Stablecoin Development (SDEV) risk factors, FY2025 10-K

Stablecoin Development's FY2025 10-K, filed Mar 19, 2026, lists 59 risk factors in 3 groups. Against the prior year's 26: 49 new, 16 dropped, 10 substantially reworded.

Open SDEV in Gloom →
Stablecoin Development's chart, financials and news, free in your browser.Open SDEV in Gloom →
Risk factors listed
593 groups
New this year
49vs 26 last year
Dropped
16since the prior 10-K
Substantially reworded
10of those kept
Section length
18k wordsItem 1A

What the changes say

  • Company abandoned its wound care business to pivot into a blockchain-based asset strategy focused on SKY tokens and staking.

What changed since the prior 10-K

New

  • New

    If we fail to fully comply with privacy and data protection laws and regulations, we could incur significant civil and criminal penalties and liabilities, suffer reputational damage, and adverse publicity

  • New

    Business disruptions could materially adversely affect our operating results or result in a material weakness in our internal controls that could adversely affect the market price of our stock

  • New

    We no longer have a significant revenue generating wound care business

  • NewRisks Relating to Owning Our Common Stock

    Provisions of our charter, by-laws and Delaware law may have anti-takeover effects that could prevent a change in control even if the change in control would be beneficial to our stockholders

  • NewRisks Related to Our Blockchain-Based Strategy

    We have adopted a blockchain-based asset strategy with a focus on SKY, and we may be unable to successfully implement this new strategy

    We adopted a blockchain asset strategy focused on SKY, staking, and decentralized finance, creating execution and infrastructure risks.

  • NewRisks Related to Our Blockchain-Based Strategy

    The Sky network (or Sky Protocol) involves significant risks that we are unable to control

    The Sky Protocol uses algorithmic USDS stablecoin generation and vaults backed by collateral like ETH, risking automated liquidations.

  • NewRisks Related to Our Blockchain-Based Strategy

    The price of SKY has historically been subject to significant price fluctuations and is highly volatile

    Our increased holdings of SKY will heighten earnings volatility and valuation impairment risks due to historical price swings.

  • NewRisks Related to Our Blockchain-Based Strategy

    Regulatory uncertainty surrounding blockchain-based assets within emerging financial infrastructure and network-based markets, including potential classification as securities and the risk of investment company status, could adversely affect our business, financial condition, and results of operations

    Uncertain federal and state regulation of blockchain assets like SKY under securities laws or the Investment Company Act could harm us.

  • NewRisks Related to Our Blockchain-Based Strategy

    We face risks relating to the use of third-party trading platforms in connection with our SKY-focused strategy

    We rely on third-party trading platforms and over-the-counter brokers for SKY, exposing us to compliance and counterparty concentration risks.

  • NewRisks Related to Our Blockchain-Based Strategy

    Our financial results and the market price of our common stock may be affected by the prices of the assets held by us, and evolving accounting standards may increase earnings volatility and reporting complexity

    Fluctuations in blockchain asset prices and evolving GAAP accounting standards will increase our earnings volatility and reporting complexity.

  • NewRisks Related to Our Blockchain-Based Strategy

    A cyberattack or other malicious attack on the SKY Protocol could have a material impact on the value of SKY held by the Company

    Cyberattacks on the Sky Protocol or exchanges like Coinbase and FTX could impair the value of our SKY holdings.

  • NewRisks Related to Our Blockchain-Based Strategy

    We face risks relating to the custody of our SKY tokens, including the loss or destruction of private keys required to access our SKY tokens and cyberattacks or other data loss relating thereto

    Using non-qualified custodial wallets for SKY staking and protocol activities exposes us to private key loss and cyber theft.

