ZSTK on Nasdaq

ZeroStack Corp.

American finance services company that raised $1.1 billion in 2026 (SEC Form D)1

In its 2026 annual report the company says: “We are a decentralized AI treasury and AI-focused asset management company that is investing in the future of AI. The Company is a global pharmaceutical distributor through its wholly owned subsidiary Phatebo GmbH.”4 It is headquartered in Dallas, Texas.1 Its shares trade on Nasdaq under the symbol ZSTK.1

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Last updated Oct 20, 2026.

Overview

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  • TickerZSTK on Nasdaq1
  • IndustryFinance Services1
  • HeadquartersDallas, Texas1
  • Incorporated inTX2
  • Business address2626 Cole Avenue, Suite 300, Dallas, Tx 752042
  • Filer category, Emerging growth company2
  • Legal formCorporation

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ZeroStack Corp. (formerly Flora Growth Corp.) was incorporated as Flora Growth Corp. on March 13, 2019, under the laws of the Province of Ontario. On January 29, 2026, the Company changed its corporate name from "Flora Growth Corp." to "ZeroStack Corp." and changed its Nasdaq ticker from "FLGC" to "ZSTK". We are a decentralized AI treasury and AI-focused asset management company that is investing in the future of AI. Our first AI-oriented project is through strategic ownership in 0G Tokens (as defined below). The Company is a global pharmaceutical distributor through its wholly owned subsidiary Phatebo GmbH ("Phatebo").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

4.6%Gross margin5
-433.5%Operating margin5
-335.6%Net margin5
-0.5%Revenue growth, 20255
-169.7%Return on equity5
0.72×Debt to equity5
-$8.8MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue95¢$34.0M
  • Other costs4¢$1.6M
  • Income tax0¢$59.0K

Out of $35.7M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$35.7M in 2025+33557% since 2020
0$20.0M$40.0M$60.0M$80.0M2020: $106.0K$106.0K20202021: $9.0M$9.0M2021+8372%2022: $33.4M$33.4M2022+272%2023: $76.1M$76.1M2023+128%2024: $35.9M$35.9M2024−53%2025: $35.7M$35.7M2025−1%
Gross profit67895$1.6M in 2025+2223% since 2020
0$5.0M$10.0M$15.0M$20.0M2020: $71.0K$71.0K20202021: $2.4M$2.4M2021+3315%2022: $13.3M$13.3M2022+446%2023: $17.7M$17.7M2023+34%2024: $2.2M$2.2M2024−88%2025: $1.6M$1.6M2025−25%
Operating income7895-$154.7M in 2025+714% since 2021
-$200.0M-$150.0M-$100.0M-$50.0M02021: -$19.0M-$19.0M20212022: -$47.2M-$47.2M2022+148%2023: -$50.4M-$50.4M2023+7%2024: -$8.9M-$8.9M2024−82%2025: -$154.7M-$154.7M2025+1633%
Net income67895-$119.7M in 2025+735% since 2020
-$150.0M-$100.0M-$50.0M02020: -$14.3M-$14.3M20202021: -$21.4M-$21.4M2021+49%2022: -$52.4M-$52.4M2022+145%2023: -$57.0M-$57.0M2023+9%2024: -$15.9M-$15.9M2024−72%2025: -$119.7M-$119.7M2025+653%

