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The Company follows “ Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ”. The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.
Read in the filing ↗ Also in 10-Q of Nov 13, 2025, 10-Q of May 14, 2026, 10-Q of Aug 19, 2026, 10-K of Mar 20, 2025, 10-Q of Aug 13, 2025
As a result of the above, in connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) 205-40, Presentation of Financial Statements - Going Concern,” management has determined that the Company’s liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern through twelve months from the date these consolidated financial statements were issued. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.
Read in the filing ↗ Also in 10-Q of Dec 19, 2025, 10-Q of Dec 19, 2025, 8-K of Dec 12, 2025, 8-K of Dec 12, 2025
In the past, we have identified conditions and events that raised substantial doubt about our ability to continue as a going concern and it is possible that we may identify conditions and events in the future that raise substantial doubt about our ability to continue as a going concern.
Read in the filing ↗ Also in 10-K of Mar 20, 2025, 10-K of Mar 20, 2025
Evaluation of Liquidity and the Company’s Ability to Continue as a Going Concern
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Our audit procedures related to the going concern assessment included the following, among others:
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We expect completion of either of the AT&T Transactions or SpaceX Transactions to fully resolve our going concern qualification, except for our Hughes Satellite Systems Corporation subsidiary. However, failure to complete the transactions or a significant reduction in consideration from the transactions may result in the continuation of our going concern qualification.
Read in the filing ↗ Also in 10-Q of Nov 6, 2025
(iv)significant concerns about the investee’s ability to continue as a going concern; and/or
Read in the filing ↗ Also in 10-K of Jan 26, 2026, 10-K of Jan 27, 2025, 10-K of Jan 27, 2025, 10-Q of Jul 21, 2025, 10-Q of Jul 21, 2025, 10-Q of Oct 27, 2025, 10-Q of Oct 27, 2025, 10-Q of Apr 27, 2026, 10-Q of Apr 27, 2026, 10-Q of Aug 3, 2026, 10-Q of Aug 3, 2026, 10-Q of Oct 26, 2026, 10-Q of Oct 26, 2026
We have experienced recurring losses and our ability to continue as a going concern is in doubt.
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• the conditions and events that raised substantial doubt about our ability to continue as a going concern;
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Accordingly, our independent registered public accounting firm stated in their report on our annual financial statements for the fiscal year ended September 30, 2024, that these conditions raise substantial doubt about our ability to continue as a going concern. If we are unable to continue as a going concern, our shareholders will likely lose all of their investment in the Company.
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Significant Accounting Policies - Liquidity and Going Concern of our financial statements included within this Annual Report on Form 10-K.
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Going Concern - Management evaluates at each annual and interim period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. Management’s evaluation is based on relevant conditions and events that are known and reasonably knowable at the date that the consolidated financial statements are issued. Management has concluded that there are no conditions or events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date of these financial statements.
Read in the filing ↗ Also in 10-K of Feb 25, 2025
contracts, and that this impacted the Company’s profitability and ability to continue as a going concern. The complaint seeks monetary
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See “Liquidity and Capital Resources” below for management’s assertions on the impact of the Concurrent Offerings on our going concern considerations.
Read in the filing ↗ Also in 10-Q of Aug 11, 2025, 8-K of Dec 10, 2025
We will need to raise additional capital to remain a going concern, which may not be available on acceptable terms, or at all.
Read in the filing ↗ Also in 10-K of Apr 15, 2025
bring to the market, (iv) significant concerns about the investee’s ability to continue as a going concern, and/or (v) a decision by
Read in the filing ↗ Also in 10-K of Jan 27, 2025
Evaluation of Going Concern assessment and of impairment of Kablooe goodwill and intangible assets (Note 1, Note 2 and Note 4 to the Consolidated Financial Statements)
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Gryphon’s independent registered public accounting firm’s report contains an explanatory paragraph that expresses substantial doubt about Gryphon’s ability continue as a “going concern.”
