Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Commission file number: 0-52577 (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdicti ...

CLAYTON, Mo., Feb. 13, 2024 (GLOBE NEWSWIRE) -- FutureFuel Corp. (NYSE: FF) (“FutureFuel”), a manufacturer of custom and performance chemicals and biofuels, announced today that it will release its year end 2023 financial results after market close on Thursday, March 14, 2024. About FutureFuel FutureFuel is a leading manufacturer of diversified chemical products, specialty chemical products, and biofuel products. In its chemicals business, FutureFuel manufactures specialty chemicals for specific customers ( ...

CLAYTON, Mo., Feb. 13, 2024 (GLOBE NEWSWIRE) -- FutureFuel Corp. (NYSE:FF) ("FutureFuel"), a manufacturer of custom and performance chemicals and biofuels, announced today that it will release its year end 2023 financial results after market close on Thursday, March 14, 2024. About FutureFuel FutureFuel is a leading manufacturer of diversified chemical products, specialty chemical products, and biofuel products. In its chemicals business, FutureFuel manufactures specialty chemicals for specific customers (" ...

CLAYTON, Mo., Feb. 06, 2024 (GLOBE NEWSWIRE) -- FutureFuel Corp. (NYSE:FF) ("FutureFuel"), a manufacturer of custom and performance chemicals and biofuels, today announced that it has declared its 2023 quarterly dividend program, declaring normal quarterly cash dividends of U.S. $0.06 per share, with the following record and payment dates: Record DatesPayment DatesMarch 4, 2024March 18, 2024June 4, 2024June 18, 2024September 4, 2024September 18, 2024December 4, 2024December 18, 2024 About FutureFuel FutureF ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ Commission file number: 0-52577 (Exact Name of Registrant as Specified in Its Charter) Incorporation or Organization) 8235 Forsy ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ Commission file number: 0-52577 (Exact Name of Registrant as Specified in Its Charter) Incorporation or Organization) 8235 Forsyth Bl ...

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) Part I details the company's financial performance and condition, including statements, management analysis, market risk, and internal controls [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements.) The company reported a significant Q1 2023 turnaround with **$21.1 million** net income, **76%** revenue growth, and increased assets, despite negative operating cash flow Consolidated Statements of Operations (Q1 2023 vs Q1 2022) | Financial Metric | Three Months Ended March 31, 2023 ($) | Three Months Ended March 31, 2022 ($) | | :--- | :--- | :--- | | **Revenue** | 74,161 | 42,074 | | **Gross profit (loss)** | 21,623 | (7,155) | | **Income (loss) from operations** | 18,251 | (9,607) | | **Net income (loss)** | 21,081 | (12,398) | | **Diluted earnings (loss) per share** | 0.48 | (0.28) | Consolidated Balance Sheet Highlights | Balance Sheet Item | March 31, 2023 ($) | December 31, 2022 ($) | | :--- | :--- | :--- | | Cash and cash equivalents | 145,058 | 175,640 | | Inventory | 69,234 | 26,761 | | Total Assets | 373,278 | 355,969 | | Total Liabilities | 69,180 | 72,969 | | Total Stockholders' Equity | 304,098 | 283,000 | Consolidated Statements of Cash Flows | Cash Flow Activity | Three Months Ended March 31, 2023 ($) | Three Months Ended March 31, 2022 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | (29,810) | (10,576) | | Net cash provided by (used in) investing activities | 1,868 | (3,335) | | Net cash used in financing activities | (2,640) | (2,626) | [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key notes detail revenue recognition, the impact of tax credits, derivative instrument accounting, the credit facility's LIBOR to SOFR transition, and strong Biofuels segment performance - The Biodiesel Blenders' Tax Credit (BTC) of **one dollar per gallon** is recorded as a reduction to cost of goods sold and is set to expire on **December 31, 2024**[19](index=19&type=chunk) - As of March 31, 2023, approximately **$13.95 million** of revenue is expected to be recognized from remaining performance obligations over the next three to four years[28](index=28&type=chunk) - The company recorded a gain of **$8.3 million** on derivative instruments in Q1 2023, compared to a loss of **$9.1 million** in Q1 2022, with these instruments not designated as accounting hedges[38](index=38&type=chunk) - On March 1, 2023, the company amended its credit agreement to transition its credit facility from **LIBOR** to the **Secured Overnight Financing Rate (SOFR)**, with no borrowings under the facility as of March 31, 2023[54](index=54&type=chunk)[56](index=56&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) MD&A