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

Period ending2025-12-312024-12-31
Revenue$35.7M$35.9M
Cost of sales$34.0M$33.7M
Gross profit$1.6M$2.2M
Loss from changes in fair value of digital assets$143.0M$0
Consulting and management fees$5.2M$4.0M
Professional fees$2.6M$2.3M
Share based compensation$1.2M$2.8M
General and administrative$1.4M$1.9M
Travel$274.0K$226.0K
Bad debt$323.0K$0
Operating lease$151.0K$102.0K
Depreciation and amortization$23.0K$25.0K
Asset impairments$46.0K$32.0K
Other expenses (income), net$2.0M-$215.0K
Total operating expenses$156.3M$11.1M
Operating loss-$154.7M-$8.9M
Interest expense, net$199.0K$139.0K
Foreign exchange (income) loss-$41.0K$462.0K
Gain on disposal of Insolvent Entities-$1.1M$0
Changes in financial instruments fair value-$38.3M-$202.0K
Net loss before income taxes and discontinued operations-$115.4M-$9.3M
Income tax expense$59.0K$22.0K
Net loss from continuing operations-$115.4M-$9.3M
Loss from discontinued operations, net of taxes-$4.3M-$6.6M
Basic loss per share from continuing operations-$42-$29
Diluted loss per share from continuing operations-$42-$29
Basic loss per share attributable to ZeroStack Corp.-$43.49-$50.02
Diluted loss per share attributable to ZeroStack Corp.-$43.49-$50.02
Weighted average number of common shares outstanding - basic2.8K shares318 shares
Weighted average number of common shares outstanding - diluted2.8K shares318 shares
Net loss-$119.7M-$15.9M
Derecognition of equity related to Insolvent Entities, net of income taxes of $nil ($nil in 2024)-$595.0K$0
Derecognition of equity related to discontinued operations, net of income taxes of $nil ($nil in 2024)$489.0K$0
Foreign currency translation, net of income taxes of $nil ($nil in 2024)$507.0K-$81.0K
Comprehensive loss attributable to ZeroStack Corp.-$119.3M-$16.0M
Derecognition of equity related to Insolvent Entities, tax amount$0$0
Derecognition of equity related to discontinued operations, tax amount$0$0
Foreign currency translation, tax amount$0$0

Compare ZeroStack Corp. with another company

Corporate structure

ZeroStack Corp. sits at the top of its group. 2 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ZeroStack Corp.

  • BLOCKCAT PTE. LTD. Filed SCHEDULE 13G on ZeroStack Corp., latest Sep 4, 2026
  • Puple AI Inc. Filed SCHEDULE 13G on ZeroStack Corp., latest Sep 2, 2026
  • Daniel Reis-Faria Filed SCHEDULE 13D/A on ZeroStack Corp., latest Jul 21, 2026 (3 filings since Oct 10, 2025)
  • Dany Vaiman Filed SCHEDULE 13D/A on ZeroStack Corp., latest Jul 21, 2026 (5 filings since Sep 12, 2024)
  • Michael Heinrich Filed SCHEDULE 13D/A on ZeroStack Corp., latest Jul 21, 2026 (4 filings since Oct 27, 2025)
  • HIGHBRIDGE CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G/A on ZeroStack Corp., latest Aug 14, 2025 (2 filings since May 2, 2025)
  • Clifford Starke Filed SCHEDULE 13D/A on ZeroStack Corp., latest Jul 21, 2025 (7 filings since Jan 6, 2023)
  • Empery Asset Management, LP Filed SCHEDULE 13G/A on ZeroStack Corp., latest Apr 29, 2025 (2 filings since Jan 21, 2025)
  • Global X Management CO LLC Filed SC 13G/A on ZeroStack Corp., latest Nov 14, 2024 (3 filings since Dec 8, 2023)
  • RDS PRIVATE CAPITAL II, LP Filed SC 13G on ZeroStack Corp., latest Jun 27, 2024
  • ZeroStack Corp. Dallas, Texas
    • Phatebo Subsidiary · Germany

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 ZeroStack Corp. 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$255.0K5 Dec 31, 2025$172.0K5 Dec 31, 2024+48.3%
Accumulated depreciation$127.0K5 Dec 31, 2025$91.0K5 Dec 31, 2024+39.6%
Property and equipment, net$128.0K5 Dec 31, 2025$81.0K5 Dec 31, 2024+58.0%
Operating-lease assets (leased space)$386.0K5 Dec 31, 2025$174.0K5 Dec 31, 2024+121.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$5.6M5 Dec 31, 2025$5.2M5 Dec 31, 2024+7.1%
Long-term investments$09 Dec 31, 2024$09 Dec 31, 2023

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$2.0M9 Dec 31, 2024$09 Dec 31, 2023
Intangible assets, net (excluding goodwill)$2.7M9 Dec 31, 2024$946.0K9 Dec 31, 2023+190.3%
Finite-lived intangibles, gross$9.9M9 Dec 31, 2024$5.4M9 Dec 31, 2023+84.2%
Accumulated amortization$4.9M9 Dec 31, 2024$4.2M9 Dec 31, 2023+15.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.9M5 Dec 31, 2025$2.2M5 Dec 31, 2024−15.3%
Finished goods$1.9M5 Dec 31, 2025$2.2M5 Dec 31, 2024−14.6%

Properties, in its own words

In March 2025, we began leasing 10,400 sq. ft. of warehouse and office space in Hilzingen, Germany, for $1,000 a month, pursuant to a lease agreement that expires in February 2030.

