Item 7.01. Regulation FD Disclosure.
During the Annual Meeting of Shareholders of
A copy of the slides presented at the Annual Meeting is attached as Exhibit 99.1 to this Current Report.
The following financial information will be presented at the Annual Meeting:
•The Company estimates revenue of$104 million for FY22, up 102% vs FY21 of$51.6 million , and saw organic growth of 6% •Overall gross profit margin increased to 22.8% in FY22 compared to 14.9% in FY21 and 16% in FY20 •Loss from operations decreased to$11 million in FY22 compared to$22 million in FY21 •(0.07) loss per share in FY22 compared to (0.12) loss per share in FY21 •Cash$2.7 million as of12/31/2022 down from$3.7 million as of12/31/2021 •Shareholder Equity of$69.3 million down from$71.5 million in 2021. •Total assets of$145.5 million up from$134.6 million in 2021 •Total working capital grew to$14.9 million in 2022 compared to$12.4 million in 2021 •Inventory of$24.9 million in 2022 •In FY22 CEO and COO compensation dropped by 45% and 17%, respectively vs FY21 . Other Executive positions saw a decrease in compensation as well.
Forward-Looking Statements: Certain statements made and information presented in
the course of the Annual Meeting of Shareholders (the "Annual Meeting") and in
this Current Report may constitute "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended (the
"Securities Act"), Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and the Private Securities Litigation Reform Act
of 1995. The information disclosed during the Annual Meeting and in this Current
Report is made as of the date hereof and reflects
In some cases, you can identify these statements by terms such as "anticipate," "believe," "could," "estimate," "expects," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes. These forward-looking statements reflect our management's beliefs and views with respect to future events and are based on estimates and assumptions as of the date of the Annual Meeting and this Report and are subject to risks and uncertainties. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. We discuss many of the risks associated with the forward-looking statements discussed at the Annual Meeting and in this Report in greater detail under the heading "Risk Factors." Moreover, we
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operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Given these uncertainties, you should not place undue reliance on these forward-looking statements.
Other factors that may affect our businesses include global economic trends,
competition and geopolitical risks, including changes in the rates of investment
or economic growth in key markets we serve, or an escalation of sanctions,
tariffs or other trade tensions between the
The information set forth in this Item 7.01 is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits Exhibit Number Description 104 Cover Page Interactive Data File (formatted as Inline XBRL) 99.1 Annual Meeting Slides
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