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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K/A
(Amendment
No. 1)
(Mark
One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended: December 31, 2024
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ____________ to _____________
Commission
File No. 001-38172
| FREIGHT
TECHNOLOGIES, INC. |
| (Exact
name of registrant as specified in its charter) |
| British Virgin Islands |
|
47-5429768 |
(State
or other jurisdiction
of incorporation or organization) |
|
(I.R.S.
Employer
Identification No.) |
| |
|
|
2001
Timberloch Place, Suite 500
The
Woodlands, TX |
|
77380 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
| (773)
905-5076 |
| (Registrant’s
telephone number, including area code) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Ordinary
Shares, no par value |
|
FRGT |
|
The
Nasdaq Stock Market LLC |
Securities
registered pursuant to Section 12(g) of the Act: None
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| |
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
| |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
| |
|
Emerging
growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm
that prepared or issued its audit report. ☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As
of June 28, 2024 (the last business day of the registrant’s most recently completed second fiscal quarter), the aggregate market
value of the registrant’s shares of ordinary share, no par value per share (“ordinary shares”), held by non-affiliates
(based upon the closing price of such shares as reported on The Nasdaq Stock Market LLC) was $5,105,717. Ordinary shares held by each
executive officer and director and by each person who owned more than 10% of the outstanding shares of Ordinary Share have been excluded
from the calculation in that such persons may be deemed to be affiliates of the registrant. This determination of affiliate status is
not necessarily a conclusive determination for other purposes.
As
of March 31, 2025, there were a total of 2,265,074 shares of the registrant’s Ordinary Share with no par value outstanding and
2,265,074 shares of the registrant’s Ordinary Share outstanding.
DOCUMENTS
INCORPORATED BY REFERENCE
None.
Freight
Technologies, Inc.
Annual
Report on Form 10-KA
Year
Ended December 31, 2024
TABLE
OF CONTENTS
| |
PART II |
|
| |
|
|
| Item
7. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
1 |
| Item
9. |
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. |
8 |
| Item
9A. |
Controls and Procedures. |
9 |
| |
|
|
| |
PART III |
|
| |
|
|
| Item
13. |
Certain Relationships and Related Transactions, and Director Independence. |
11 |
| Item
14. |
Principal Accountant Fees and Services. |
12 |
| |
|
|
| |
PART IV |
|
| |
|
|
| Item
15. |
Exhibit and Financial Statement Schedules. |
13 |
| Signatures |
14 |
EXPLANATORY
NOTE
Freight
Technologies, Inc. (the “Company”) filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the
“Original Filing”) with the Securities and Exchange Commission (the “SEC”) on April 14, 2025. The purpose of
Amendment No. 1 on Form 10-K/A (this “Amendment”) is to include additional information throughout that has been requested
to be included pursuant to SEC comment letters, dated June 5, 2025 and July 24, 2025. Additionally, we have made adjustments to Item
7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations, Item 9 - Changes in and Disagreements
with Accountants on Accounting and Financial Disclosure, Item 9A - Controls and Procedures and Item 14 - Principal Accountant Fees and
Services.
Also
as disclosed in the Current Report on Form 8-K, filed by the Company with the SEC on April 30, 2025 that the board of directors (the
“Board”) of the Company appointed Andres Gonzalez as Chairman of the Nominating Committee of the Board and a member of the
Compensation Committee of the Board (the “Compensation Committee”), and Leilei Nie as a member of both the Audit Committee
of the Board and the Compensation Committee, the Company also made adjustments to Item 13 - Certain Relationships and Related Transactions,
and Director Independence.
This
Amendment is being filed solely to reflect the above adjustments. No other changes were made to the Original Filing. Further, no attempt
has been made in this Amendment to modify or update the other disclosures presented in the Original Filing. This Amendment does not reflect
events occurring after the date of the Original Filing or modify or update those disclosures that may be affected by subsequent events.
Accordingly, this Amendment should be read in conjunction with the Original Filing and the registrant’s other filings with the
SEC.