We lease an 800 sq. ft store located in Miami, Florida for $8,000 per month, pursuant to a lease agreement that expires in November 2026. During the fourth quarter of 2022, we made the decision to close this location and this property has been sublet to a third-party for $8,000 per month, pursuant to a sublease agreement that expires in November 2026.

The rest of Item 2

We believe that our current offices and facilities are sufficient to meet our anticipated needs for the foreseeable future and are suitable for the conduct of our business. We believe that suitable additional space would be available if required in the future on commercially reasonable terms.

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

Leadership

Who has led ZeroStack Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Luis Merchan2023
  2. Hussein Rakine2023
  3. Clifford Starke2023–2025
  4. Daniel Reis-Faria2025–now

Chair

  1. Luis Merchan2023
  2. Kevin Taylor2023
  3. Sammy Dorf2024
  4. Michael Heinrich2025–now

President

  1. Clifford Starke2023
  2. Rudy Rong2026–now

Chief financial officer

  1. Elshad Garayev2023
  2. Dany Vaiman2023–now
2025
Board members and other officers (19)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Phatebo Germany3

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

Former names

  • Flora Growth Corp.Oct 11, 2019 to Jan 27, 20262

Timeline

  1. Aug 21, 20268-K Other events40
  2. Aug 19, 20268-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares41
  3. Jul 23, 20268-K Completed an acquisition or sale42
  4. Jul 20, 20268-K Executive or director change; Bylaws or fiscal year changed; Shareholder vote43
  5. May 6, 20268-K Executive or director change44
  6. Mar 31, 20268-K Entered a material agreement; Ended a material agreement; Unregistered sale of shares45
  7. Jan 29, 20268-K Bylaws or fiscal year changed; Other events46
  8. Jan 6, 20268-K Executive or director change47
  9. Dec 31, 20258-K Entered a material agreement; Ended a material agreement; Unregistered sale of shares48
  10. Dec 23, 20258-K Executive or director change49
  11. Dec 22, 20258-K Executive or director change; Shareholder vote50
  12. Nov 28, 20258-K Entered a material agreement; Unregistered sale of shares51
  13. Oct 6, 2025New chief executive Daniel Reis-Faria becomes CEO13
  14. Nov 15, 2023New chief executive Clifford Starke becomes CEO16
  15. Apr 26, 2023New chief executive Hussein Rakine becomes CEO15
  16. Jan 3, 2023New chief executive Luis Merchan becomes CEO14

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/202652

When it reported results

  1. Aug 10, 2023Reported quarterly or annual results53
  2. May 15, 2023Reported quarterly or annual results54
  3. Mar 31, 2023Reported quarterly or annual results55

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

Filings

319 filings to the SEC since October 2021: 7 annual reports, 11 quarterly reports, 63 major events, 68 insider forms, 29 large holders, 5 private raises, 136 other. The latest 20:

  1. Sep 15, 2026EFFECT EDGAR
  2. Sep 4, 2026POS AM EDGAR
  3. Sep 4, 2026AW EDGAR
  4. Sep 4, 2026SCHEDULE 13G EDGAR
  5. Sep 2, 2026EFFECT EDGAR
  6. Sep 2, 2026EFFECT EDGAR
  7. Sep 2, 2026EFFECT EDGAR
  8. Sep 2, 2026EFFECT EDGAR
  9. Sep 2, 2026D EDGAR
  10. Sep 2, 2026SCHEDULE 13G EDGAR
  11. Aug 28, 2026POS AM EDGAR
  12. Aug 28, 2026POS AM EDGAR
  13. Aug 28, 2026POS AM EDGAR
  14. Aug 28, 2026POS AM EDGAR
  15. Aug 26, 2026S-3 EDGAR
  16. Aug 26, 2026S-8 EDGAR
  17. Aug 25, 2026S-8 POS EDGAR
  18. Aug 25, 2026S-8 POS EDGAR
  19. Aug 25, 2026S-8 POS EDGAR
  20. Aug 25, 2026S-8 POS EDGAR

