# RTB Digital, Inc.: Form 10-Q for the period ended Jun 30, 2019

- Company: [RTB Digital, Inc.](/companies/rtb.md) (CIK 1419275)
- Form: 10-Q
- Filed: 2020-04-09
- Accepted by EDGAR: Apr 9, 2020, 15:16 ET
- Period: 2019-06-30
- Accession: 0001185185-20-000435
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1419275/000118518520000435/greenbox20190630_10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1419275/000118518520000435/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2019-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2019-04-01 to 2019-06-30 | $3.3m | us-gaap:Revenues |
| Revenue | 6 months, 2019-01-01 to 2019-06-30 | $4.3m | us-gaap:Revenues |
| Cost of revenue | 3 months, 2019-04-01 to 2019-06-30 | $3.0m | us-gaap:CostOfRevenue |
| Cost of revenue | 6 months, 2019-01-01 to 2019-06-30 | $3.8m | us-gaap:CostOfRevenue |
| Gross profit | 3 months, 2019-04-01 to 2019-06-30 | $267.7k | us-gaap:GrossProfit |
| Gross profit | 6 months, 2019-01-01 to 2019-06-30 | $509.4k | us-gaap:GrossProfit |
| Research and development | 3 months, 2019-04-01 to 2019-06-30 | $600.3k | us-gaap:ResearchAndDevelopmentExpense |
| Research and development | 6 months, 2019-01-01 to 2019-06-30 | $704.2k | us-gaap:ResearchAndDevelopmentExpense |
| Operating income | 3 months, 2019-04-01 to 2019-06-30 | −$905.6k | us-gaap:OperatingIncomeLoss |
| Operating income | 6 months, 2019-01-01 to 2019-06-30 | −$1.3m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2019-04-01 to 2019-06-30 | $24.7k | us-gaap:InterestExpense |
| Interest expense | 6 months, 2019-01-01 to 2019-06-30 | $175.0k | us-gaap:InterestExpense |
| Income tax | 3 months, 2019-04-01 to 2019-06-30 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2019-01-01 to 2019-06-30 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2019-04-01 to 2019-06-30 | −$1.3m | us-gaap:NetIncomeLoss |
| Net income | 6 months, 2019-01-01 to 2019-06-30 | −$2.6m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2019-04-01 to 2019-06-30 | −$0.01 | us-gaap:EarningsPerShareBasicAndDiluted |
| Diluted EPS | 6 months, 2019-01-01 to 2019-06-30 | −$0.02 | us-gaap:EarningsPerShareBasicAndDiluted |
| Operating cash flow | 6 months, 2019-01-01 to 2019-06-30 | $1.8m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 6 months, 2019-01-01 to 2019-06-30 | $41.6k | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Cash and equivalents | at 2019-06-30 | $0 | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2019-06-30 | $5.9m | us-gaap:AssetsCurrent |
| Total assets | at 2019-06-30 | $6.2m | us-gaap:Assets |
| Current liabilities | at 2019-06-30 | $9.3m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2019-06-30 | $9.5m | us-gaap:Liabilities |
| Long-term debt | at 2019-06-30 | $0 | us-gaap:LongTermDebtNoncurrent |
| Shareholders' equity | at 2019-06-30 | −$3.3m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 20,615 characters.

### Disclaimer Regarding Forward Looking Statements

Our Management’s Discussion and Analysis or Plan of Operations contains not only statements that are historical facts, but also statements that are forward-looking. Forward-looking statements are, by their very nature, uncertain and risky. These risks and uncertainties include international, national and local general economic and market conditions; demographic changes; our ability to sustain, manage, or forecast growth; our ability to successfully make and integrate acquisitions; raw material costs and availability; new product development and introduction; existing government regulations and changes in, or the failure to comply with, government regulations; adverse publicity; competition; the loss of significant customers or suppliers; fluctuations and difficulty in forecasting operating results; changes in business strategy or development plans; business disruptions; the ability to attract and retain qualified personnel; the ability to protect technology; and other risks that might be detailed from time to time in our filings with the Securities and Exchange Commission.

Although the forward-looking statements in this Quarterly Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this report and in our other reports as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of operations and prospects.