PART
II
| ITEM
7. |
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
The
following discussion and analysis summarizes the significant factors affecting our operating results, financial condition, liquidity
and cash flows as of and for the periods presented below. The following discussion and analysis should be read in conjunction with our
financial statements and the related notes thereto included elsewhere in this Annual Report. The discussion contains forward-looking
statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, management.
Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors,
including those discussed below and elsewhere in this Annual Report, particularly in the sections titled Item 1A. “Risk
Factors” and “Cautionary Note Regarding Forward-Looking Statements.”
Select
Financial Data
The
following table presents the selected consolidated financial information for our Company. All numbers are presented in United States
Dollars. The selected consolidated statements of comprehensive income data for the years ended December 31, 2024, and 2023, and the consolidated
balance sheets data as of December 31, 2024, and 2023, have been derived from our audited consolidated financial statements and are consistent
with numbers reported in our prior annual filings.
Our
historical results do not necessarily indicate results expected for any future periods. The selected consolidated financial data should
be read in conjunction with, and are qualified in their entirety by reference to, our audited consolidated financial statements and related
notes and “Item 5. Operating and Financial Review and Prospects” below. Our audited consolidated financial statements are
prepared and presented in accordance with U.S. GAAP.
| | |
Year Ended | | |
Year Ended | |
| (US$) | |
December 31, 2024 | | |
December 31, 2023 | |
| | |
| | |
| |
| Revenue | |
$ | 13,728,922 | | |
$ | 17,060,753 | |
| | |
| | | |
| | |
| Cost and expenses | |
| | | |
| | |
| Cost of revenue | |
| 12,389,520 | | |
| 15,709,673 | |
| Compensation and employee benefits | |
| 5,349,764 | | |
| 5,963,713 | |
| General and administrative | |
| 1,983,901 | | |
| 3,163,639 | |
| Sales and marketing | |
| 65,574 | | |
| 80,328 | |
| Depreciation and amortization | |
| 430,414 | | |
| 404,598 | |
| Total Cost and expenses | |
| 20,219,173 | | |
| 25,321,951 | |
| | |
| | | |
| | |
| Operating Loss | |
| (6,490,251 | ) | |
| (8,261,198 | ) |
| | |
| | | |
| | |
| Other income and (expenses) | |
| | | |
| | |
| Interest income | |
| 1,770 | | |
| 8,880 | |
| Interest expense | |
| (675,628 | ) | |
| (816,819 | ) |
| Other income | |
| - | | |
| 342 | |
| Other expense | |
| - | | |
| (499,259 | ) |
| Gain from extinguishment of debt | |
| 1,607,766 | | |
| - | |
| Change in fair value of convertible note | |
| 22,602 | | |
| 345,396 | |
| Total other expense | |
| 956,510 | | |
| (961,460 | ) |
| | |
| | | |
| | |
| Loss before income taxes | |
| (5,533,741 | ) | |
| (9,222,658 | ) |
| | |
| | | |
| | |
| Income tax expense | |
| 67,486 | | |
| 104,948 | |
| | |
| | | |
| | |
| Net loss | |
| (5,601,227 | ) | |
| (9,327,606 | ) |
| | |
| | | |
| | |
| Foreign currency translation | |
| (1,740,552 | ) | |
| 452,917 | |
| Comprehensive loss | |
| (7,341,779 | ) | |
| (8,874,689 | ) |
| Weighted average number of shares, basic and diluted* | |
| 912,837 | | |
| 47,867 | |
| Loss per share, basic and diluted | |
$ | (6.41 | ) | |
$ | (194.87 | ) |
*
- The number of shares outstanding was adjusted retroactively for all periods presented to reflect the 10-to-1 reverse stock split change
which was effected on March 24, 2023, the 10-to-1 reverse split which was effected on February 5, 2024, and the 25-to-1 reverse split
which was effected on September 25, 2024.
Warrants
to purchase ordinary shares are not included in the diluted loss per share calculations when their effect is antidilutive.