The 319 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

6 open-market trades by officers, directors and large owners since October 2021: 5 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 19, 2026Rong RudyPresidentSale1,000$7.57$7.6KForm 4
Jul 20, 2026Heinrich MichaelExecutive ChairmanBuy4,608,575$0.75$3.5MForm 4
Sep 13, 2024Starke CliffordCEOBuy6,795$0.95$6.5KForm 4
Sep 6, 2024Wolkin HaroldDirectorBuy25,000$0.97$24.2KForm 4
Sep 5, 2024Starke CliffordCEOBuy51$0.95$48Form 4
Apr 8, 2024Starke CliffordCEOBuy526,315$1.90$1.0MForm 4

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
2024Clifford Starke, formerChief Executive Officer$420.0K$2.7M66
2024Dany VaimanChief Financial Officer$275.0K$1.1M66
2024Sammy Dorf, formerExecutive Chairman$21.0K$346.0K66
2023Luis Merchanformer Chief Executive Officer$433.6K$976.7K66
2023Clifford Starke, formerChief Executive Officer$371.2K$628.5K66
2023Hussein Rakineformer Chief Executive Officer$84.6K$381.0K66
2023Dany VaimanChief Financial Officer$243.3K$380.0K66
2023Matthew Cohenformer General Counsel$145.8K$237.1K66

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 19, 2026Raised $1 billion in a private offering of equity Form D: 2 investors so far Form D
  2. Jul 20, 2026Raised $92.1 million in a private offering of equity Form D: 24 investors so far Form D
  3. Sep 26, 2025Raised $25.2 million in a private offering of securities Form D: $25.2 million offered in all Form D
  4. Sep 26, 2025Raised $3.6 million in a private offering of equity Form D: $4.2 million offered in all Form D
  5. May 2, 2025Raised $698,000 in a private offering of equity Form D: $698,036 offered in all Form D

SEC filer profile

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

  • Name on EDGARZeroStack Corp.1
  • CIK0001790169
  • Employer ID (EIN)00-00000004
  • Filer statusNon-accelerated filer 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 address2626 Cole Avenue, Suite 300, Dallas, TX 752041
  • Phone416-861-22671
  • Shares outstanding17,489,828 as of Jul 27, 202611
  • Public float$11.2M as of Jun 30, 20254
  • AuditorDAVIDSON & COMPANY LLP, Vancouver, Canada PCAOB ID 731; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceOct 11, 20191
  • Filings365 in all: 8-K (61), 4 (43), 3 (25), 6-K (25), EFFECT (16), UPLOAD (16), CORRESP (15), 10-Q (11)1
    All 61 form types

    424B5 (9), SCHEDULE 13D/A (9), S-8 (8), F-1/A (7), S-3 (7), S-8 POS (7), SC 13D/A (6), D (5), POS AM (5), PRE 14A (5), 1-U (4), 10-K (4), 253G2 (4), ARS (4), DEF 14A (4), QUALIF (4), SCHEDULE 13G (4), 1-A/A (3), 424B3 (3), FWP (3), SC 13G (3), 1-A (2), 1-A POS (2), 1-K (2), 144 (2), 424B4 (2), DRS (2), F-1 (2), PRER14A (2), S-1 (2), S-3/A (2), SC 13D (2), SCHEDULE 13D (2), SCHEDULE 13G/A (2), 1-SA (1), 10-K/A (1), 20-F (1), 20-F/A (1), 253G3 (1), 6-K/A (1), 8-A12B (1), 8-K/A (1), 8-K12B (1), AW (1), CERT (1), DEFA14A (1), DRS/A (1), F-3 (1), F-X (1), NT 20-F (1), S-4 (1), S-4 POS (1), SC 13G/A (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Nov 4, 2025
    Latest 8-K (8-K) Aug 21, 2026

Securities registered for trading

ClassSymbolExchange
Common Shares, no par valueZSTKNasdaq

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

Risk factors and legal proceedings

The risks ZeroStack Corp. names in Item 1A of its 10-K filed Feb 27, 2026: 66 risks under these headings, as written.4

