Vulcan Infrastructure & Power (GREEL) FY2025 10-K Risk Factors: 11 New, 9 Dropped

What the changes say

Vulcan Infrastructure & Power is expanding into AI and high-performance computing datacenters alongside bitcoin mining operations.

What changed since the prior 10-K

New

NewGeneral Risks
An active trading market for our New Notes may not be sustained, which could limit the market price of the New Notes or holders' ability to sell them
The company issued $2.3 million in New Notes and applied to list them on OTC Markets, risking a lack of an active trading market or liquidity.
NewGeneral Risks
Our strategy to expand into AI and HPC datacenter development may not be successful and could adversely affect our existing operations and financial condition
Expanding into AI and high-performance computing datacenter development requires significant upfront capital and creates execution risks that could strain existing operations.
NewGeneral Risks
our market share and profitability. Expanding into AI and HPC may also increase operational complexity and place additional demands on our management, technical and support teams
Entering AI and HPC markets increases operational complexity, management demands, and vulnerability to supply chain disruptions, tariffs, and public opposition.
NewGeneral Risks
Our potential expansion into AI and HPC datacenter development would expose us to supply, pricing, performance and export‑control risks associated with specialized hardware, networking and software ecosystems
Procuring specialized AI hardware like advanced accelerators and GPUs exposes the company to supply constraints, pricing volatility, and export controls.
NewRisks Related to Our Business Generally
Our success depends on external factors in the cryptomining industry
Cryptomining operations face risks from regulatory actions, uncertain asset classifications, bank account closures, and extreme asset price volatility.
NewRisks Related to Our Business Generally
Any disruption in improving our existing assets for datacenter operations or potentially developing new datacenter sites may adversely affect our results of operations and financial performance
Improving existing assets or developing new datacenter sites for cryptocurrency, AI, and HPC workloads may face delays in land acquisition, permitting, and power supply.
NewRisks Related to Our Business Generally
For example, we may encounter challenges in the integration process such as difficulties associated with managing the resulting larger and more complex company, coordinating geographically dispersed operations, and our ability to deliver on our strategy going forward
Future acquisitions carry risks of unknown liabilities, integration difficulties, and failure to realize anticipated synergies.
NewRisks Related to Our Business Generally
We may face risks related to labor relations, including increased labor costs, operational constraints, or disruptions associated with our collective bargaining agreement
Employees at the New York Facility voted to unionize and the company entered into a collective bargaining agreement with IBEW Local 10, potentially increasing labor costs and constraining operations.
NewRisks Related to our Datacenter and Power Generation Operations
Our future success will depend significantly on the economics of bitcoin mining, including the price of bitcoin, the mining payouts we receive from third-party mining pools and the value of our bitcoin holdings, all of which are subject to change and may adversely affect our results of operations
Cryptocurrency datacenter revenues depend directly on bitcoin prices, mining payouts from third-party pools, and network variables like hash rate and halving events.
NewRisks Related to Bitcoin and Cryptocurrency Industry
asset industry as a whole. The marketplace may lose confidence in, or may experience problems relating to, cryptocurrency exchanges, including prominent exchanges handling a significant portion of the volume of digital asset trading
Negative perception, hacker attacks, fraud, or regulatory shutdowns of digital asset exchanges can cause bitcoin price volatility and reduce common stock value.
NewRisks Related to the Ownership of Our Securities
These provisions may frustrate or prevent any attempts by our stockholders to effect a change in control, or to replace or remove our current management by making it more difficult for our stockholders to replace members of the board of directors, which is responsible for appointing the members of management
Exclusive forum provisions designate the Delaware Court of Chancery for certain stockholder lawsuits, which may discourage legal actions against the company or management.

