Risk factors

The filing flags going-concern uncertainty, with $3.3 million cash and a $177.1 million accumulated deficit at year-end 2024.

Florida golf operations dominate the risk section, with weather, seasonal demand, local concentration and reliance on an outside course manager posing direct operating risks.

Risks center on beverage demand, distribution and supply-chain capacity, including ingredients, packaging, shipping and labor costs.

Ethanol operations dominate the risks, with profitability exposed to corn, energy, ethanol and by-product prices and availability.

No commercial revenue and continued product development depend on raising additional capital.

Going-concern doubt is backed by a $26.8 million 2024 net loss and $179.4 million accumulated deficit.

Domestic demand remains depressed by customers’ unsold vaccination-related inventory, with no clear timeline for depletion.

The business relies heavily on a small group of Japanese medical corporations operating most clinics as franchisees, while SBC has limited day-to-day control.

AirSCWO remains in R&D, with no full-scale commercial use and only an Orlando deployment; material revenue has not been established.

The risk section is dominated by uncertain clinical development: Silo has no approved therapies and may never demonstrate safety and effectiveness or obtain approval.

Virginia National Bankshares operates in a highly regulated banking environment with credit risk concentrated in small and mid-sized community businesses and commercial real estate.

Verde Clean Fuels faces heavy risks from its lack of revenue, unproven large-scale commercial production, and need for substantial capital.