BALANCE
SHEET
| | |
Year Ended December 31, 2024 | | |
Year Ended December 31, 2023 | |
| Current assets | |
$ | 5,049,546 | | |
$ | 9,153,089 | |
| Total assets | |
| 5,690,245 | | |
| 10,037,312 | |
| Current liabilities | |
| 6,345,005 | | |
| 7,167,889 | |
| Long term liabilities | |
| - | | |
| 242,442 | |
| Share capital | |
| 308 | | |
| 2,427,518 | |
| Total stockholders’ equity (deficit) | |
$ | (654,760 | ) | |
$ | 2,626,981 | |
Revenues
Fr8Tech’s
revenues decreased to $13.7 million for the year ended December 31, 2024 from $17.1 million for the year ended December 31, 2023, a reduction
of $3.3 million and 19.5% on year-over-year basis. The year-over-year decrease was primarily driven by: (1) our continued efforts to
focus on higher margin customers and lanes in the spot market which impacted overall volume across the platform; (2) reduced spot market
and dedicated service activity in the third quarter 2023 due to customer specific circumstances; and, (3) an approximate 3.5% decline
in the Mexican peso relative to the US dollar year-over-year, which reduced the US dollar amount of Mexican peso based revenue on a comparative
basis. Our spot market revenue declined 36% to $8.6 million in 2024, partially offset by a 42% increase in our Fr8Fleet revenue to $5.1
million and to a lesser extent the launch of Waavely, our ocean container freight brokerage service.
| | |
Year Ended | | |
| | |
| |
| | |
December 31, | | |
| | |
| |
| Revenue | |
2024 | | |
2023 | | |
Change | | |
% Change | |
| Freight Transportation Brokerage | |
$ | 8,635,201 | | |
$ | 13,474,282 | | |
$ | (4,839,081 | ) | |
| -35.9 | % |
| Dedicated Capacity | |
| 5,093,721 | | |
| 3,586,471 | | |
$ | 1,507,250 | | |
| 42.0 | % |
| Total | |
$ | 13,728,922 | | |
$ | 17,060,753 | | |
$ | (3,331,831 | ) | |
| -19.5 | % |
| | |
Year Ended | | |
| | |
| |
| | |
December 31, | | |
| | |
| |
| Volume | |
2024 | | |
2023 | | |
Change | | |
% Change | |
| Brokerage Shipments | |
| 4,780 | | |
| 6,886 | | |
| (2,106 | ) | |
| -30.6 | % |
| Dedicated Capacity Truck Days | |
| 15,139 | | |
| 9,045 | | |
| 6,094 | | |
| 67.4 | % |
The
Freight Transportation Brokerage service line experienced a 31% decline in the number of shipments; 35% lower for US domestic, 24% lower
in Mexico domestic, and a 36% lower for cross-border shipments.
The
Dedicated Capacity service line experienced a 67% increase in the number of truck days made available to our Fr8Fleet customers. One
truck day means a standard 53’ dry-van trailer and truck being available to serve the customer for one full working day. The increase
in truck days exceeded the increase in revenue, primarily due to the Company providing significantly more local, short-haul capacity
in 2024 for its primary Fr8Fleet customer, Kimberly Clark de Mexico (KCM), which is provided at a lower daily rate than longer haul capacity.
Fr8Tech’s
revenues decreased to $17.1 million for the year ended December 31, 2023 from $25.9 million for the year ended December 31, 2022, a reduction
of $8.8 million and 34.1% on year-over-year basis. The year-over-year decrease was primarily driven by: (1) our decision to limit activity
with low-margin, but high-volume customers; (2) the loss of one customer due to non-recurring issue with a particular Carrier; and, (3)
reduced spot market activity across several accounts driven by challenges in securing sufficient carrier capacity in the first half of
2023 and US market rates that were significantly lower than in 2022. This was partially offset by a 67% increase in our Fr8Fleet revenue
and the addition of more than 30 new customers in our spot market FTL and LTL businesses.
Costs
of Revenue
The
Company’s cost of revenue for both freight brokerage and dedicated services is entirely comprised of the costs our carriers incur
and invoice us to perform the service. In the case of freight brokerage services, this reflects their total costs for hauling the customers
freight from origin to destination. In the case of dedicated capacity services, this reflects having the trucks available to haul freight
for the customer and costs related to any freight movements. For both services, these costs include any accessorial charges carriers
may incur such as loading or unloading, drayage, stoppage, fuel surcharges, border-crossing, packing materials, etc.
