FULO — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2024-04-01

• We generated positive cash flow from our operating activities of approximately $690,000 and $774,000, for the twelve months ended December 31, 2023 and 2022, respectively. In addition, we were able to generate net income of approximately $532,000 and $672,000, for the twelve months ended December 31…

• As a result of revenue enhancement initiatives, cost saving initiatives, excess asset sales and the successful exit from the CLEC business, we have been able to significantly improve our working capital position and alleviate any substantial doubt about our ability to continue as a going concern as …

• Cybersecurity breaches or a failure in our mass notification service operations could disrupt our business

• We rely upon information technology systems and network products and the secure operation of these systems and products. Despite security measures, these systems and products may be vulnerable to physical damage, hackers, computer viruses, or breaches due to errors or malfeasance by employees, vendo…

• We face a risk of litigation resulting from customer misuse of our mass notification services, in violation of our published Terms of Service, to send unauthorized text and/or voice messages in violation of Federal and state laws and/or regulations. The actual or perceived improper sending of automa…

Text removed vs the prior filing · source: 10-K · 2023-03-31

• We started a number of initiatives in 2017 which included revenue enhancement initiatives, cost saving initiatives, the sale of excess assets and an orderly exit from the CLEC business. We were successful with our revenue enhancement and cost saving initiatives and in selling certain excess assets i…

• As a result of these initiatives, we generated positive cash flow from our operating activities of approximately $774,000 and $1,419,000, for the twelve months ended December 31, 2022 and 2021, respectively. In addition, we were able to generate net income of approximately $672,000 and $893,000, for…

• We expect that the success of these initiatives will provide us with sufficient liquidity to operate for the next 12 months.

• As a result of the revenue enhancement initiatives, the cost saving initiatives, the excess asset sales and the successful exit from the CLEC business, we have been able to significantly improve our working capital position and alleviate any substantial doubt about our ability to continue as a going…

• development of our products and to introduce our products and/or services into the marketplace in a timely manner, to continually enhance and improve our software and to successfully develop and market new products. There is no assurance that we will be able to compete successfully, that competitors…

Text added vs the prior filing · source: 10-K · 2024-04-01

• a reliable network, knowledgeable salespeople and the quality of technical support are currently the primary competitive factors in our targeted market and that price is usually secondary to these factors.

• As long as we are a provider of telecommunications related services, we are affected by regulatory proceedings in the ordinary course of our business at the state and Federal levels. These include proceedings before both the Federal Communications Commission and the Oklahoma Corporation Commission (…

• The following table sets forth certain statement of operations data as a percentage of revenues for the years ended December 31, 2023 and 2022:

• Year Ended December 31, 2023 Compared to Year Ended December 31, 2022

• Revenue decreased $77,179 or 1.8% to $4,191,084 for the year 2023 from $4,268,263 for the year 2022. This decrease was primarily attributable to the loss of a customized live help-desk outsourcing service customer.

Text removed vs the prior filing · source: 10-K · 2023-03-31

• As long as we are a provider of telecommunications related services, we are affected by regulatory proceedings in the ordinary course of our business at the state and Federal levels. These include proceedings before both the Federal Communications Commission and the Oklahoma Corporation Commission (…

• The following table sets forth certain statement of operations data as a percentage of revenues for the years ended December 31, 2022 and 2021:

• Year Ended December 31, 2022 Compared to Year Ended December 31, 2021

• Revenue increased $132,747 or 3.2% to $4,268,263 for the year 2022 from $4,135,516 for the year 2021. This increase was primarily attributable to the net addition of new customers and the sale of additional services to existing customers and reflects an increased interest in our automated group text…

• In 2022, we had other income of $72,605, consisting of interest income of $40,833 and income from debt extinguishment of $31,772. In 2021, we had other income of $20,835, which consisted primarily of the settlement of a property damage claim.