highlights **75.5%** revenue growth driven by biofuels, a surge in gross profit due to derivative gains and LIFO adjustments, and strong liquidity despite negative operating cash flow Summary of Financial Results (Q1 2023 vs Q1 2022) | | 2023 ($) | 2022 ($) | Dollar Change ($) | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 74,181 | 42,261 | 31,920 | 76% | | **Income (loss) from operations** | 18,251 | (9,607) | 27,858 | n/a | | **Net income (loss)** | 21,081 | (12,398) | 33,479 | n/a | | **Adjusted EBITDA** | 12,495 | 2,098 | 10,397 | 496% | - The increase in gross profit to **$21.6 million** from a loss of **$7.2 million** was primarily driven by a gain on derivative instruments of **$8.3 million** (vs. a **$9.1 million** loss in Q1 2022) and a positive LIFO inventory adjustment of **$3.8 million**[93](index=93&type=chunk) - Cash used in operating activities increased to **$29.8 million**, mainly due to a **$31.8 million** cash outflow for inventory changes and an **$11.0 million** outflow for accounts receivable changes[113](index=113&type=chunk) [Results of Operations by Segment](index=21&type=section&id=Results%20of%20Operations) Biofuels segment drove performance with **152.6%** revenue growth and a significant gross profit turnaround, while Chemicals saw modest revenue growth and strong gross profit improvement Chemicals Segment Performance (Q1 2023 vs Q1 2022) | Metric | 2023 ($) | 2022 ($) | Change ($) | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | 21,881 | 21,561 | 320 | 1.5% | | **Gross Profit** | 8,623 | 5,418 | 3,205 | 59.2% | Biofuels Segment Performance (Q1 2023 vs Q1 2022) | Metric | 2023 ($) | 2022 ($) | Change ($) | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | 52,300 | 20,700 | 31,600 | 152.6% | | **Gross Profit (Loss)** | 13,000 | (12,573) | 25,573 | n/a | [Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company manages commodity price risk for inputs and outputs through contracts and derivatives, with a **10%** adverse feedstock price change potentially decreasing gross profit by **$5.3 million** - The company uses derivative instruments to manage price risk in the biofuels segment, but these do not qualify for hedge accounting, leading to volatility in reported net income; the fair value of these instruments was a net asset of **$4.8 million** at March 31, 2023[127](index=127&type=chunk)[128](index=128&type=chunk) Market Risk Sensitivity Analysis (Q1 2023) | Item | Hypothetical Adverse Price Change | Decrease in Gross Profit ($) | Percentage Decrease in Gross Profit | | :--- | :--- | :--- | :--- | | **Biodiesel feedstocks** | 10% | 5,320 | 24.6% | | **Methanol** | 10% | 257 | 1.2% | [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were **effective** as of the end of the reporting period, March 31, 2023[135](index=135&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter ended March 31, 2023, that have materially affected, or are reasonably likely to materially affect, internal controls[137](index=137&type=chunk) [PART II OTHER INFORMATION](index=30&type=section&id=PART%20II%20OTHER%20INFORMATION) Part II covers legal proceedings, risk factors, and other miscellaneous disclosures, confirming no material changes or significant new events [Legal Proceedings and Risk Factors](index=30&type=section&id=Item%201.%20Legal%20Proceedings.) The company is **not involved in material legal proceedings**, and **no material changes** to previously disclosed risk factors have occurred - The company is **not involved in any material pending legal proceedings** outside of ordinary business litigation[140](index=140&type=chunk) - There have been **no material changes** to the risk factors disclosed in the Annual Report for the year ended December 31, 2022[141](index=141&type=chunk) [Other Information (Items 2-6)](index=30&type=section&id=Other%20Items) No unregistered equity sales, senior security defaults, mine safety disclosures, or other material information were reported, with standard certifications and data files included - The company reported **no activity** under Item 2 (Unregistered Sales of Equity Securities), Item 3 (Defaults Upon Senior Securities), Item 4 (Mine Safety Disclosures), and Item 5 (Other Information)[142](index=142&type=chunk)[144](index=144&type=chunk)[146](index=146&type=chunk)[148](index=148&type=chunk)