Fr8Tech’s
cost of revenue decreased to $12.4 million for the year ended December 31, 2024 from $15.7 million for the year ended December 31, 2023,
a reduction of $3.3 million and 21.1% on a year-over-year basis. Year-over-year cost of revenue decreased primarily due to the decline
in revenue. The improved contribution from lower cost of revenue was primarily due to change in product mix, variation in specific customer
and carrier rates on certain lanes and in the traffic mix itself over the year. The Fr8Fleet business, which grew 42% in 2024, improved
its contribution primarily due to providing additional capacity for Kimberly Clark de Mexico and expanding service to several additional
large enterprise end-customers.
Fr8Tech’s
cost of revenue decreased to $15.7 million for the year ended December 31, 2023 from $23.6 million for the year ended December 31, 2022,
a reduction of $7.9 million and 33.5% on a year-over-year basis. This year-over-year decrease moved in similar fashion and magnitude
with our revenue, with some differences due to varying margins in the traffic and in the traffic mix itself from quarter-to-quarter and
year-to-year. The contribution improved in 2023 primarily due to product mix. The Fr8Fleet business, which grew 67% in 2023, incurred
a slightly lower contribution than our spot market services due to higher initial service costs to develop that offering over the year.
Compensation
and Employee Benefits
Fr8Tech’s
compensation and employee benefits expenses were $5.3 million for the year ended December 31, 2024 compared to $6.0 million for the year
ended December 31, 2023, which was a $0.6 million or 10.3% decrease on a year-over-year basis. The decrease was primarily due lower executive
compensation and bonuses, lower stock based compensation, and a weaker Mexican peso relative to the US dollar, partially offset by some
additional hiring. Total employees and FTE contractors, who are included in our compensation costs, at December 31, 2024 and 2023 were
100 and 89, respectively. The increase in the number of employees in 2024 was primarily within sales, technology and operations.
In
January and February 2025, the Company undertook a cost cutting initiative to optimize resources for operational performance and shifting
sales focus to emphasize sales of the Company’s TMS software offering, Fleet Rocket, and to lower ongoing operating expenses. The
Company reduced its workforce by approximately 20%. As a result of these measures, the Company anticipates that its compensation and
employee benefit expenses will be lower in 2025 than in 2024.
Fr8Tech’s
compensation and employee benefits expenses were $6.0 million for the year ended December 31, 2023 compared to $5.0 million for the year
ended December 31, 2022, which was a $1.0 million or 20.2% increase on a year-over-year basis. The increase was primarily due to stock
compensation costs related to new grants issued during 2022 and 2023 and hiring new employees in dedicated services, business intelligence
and carrier procurement. As noted above, the total number of employees and FTE contractors was 89 at December 31, 2023, at which time
the company was making several personnel changes, mostly on the sales team.
General
and Administrative
General
and administrative expenses were $2.0 million for the year ended December 31, 2024 compared to $3.2 million for the year ended December
31, 2023, which was a decrease of $1.2 million or 37.7%, primarily due to a favorable change in the exchange valuation of working capital
balances and to a lesser extent lower outside legal expenses and insurance costs, partially offset by higher spend on software, audit
services, and recruiting.
General
and administrative expenses were $3.2 million for the year ended December 31, 2023 compared to $3.6 million for the year ended December
31, 2022, which was a decrease of $0.4 million or 11.2%, primarily due to lower outside legal counsel and public company costs.
Sales
and Marketing
Sales
and marketing expenses were $66 thousand for the year ended December 31, 2024 compared to $80 thousand for the year ended December 31,
2023, which was a decrease of $14 thousand or 17.5%. The decrease in sales and marketing expenses in 2024 was primarily to lower direct
advertising expenses, which is focused on online industry media and platforms. We continue to use direct and online advertising and social
media platforms for promotion and attracting new Shippers and Carriers to our Platform. We expect these costs to increase modestly to
support growth of our business across our brands and new software offering.