Dropped

DroppedGeneral Risks
Because our current projected operating cash flows are not sufficient in the long term to meet our existing long-term debt obligations, an investment in our common stock is highly speculative. Holders of our common stock could suffer a total loss of their investment
Projected operating cash flows are insufficient to meet long-term debt obligations, making common stock speculative.
DroppedRisks Related to Our Business Generally
We have a single hosting customer in the cryptomining industry, and we remain substantially dependent on
DroppedRisks Related to Our Business Generally
Any disruption in developing our datacenter sites may delay the deployment of our miners, which may adversely affect our results of operations and financial performance
DroppedRisks Related to Our Business Generally
We may face risks related to labor union efforts and employee relations that could lead to increased labor costs, disruptions to our operations or legal challenges
DroppedRisks Related to our Datacenter and Power Generation Operations
Our future success will depend significantly on the price of bitcoin, which is subject to risk and has historically been subject to wide swings and significant volatility
The company was substantially dependent on a single hosting customer in the cryptomining industry.
DroppedRisks Related to our Datacenter and Power Generation Operations
Our business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes relating to climate change or policies regarding cryptocurrency mining, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements
DroppedRisks Related to our Datacenter and Power Generation Operations
operate the New York Facility under our existing Title V permit during the pendency of the administrative and legal proceedings which remain ongoing, the ultimate outcome on our Title V permit renewal application remains uncertain
Disruptions in developing datacenter sites may delay miner deployment.
DroppedRisks Related to the Ownership of Our Securities
from the Nasdaq listing qualifications department but can provide no assurance that we will be able to continue to maintain compliance with Nasdaq’s listing requirements in the future
DroppedRisks Related to the Ownership of Our Securities
due to the introduction of several spot bitcoin exchange-traded products, which have received billions of dollars of inflows