Financial Performance - Total revenue for 2022 was $395,555,000, representing a 23.5% increase from $320,125,000 in 2021[312]. - Gross profit increased to $28,993,000 in 2022, up from $23,537,000 in 2021, reflecting a 23.5% growth[312]. - Net income for 2022 was $15,211,000, a decrease of 42.1% compared to $26,255,000 in 2021[312]. - Total revenue for 2022 was $396.014 million, an increase of 23.2% from $321.386 million in 2021[458]. - Biofuels revenue reached $315.121 million in 2022, up 24.1% from $253.844 million in 2021[458]. - Chemicals revenue increased to $80.893 million in 2022, a rise of 19.7% compared to $67.542 million in 2021[458]. - The company reported a net income of $14.933 million in Q4 2022, compared to a net loss of $12.398 million in Q1 2022[460]. Assets and Liabilities - Total assets increased to $355,969,000 in 2022, up from $344,330,000 in 2021, marking a growth of 3.8%[309]. - Total liabilities rose to $72,969,000 in 2022, compared to $55,402,000 in 2021, indicating a 31.7% increase[309]. - Cash and cash equivalents at the end of 2022 were $175,640,000, an increase of 27.7% from $137,521,000 in 2021[314]. - The carrying value of total inventory as of December 31, 2022, was $26,761 thousand, slightly down from $26,920 thousand in 2021[376]. - The Company’s trade receivables included in accounts receivable were $16,459 thousand as of December 31, 2022, down from $20,780 thousand in 2021[368]. - The total stockholders' equity as of December 31, 2022, was $283,000, down from $371,883 in 2021[326]. Cash Flow and Dividends - Net cash provided by operating activities was $52,451,000 in 2022, an increase from $44,084,000 in 2021[314]. - Dividends payable in 2022 amounted to $10,503,000, compared to no dividends in 2021[309]. - Cash dividends declared in 2022 amounted to $21,006, compared to $109,408 in 2021[326]. Market Risks - A hypothetical 10% adverse change in the average price of biodiesel feedstocks (51,675 GAL) would result in a decrease in gross profit of $26,437,000, representing a 91.2% decrease[296]. - The company seeks to mitigate market risks by entering into term sale contracts with price adjustment protections, although raw material price risk remains significant[291]. - The gross profit is significantly impacted by the prices paid for raw materials and conversion costs, which are subject to wide fluctuations[294]. - A hypothetical 10% adverse change in the price of methanol (8,630 GAL) would lead to a gross profit decrease of $1,102,000, representing a 3.8% decrease[296]. - The company considers its foreign currency risk to be immaterial due to the insignificance of transactions denominated in foreign currency[297]. Tax and Valuation - The company recorded a deferred income tax asset valuation allowance, which requires management's judgment regarding projected future taxable income[305]. - The income tax benefit for 2022 was $1,473, reflecting an effective tax rate of (10.7%), compared to a benefit of $10,325 and an effective rate of (64.8%) in 2021[407]. - The Company recorded a valuation allowance that reduces its net deferred tax asset to $0 in 2022[412]. - The total deferred tax assets as of December 31, 2022, were $20,664,000, slightly down from $20,961,000 in 2021[417]. - The company recorded a valuation allowance of $7,392,000 against its deferred tax assets as of December 31, 2022[417]. Research and Development - Research and development expenses were $3,415,000 in 2022, slightly down from $3,484,000 in 2021[312]. Derivative Instruments - The company had no derivative instruments that qualified as designated accounting hedges in 2022 or 2021[292]. - The Company reported a net loss on derivative instruments of $24,360 thousand for the year ended December 31, 2022, compared to a net loss of $10,377 thousand in 2021[377]. Environmental and Closure Costs - The company established reserves for closure/post-closure costs associated with environmental assets, estimating useful lives of up to 27 years[338]. - The liability for asset retirement obligations and environmental contingencies was $1,396 as of December 31, 2022, compared to $1,363 in 2021[397]. Employee Compensation - The company contributed $1,719,000 to its 401(k) matching savings plan in 2022, a decrease from $1,770,000 in 2021[443]. - The total share-based compensation expense for 2022 was $46,000, compared to $49,000 in 2020[435]. - As of December 31, 2022, there were 44,000 stock options outstanding with a weighted average exercise price of $10.74[439]. - The company has 4,310,167 options available for grant under the Incentive Plan as of December 31, 2022[438]. Customer Concentration - For the year ended December 31, 2022, sales to two biodiesel customers totaled $107,898, representing 27% of total revenue[325]. - Significant portions of the company's sales were made to a small number of customers, with one customer accounting for 12% of revenue in 2020[325].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ Commission file number: 0-52577 (Exact Name of Registrant as Specified in Its Charter) (314) 854-8352 (Registrant's Telephone Nu ...

PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements.) This section presents the unaudited consolidated financial statements for the period ended June 30, 2022, including the balance sheets, statements of operations, stockholders' equity, and cash flows [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2022, total assets were $337.4 million, a slight decrease from $344.3 million at year-end 2021, while total liabilities increased to $74.6 million from $55.4 million Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $252,843 | $255,833 | | **Total Assets** | **$337,386** | **$344,330** | | **Total Current Liabilities** | $60,816 | $35,056 | | **Total Liabilities** | **$74,580** | **$55,402** | | **Total Stockholders' Equity** | **$262,806** | **$288,928** | [Consolidated Statements of Operations and Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) For the six months ended June 30, 2022, the company reported a net loss of $15.5 million, or ($0.35) per share, a significant increase from the $5.3 million net loss in the prior-year period Six Months Ended June 30, (in thousands, except per share amounts) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Revenue** | $159,714 | $114,971 | | **Gross Profit (Loss)** | $(6,178) | $(10,779) | | **Loss from Operations** | $(11,122) | $(15,061) | | **Net Loss** | **$(15,502)** | **$(5,292)** | | **Diluted Loss Per Share** | **$(0.35)** | **$(0.12)** | [Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity decreased from $288.9 million at the end of 2021 to $262.8 million at June 30, 2022, primarily due to a net loss of $15.5 million and cash dividends declared of $10.5 million Changes in Stockholders' Equity (Six Months Ended June 30, 2022, in thousands) | Description | Amount | | :--- | :--- | | **Balance - December 31, 2021** | **$288,928** | | Cash dividends declared | $(10,503) | | Net loss (Q1 + Q2) | $(15,502) | | Other comprehensive loss | $(117) | | **Balance - June 30, 2022** | **$262,806** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2022, net cash used in operating activities was $1.9 million, resulting in a net decrease in cash and cash equivalents of $8.4 million Cash Flow Summary (Six Months Ended June 30, in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(1,910) | $(2,349) | | **Net cash (used in) provided by investing activities** | $(1,206) | $16,248 | | **Net cash used in financing activities** | $(5,251) | $(114,427) | | **Net change in cash and cash equivalents** | **$(8,367)** | **$(100,528)** | [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies and financial components, including segment performance, revenue recognition, tax credits, and derivative instrument losses - The company operates in two segments: chemicals (custom manufacturing and performance chemicals) and biofuels (primarily biodiesel production and sales)[19](index=19&type=chunk)[20](index=20&type=chunk) - The Biodiesel Blenders' Tax Credit (BTC) provides a **$1.00 per gallon credit**, which the company records as a reduction to cost of goods sold. The credit is set to expire on December 31, 2022[23](index=23&type=chunk) - Losses on derivative instruments, recorded in cost of goods sold, amounted to **$26.6 million** for the six months ended June 30, 2022, compared to a loss of **$8.0 million** in the same period of 2021[43](index=43&type=chunk) Segment Performance (Six Months Ended June 30, in thousands) | Segment | Revenue 2022 | Revenue 2021 | Gross Profit (Loss) 2022 | Gross Profit (Loss) 2021 | | :--- | :--- | :--- | :--- | :--- | | **Chemicals** | $39,755 | $31,657 | $9,614 | $2,984 | | **Biofuels** | $120,302 | $83,977 | $(15,792) | $(13,763) | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the company's financial results, highlighting a 38% revenue increase for the first six months of 2022, offset by significant losses on derivative instruments and unfavorable LIFO inventory adjustments, leading to a wider net loss [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Consolidated revenue for the six months ended June 30, 2022, increased by 38.4% to $160.1 million, primarily due to higher sales prices, but the net loss widened to $15.5 million from $5.3 million in the prior-year period Consolidated Results Summary (Six Months Ended June 30) | Metric | 2022 | 2021 | Change (%) | | :--- | :--- | :--- | :--- | | **Revenues** | $160,057 | $115,634 | 38.4% | | **Gross Profit (Loss)** | $(6,178) | $(10,779) | 42.7% | | **Net Loss** | $(15,502) | $(5,292) | (192.9%) | - The increase in gross