### Overview – Organization and New Name

***Organization –*** GreenBox POS (the “Company” or “PubCo”) was formerly known as ASAP Expo, Inc (“ASAP”), which was incorporated April 10, 2007 under the laws of the State of Nevada. On January 4, 2020, PrivCo and GreenBox POS, a Nevada corporation (“PubCo”) entered into the Agreement to memorialize the Verbal Agreement with PrivCo which was formed on August 10, 2017 (the seller). On April 12, 2018, pursuant to the Verbal Agreement, PubCo acquired PrivCo’s blockchain gateway and payment system business, point of sale system business, delivery business and kiosk business, and bank and merchant accounts, as well as all intellectual property related thereto (the “GreenBox Business”). As consideration for the GreenBox Business, on April 12, 2018, PubCo assumed PrivCo’s liabilities that had been incurred in the normal course of the GreenBox Business (collectively, the “GreenBox Acquisition”). For accounting and reporting purposes, PubCo deemed the GreenBox Acquisition a “Reverse Acquisition” with PrivCo designated the “accounting acquirer” and PubCo designated the “accounting acquiree.”

***New Name –*** On May 3, 2018, PubCo formally changed its name to GreenBox POS LLC, then subsequently changed its name to GreenBox POS on December 13, 2018.

### Management Discussion and Analysis

This MD&A section was prepared by the management of GreenBox POS (OTC: GRBX) (“GreenBox”, “GRBX”, the “Company”), in conjunction with the fiscal year ended December 31, 2019 financial activities and as part of the 10-K disclosure. The intent of this section is to discuss the financial activity disclosed from the perspectives of on-going Q1/20 and plans and projections for the remainder of 2020.

Q1/20 signify the return of operations in full scale for the Company. In Q4/2019, the Company invested in research and development, improving its acquiring platform and enabling safer, faster and significantly more scalable services. These technology improvements allow for major new capabilities, including Real Time Payments (RTP), a very sought-after payment feature. This change also reduces the Company COGS. Although the Company saw a decrease in operations in Q4/2019, the improved platform is expected to perform better than its predecessor platform and increase total volumes while increasing profit margins and operating sustainability. The Company returned to ramping up commercial large-scale operations, on-boarding large number of clients, and increasing the Company operational bandwidth to accommodate the needs of its clients. Q1/2020 continues to execute on these management directives.

#### Management is focused on the following KPI (Key Performance Indices):

| KPI | Description |
| --- | --- |
| **Annual Transactional Processing Volume (ATPV)** | The Company plans on processing an amount greater than $1B in FY2020. The Company’s Book of Business exceeds the processing goals for the year. By Q4/2020, the Company projects daily volumes to reach multimillion USD. |
| **Annual Gross Profit Margin (AGPM)** | This index matches the Company goals and remains at levels supporting the Company’s financial projections. |
| **Annual Gross Profit (AGP)** | At the targeted Annual Transactional Processing Volume goal and targeted Annual Gross Profit Margin, projected Annual Gross Profit is $18-20M for FY2020. |
| **Annual EBITDA** | The Company objective is to stay at or above 3% of Total Transactional Volume. At the targeted Annual Transactional Processing Volume goal, the Annual EBITDA equals $18-20M. |

#### \[Table 1\]

In order to process the targeted ATPV goal, $1B, the Company must be able to process close to $90M/month, or $3M/day, in a consistent fashion. The Company needed to invest further in its core technologies to reach this capacity, a task now completed. The Company now has the required bandwidth and technical capabilities to achieve this goal. The Company projects it will process transactions in volumes greater than $1M/day within Q2/2020 and will ramp up the targeted Average Daily Volumes in Q4/2020. We believe the current operational bandwidth for the Company is virtually unlimited.

| KPI | Description |
| --- | --- |
| **Average Monthly Transaction Count (AMTC)** | The Company projects an AMTC of more than 500,000 |
| **New Clients Backlog (NCB)** | The Company will continue to invest in on-boarding technologies in order to expedite the process and reduce backlog. There are five client statuses: application, KYC, on-boarding, integration, processing. Current backlog of clients at application stage is greater than 2,000. Our goal is to bring the NCB down to 200. |
| **Client Attrition** | Current attrition rates are under 5%. Company goal is to reduce it further and keep it under 3%. |

#### \[Table 2\]

Based on the above and the current traction in Q1/20, the Company is comfortable projecting approximately $18-20M EBITDA in FY20.

The Company owns all the IP rights for operations in its space: tokenizer, gateway, ledger manager and blockchain substrate. Other, supporting patents, such as fraud proofing, on-boarding accelerators, and an all new blockchain implementation, are pending.

With the visibility into the Company’s operation management has at the end of Q1/2020 the Company plans on uplisting to a senior exchange by Q1 of FY21 and does not plan on an artificial stock price increase, such as a reverse split. The current plan is to grow the company organically to the size and value required by the exchange.

The ATPV, Profitability and other major KPIs remain sensitive to regulatory changes global and national economic trends. These will impact and influence the Company’s product line, its potential mergers and acquisitions targets, its joint ventures and the Company’s technology emphasis.

