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New words:
Allentown, Amato, Anderson, bad, blocker, Bulletin, care, correct, corrected, correction, correctly, Dana, deadline, delinquent, Differential, Dina, discharged, discretionary, distancing, District, Division, downtown, driven, education, elapsed, ensuing, environmental, ERP, erroneously, error, Estate, failure, fall, feet, foot, forfeit, forfeited, franchise, governmental, higher, imposition, incorrect, indirect, issuer, ix, landlord, leasehold, lender, licensor, lift, manufacturing, mechanical, minimize, moment, networsk, nonmonetary, outbreak, overstated, overstatement, pandemic, Paycheck, plaintiff, pocket, PPP, prejudice, prepayment, prescribed, properly, proportionate, proposed, proxy, put, Quantifying, realm, receipt, Reclassification, reconcile, redeploying, refund, relocated, repriced, repurchase, rescind, rescission, rest, role, rollforward, SAB, selected, seller, shifting, shortfall, social, spend, square, standalone, stay, stockholder, strength, talent, understated, understatement, unexercised, unforgiven, unfulfilled, unique, unnecessary, valuable, Vice, vii, viii, visualization, whereunder, winddown, world, xi, xii, xiii, xiv
Removed:
accrual, amounted, anticipated, arising, buyer, carrier, categorical, client, close, consisted, cover, Defining, deliverable, duly, engineering, Exhibit, fact, factual, fifteen, found, inaccurate, incorporated, individually, Instance, involve, Label, Linkbase, lived, longer, Macro, migrated, million, negotiation, noted, noteholder, penalty, predictive, presentation, procurement, promotion, prove, recent, Redeemable, reference, remember, Renewable, reviewing, roll, Schema, simple, sooner, split, succession, Taxonomy, thereunto, tracking, unanticipated, undersigned, understanding, viewed, website, XBRL
Financial report summary
?Risks
- Our independent registered public accounting firm has expressed doubt about our ability to continue as a going concern, which may hinder our ability to obtain future financing to fund our operations.
- Our limited operating history does not afford investors a sufficient history on which to base an investment decision.
- We will need to raise additional capital for the foreseeable future in order to continue operations and realize our business plans, the failure of which could adversely impact our operations.
- We will need to grow the size and capabilities of our company, and we may experience difficulties in managing this growth.
- If we lose key employees and consultants or are unable to attract or retain qualified personnel, our business could suffer.
- The Company’s long-term business plan depends upon our ability to acquire spectrum licenses in the 800MHz range for the IoT, and failure to acquire such spectrum on attractive terms would adversely affect the Company’s business.
- Our ability to expand our Iota Networks business is limited by our ability to use FCC-licensed spectrums, which are limited in number.
- FCC licenses are subject to renewal and potential revocation in the event of violation of applicable laws. The loss of any of such licenses could materially and adversely affect our ability to service our customers.
- Fifth-Generation wireless technology (“5G”) and other emerging technologies may provide comparable or superior wireless network technology which could make our FCC-licensed Network less competitive in the IoT ecosystem.
- If we or our licensors are unable to protect our/their intellectual property, then our financial condition, results of operations and the value of our technology and products could be adversely affected.
- If we are unable to protect our information technology infrastructure and network against data corruption, cyber-based attacks or network security breaches, we could be exposed to customer liability and reputational risk.
- Our proprietarily developed BrightAI platform is new and may not achieve market acceptance from commercial customers.
- We are dependent on the utility industry, which has experienced volatility in capital spending.
- We face increased competition.
- At present, our sales are concentrated in a few customers.
- Existing electric utility industry regulations, and changes to regulations, may present technical, regulatory and economic barriers to the purchase and use of solar energy systems that may significantly reduce demand for solar energy systems.
- We act as the licensed general contractor for our solar energy system customers and are subject to risks associated with construction, cost overruns, delays, regulatory compliance and other contingencies, any of which could have a material adverse effect on our business and results of operations.
- Compliance with occupational safety and health requirements and best practices can be costly, and noncompliance with such requirements may result in potentially significant monetary penalties, operational delays, and adverse publicity.
- Problems with product quality or performance may cause us to incur warranty expenses, damage our market reputation, and prevent us from maintaining or increasing our market share.
- We may not be able to refinance, extend or repay our substantial indebtedness owed to our senior secured lender, which would have a material adverse effect on our financial condition and ability to continue as a going concern.
- Our Common Stock is subject to the “penny stock” rules of the SEC and the trading market in our securities is limited, which makes transactions in our stock cumbersome and may reduce the value of an investment in our stock.
- Our securities are quoted on the OTCQB, which may not provide us much liquidity for our investors as an exchange, such as the NASDAQ Stock Market or other national or regional exchanges.
- The market price of our Common Stock may be adversely affected by several factors.
- Because we are not subject to compliance with rules requiring the adoption of certain corporate governance measures, our stockholders have limited protections against interested director transactions, conflicts of interest and similar matters.
- We have not paid dividends in the past and do not expect to pay dividends in the future. Any return on investment may be limited to the value of our Common Stock.
- A sale of a substantial number of shares of our Common Stock may cause the price of our Common Stock to decline.
- We may, in the future, issue additional shares of Common Stock, which would reduce the percent of ownership held by current stockholders
- Compliance with changing regulations concerning corporate governance and public disclosure may result in additional expenses.
- We have reported material weaknesses in internal controls over financial reporting as of May 31, 2019, and we cannot provide any assurances that additional material weaknesses will not be identified in the future or that we can effectively remediate our reported weaknesses. If our internal controls over financial reporting or disclosure controls and procedures are not effective, there may be errors in our financial statements that could require a restatement, or our filings may not be timely, and investors may lose confidence in our reported financial information.
Management Discussion
- Activities related to the Company’s wireless communication and application technology segment and BrightAI subscriptions are classified under Iota Networks, activities related to solar energy, LED lighting, and HVAC implementation services are classified under ICS, activities related to the parent company are classified under Iota Communications, and activities related to the spectrum licenses owned by Iota Partners that Iota Networks uses to operate its networks are classified under Iota Holdings.