  • RISKS RELATED TO OUR BUSINESS AND INDUSTRY
  • We are an early-stage company with limited operating history and may never become profitable.
  • Recent and future acquisitions and strategic investments could be difficult to integrate, divert the attention of key management personnel, disrupt our business, dilute shareholder value, may subject us to liability, and harm our results of operations and financial condition.
  • Certain conditions or events could disrupt the Company's supply chains, disrupt operations, and increase operating expenses.
  • Damage to the Company's reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether such publicity is accurate or not.
  • We are subject to the inherent risk of exposure to product liability claims, actions and litigation.
  • We are subject to the inherent risks involved with product recalls.
  • The Company's products could have unknown side effects.
  • The Company's inventory has a shelf life and may reach its expiration and not be sold.
  • The Company may not be able to maintain effective quality control systems.
  • The Company is subject to wholesale price volatility that could expose the Company to lower than anticipated revenues, gross margins, net income and cash flows.
  • The Company is reliant on third party transportation services and importation services to deliver its products to customers.
The other 55 risks
  • We may not be able to establish and maintain bank accounts in certain countries.
  • We may not be able to renew certain of our leases.
  • If we or our third-party providers fail to protect confidential information and/or experience cybersecurity incidents, there may be damage to our brand and reputation, material financial penalties, and legal liability, which would materially adversely affect our business, results of operations, and financial condition.
  • The Company may incur additional liability as a result of the insolvency of a subsidiary.
  • We may be subject to regulatory developments related to crypto assets and crypto asset markets, which could adversely affect our business, financial condition and results of operations.
  • There are risks relating to the sale of our legacy hemp and cannabis business.
  • We may experience difficulties due to changes in management.
  • Our executive officers and directors hold or may have served certain management positions and directorships of other companies, including related parties, which may result in potential conflicts of interest and divert their time and attention from our business. This could have a negative impact on our ability to implement our plan of operation.
  • RISKS RELATED TO ARTIFICIAL INTELLIGENCE AND INVESTING IN CRYPTOCURRENCY
  • 0G is a highly volatile asset, and fluctuations in the price of 0G may influence our financial results and the market price of our listed securities.
  • We plan to use a portion of our capital that is not required to provide working capital for our ongoing operations to acquire 0G, which may adversely affect our financial results and the market price of our securities.
  • Our historical financial statements do not reflect the potential variability in earnings that we may experience in the future relating to our 0G holdings.
  • The concentration of our 0G holdings could enhance the risks inherent in our 0G treasury strategy.
  • Absent federal regulations, there is a possibility that 0G may be classified as a "security." Classification of 0G as a "security" would subject us to additional regulation and could materially impact the operation of our business.
  • If we were deemed to be an investment company under the Investment Company Act, applicable restrictions likely would make it impractical for us to continue segments of our business as currently contemplated.
  • The Cryptocurrencies are created and transmitted through the operations of the peer-to-peer networks, decentralized networks of computers running software following the respective protocols. If the networks of any of the Cryptocurrencies is disrupted or encounters any unanticipated difficulties, the value of the Cryptocurrencies could be negatively impacted.
  • We face risks relating to the custody of the Cryptocurrencies, including the loss or destruction of private keys required to access our Cryptocurrencies and cyberattacks or other data loss relating to our Cryptocurrencies, including smart contract related losses and vulnerabilities.
  • Our 0G treasury strategy subjects us to enhanced regulatory oversight.
  • Competition from the emergence or growth of other digital assets, likely accelerated by advancements in AI and blockchain technology, could have a negative impact on the price of 0G and adversely affect the value of our 0G holdings.
  • Our 0G holdings will be less liquid than our cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.
  • Many countries and regulatory authorities are studying the impact of AI and may implement regulations on AI that may be difficult or impossible for the 0G Blockchain to implement and comply with.
  • AI, including generative AI, advancements are progressing at an unprecedented pace, which brings risks that could subject us to loss through various technical, legal, and opportunistic-related risks.
  • Our long-term success depends on our ability to develop products and services to address the rapidly evolving market for digital assets, and, if we are not able to implement successful enhancements and new features for our products and services, our business could be materially and adversely affected
  • We use AI in our services which may result in operational challenges, legal liability, reputational concerns and privacy and competitive risks.