### RESULTS OF OPERATIONS

Three Months Ended June 30, 2019 (Unaudited) Compared to Three Months Ended June 30, 2019 (Unaudited):

|  | Three Months Ended June 30, 2019 Amount | % of Revenue | 2018 Amount | % of Revenue | Changes Amount% |  |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $3,309,747 | 100.0% | $114,925 | 100.0% | $3,194,822 | 2779.9% |
| Cost of revenue | 3,042,022 | 91.9% | 17,922 | 15.6% | 3,024,100 | 16873.7% |
| **Gross profit** | 267,725 | 8.1% | 97,003 | 84.4% | 170,722 | 176.0% |
| **Operating expenses:** |  |  |  |  |  |  |
| Advertising and marketing | 12,603 | 0.4% | 91,873 | 79.9% | (79,270) | -86.3% |
| Research and development | 600,264 | 18.1% | 105,202 | 91.5% | 495,062 | 470.6% |
| Payroll and payroll taxes | 309,719 | 9.4% | 32,381 | 28.2% | 277,338 | 856.5% |
| Professional fees | 127,473 | 3.9% | 142,014 | 123.6% | (14,541) | -10.2% |
| General and administrative | 119,699 | 3.6% | 129,593 | 112.8% | (9,894) | -7.6% |
| Depreciation and amortization | 3,615 | 0.1% | 1,631 | 1.4% | 1,984 | 121.6% |
| **Total operating expenses** | 1,173,373 | 35.5% | 502,694 | 437.4% | 670,679 | 133.4% |
| **Loss from operations** | (905,648) | -27.4% | (405,691) | -353.0% | (499,957) | 123.2% |
| **Other Income (Expense):** |  |  |  |  |  |  |
| Interest expense | (24,738) | -0.7% | (84,270) | -73.3% | 59,532 | -70.6% |
| Interest expense - debt discount | - | 0.0% | - | 0.0% | - | n/a |
| Derivative expense | - | 0.0% | - | 0.0% | - | n/a |
| Changes in fair value of derivative liability | (412,158) | -12.5% | - | 0.0% | (412,158) | n/a |
| Asset impairment | - | 0.0% | - | 0.0% | - | n/a |
| Total other income (expense) | (436,896) | -13.2% | (84,270) | -73.3% | (352,626) | 418.4% |
| Loss before provision for income taxes | (1,342,544) | -40.6% | (489,961) | -426.3% | (852,583) | 174.0% |
| Provision for income taxes | - | 0.0% | - | 0.0% | - | 0.0% |
| **Net loss** | **$(1,342,544)** | **-40.6%** | **$(489,961)** | **-426.3%** | **$(852,583)** | **174.0%** |

### Revenue

For the three months ended June 30, 2019 and 2018, we recognized revenue of $3,309,747 and $114,925, respectively. Throughout 2018, we conducted numerous tests of our products and services, and began to sign up our initial customers. After a soft launch of the GreenBox Network during the last few days of June 2018, when we began processing transactions, we processed approximately $5,100,000 in completed transactions on behalf of merchants. We believe this accomplishment to be indicative of the validity of our proprietary blockchain-based systems, which are the foundation of the GreenBox Network, and indicative of our future potential.

### Cost of Goods Sold

Our Cost of Goods Sold (“COGS”) for payment processing consists of various processing fees paid to Gateways, as well as commission payments to the Independent Sales Organizations (“ISO”) responsible for establishing and maintaining merchant relationships, from which the processing transactions ensue. For the three months ended June 30, 2019 and 2018, our COGS associated with payment processing was $3,042,022 and $17,922, respectively, in which included the absorption by us, of chargebacks, which was limited to 2018, as a promotional tool. As regards Licensing Revenue, we do not incur any direct costs of services or products, thus we did not record COGS for Licensing Revenue.

### Operating Expenses

Overall, operating expenses increased during 2018 as the Company ramped up operations. For the three months ended June 30, 2019 and 2018, our general and administrative expense was $1,173,373 and $502,694, respectively, which was primarily due to our legal and professional expenses, most of which were outsourced, were $127,473 and $142,014, respectively; and our R&D expense was $600,264 and $105,202, respectively.

### Non-Operating Expenses

For the three months ended June 30, 2019 and 2018, we recorded non-operating expenses of $436,896 and $84,270, respectively, of which primarily represented $412,158 of changes in derivative liability for the three months ended June 30, 2019.

