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Latest 10-Q filed 11/13/2025 · Compared against 8/14/2025
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ITEM 1A. RISK FACTORS
Risk factors that affect our business and financial results are discussed in Part I, Item 1A Risk Factors, in our 2024 Annual Report. In addition to the risk factors below, you should carefully consider the risks described in our 2024 Annual Report, which could materially affect our business, financial condition or future results. The risks described below and in our 2024 Annual Report are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results. If any of the risks actually occur, our business, financial condition, and/or results of operations could be negatively affected.
Our stockholders will experience significant dilution as a result of the issuance of shares of our Ccommon Sstock upon conversion of shares of Series J Preferred.
Our outstanding shares of Series J Preferred are each initially convertible for 100,000 shares of Common Stock. Furthermore, the Series J Preferred accrues dividends on a daily basis at a rate of 10% per annum, which may be paid in cash or shares of Ccommon Sstock, thereby increasing the number of shares of Ccommon Sstock issuable upon conversion. The conversion of some or all of the Series J Preferred Stock will result in the issuance of a substantial number of shares of Ccommon Sstock and, as a result, the percentage ownership and voting power held by our existing stockholders will be significantly reduced and our stockholders will experience significant dilution. As of JuneSeptember 30, 2025, an aggregate of 8,568,89,642,300,000 shares of Ccommon Sstock were issuable upon conversion of the then-outstanding Series J Preferred, not including all dividends accrued as of such date.
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