Sales
and marketing expenses were $80 thousand for the year ended December 31, 2023 compared to $557 thousand for the year ended December 31,
2022, which was a decrease of $477 thousand or 85.6%. The decrease in marketing expenses in 2023 was mostly due to a strategic alliance
during 2022 with a US-based counterparty that was working with us to originate and manage US domestic business and that was paid for
with the issuance of Ordinary shares in 2022.
Depreciation
and Amortization
Depreciation
and amortization expenses represent the amortization of previously capitalized software development costs, as appropriate, and depreciation
expenses related to Fr8App’s fixed assets. This expense increased $25 thousand to $430 thousand for the year ended December 31,
2024, from $405 thousand for the year ended December 31, 2023. The increase was primarily due to additional software development of Fr8Tech
platform in 2023 and 2024, as well as software development efforts in 2024 to build Fleet Rocket, our TMS software platform that was
launched in February 2025.
Depreciation
and amortization increased to $405 thousand for the year ended December 31, 2023, from $243 thousand for the year ended December 31,
2022, an increase of $161 thousand or 66.7% on a year-over-year basis, due to the completion of the application development stage of
Fr8Tech platform which resulted in an increase of capitalized software amortization.
Other
income and expenses
Interest
expense for the year ended December 31, 2024 decreased to $674 thousand from $808 thousand for the year ended December 31, 2023, or by
$134 thousand primarily due lower interest incurred on the convertible note that was issued in 2023, partially offset by higher interest
expense incurred on the company’s revolving credit facility and promissory notes issued in 2024.
During
the year ended December 31, 2024, other income and expense included a gain of $1.6 million from the extinguishment of the convertible
notes issued in 2023 and the promissory notes issued in 2024, as well as a gain of $22 thousand from a change in fair value of convertible
note.
| Components of gain from debt extinguishment ($) | |
| |
| Principal of Promissory Term Notes | |
$ | 875,000 | |
| Promissory Note Accrued Interest | |
| 30,822 | |
| Book Value of Convertible Note | |
| 219,840 | |
| Convertible Note Accrued Interest | |
| 482,104 | |
| Total | |
$ | 1,607,766 | |
There
were no other related considerations or contingencies. The debt cancellation agreement did not require the Company to issue any additional
ordinary shares, preferred shares or warrants to either entity.
Interest
expenses for the year ended December 31, 2023 decreased to $808 thousand from $907 thousand for the year ended December 31, 2022 due
to a debt discount amortization for the year ended December 31, 2022, which was higher than interest expenses incurred in 2023 related
to the convertible note that was issued in 2023.
During
the year ended December 31, 2023, other income and expense also included expensing the fair value of warrants issued as an inducement
for convertible note conversion and as an additional consideration for an increase in convertible note funding, in the total amount of
$499 and a gain of $345 from a change in fair value of convertible note. The convertible note issued during 2023 and warrants and related
accounting treatment are more fully described in Notes 11 and 15, respectively, of our consolidated financial statements.
Net
Loss
Fr8Tech’s
net loss for the year ended December 31, 2024 decreased to $5.6 million from $9.3 million for the year ended December 31, 2023 or by
$3.7 million or 40% on a year-over-year basis, as a result of the items described above.
Fr8Tech’s
net loss for the year ended December 31, 2023 increased to $9.3 million from $8.2 million for the year ended December 31, 2022 or by
$1.1 million or 13.9% on a year-over-year basis, as a result of the items described above.
Liquidity
and Financial Position
Fr8Tech
has historically met its cash needs through a combination of cash flows from operating activities, term loans, promissory notes, bonds,
convertible notes, private placement offerings and sales of equity. Fr8Tech’s cash requirements are generally for operating activities
and debt repayments. Fr8Tech funded its early operations with a combination of debt and equity and we continue to work to position the
Company to operate on a go-forward basis with a minimal amount of long-term debt and other borrowings. On January 3, 2023, Fr8Tech closed
on a $6.6 million convertible note facility with a private investor, which was increased to $9.9 million in April 2023. The convertible
note was mostly converted to equity during 2023. The balance of the convertible note of $219 thousand as of June 30, 2024, was extinguished
in September 2024. The Company entered into a $750 thousand 1-year term note purchase agreement with Freight Opportunities, LLC on March
11, 2024, and an additional term note for $125 thousand with Freight Opportunities, LLC on June 4, 2024. Both promissory notes were also
extinguished in September 2024.