  • Our AI technology relies in part on the use of third-party data, and if we lose the ability to use such data, or if such data contains gaps or inaccuracies, our business could be adversely affected.
  • RISKS RELATED TO FINANCIALS AND ACCOUNTING
  • There is no assurance that we will be able to continue as a going concern.
  • We may increase our foreign sales in the future, and such sales may be subject to unexpected regulatory requirements, exchange rate fluctuations and other barriers.
  • Assumptions, estimates and judgments related to critical accounting matters could significantly affect our reported financial results or financial condition.
  • There are tax risks the Company may be subject to in carrying on business in multiple jurisdictions.
  • The Company may be at a higher risk of IRS audit.
  • The Company may be a "passive foreign investment company" for its current tax year, which may have adverse U.S. federal income tax consequences for U.S. investors.
  • The Company's ability to use its U.S. net operating loss carryforwards to offset its future U.S. taxable income may be subject to limitations.
  • Changes in global and local tax laws and regulations in jurisdictions in which the Company operates may adversely impact the Company and the value of the Common Shares.
  • Failure to develop our internal controls over financial reporting as we grow could have an adverse effect on our operations.
  • RISKS RELATED TO OUR COMMON SHARES
  • We will need, but may be unable to, obtain additional funding on satisfactory terms, which could dilute our shareholders or impose burdensome financial restrictions on our business.
  • Holders of our Common Shares are subject to dilution resulting from the issuance of equity-based compensation by us.
  • We continue to incur increased costs as a result of operating as a public company and our management is required to devote substantial time to new compliance initiatives.
  • If we fail to meet applicable listing requirements, Nasdaq may delist our Common Shares from trading, in which case the liquidity and market price of our Common Shares could decline.
  • The Company's directors and officers may have a conflict of interest in conducting their duties.
  • We do not intend to pay dividends on our Common Shares in the near future, and, consequently, your ability to achieve a return on your investment will depend on appreciation in the price of our Common Shares.
  • We are an emerging growth company and a smaller reporting company, and our compliance with the reduced reporting and disclosure requirements applicable to emerging growth companies and smaller reporting companies could make our Common Shares less attractive to investors and may make it more difficult to raise capital as and when we need it.
  • Future issuances of debt securities, which would rank senior to our Common Shares upon our bankruptcy or liquidation, and future issuances of preferred stock, which could rank senior to our Common Shares for the purposes of dividends and liquidating distributions, may adversely affect the level of return you may be able to achieve from an investment in our Common Shares.
  • If the price of our Common Shares fluctuates, you could lose a significant part of your investment.
  • GENERAL RISK FACTORS
  • Changes to United States tariff and import/export regulations may have a negative effect on our Company and, in turn, harm us.
  • Political, social and geopolitical conditions can adversely affect our business.
  • Political uncertainty may have an adverse impact on our operating performance and results of operations.
  • The Company may become involved in legal proceedings from time to time, which could adversely affect the Company.
  • The Company's success will depend, in part, on its ability to continue to enhance its product and service offerings to respond to technological and regulatory changes and emerging industry standards and practices.
  • We are dependent upon our management and key employees, and the loss of any member of our management team or key employees could have a material adverse effect on our operations.
  • Our inability to retain and acquire skilled personnel could impair our business and operations.
  • We will need to grow the size of our organization, and we may experience difficulties in managing any growth we may achieve.
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about us, our share price and trading volume could decline.
  • We expect to incur significant ongoing costs and obligations related to our investment in infrastructure, growth, regulatory compliance and operations.
  • There is no assurance that the Company's insurance coverage will be sufficient to cover all claims to which the Company may become subject.
  • The Company could be subject to a security breach that could result in significant damage or theft of products and equipment.
  • If we or our third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to our digital assets, we may lose some or all of our digital assets and our financial condition and results of operations could be materially adversely affected.

Legal proceedings

From time to time, we are involved in various routine legal proceedings incidental to the ordinary course of our business. We do not currently believe that the outcome of these legal matters have had in the recent past, or will have (with respect to any pending matters), significant effects on our financial position or profitability.

The opening of Item 3, Legal Proceedings.4

Sources

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    SEC EDGAROther events
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