Read in the filing ↗ Also in 10-K of Mar 31, 2025
associated with this determination. Please see “Item 1A. Risk Factors - Risks Related to Our Business, Finance and Operations In the past, we have identified conditions and events that raised substantial doubt about our ability to continue as a going concern and it is possible that we may identify conditions and events in the future that raise substantial doubt about our ability to continue as a going concern” elsewhere in this Form 10-K for more information.
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In the prior reporting period, the Company identified certain conditions that raised substantial doubt about its ability to continue as a going concern. These conditions included the loss of a significant customer, the resulting decline in revenues and cash, and recurring operating losses. During the period from May 2025 to September 2025, the Company raised gross proceeds of over $1.65 billion through multiple equity financing transactions (see Note 8). As a result, the Company believes it now has sufficient liquidity to fund anticipated cash requirements for operations and working capital purposes through at least December 2026. As a result, the previously disclosed going concern uncertainty language has been removed as substantial doubt no longer exists regarding the Company’s ability to continue as a going concern.
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We identified the evaluation of the Company’s assessment of its ability to continue as a going concern and related disclosures as a critical audit matter. A high degree of audit effort and subjective and complex auditor judgment was involved in the assessment. Specifically, the assessment encompassed the evaluation of the Company's forecasted cash flows used in its going concern analysis, including the revenue growth rate assumptions and the impact of management’s planned cost reduction measures.
Read in the filing ↗ Also in 8-K of Dec 10, 2025
The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company had recurring losses and negative cash flows from operations that raise substantial doubt about their ability to continue as a going concern. Management has evaluated the events and conditions giving rise to this substantial doubt and has developed plans to address these matters. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Read in the filing ↗ Also in 10-K of Mar 14, 2025
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Read in the filing ↗ Also in 10-K of Dec 27, 2024
Prior to the 2025 PIPE Offering, our operations were primarily financed through sales of common stock in private placement and public offering transactions. As previously disclosed, we had expressed substantial doubt about our ability to continue as a going concern due to recurring losses and negative operating cash flows. With the successful completion of the 2025 PIPE Offerings, we believe that substantial doubt about our ability to continue as a going concern has been alleviated for at least the next twelve months.
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In the prior reporting period, we identified certain conditions that raised substantial doubt about our ability to continue as a going concern. These conditions included the loss of a significant customer, the resulting decline in revenues and cash, and recurring operating losses. During the period from May 2025 to September 2025, the Company raised gross proceeds of over $1.65 billion through the multiple equity financing transactions described above. Management has evaluated the Company’s ability to continue as a going concern and has concluded that the Company now has sufficient liquidity to fund anticipated cash requirements for operations and working capital purposes for at least one year from the date of issuance of these financial statements. As a result, substantial doubt about the Company’s ability to continue as a going concern no longer exists.
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Significant judgment is exercised by the Company in forecasting operating results which factor into the Company’s going concern assessment and its goodwill and intangible assets impairment analysis related to its Kablooe operating segment. Specifically, the forecasted operating results used by the Company in its going concern assessment and the impairment analysis of goodwill and intangible assets included in its Kablooe operating segment are sensitive to significant assumptions such as future revenue and expenses, all of which are affected by uncertain future events.
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The consolidated financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should we not continue as a going concern.
Read in the filing ↗ Also in 10-K of Mar 2, 2026
As of the date of this report, we currently do not have the necessary cash on hand, projected future cash flows or committed financing to fund our anticipated working capital needs, capital expenditures, interest payments and other contractual obligations over the next twelve months. These conditions raise substantial doubt about our ability to continue as a going concern and, as a result, a ‘going concern’ disclosure appears in the Notes to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.
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Management believes that its planned cost reduction measures can be successfully implemented and alleviate the substantial doubt that was raised about the Company’s ability to continue as a going concern.
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The condensed consolidated financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should we not continue as a going concern.
Read in the filing ↗ Also in 10-Q of Nov 6, 2025, 10-Q of May 11, 2026, 10-Q of May 11, 2026, 10-Q of Aug 1, 2025
As a result of the AT&T Closing and satisfaction of our obligation to pay the FCC, substantial doubt regarding our ability to continue as a going concern does not exist.