Our
combined accounts receivable and unbilled receivable balance of $4.1 million at December 31, 2024, declined by declined by $2.3 million
or 35.9% from $6.3 million at December 31, 2023, which was primarily due to lower revenue and collections to reduce our outstanding AR
balance over the year.
Fr8Tech’s
accounts payable, short-term borrowings and accrued expenses decreased by $867 thousand or 12.5% on a year-over-year comparative basis
to $6.1 million, due mostly to lower accrued expenses on lower costs of revenue and accounts payable. At December 31, 2024, Fr8Tech has
an accumulated net capital deficient of -$33 thousand, and net working capital of -$1.2 million.
In
March 2019, we secured a revolving line of credit that is used to assist with managing our working capital needs. The maximum principal
amount that may be drawn under the line of credit was increased since then to $5 million, which remains in place. As of December 31,
2024 and 2023 the amount drawn under this facility was $3.3 million $2.8 million, respectively. We continue to incur short-term debt
with this facility, which is collateralized by our accounts receivable, and we expect to maintain this debt facility to support ongoing
operations.
As
shown in the accompanying consolidated financial statements as of December 31, 2024, we had an accumulated deficit of approximately $44.9
million, short-term debt of $3.3 million, unrestricted cash of approximately $0.2 million and a working capital of approximately -$1.3
million. In addition, for the years ended December 31, 2024 and 2023, we reported operating losses and negative cash flows from operations.
Most
of cash resources of the Company fund operating activities. Through December 31, 2024, we have financed our operations primarily with
the proceeds from the sale and issuance of our ordinary and preferred shares, convertible promissory notes, promissory notes and debt.
If
we are unable to raise additional capital moving forward, our ability to operate in the normal course and continue to invest in our business
may be materially and adversely impacted and we may be forced to scale back operations or divest some or all of our assets.
As
a result of the above, in connection with our assessment of going concern considerations in accordance with FASB Accounting Standards
Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,”
management has determined that our liquidity condition raises substantial doubt about our ability to continue as a going concern through
twelve months from the date these consolidated financial statements are available to be issued. These consolidated financial statements
do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be
necessary should we be unable to continue as a going concern.
Cash
flows
Comparison
of the Years ended December 31, 2024, and December 31, 2023
The
following table summarizes our sources and uses of cash for the years ended December 31, 2024, and December 31, 2023.
| (US$) | |
Year Ended
December 31,
2024 | | |
Year Ended
December 31,
2023 | |
| Net cash used in operating activities | |
| (4,206,168 | ) | |
| (5,790,684 | ) |
| Net cash used in investing activities | |
| (345,723 | ) | |
| (363,369 | ) |
| Net cash provided by financing activities | |
| 4,242,023 | | |
| 6,800,722 | |
| Net effect of exchange rates on cash | |
| (1,046,205 | ) | |
| (99,564 | ) |
| Net increase / (decrease) in cash and cash equivalents | |
| (309,868 | ) | |
| 646,669 | |
Cash
flows used in Operating Activities
Net
cash used in operating activities represent the cash receipts and disbursements related to our activities other than investing and financing
activities. We expect cash provided by operating activities to be our primary use of funds for the foreseeable future as the Company
continues to fund its growing operations
Net
cash flows used in operating activities is derived by adjusting our net loss for:
| |
● |
non-cash
operating items such as depreciation and amortization, stock-based compensation and other non-cash income or expenses; |
| |
● |
changes
in operating assets and liabilities reflect timing differences between the receipt and payment of cash associated with transactions
and when they are recognized in results of operations as well as any gains from extinguishment of debt or changes in value of preferred
stock. |
For
the year ended December 31, 2024, net cash used in operating activities was $4.2 million which consisted of a net loss of $5.6 million
adjusted for non-cash charges of -$0.2 million and net positive changes in our net operating assets and liabilities of $1.6 million.