  • NewRisks Related to Our Blockchain-Based Strategy

    Decentralized finance arrangements may expose us to risks of smart contract risk, operational failures and cybersecurity threats

  • NewRisks Related to Our Blockchain-Based Strategy

    Our SKY strategy exposes us to risk of non-performance by counterparties

  • NewRisks Related to Our Blockchain-Based Strategy

    Our ability to generate income from our blockchain-based asset holdings is subject to significant uncertainty, and revenue opportunities may not develop or may fail to perform as expected

  • NewRisks Related to Our Blockchain-Based Strategy

    The liquidity of SKY may also be impacted to the extent that changes in applicable laws and regulatory requirements negatively impact the ability of exchanges and trading venues to provide services for SKY and other blockchain-based assets

  • NewRisks Related to Our Blockchain-Based Strategy

    Political or economic crises may motivate large-scale sales of blockchain-based assets, which would result in a reduction in values and materially and adversely affect us

  • NewRisks Related to Our Blockchain-Based Strategy

    Proof-of-stake blockchains are a relatively recent innovation, and have not been subject to as widespread use or adoption over as long of a period of time as traditional proof-of-work blockchains

  • NewRisks Related to Our Blockchain-Based Strategy

    SKY can be subject to extreme price volatility, and declines in its value could materially and adversely affect our financial condition

  • NewRisks Related to Our Blockchain-Based Strategy

    Changes in regulatory interpretations could require us to register as a money services business or money transmitter, leading to increased compliance costs or operational shutdowns

  • NewRisks Related to Our Blockchain-Based Strategy

    The reliance on open-source code by blockchain-based asset networks exposes us to risks related to competitive networks and products built on such code, the failure of individuals to maintain that code, and discovery of security vulnerabilities that could threaten the ability of such networks to operate

  • NewRisks Related to Our Blockchain-Based Strategy

    There are risks relating to USDS, the stablecoin underpinning the entire ecosystem. A material or prolonged de-pegging of USDS would lead to losses of our SKY holdings

  • NewRisks Related to Our Blockchain-Based Strategy

    There are other risks associated with the acceptance of stablecoins as a payment method

  • NewRisks Related to Our Blockchain-Based Strategy

    The emergence or growth of other digital assets, including those with significant private or public sector backing, including by governments, consortiums or financial institutions, could have a negative impact on the price of SKY and adversely impact our business

  • NewRisks Related to Our Blockchain-Based Strategy

    Stablecoins such as USDS face significant competitive and regulatory challenges that could undermine their success and, in turn, the value of SKY

  • NewRisks Related to Our Blockchain-Based Strategy

    If interest rates rise or other opportunities in external DeFi protocol or traditional finance become more attractive, our digital asset strategy may underperform or become unsustainable

  • NewRisks Related to Our Blockchain-Based Strategy

    The Company ’ s digital asset holdings will be less liquid than its cash and cash equivalents and may not be able to serve as a source of liquidity for the Company

  • NewRisks Related to Our Blockchain-Based Strategy

    Taxation of blockchain-based assets is complex and evolving

  • NewRisks Related to Our Blockchain-Based Strategy

    There can be no assurance that tax authorities will not challenge the tax treatment of our blockchain-based asset holdings or that such challenges would not have a material adverse effect on our financial condition, results of operations, or cash flows

  • NewRisks Related to Our Blockchain-Based Strategy

    Our blockchain-based asset strategy business model has multiple layers of corporate finance risks

  • NewRisks Related to Our Blockchain-Based Strategy

    Dilution Fatigue : Repeated capital raises through ATMs and PIPEs may desensitize investors. Without yield growth or NAV accretion, new issuances risk being seen as opportunistic liquidity events rather than long-term expansion

  • NewRisks Related to Our Blockchain-Based Strategy

    Our blockchain-based asset treasury strategy and any decision to hold blockchain-based assets may increase our exposure to market volatility and potential uninsured losses

  • NewRisks Related to Our Blockchain-Based Strategy

    We hold cash and store blockchain-based assets for our treasury and hold fiat and digital assets for corporate investment and operating purposes. In addition, we store the majority of blockchain-based assets at third-party custodians for asset management products

