Flexpoint Sensor Systems, Inc. Auditor Raises 'Going Concern' Doubt
April 09, 2023
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Flexpoint Sensor Systems, Inc. filed its 10-K on Apr 10, 2023 for the period ending Dec 31, 2022. In this report its auditor, Fruci & Associates II, PLLC, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Flexpoint Sensor Systems, Inc. is principally engaged in designing, engineering and manufacturing bend sensor technology and products using its patented Bend Sensor technology. The Bend Sensor is a flexible potentiometer; the bend sensor consists of a coated substrate, such as plastic, that changes electrical conductivity as it is bent in a consistent manner. The electronic systems connect to this sensor and measure in detail the amount of bending or movement that occurs in a predictable manner. It has developed various applications and devices using the Bend Sensor technology and is marketing these items: glove systems, automotive products, flow control applications, monitoring systems, swell sensor and other applications. These glove systems, combined with edge software applications, also adapt to a range of other applications, including health rehabilitation, unmanned systems control, smartphone interaction and professional training across multiple industries.