Reworded

99% rewrittenRisks Related to Bitcoin and Cryptocurrency Industry
Changes in tariffs or import restrictions could have a material adverse effect on our business, financial condition and results of operations
Expanded to cover tariffs and export controls affecting imported technology, cooling systems, and electrical infrastructure for datacenter operations alongside mining equipment.
95% rewrittenRisks Related to the Ownership of Our Securities
The market price, trading volume and marketability of our Class A common stock may be significantly affected by numerous factors beyond our control
Updated to note that stock price correlation with bitcoin experienced significant volatility and declines in early 2026.
86% rewrittenGeneral Risks
We may not have sufficient resources to repay our Senior Notes upon their maturity in October 2026, and the incurrence of additional indebtedness, including the issuance of our New Notes, increases the risks we face in meeting our debt obligations
Updated Senior Notes balance to $36.7 million and added $2.3 million of New Notes due 2026, warning of potential bankruptcy or restructuring.
Was: We may not have sufficient resources to repay our Senior Notes upon their maturity in October 2026, and we will face additional risks if we incur additional indebtedness
84% rewrittenRisks Related to our Datacenter and Power Generation Operations
Changes in technology may negatively impact the value of our New York Facility and any future power plants
Added specific New York State renewable energy goals and plans for multiple gigawatts of energy storage by 2030 and solar and wind generation by 2040.
84% rewrittenRisks Related to Our Business Generally
Failure to successfully integrate assets we have acquired or may acquire in the future could negatively impact our business, financial condition, and results of operations
Refined acquisition risks to specifically emphasize securing suitable land with access to low-cost power.
Was: Failure to successfully integrate businesses or assets we have acquired or may acquire in the future could negatively impact our business, financial condition, and results of operations
84% rewrittenRisks Related to Our Business Generally
We experienced turnover in our senior operating personnel in 2024 and 2025. If we fail to retain key talent or are unable to attract and retain other qualified personnel, our results of operations, strategy, and financial performance could be adversely affected
Shifted focus from executive turnover in 2023-2024 to turnover in senior operating personnel in 2024 and 2025 and loss of institutional knowledge.
Was: We have experienced turnover in our senior management team, and reduced our employee headcount significantly in 2023 and 2024. If we fail to retain key talent or are unable to attract and retain other qualified personnel, our results of operations, strategy, and financial performance could be adversely affected
78% rewrittenRisks Related to Our Business Generally
The bitcoin reward for successfully mining a block most recently halved in April 2024 and will continue to halve at predetermined intervals in the future, and bitcoin value may not adjust to compensate us for the reduction in the rewards we receive from our bitcoin mining efforts
Updated to reflect that the bitcoin block reward halved to 3.125 on April 19, 2024, at block 840,000.
Was: The bitcoin reward for successfully uncovering a block most recently halved in April 2024 and will halve again several times in the future, and bitcoin value may not adjust to compensate us for the reduction in the rewards we receive from our bitcoin mining efforts
73% rewrittenRisks Related to our Datacenter and Power Generation Operations
Evolving expectations from investors, lenders, customers, government regulators and other market participants with respect to our ESG policies and the impacts of climate change may impose additional costs on us or expose us to additional risks
Added reference to the SEC climate disclosure rule covering fiscal years beginning in 2025.
73% rewrittenRisks Related to Bitcoin and Cryptocurrency Industry
If a malicious actor or botnet obtains control of more than 50% of the processing power on the bitcoin network, such actor or botnet could manipulate the network to adversely affect us, which could adversely affect our results of operations
71% rewrittenRisks Related to Our Business Generally
We may not be able to compete effectively against other companies, some of whom have greater resources and experience
63% rewrittenRisks Related to Bitcoin and Cryptocurrency Industry
Such varying government regulations and pronouncements are likely to continue for the near future
51% rewrittenRisks Related to Our Business Generally
It may take significant time, expenditure, or effort for us to grow our business, including our datacenter operations, through acquisitions, and our efforts may not be successful
Was: It may take significant time, expenditure, or effort for us to grow our business, including our cryptocurrency datacenter operations, through acquisitions, and our efforts may not be successful
48% rewrittenRisks Related to our Datacenter and Power Generation Operations
Maintenance, expansion, and refurbishment of power generation facilities involve significant risks that could result in unplanned power outages or reduced output and could have a material adverse effect on our revenues, results of operations, cash flows, and financial condition
47% rewrittenRisks Related to our Datacenter and Power Generation Operations
The properties utilized by us in our cryptocurrency datacenter and hosting operations may experience damage, including damage not covered by insurance
Was: The properties utilized by us in our cryptocurrency datacenter and hosting may experience damage, including damage not covered by insurance