  • NewRisks Related to Our Blockchain-Based Strategy

    We may make, or otherwise be subject to, trade errors

  • NewRisks Related to Our Blockchain-Based Strategy

    The irreversibility of digital asset transactions exposes us to risks of theft, loss and human error, which could negatively impact our business

  • NewRisks Related to Our Blockchain-Based Strategy

    Although we plan to transfer digital assets, it is possible that, through computer or human error, or through theft or criminal action, such assets could be transferred in incorrect amounts or to unauthorized third parties

  • NewRisks Related to Our Blockchain-Based Strategy

    The concentration of our blockchain-based asset holdings enhances the risks inherent in our treasury strategy

  • NewRisks Related to Our Blockchain-Based Strategy

    Investors in our January 2026 Private Placement have certain consent rights that may influence our Digital Asset Strategy

  • NewRisks Relating to Our Business

    Our quarterly operating results, revenues, and expenses may fluctuate significantly, which could have an adverse effect on the market price of our listed securities

  • NewRisks Relating to Our Business

    For many reasons, including those described below, our operating results, revenues, and expenses may vary significantly in the future from quarter to quarter. These fluctuations could have an adverse effect on the market price of our listed securities

  • NewRisks Relating to Our Business

    the impact of war, terrorism, infectious diseases, natural disasters and other global events, and government responses to such events, on the global economy and the market for and price of SKY

  • NewRisks Relating to Our Business

    Employee or agent misconduct, or our failure to comply with anti-bribery and other laws or regulations, could harm our reputation, reduce our revenue and profits, and subject us to criminal and civil enforcement actions

  • NewRisks Relating to Our Business

    If we fail to maintain an effective system of internal controls over financial reporting, we may not be able to accurately report our financial results. As a result, current and potential stockholders could lose confidence in our financial reporting, which could harm our business and the trading price of our stock

  • NewRisks Relating to Our Business

    If we are unable to recruit or retain skilled personnel, or if we lose the services of our current leadership, our business, operating results, and financial condition could be materially adversely affected

  • NewRisks Relating to Our Business

    We may be unable to raise additional capital when needed or on acceptable terms, and future financings may be highly dilutive

  • NewRisks Relating to Our Business

    Auditor transitions and internal control remediation may result in delays, increased costs, or identification of material weaknesses

  • NewRisks Relating to Owning Our Common Stock

    Our common stock may trade at a discount to our net asset value, and investors could experience losses unrelated to the performance of our underlying blockchain-based asset holdings

  • NewRisks Relating to Owning Our Common Stock

    We are subject to the continued listing standards of the NYSE American and our failure to satisfy these criteria may result in de-listing of our common stock

  • NewRisks Relating to Owning Our Common Stock

    Changes in our senior executive management team could adversely affect our ability to operate our business segments

Dropped

  • DroppedRisks Relating to Our Business

    The cash proceeds from the Avenova Asset Sale and the Wound Care Divestiture will continue to be used to fund our expenses and ongoing liabilities until we are able to commence the Dissolution or pursue another strategic alternative, which will deplete our remaining cash assets

  • DroppedRisks Relating to Our Business

    We are subject to contingent liabilities related to the Avenova Asset Sale and the Wound Care Divestiture that could have a material adverse effect on our financial condition

    Cash proceeds will fund ongoing expenses until dissolution.

  • DroppedRisks Relating to the Potential Dissolution of our Company and Potential Strategic Transaction

    There can be no guarantees that the Dissolution will be completed and, if not completed, it may be very difficult for us to identify strategic alternatives to maximize the remaining value for NovaBay and its stockholders

  • DroppedRisks Relating to the Potential Dissolution of our Company and Potential Strategic Transaction

    We cannot assure you as to the amount of distributions, if any, to be made to our stockholders

    Contingent liabilities and working capital adjustments related to the Avenova Asset Sale.

