Corporate governance · Internal controls and risk management
We previously identified a material weakness in our internal control over financial reporting related to our controls around the accounting for certain complex transactions that were not effectively designed or maintained. Although we have remediated this material weakness, we may identify additional material weaknesses or other deficiencies in the future or otherwise fail to maintain an effective system of internal control.
Corporate governance · Board composition and independence
We are a controlled company within the meaning of the Nasdaq rules and we rely on exemptions from certain corporate governance requirements. As a result, we may not have a majority of independent directors and our nominating and corporate governance committee and compensation committee may not consist entirely of independent directors.
Organizational and management · Leadership and management changes
A significant portion of our management team has limited experience managing a public company. Most members of our management team have limited experience managing a publicly traded company, interacting with public company investors, and complying with the increasingly complex laws pertaining to public companies.
Stakeholder relations · Customer satisfaction and loyalty
If we fail to deliver software that meets our customers' demands they may not renew or extend their contracts with us. There can be no assurances that we will be able to renew or obtain additional contracts (on the same or better terms, or at all) to replace any revenue lost upon the expiration or completion of any particular contract.
Corporate governance · Ethics and compliance culture
Misconduct of employees, subcontractors, agents, suppliers, business partners, or joint ventures and others working on our behalf could cause us to lose existing contracts or customers and adversely affect our ability to obtain new contracts and customers and could have a material adverse impact on our reputation, business, financial condition, and results of operations.