46% rewrittenRisks Related to Bitcoin and Cryptocurrency Industry
Banks and financial institutions may not provide bank accounts, or may cut off certain banking or other financial services, to cryptocurrency investors or businesses that engage in bitcoin-related activities or that accept bitcoin as payment
44% rewrittenRisks Related to our Datacenter and Power Generation Operations
We could be materially and adversely affected if current regulations are implemented, if new federal or state legislation or regulations are adopted to address global climate change, or if we are subject to lawsuits for alleged damage to persons or property resulting from greenhouse gas emissions
Was: We could be materially and adversely affected if current regulations are implemented or if new federal or state legislation or regulations are adopted to address global climate change, or if we are subject to lawsuits for alleged damage to persons or property resulting from greenhouse gas emissions
41% rewrittenRisks Related to our Datacenter and Power Generation Operations
Obtaining and complying with required government permits and approvals may be time-consuming and costly
40% rewrittenRisks Related to our Datacenter and Power Generation Operations
Bitcoin miners and other necessary hardware are subject to malfunction, technological obsolescence, the global supply chain, and difficulty and cost in obtaining new hardware
40% rewrittenRisks Related to the Ownership of Our Securities
In December 2023, we entered into an equity exchange agreement (the “Equity Exchange Agreement”) with Infinite Reality, Inc. (“Infinite Reality"), pursuant to which we issued 180,000 shares of Class A common stock, and a one-year warrant to purchase up to 180,000 shares of Class A common stock
Was: In December 2023, we entered into the Equity Exchange Agreement with Infinite Reality, pursuant to which we issued 180,000 shares of Class A common stock, and a one-year warrant to purchase 180,000 shares of Class A common stock
39% rewrittenRisks Related to Bitcoin and Cryptocurrency Industry
The impact of geopolitical and economic events on the supply and demand for cryptoassets, including bitcoin, is uncertain
37% rewrittenRisks Related to the Ownership of Our Securities
Because we are a “controlled company” within the meaning of the Nasdaq listing rules, our stockholders may not have certain corporate governance protections that are available to stockholders of companies that are not controlled companies
34% rewrittenRisks Related to the Ownership of Our Securities
Our issuance of a significant number of additional shares of Class A common stock in connection with any future financings, acquisitions, investments, commercial arrangements, under our stock incentive plans, or otherwise will dilute all other shareholders and our stock price could decline as a result
29% rewrittenRisks Related to Bitcoin and Cryptocurrency Industry
Over time, incentives for bitcoin miners to continue to contribute processing power to the bitcoin network may transition from a set reward to transaction fees. If the incentives for bitcoin mining are not sufficiently high, we and our hosting customers may not have an adequate incentive to continue to mine
29% rewrittenRisks Related to Bitcoin and Cryptocurrency Industry
Digital assets, such as bitcoin, face significant scaling obstacles that can lead to high fees or slow transaction settlement times and any mechanisms of increasing the scale of digital asset settlement may significantly alter the competitive dynamics in the market
28% rewrittenRisks Related to Our Business Generally
We have material environmental liabilities, and costs of compliance with existing and new environmental laws could have a material adverse effect on us
28% rewrittenRisks Related to Our Business Generally
We rely on a well-known U.S.-based third-party digital asset-focused custodian to safeguard our bitcoin, but our holdings are not insured by us and are not protected by the FDIC or SIPC
Was: We rely on a well-known U.S. based third-party digital asset-focused custodian to safeguard our bitcoin, but our holdings are not insured by us or protected by FDIC or SIPC
26% rewrittenRisks Related to Bitcoin and Cryptocurrency Industry
Blockchain technology may expose us to specially designated nationals or blocked persons or cause us to violate provisions of law
25% rewrittenRisks Related to Bitcoin and Cryptocurrency Industry
We may be adversely affected by competition from other methods of investing in bitcoin
25% rewrittenRisks Related to Bitcoin and Cryptocurrency Industry
Current IRS guidance indicates that digital assets such as bitcoin should be treated and taxed as property, and that transactions involving the payment of bitcoin for goods and services should be treated as barter transactions
25% rewrittenRisks Related to Bitcoin and Cryptocurrency Industry
Current regulation regarding the exchange of bitcoins under the CEA by the CFTC is unclear; to the extent we become subject to regulation by the CFTC in connection with our exchange of bitcoin, we may incur additional compliance costs, which may be significant
23% rewrittenGeneral Risks
We have incurred operating losses throughout our growth. If we are unable to sustain greater revenues than our operating costs and support our expansion plans, we may continue to experience operating losses, which would continue to negatively impact our results of operations, strategy and financial performance
21% rewrittenGeneral Risks
We may need to raise additional capital to grow our business and may not be able to do so on favorable terms, if at all. Future issuances of equity or debt securities may adversely affect the value of our common stock