  • DroppedRisks Relating to the Potential Dissolution of our Company and Potential Strategic Transaction

    We cannot predict the timing of the distributions to stockholders

  • DroppedRisks Relating to the Potential Dissolution of our Company and Potential Strategic Transaction

    The Board may determine not to proceed with the Dissolution

  • DroppedRisks Relating to the Potential Dissolution of our Company and Potential Strategic Transaction

    Our stockholders may be liable to our creditors for part or all of the amount received from us in our liquidating distributions if reserves are inadequate

    Uncertainties regarding stockholder approval of the company dissolution.

  • DroppedRisks Relating to the Potential Dissolution of our Company and Potential Strategic Transaction

    If our stockholders vote against the Dissolution pursuant to the Plan of Dissolution, we may pursue other strategic alternatives; which may not result in greater (or even equivalent) stockholder value than the proposed Dissolution and may entail additional risks and costs (e.g., bankruptcy)

    Uncertainty of timing and amount of stockholder liquidating distributions from our $10.4 million cash.

  • DroppedRisks Relating to the Potential Dissolution of our Company and Potential Strategic Transaction

    any impairment of intangible assets, such as goodwill, or depreciation and amortization expenses associated with the Potential Strategic Transaction

    Inability to predict timing of stockholder distributions.

  • DroppedRisks Relating to the Potential Dissolution of our Company and Potential Strategic Transaction

    If we proceed with the Dissolution, our stockholders will not be able to buy or sell shares of our common stock after we close our stock transfer books at the Effective Time of the Dissolution

    Board discretion to abandon dissolution in favor of alternative transactions.

  • DroppedRisks Relating to the Potential Dissolution of our Company and Potential Strategic Transaction

    Further stockholder approval will not be required in connection with the implementation of the Plan of Dissolution, including the sale or disposition of all or substantially all of our assets following the Effective Time of the Dissolution pursuant to the Plan of Dissolution

    Stockholder liability to creditors for liquidating distributions if reserves prove inadequate.

  • DroppedRisks Relating to the Potential Dissolution of our Company and Potential Strategic Transaction

    If we proceed with the Dissolution, our stockholders may not be able to recognize a loss for U.S. federal income tax purposes until they receive a final distribution from us

    Risk of pursuing bankruptcy if stockholders reject dissolution.

  • DroppedRisks Relating to the Potential Dissolution of our Company and Potential Strategic Transaction

    The loss of members of our senior executive management team could adversely affect our ability to operate our remaining business and administer the Dissolution process

    Intangible asset impairment or depreciation expenses from potential strategic transactions.

  • DroppedRisks Relating to the Potential Dissolution of our Company and Potential Strategic Transaction

    Resources may be wasted in searching for Potential Strategic Transactions that are not completed, which could materially adversely affect stockholder value, including distributions as part of the Dissolution (if any)

    Closure of stock transfer books upon dissolution preventing share trading.

  • DroppedRisks Relating to Owning Our Common Stock

    adverse developments with respect to the Dissolution or any other Potential Strategic Transaction

    No further stockholder approval needed to implement dissolution plan or asset sales.

  • DroppedRisks Relating to Owning Our Common Stock

    If we become a “shell company,” the holders of our restricted securities and control securities will not be able to sell their securities in reliance on Rule 144

    Delay in tax loss recognition for stockholders until final dissolution distribution.

Reworded

  • 88% rewrittenRisks Relating to Owning Our Common Stock

    We do not expect to pay dividends in the future, and any return on investment may be limited to the value of our stock

    Removed references to dissolution distributions and Series B Preferred Stock dividends, stating dividends depend on future financial conditions.

    Was: We have not paid dividends or repurchased stock in the past and do not expect to pay dividends or repurchase stock in the future, and any return on investment may be limited to the value of our stock

  • 86% rewrittenRisks Relating to Owning Our Common Stock

    The price of our common stock may fluctuate substantially, which may result in losses to our stockholders

    Replaced dissolution volatility factors with risks tied to blockchain asset holdings, regulatory changes, and SKY market developments.