profit for the six months ended June 30, 2022 was mostly offset by a significant loss of **$26.6 million** from derivative instruments, compared to an **$8.0 million** loss in the same period of 2021[117](index=117&type=chunk) - The Chemical segment's gross profit increased by **222.2%** to **$9.6 million** for the first six months of 2022, driven by higher sales and the absence of unusually high natural gas prices seen in the prior year[125](index=125&type=chunk)[126](index=126&type=chunk) - The Biofuels segment's gross loss increased to **$15.8 million** in the first six months of 2022 from **$13.8 million** in 2021, primarily due to larger losses on derivative instruments[128](index=128&type=chunk)[131](index=131&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position with $129.2 million in cash and cash equivalents and no outstanding debt as of June 30, 2022, with sufficient resources to fund operations and capital requirements Cash Flow Summary (Six Months Ended June 30, in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(1,910) | $(2,349) | | Net cash (used in) provided by investing activities | $(1,206) | $16,248 | | Net cash used in financing activities | $(5,251) | $(114,427) | - The company has a **$100 million** revolving credit facility that terminates on March 30, 2025, with no borrowings outstanding as of June 30, 2022[146](index=146&type=chunk)[66](index=66&type=chunk) - Financing activities in the first six months of 2021 included a special cash dividend payment of **$109.4 million**, compared to regular dividend payments in 2022[144](index=144&type=chunk)[148](index=148&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company is primarily exposed to commodity price risk for raw materials and finished products in its chemicals and biofuels segments, mitigated by contracts and derivatives, with no interest rate risk as of June 30, 2022 - The company uses exchange-traded commodity futures and options contracts to manage price risk from market fluctuations in biofuels prices[157](index=157&type=chunk) Sensitivity Analysis: Impact of a 10% Adverse Price Change on Gross Profit | Item | Decrease in Gross Profit (in thousands) | Percentage Decrease in Gross Profit | | :--- | :--- | :--- | | **Biodiesel feedstocks** | $10,533 | 170.5% | | **Methanol** | $524 | 8.5% | | **Natural gas** | $449 | 7.3% | - The company had no borrowings at June 30, 2022, and therefore was not exposed to interest rate risk[164](index=164&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that the company's disclosure controls and procedures were not effective as of the end of the period due to a material weakness in internal control over financial reporting related to an income tax valuation allowance calculation - A material weakness was identified in internal control over financial reporting related to an error in the income tax valuation allowance calculation that was not identified upon review[166](index=166&type=chunk) - To remediate the deficiency, the company plans to utilize a third party to review the valuation allowance for the life of the net operating losses[168](index=168&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings.) The company is not a party to any material pending legal proceedings, other than routine litigation incidental to its business, and does not expect any current matters to have a material adverse effect on its financial condition or results of operations - The company is not involved in any material legal proceedings beyond ordinary routine litigation incidental to its business[173](index=173&type=chunk) [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors.) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2021 - No material changes to the risk factors disclosed in the 2021 Form 10-K were reported[174](index=174&type=chunk) [Other Items (Items 2, 3, 4, 5, 6)](index=35&type=section&id=Other%20Items%20%28Items%202%2C%203%2C%204%2C%205%2C%206%29) This section confirms there were no unregistered sales of equity securities, defaults upon senior securities, mine safety disclosures, or other material information to report for the quarter, and lists the exhibits filed with the report - The company reported "None" for Item 2 (Unregistered Sales of Equity Securities), Item 3 (Defaults Upon Senior Securities), Item 4 (Mine Safety Disclosures), and Item 5 (Other Information), indicating no reportable events in these categories[176](index=176&type=chunk)[178](index=178&type=chunk)[181](index=181&type=chunk)[183](index=183&type=chunk)