All 65 risk factors

Headings as the filing states them, in filing order.

General Risks

01We may not have sufficient resources to repay our Senior Notes upon their maturity in October 2026, and the incurrence of additional indebtedness, including the issuance of our New Notes, increases the risks we face in meeting our debt obligations86% rewritten
02An active trading market for our New Notes may not be sustained, which could limit the market price of the New Notes or holders' ability to sell themNew
03We may need to raise additional capital to grow our business and may not be able to do so on favorable terms, if at all. Future issuances of equity or debt securities may adversely affect the value of our common stock21% rewritten
04We have incurred operating losses throughout our growth. If we are unable to sustain greater revenues than our operating costs and support our expansion plans, we may continue to experience operating losses, which would continue to negatively impact our results of operations, strategy and financial performance23% rewritten
05Our strategy to expand into AI and HPC datacenter development may not be successful and could adversely affect our existing operations and financial conditionNew
06our market share and profitability. Expanding into AI and HPC may also increase operational complexity and place additional demands on our management, technical and support teamsNew
07Our potential expansion into AI and HPC datacenter development would expose us to supply, pricing, performance and export‑control risks associated with specialized hardware, networking and software ecosystemsNew

Risks Related to Our Business Generally

08We are exposed to customer concentration risk, substantially dependent on our sole hosting services customer, and exposed to counterparty nonperformance risk for our hosting arrangement
09Our success depends on external factors in the cryptomining industryNew
10The bitcoin reward for successfully mining a block most recently halved in April 2024 and will continue to halve at predetermined intervals in the future, and bitcoin value may not adjust to compensate us for the reduction in the rewards we receive from our bitcoin mining efforts78% rewritten
11Any disruption in improving our existing assets for datacenter operations or potentially developing new datacenter sites may adversely affect our results of operations and financial performanceNew
12It may take significant time, expenditure, or effort for us to grow our business, including our datacenter operations, through acquisitions, and our efforts may not be successful51% rewritten
13Failure to successfully integrate assets we have acquired or may acquire in the future could negatively impact our business, financial condition, and results of operations84% rewritten
14For example, we may encounter challenges in the integration process such as difficulties associated with managing the resulting larger and more complex company, coordinating geographically dispersed operations, and our ability to deliver on our strategy going forwardNew
15We experienced turnover in our senior operating personnel in 2024 and 2025. If we fail to retain key talent or are unable to attract and retain other qualified personnel, our results of operations, strategy, and financial performance could be adversely affected84% rewritten
16We may face risks related to labor relations, including increased labor costs, operational constraints, or disruptions associated with our collective bargaining agreementNew
17Cyberattacks and security breaches of our own or our third-party providers may disrupt or adversely impact our results of operations and financial condition, and damage our reputation or otherwise materially harm our business
18We have material environmental liabilities, and costs of compliance with existing and new environmental laws could have a material adverse effect on us28% rewritten
19We have been, are currently, and may be in the future, the subject of legal proceedings, including governmental investigations, relating to our products or services
20The cost of defense can be large as can any settlement or judgment in an action. Any of the foregoing could have a material adverse effect on our results of operations, strategy, and financial performance
21We maintain cash deposits in excess of federally insured limits. Adverse developments affecting financial institutions, including bank failures, could adversely affect our liquidity and financial performance
22We rely on a well-known U.S.-based third-party digital asset-focused custodian to safeguard our bitcoin, but our holdings are not insured by us and are not protected by the FDIC or SIPC28% rewritten
23We may not be able to compete effectively against other companies, some of whom have greater resources and experience71% rewritten

Risks Related to our Datacenter and Power Generation Operations

24Our future success will depend significantly on the economics of bitcoin mining, including the price of bitcoin, the mining payouts we receive from third-party mining pools and the value of our bitcoin holdings, all of which are subject to change and may adversely affect our results of operationsNew
25The properties utilized by us in our cryptocurrency datacenter and hosting operations may experience damage, including damage not covered by insurance47% rewritten
26We are subject to risks related to Internet disruptions, which could have an adverse effect on our ability to host bitcoin miners and to mine bitcoin
27Bitcoin miners and other necessary hardware are subject to malfunction, technological obsolescence, the global supply chain, and difficulty and cost in obtaining new hardware40% rewritten
28Our operations and financial performance may be impacted by fuel supply disruptions, price fluctuations in the wholesale power and natural gas markets, and fluctuations in other market factors that are beyond our control
29Changes in technology may negatively impact the value of our New York Facility and any future power plants84% rewritten
30We sell capacity, energy, and ancillary services to the wholesale power grid managed by the NYISO. Our business may be affected by the actions of nearby states or other governmental actors in the competitive wholesale marketplace
31The availability and cost of emission allowances could adversely impact our costs of operations
32Maintenance, expansion, and refurbishment of power generation facilities involve significant risks that could result in unplanned power outages or reduced output and could have a material adverse effect on our revenues, results of operations, cash flows, and financial condition48% rewritten
33Obtaining and complying with required government permits and approvals may be time-consuming and costly41% rewritten
34Evolving expectations from investors, lenders, customers, government regulators and other market participants with respect to our ESG policies and the impacts of climate change may impose additional costs on us or expose us to additional risks73% rewritten
35We could be materially and adversely affected if current regulations are implemented, if new federal or state legislation or regulations are adopted to address global climate change, or if we are subject to lawsuits for alleged damage to persons or property resulting from greenhouse gas emissions44% rewritten

