SMSI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-01

• current and potential future negative impacts from cost reduction efforts we have taken and may in the future undertake;

• adverse impact to our results of operations if we fail to realize the full value of our intangible assets;

• the dilutive impact to our stockholders of the exercise of our outstanding warrants;

• the risk of being delisted from Nasdaq if we continue to fail to meet any of its applicable listing requirements;

• the terms and repayment obligations may restrict our ability to obtain additional financing;

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• the risk of being delisted from Nasdaq if we continue to fail to meet any of its applicable listing requirements;

• In the third quarter we received approximately $1.1 million in gross proceeds in exchange for short-term notes and warrants. Additionally, in October we announced strategic cost reductions in our organization, primarily comprised of workforce reorganization, which we expect to result in cost savings…

• On April 3, 2024, we filed a certificate of amendment to our Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a one-for-eight (1:8) reverse stock split of the shares of the Company's Common Stock, par value $0.001 per share, with an eff…

• The table below sets forth certain statements of operations and comprehensive loss data expressed as a percentage of revenues for the three and nine months ended September 30, 2025 and 2024. Our historical results are not necessarily indicative of the operating results that may be expected in the fu…

• For the Three Months Ended September 30, For the Nine Months Ended September 30,

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• If we continue to fail to meet the requirements for continued listing on the Nasdaq Capital Market, our common stock could be delisted from trading on Nasdaq, which would likely reduce the liquidity of our common stock and could cause our trading price to decline.

• Our common stock is currently listed for quotation on the Nasdaq Capital Market. We are required to meet specified financial requirements in order to maintain our listing on Nasdaq. We could lose our listing on Nasdaq if the closing bid price of our common stock does not increase or if in the future…

• As initially disclosed on our Current Report on Form 8-K filed with the SEC on June 24, 2025, we received a letter from the Listing Qualifications Department, or the Staff, of The Nasdaq Stock Market LLC, or Nasdaq, on June 23, 2025, indicating that as result of the closing bid price of the Company’…

• Pursuant to Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until December 22, 2025 to regain compliance with the Minimum Bid Price Requirement. If at any time before December 22, 2025, the closing bid price of the common sto…

• The Company intends to monitor the closing bid price of its common stock and assess its available options in order to regain compliance with the Minimum Bid Price Requirement. If among such options the Company elects to pursue a reverse stock split to regain compliance with the Minimum Bid Price req…

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• The information set forth below is included for the purpose of providing the disclosure required by “Item 5.03 - Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year” of Form 8-K.

• On October 30, 2025, the Company’s Board of Directors adopted resolutions that approved an amendment to the Amended and Restated Bylaws of the Company, as amended, (the “Bylaws Amendment”) to provide that the holders of forty percent (40%) of the stock issued and outstanding and entitled to vote, pr…

• The above summary of the amendment to the Amended and Restated Bylaws, as amended, is qualified in its entirety to the full text of the Company’s bylaws, as amended, a copy of which is attached as Exhibit 3.2 to this Form 10-Q.