  • 83% rewrittenRisks Relating to Owning Our Common Stock

    Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited

    Updated Section 382 net operating loss limitations language to reflect historical ownership shifts from capital raising.

  • 82% rewrittenRisks Relating to Our Business

    As a result of the completion of the Avenova Asset Divestiture and the PhaseOne Divestiture, we no longer have a significant revenue generating wound care business

    Updated wound care business wind-down status, noting completed outsourced manufacturing and no dedicated employees.

    Was: As a result of the completion of the Avenova Asset Sale and the Wound Care Divestiture, we no longer have a significant revenue generating business

  • 78% rewrittenRisks Relating to Our Business

    We may be subject to litigation, which is expensive and could divert our attention

    Updated past litigation to disclose a March 2025 settlement where warrants were repurchased for $1.8 million.

  • 72% rewrittenRisks Relating to Our Business

    We remain liable for claims, expenses and contingent liabilities that may arise related to our business operations prior to the completion of the Avenova Asset Divestiture and the PhaseOne Divestiture that could have a material adverse effect on our financial condition

    Removed references to the Dissolution process while retaining pre-closing liabilities for eye and wound care businesses.

    Was: We remain liable for claims and expenses that may arise related to our business operations prior to the completion of the Avenova Asset Sale and the Wound Care Divestiture

  • 72% rewrittenRisks Relating to Owning Our Common Stock

    Our stockholders may experience significant dilution as a result of the potential exercise of outstanding pre-funded warrants

    Disclosed massive dilution from 168,620,309 pre-funded warrants exercisable as of March 2026 against 26,625,029 outstanding shares.

    Was: Our stockholders may experience significant dilution as a result of the conversion of the Series B Preferred Stock and the potential exercise of outstanding common stock purchase warrants

  • 68% rewrittenRisks Relating to Owning Our Common Stock

    Offers of new securities or availability for sale of a substantial number of shares of our common stock, including as a result of the exercise of outstanding warrants may cause the price of our publicly traded securities to decline

    Replaced convertible notes and preferred stock with January 2026 pre-funded warrants representing 87% of outstanding shares.

    Was: Offers or availability for sale of a substantial number of shares of our common stock, including as a result of the conversion of the Series B Preferred Stock, conversion of the Unsecured Convertible Notes and/or the exercise of outstanding warrants may cause the price of our publicly traded securities to decline

  • 48% rewrittenRisks Relating to Our Business

    Significant disruptions of information technology systems or breaches of information security could adversely affect our businesses

  • 23% rewrittenRisks Relating to Owning Our Common Stock

    We may issue additional shares of our common stock, other series or classes of preferred stock or other equity securities without your approval, which would dilute your ownership interests and may depress the market price of your shares

All 59 risk factors

Headings as the filing states them, in filing order.

Other

  1. 01If we fail to fully comply with privacy and data protection laws and regulations, we could incur significant civil and criminal penalties and liabilities, suffer reputational damage, and adverse publicityNew
  2. 02Business disruptions could materially adversely affect our operating results or result in a material weakness in our internal controls that could adversely affect the market price of our stockNew
  3. 03We no longer have a significant revenue generating wound care businessNew

Risks Relating to Owning Our Common Stock

  1. 04Provisions of our charter, by-laws and Delaware law may have anti-takeover effects that could prevent a change in control even if the change in control would be beneficial to our stockholdersNew
  2. 51The price of our common stock may fluctuate substantially, which may result in losses to our stockholders86% rewritten
  3. 52Offers of new securities or availability for sale of a substantial number of shares of our common stock, including as a result of the exercise of outstanding warrants may cause the price of our publicly traded securities to decline68% rewritten
  4. 53Our common stock may trade at a discount to our net asset value, and investors could experience losses unrelated to the performance of our underlying blockchain-based asset holdingsNew
  5. 54We are subject to the continued listing standards of the NYSE American and our failure to satisfy these criteria may result in de-listing of our common stockNew
  6. 55We may issue additional shares of our common stock, other series or classes of preferred stock or other equity securities without your approval, which would dilute your ownership interests and may depress the market price of your shares23% rewritten
  7. 56Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited83% rewritten
  8. 57Our stockholders may experience significant dilution as a result of the potential exercise of outstanding pre-funded warrants72% rewritten
  9. 58We do not expect to pay dividends in the future, and any return on investment may be limited to the value of our stock88% rewritten
  10. 59Changes in our senior executive management team could adversely affect our ability to operate our business segmentsNew