Read in the filing ↗ Also in 10-Q of Aug 3, 2026
In connection with the Company’s going concern considerations in accordance with guidance in ASC 205-40 Presentation of Financial Statements–Going Concern, the Company has until August 14, 2026 to consummate the Business Combination. The Company’s mandatory liquidation date, if the Business Combination is not consummated, raises substantial doubt about the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments related to the recovery of the recorded assets or the classification of the liabilities should the Company be unable to continue as a going concern. As discussed above, in the event of a mandatory liquidation, within ten business days, the Company will redeem the Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account (which was initially $10.15 per Public Share, inclusive of $0.15 per redeemed share to be funded pursuant to the Sponsor Note), including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, if any, divided by the number of then outstanding Public Shares. 10 Emerging Growth Company
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As of the date of this report, we and certain of our subsidiaries, currently do not have the necessary cash on hand, projected future cash flows or committed financing to fund our anticipated working capital needs, capital expenditures, interest payments, debt maturities and other contractual obligations over the next twelve months. These conditions raise substantial doubt about our ability to continue as a going concern and, as a result, a ‘going concern’ disclosure appears in the Notes to our Consolidated Financial Statements in this Annual Report on Form 10-K.
Read in the filing ↗ Also in 10-Q of Nov 6, 2025
Our principal audit procedures related to the forecasted cash flows and operating results used in the Company’s going concern assessment and impairment of Kablooe’s goodwill and intangible assets analysis included the following:
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Management’s plan is expected to alleviate the substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements.
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management’s planned cost reduction measures over the twelve-month period following the date the consolidated financial statements are issued. We compared the Company’s historical forecasted cash flows to actual results to assess the Company’s ability to accurately forecast. We evaluated the Company’s assumptions related to the revenue growth rates by considering whether the assumptions were consistent with evidence obtained in other areas of the audit. We evaluated the effect on the forecasted cash flows of the loss of its largest crypto client and the cost reduction measures identified by management that alleviate the substantial doubt about the Company’s ability to continue as a going concern by inspecting supporting analyses. We performed sensitivity analyses over the forecasted cash flows on the Company’s going concern assessment. We assessed the Company’s disclosures related to its going concern assessment by comparing the disclosures to the audit evidence obtained.
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The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the accompanying financial statements, the Company has incurred a loss from operations and has an accumulated deficit that raise substantial doubt about the company’s ability to continue as a going concern. Management's evaluation of the events and conditions and management's plans regarding these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Read in the filing ↗ Also in 8-K of Apr 1, 2024
• the value of the going-concern element of Seagen’s existing businesses (the higher rate of return on the assembled collection of net assets versus if Pfizer had acquired all of the net assets separately).
Read in the filing ↗ Also in 10-K of Feb 27, 2025
• factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies or noncompliance with statutory capital requirements or debt covenants
Read in the filing ↗ Also in 10-K of Feb 21, 2025
The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and settlement of liabilities in the normal course of business.
Read in the filing ↗ Also in 10-Q of Nov 13, 2025, 10-Q of May 14, 2026
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.
Read in the filing ↗ Also in 8-K of Feb 28, 2025, 8-K of Feb 27, 2026
Conclude whether, in our judgment, there are conditions or events, · considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.
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Conclude whether, in our judgment, there are conditions or events, considered in ● the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.
Read in the filing ↗ Also in 8-K of Mar 2, 2026, 8-K of Mar 2, 2026
Conclude whether, in our judgment, there are conditions or events, considered in ● the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.
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Conclude whether, in our judgment, there are conditions or events, considered in ● the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.
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• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.
Read in the filing ↗ Also in 8-K of Nov 5, 2025, 8-K of Mar 5, 2026
Conclude whether, in our judgment, there are conditions or events, • considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.
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Conclude whether, in our judgment, there are conditions or events, • considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.
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