LATCH(LTCH) - 2022 Q4 - Annual Report

Financial Statements - The financial statements include audited consolidated financial statements for the years ended December 31, 2022, 2021 (restated), and 2020 (restated) [13] - The company has not filed amendments to previously filed Annual Reports or Quarterly Reports covering the Restated Financial Statement Periods, and investors should rely only on the information in the current Form 10-K [19] Internal Control and Reporting - Material weaknesses in internal control over financial reporting were identified as of December 31, 2022, in addition to those existing as of December 31, 2021 [24] - The company is taking steps to remediate material weaknesses in internal control over financial reporting [24] - The investigation identified errors in revenue recognition primarily due to failures in disclosing negotiated terms with channel partners and assessing collectability [21] - The investigation included a broad review of documents and interviews with current and former company officers and employees [20] Business Performance and Risks - The company is facing risks related to the performance of its stock, particularly due to limited liquidity and depressed trading prices following delisting from Nasdaq [27] - The company ceased presenting bookings-related metrics in its Annual Report for the year ended December 31, 2021, to better align with internal priorities [23] - The company is assessing the impact of macroeconomic conditions on its business and supply chain [27] Product Development - The company plans to continue developing new products and services to meet evolving customer demands [27]