Risks Related to Our Blockchain-Based Strategy

  1. 05We have adopted a blockchain-based asset strategy with a focus on SKY, and we may be unable to successfully implement this new strategyNew
  2. 06The Sky network (or Sky Protocol) involves significant risks that we are unable to controlNew
  3. 07The price of SKY has historically been subject to significant price fluctuations and is highly volatileNew
  4. 08Regulatory uncertainty surrounding blockchain-based assets within emerging financial infrastructure and network-based markets, including potential classification as securities and the risk of investment company status, could adversely affect our business, financial condition, and results of operationsNew
  5. 09We face risks relating to the use of third-party trading platforms in connection with our SKY-focused strategyNew
  6. 10Our financial results and the market price of our common stock may be affected by the prices of the assets held by us, and evolving accounting standards may increase earnings volatility and reporting complexityNew
  7. 11A cyberattack or other malicious attack on the SKY Protocol could have a material impact on the value of SKY held by the CompanyNew
  8. 12We face risks relating to the custody of our SKY tokens, including the loss or destruction of private keys required to access our SKY tokens and cyberattacks or other data loss relating theretoNew
  9. 13Decentralized finance arrangements may expose us to risks of smart contract risk, operational failures and cybersecurity threatsNew
  10. 14Our SKY strategy exposes us to risk of non-performance by counterpartiesNew
  11. 15Our ability to generate income from our blockchain-based asset holdings is subject to significant uncertainty, and revenue opportunities may not develop or may fail to perform as expectedNew
  12. 16The liquidity of SKY may also be impacted to the extent that changes in applicable laws and regulatory requirements negatively impact the ability of exchanges and trading venues to provide services for SKY and other blockchain-based assetsNew
  13. 17Political or economic crises may motivate large-scale sales of blockchain-based assets, which would result in a reduction in values and materially and adversely affect usNew
  14. 18Proof-of-stake blockchains are a relatively recent innovation, and have not been subject to as widespread use or adoption over as long of a period of time as traditional proof-of-work blockchainsNew
  15. 19SKY can be subject to extreme price volatility, and declines in its value could materially and adversely affect our financial conditionNew
  16. 20Changes in regulatory interpretations could require us to register as a money services business or money transmitter, leading to increased compliance costs or operational shutdownsNew
  17. 21The reliance on open-source code by blockchain-based asset networks exposes us to risks related to competitive networks and products built on such code, the failure of individuals to maintain that code, and discovery of security vulnerabilities that could threaten the ability of such networks to operateNew
  18. 22There are risks relating to USDS, the stablecoin underpinning the entire ecosystem. A material or prolonged de-pegging of USDS would lead to losses of our SKY holdingsNew
  19. 23There are other risks associated with the acceptance of stablecoins as a payment methodNew
  20. 24The emergence or growth of other digital assets, including those with significant private or public sector backing, including by governments, consortiums or financial institutions, could have a negative impact on the price of SKY and adversely impact our businessNew
  21. 25Stablecoins such as USDS face significant competitive and regulatory challenges that could undermine their success and, in turn, the value of SKYNew
  22. 26If interest rates rise or other opportunities in external DeFi protocol or traditional finance become more attractive, our digital asset strategy may underperform or become unsustainableNew
  23. 27The Company ’ s digital asset holdings will be less liquid than its cash and cash equivalents and may not be able to serve as a source of liquidity for the CompanyNew
  24. 28Taxation of blockchain-based assets is complex and evolvingNew
  25. 29There can be no assurance that tax authorities will not challenge the tax treatment of our blockchain-based asset holdings or that such challenges would not have a material adverse effect on our financial condition, results of operations, or cash flowsNew
  26. 30Our blockchain-based asset strategy business model has multiple layers of corporate finance risksNew
  27. 31Dilution Fatigue : Repeated capital raises through ATMs and PIPEs may desensitize investors. Without yield growth or NAV accretion, new issuances risk being seen as opportunistic liquidity events rather than long-term expansionNew
  28. 32Our blockchain-based asset treasury strategy and any decision to hold blockchain-based assets may increase our exposure to market volatility and potential uninsured lossesNew
  29. 33We hold cash and store blockchain-based assets for our treasury and hold fiat and digital assets for corporate investment and operating purposes. In addition, we store the majority of blockchain-based assets at third-party custodians for asset management productsNew
  30. 34We may make, or otherwise be subject to, trade errorsNew
  31. 35The irreversibility of digital asset transactions exposes us to risks of theft, loss and human error, which could negatively impact our businessNew
  32. 36Although we plan to transfer digital assets, it is possible that, through computer or human error, or through theft or criminal action, such assets could be transferred in incorrect amounts or to unauthorized third partiesNew
  33. 37The concentration of our blockchain-based asset holdings enhances the risks inherent in our treasury strategyNew
  34. 38Investors in our January 2026 Private Placement have certain consent rights that may influence our Digital Asset StrategyNew