Risks Related to Bitcoin and Cryptocurrency Industry

36If a malicious actor or botnet obtains control of more than 50% of the processing power on the bitcoin network, such actor or botnet could manipulate the network to adversely affect us, which could adversely affect our results of operations73% rewritten
37Current regulation regarding the exchange of bitcoins under the CEA by the CFTC is unclear; to the extent we become subject to regulation by the CFTC in connection with our exchange of bitcoin, we may incur additional compliance costs, which may be significant25% rewritten
38Current IRS guidance indicates that digital assets such as bitcoin should be treated and taxed as property, and that transactions involving the payment of bitcoin for goods and services should be treated as barter transactions25% rewritten
39Regulatory changes or actions may alter the nature of an investment in us or restrict the use of bitcoin in a manner that adversely affects our business, prospects, results of operations and financial condition
40Such varying government regulations and pronouncements are likely to continue for the near future63% rewritten
41Latency in confirming transactions on a network could result in a loss of confidence in the network, which could have a material adverse effect on our business, financial condition, and results of operations
42The impact of geopolitical and economic events on the supply and demand for cryptoassets, including bitcoin, is uncertain39% rewritten
43Changes in tariffs or import restrictions could have a material adverse effect on our business, financial condition and results of operations99% rewritten
44We may not adequately respond to rapidly changing technology
45A failure to properly monitor and upgrade the bitcoin network protocol could damage the bitcoin network which could, in turn, have an adverse effect on our business
46Over time, incentives for bitcoin miners to continue to contribute processing power to the bitcoin network may transition from a set reward to transaction fees. If the incentives for bitcoin mining are not sufficiently high, we and our hosting customers may not have an adequate incentive to continue to mine29% rewritten
47Incorrect or fraudulent cryptocurrency transactions may be irreversible
48It is possible that cryptocurrencies other than bitcoin could have features that make them more desirable to a material portion of the cryptocurrency user base and this could result in a reduction in demand for bitcoin, which could have a negative impact on the price of bitcoin and adversely affect us
49We may be adversely affected by competition from other methods of investing in bitcoin25% rewritten
50Digital assets, such as bitcoin, face significant scaling obstacles that can lead to high fees or slow transaction settlement times and any mechanisms of increasing the scale of digital asset settlement may significantly alter the competitive dynamics in the market29% rewritten
51asset industry as a whole. The marketplace may lose confidence in, or may experience problems relating to, cryptocurrency exchanges, including prominent exchanges handling a significant portion of the volume of digital asset tradingNew
52We are subject to momentum pricing risk
53Our reliance on third-party mining pool service providers for our mining payouts may have a negative impact on our business
54Banks and financial institutions may not provide bank accounts, or may cut off certain banking or other financial services, to cryptocurrency investors or businesses that engage in bitcoin-related activities or that accept bitcoin as payment46% rewritten
55Blockchain technology may expose us to specially designated nationals or blocked persons or cause us to violate provisions of law26% rewritten

Risks Related to the Ownership of Our Securities

56Because we are a “controlled company” within the meaning of the Nasdaq listing rules, our stockholders may not have certain corporate governance protections that are available to stockholders of companies that are not controlled companies37% rewritten
57Our issuance of a significant number of additional shares of Class A common stock in connection with any future financings, acquisitions, investments, commercial arrangements, under our stock incentive plans, or otherwise will dilute all other shareholders and our stock price could decline as a result34% rewritten
58In December 2023, we entered into an equity exchange agreement (the “Equity Exchange Agreement”) with Infinite Reality, Inc. (“Infinite Reality"), pursuant to which we issued 180,000 shares of Class A common stock, and a one-year warrant to purchase up to 180,000 shares of Class A common stock40% rewritten
59Sales of a substantial number of our Class A common stock could occur at any time. These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of our Class A common stock
60As the shares of Class A common stock registered pursuant to these registration statements can be freely sold in the public market, the market price of our Class A common stock could decline if the stockholders sell their shares or are perceived by the market as intending to sell them
61The market price, trading volume and marketability of our Class A common stock may be significantly affected by numerous factors beyond our control95% rewritten
62We are subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies or smaller reporting companies, and stockholders could receive less information than they might expect to receive from larger or more mature public companies
63We have not historically declared or paid a dividend on our shares of Class A common stock and, consequently, the ability of stockholders to achieve a return on their investment has depended on appreciation in the price of our Class A common stock
64Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of us more difficult, and limit attempts by stockholders to replace or remove current management
65These provisions may frustrate or prevent any attempts by our stockholders to effect a change in control, or to replace or remove our current management by making it more difficult for our stockholders to replace members of the board of directors, which is responsible for appointing the members of managementNew

Other Vulcan Infrastructure & Power 10-Ks

FY2024 10-K risk factors
63 risks
Operating cash flows cannot meet long-term debt, threatening potential total loss for common stockholders.
Filed Mar 31, 2025

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The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.