### RESULTS OF OPERATIONS

Six Months Ended June 30, 2019 (Unaudited) Compared to Six Months Ended June 30, 2018 (Unaudited):

|  | Six Months Ended June 30, 2019 Amount | % of Revenue | 2018 Amount | % of Revenue | Changes Amount% |  |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $4,277,745 | 100.0% | $114,925 | 100.0% | $4,162,820 | 3622.2% |
| Cost of revenue | 3,768,355 | 113.9% | 17,922 | 15.6% | 3,750,433 | 20926.4% |
| **Gross profit** | 509,390 | 15.4% | 97,003 | 84.4% | 412,387 | 425.1% |
| **Operating expenses:** |  |  |  |  |  |  |
| Advertising and marketing | 25,609 | 0.8% | 105,105 | 91.5% | (79,496) | -75.6% |
| Research and development | 704,186 | 21.3% | 163,022 | 141.9% | 541,164 | 332.0% |
| Payroll and payroll taxes | 547,047 | 16.5% | 37,979 | 33.0% | 509,068 | 1340.4% |
| Professional fees | 307,018 | 9.3% | 347,352 | 302.2% | (40,334) | -11.6% |
| General and administrative | 199,252 | 6.0% | 179,557 | 156.2% | 19,695 | 11.0% |
| Depreciation and amortization | 6,455 | 0.2% | 2,494 | 2.2% | 3,961 | 158.8% |
| **Total operating expenses** | 1,789,567 | 54.1% | 835,509 | 727.0% | 954,058 | 114.2% |
| **Loss from operations** | (1,280,177) | -38.7% | (738,506) | -642.6% | (541,671) | 73.3% |
| **Other Income (Expense):** |  |  |  |  |  |  |
| Interest expense | (174,953) | -5.3% | (85,848) | -74.7% | (89,105) | 103.8% |
| Interest expense - debt discount | (188,273) | -5.7% | - | 0.0% | (188,273) | n/a |
| Derivative expense | (634,766) | -19.2% | - | 0.0% | (634,766) | n/a |
| Changes in fair value of derivative liability | (365,370) | -11.0% | - | 0.0% | (365,370) | n/a |
| Asset impairment | - | 0.0% | (75,000) | -65.3% | 75,000 | -100.0% |
| Total other income (expense) | (1,363,362) | -41.2% | (160,848) | -140.0% | (1,202,514) | 747.6% |
| Loss before provision for income taxes | (2,643,539) | -79.9% | (899,354) | -782.6% | (1,744,185) | 193.9% |
| Provision for income taxes | - | 0.0% | - | 0.0% | - | 0.0% |
| **Net loss** | **$(2,643,539)** | **-79.9%** | **$(899,354)** | **-782.6%** | **$(1,744,185)** | **193.9%** |

32

### Revenue

For the six months ended June 30, 2019 and 2018, we recognized revenue of $4,277,745 and $114,925, respectively. Throughout 2018, we conducted numerous tests of our products and services, and began to sign up our initial customers. After a soft launch of the GreenBox Network during the last few days of June 2018, when we began processing transactions, we processed approximately $5,100,000 in completed transactions on behalf of merchants. We believe this accomplishment to be indicative of the validity of our proprietary blockchain-based systems, which are the foundation of the GreenBox Network, and indicative of our future potential.

### Cost of Goods Sold

Our Cost of Goods Sold (“COGS”) for payment processing consists of various processing fees paid to Gateways, as well as commission payments to the Independent Sales Organizations (“ISO”) responsible for establishing and maintaining merchant relationships, from which the processing transactions ensue. For the six months ended June 30, 2019 and 2018, our COGS associated with payment processing was $3,768,355 and $17,922, respectively, which included the absorption by us, of chargebacks, which was limited to 2018, as a promotional tool. As regards Licensing Revenue, we do not incur any direct costs of services or products, thus we did not record COGS for Licensing Revenue.

### Operating Expenses

Overall, operating expenses increased during 2018 as the Company ramped up operations. For the six months ended June 30, 2019 and 2018, our general and administrative expense was $1,789,567 and $835,509, respectively; our legal and professional expenses, most of which were outsourced, were $307,018 and $347,352, respectively; and our R&D expense was $704,186 and $163,022, respectively.

### Non-Operating Expenses

For the six months ended June 30, 2019 and 2018, we recorded non-operating expenses of $1,363,362 and $160,848, respectively, of which $174,953 and $85,848, respectively, were for interest, 634,766 represented derivative expense for the six months ended June 30, 2019. We also recorded $75,000 as asset impairment for the six months ended June 30, 2018.