Risks Relating to Our Business

  1. 39Our quarterly operating results, revenues, and expenses may fluctuate significantly, which could have an adverse effect on the market price of our listed securitiesNew
  2. 40For many reasons, including those described below, our operating results, revenues, and expenses may vary significantly in the future from quarter to quarter. These fluctuations could have an adverse effect on the market price of our listed securitiesNew
  3. 41the impact of war, terrorism, infectious diseases, natural disasters and other global events, and government responses to such events, on the global economy and the market for and price of SKYNew
  4. 42Significant disruptions of information technology systems or breaches of information security could adversely affect our businesses48% rewritten
  5. 43Employee or agent misconduct, or our failure to comply with anti-bribery and other laws or regulations, could harm our reputation, reduce our revenue and profits, and subject us to criminal and civil enforcement actionsNew
  6. 44If we fail to maintain an effective system of internal controls over financial reporting, we may not be able to accurately report our financial results. As a result, current and potential stockholders could lose confidence in our financial reporting, which could harm our business and the trading price of our stockNew
  7. 45If we are unable to recruit or retain skilled personnel, or if we lose the services of our current leadership, our business, operating results, and financial condition could be materially adversely affectedNew
  8. 46We may be unable to raise additional capital when needed or on acceptable terms, and future financings may be highly dilutiveNew
  9. 47Auditor transitions and internal control remediation may result in delays, increased costs, or identification of material weaknessesNew
  10. 48As a result of the completion of the Avenova Asset Divestiture and the PhaseOne Divestiture, we no longer have a significant revenue generating wound care business82% rewritten
  11. 49We remain liable for claims, expenses and contingent liabilities that may arise related to our business operations prior to the completion of the Avenova Asset Divestiture and the PhaseOne Divestiture that could have a material adverse effect on our financial condition72% rewritten
  12. 50We may be subject to litigation, which is expensive and could divert our attention78% rewritten

Other Stablecoin Development 10-Ks

  • FY2024 10-K risk factors
    26 risks

    The company completed the Avenova Asset Sale and Wound Care Divestiture, leaving it with no significant revenue-generating business. Operations are focused on pursuing a stockholder-approved dissolution or alternative strategic transactions while managing remaining cash of $10.4 million.

    Filed Apr 02, 2025

About this page

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.