cause the number of visitors to our websites and our revenue to decline.
  • Our customer acquisition costs may increase, and our customer lifetime values may decrease, harming our margins and results.
  • Our customers generally are not obligated to continue purchasing products from us.
  • Our financial success depends on our ability to successfully predict changes in consumer preferences and develop successful new products and marketing strategies in response.
  • Consumer preferences for natural and organic food products are difficult to predict and may change.
  • Technology failures or security breaches could disrupt our operations and negatively impact our business.
  • Economic downturns could limit consumer demand for our products and negatively affect our sales and profitability.
  • Adverse developments affecting the financial services industry, such as recent bank failures or concerns involving liquidity, may have a material effect on the Company’s operations.
  • Regulatory Risks
  • Our products and operations are subject to government regulation and oversight both in the United States and abroad, and our failure to comply with applicable requirements could adversely affect our business and results of operations.
  • Regulatory enforcement concerning marketing and labeling of food or dietary supplement products could adversely affect our business and reputation.
  • Our reputation could suffer from real or perceived issues involving regulatory enforcement or litigation concerning the marketing or labeling of our products.
  • We may be subject to specific FTC endorsement and/or testimonial regulations that would interfere with our advertising, marketing, and labeling strategies.
  • We may face scrutiny from evolving state regulations concerning health, safety, our supply chain, and marketing.
  • Risks Relating to the Ownership of Our Common Stock
  • Sales of substantial amounts of shares of our common stock, including shares issuable upon conversion of the Series A Preferred Stock, could depress our stock price.
  • The market price of our common stock may be highly volatile, and you may not be able to resell your shares at or above the price you purchased them.
  • We will incur increased costs in connection with operating as a public company and our management will be required to devote substantial time to compliance initiatives and corporate governance practices.
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
  • We may not be able to maintain a listing of our common stock on the NYSE American.
  • Economic and business factors could result in impairment of intangible assets.
  • Provisions in our governing documents under Nevada law could discourage a takeover that shareholders may consider favorable.
  • Since we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, stock price appreciation, if any, will be your sole source of gain.
  • Our articles of incorporation provide that the Court of Chancery of the State of Delaware and the federal district courts of the United States of America will be the exclusive forums for substantially all disputes between us and our shareholders, which could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.

Legal proceedings

From time to time, we may be involved in claims and legal actions that arise in the ordinary course of business. To our knowledge, there are no material pending legal proceedings to which we are a party or of which our property is the subject.

The opening of Item 3, Legal Proceedings.3

Sources

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