### LIQUIDITY AND CAPITAL RESOURCES

Our working capital for the periods presented is summarized as follows:

### Cash Requirements

We incurred a working capital deficit of $3,440,350 as of June 30, 2019. For December 31, 2018, our working capital was $874,980. Based on our revenues, operational expenses, cash on hand and future operational needs, we will need to continue procuring capital from external sources, which may include equity, debt or hybrid financing, in order to fund operations.

### Cash Flow

The following table shows cash flows for the periods presented:

|  | Six Months Ended June 30, 2019 | 2018 |
| --- | ---: | ---: |
| Net cash provided by (used in) operating activities | $1,841,605 | $(640,679) |
| Net cash provided by (used in) investing activities | (41,634) | (23,676) |
| Net cash provided by (used in) financing activities | (89,000) | 945,730 |
| **Net increase (decrease) in cash** | **$(1,710,971)** | **$281,375** |

33

***Operating Activities –*** For the six months ended June 30, 2019 and 2018, net cash provided by (used in) operating activities was $1,841,605 and $(640,679), respectively, primarily due to timing of changes in assets and liabilities.

***Investing Activities –*** For the six months ended June 30, 2019 and 2018, net cash used in investing activities was $(41,634) and $(23,676), respectively, and was primarily due to purchases of property and equipment.

***Financing Activities –*** For the six months ended June 30, 2019 and 2018, net cash provided by (used in) financing activities was $(89,000) and $945,730, respectively, primarily due to borrowings from convertible debt and proceeds from issuance of common stock with offset of repayments under convertible and long-term debt.

### CRITICAL ACCOUNTING POLICIES

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, assumptions and estimates that affect the amounts reported in the our financial statements and the accompanying notes. The amounts of assets and liabilities reported on our balance sheet and the amounts of revenues and expenses reported for each of our fiscal periods are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue recognition, stock based compensation and the valuation of deferred taxes. Actual results could differ from these estimates. The following critical accounting policies are significantly affected by judgments, assumptions and estimates used in the preparation of the financial statements:

### Revenue Recognition

Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers outlines the basic criteria that must be met to recognize revenue and provide guidance for presentation of revenue and for disclosure related to revenue recognition policies in financial statements filed with the Securities and Exchange Commission. Management believes the Company’s revenue recognition policies conform to ASC 606.

The Company recognizes revenue when 1) it is realized or realizable and earned, 2) there is persuasive evidence of an arrangement, 3) delivery and performance has occurred, 4) there is a fixed or determinable sales price, and 5) collection is reasonably assured.

The Company generates revenue from payment processing services, licensing fees and equipment sales.

- Payment processing revenue is based on a percentage of each transaction’s value and/or upon fixed amounts specified per each transaction or service and is recognized as such transactions or services are performed.
- Licensing revenue is paid in advance and is recorded as unearned income, which is amortized monthly over the period of the licensing agreement.
- Equipment revenue is generated from the sale of POS products, which is recognized when goods are shipped.

### Income Taxes

The Company accounts for income taxes under ASC 740, “Income Taxes.” Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Management provides a valuation allowance for significant deferred tax assets when it is more likely than not that such asset will not be recovered.

## Market risk

As filed, 3,178 characters.

Our management, with the participation of our Chief Executive Officer and Executive Vice President, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Based on management's evaluation, our Chief Executive Officer and Executive Vice President concluded that, as a result of the material weaknesses described below, as of June 30, 2019, our disclosure controls and procedures are not designed at a reasonable assurance level and are ineffective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Executive Vice President, as appropriate, to allow timely decisions regarding required disclosure. The material weaknesses, which relate to internal control over financial reporting, that were identified are:

a) We did not have enough personnel in our accounting and financial reporting functions. As a result, we were not able to achieve adequate segregation of duties and were not able to provide for adequate reviewing of the financial statements. This control deficiency, which is pervasive in nature, results in a reasonable possibility that material misstatements of the financial statements will not be prevented or detected on a timely basis.

Management believes that the hiring of additional personnel who have the technical expertise and knowledge with the non-routine or technical issues we have encountered in the past will result in both proper recording of these transactions and a much more knowledgeable finance department as a whole. Due to the fact that our accounting staff consists of a Principal Financial Officer, a bookkeeper and external accounting consultants, additional personnel will also ensure the proper segregation of duties and provide more checks and balances within the department. Additional personnel will also provide the cross training needed to support us if personnel turnover issues within the department occur. We believe this will eliminate or greatly decrease any control and procedure issues we may encounter in the future.

We will continue to monitor and evaluate the effectiveness of our disclosure controls and procedures and our internal controls over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

Filed Apr 9, 2020.
Source: SEC EDGAR, the filing index for accession 0001185185-20-000435. Last ingested by Listed: Nov 4, 2026, 18:58 ET. No prices; not investment advice.