The non-cash charges primarily consisted of gain on extinguishment of debt of -$1.6 million and a change in the fair value of convertible
note of $23 thousand, offset by share-based compensation costs of $1.0 million and depreciation and amortization of $0.4 million. The
change in our net operating assets and liabilities was primarily due to net decreases in accounts receivable and unbilled receivables
of $1.5 million, prepaid assets and deposits of $0.4 million, and income and VAT tax balances $0.2 million, partially offset by a decrease
of accounts payable and accrued expenses of $0.5 million. The changes in our accounts receivable and accounts payable balances are primarily
the result of the overall decrease in business activities and higher collections relative to the prior year.
For
the year ended December 31, 2023, net cash used in operating activities was $5.8 million which consisted of a net loss of $9.3 million,
adjusted for non-cash charges of $1.8 million and net changes in our net operating assets and liabilities amounting to $1.7 million.
The non-cash charges primarily consisted of share-based compensation costs of $1.2 million, interest accruals on convertible notes of
$0.4 million, depreciation and amortization of $0.4 million, and conversion inducement expense of $0.1 million, partially offset by a
change in fair value of convertible note of $0.3 million. The change in our net operating assets and liabilities was primarily due to
net decreases in accounts receivable and unbilled receivables of $1.1 million, prepaid assets and deposits of $0.3 million, and accounts
payable of $0.2 million, partially offset by an increase of accrued expenses and income tax payable of $0.5 million. The changes in our
accounts payable and accounts receivable balances are primarily the result of the overall decrease in business activities relative to
the prior year.
Cash
flows used in Investing Activities
For
the year ended December 31, 2024, net cash used in investing activities was $346 thousand, mostly for software development efforts for
additional functionalities and capabilities of the Fr8App platform and related offerings, as well as building out Fleet Rocket.
For
the year ended December 31, 2023, net cash used in investing activities was $336 thousand, mostly for software development efforts for
additional functionalities and capabilities of the Fr8App platform and related offerings.
Cash
flows provided by Financing Activities
For
the year ended December 31, 2024, net cash provided by financing activities was $4.2 million. The cash flow provided was from proceeds
from the issuance of ordinary equity through our ATM program for $3.1 million, promissory notes of $0.9 million, and net borrowing revolving
credit facility $0.5 million, partially offset by repayment of insurance financing for $0.2 million.
For
the year ended December 31, 2023, net cash provided by financing activities was $6.8 million. The cash flow provided was primarily from
net proceeds from the issuance of convertible note of $7.7 million, partially offset by a net repayment on borrowing facilities of $0.5
million, and repayment of insurance financing of $0.3 million.
Research
and development, patents and licenses
The
first commercial version of Fr8Tech’s products was launched in 2017. Fr8Tech continued its product development efforts throughout
2018, by adding initial business intelligence and analytics to supplement its basic products in 2019 and offered its revised products
package with active freight brokerage support and customer service by year-end 2019. The second generation of Fr8Tech products were brought
to market during the second quarter of 2020 and consisted of the online portal, mobile application, TMS functionality, and Fr8App’s
platform supplemented with freight brokerage support and customer service integrations. In 2022, the Company began offering to the Mexican
domestic market dedicated capacity under the Fr8Fleet brand and in 2023 LTL services under the Fr8Now brand, both powered and managed
by the Fr8App platform and bringing much of the same capabilities and intelligence to both services.
The
Company has continued to bring additional functionality and enhancements to its core Fr8App platform over the past several years, as
well as launch new technology-based offerings, including Fr8Radar, Waavely, and most recently Fleet Rocket, the TMS software solution
launched in February 2025.
Fr8Tech’s
principal assets consist of its software, in which it invests continuously through development work by employees and externally contracted
parties. Fr8Tech invested more than $0.3 million per year in software during the years ended December 31, 2024 and 2023. Fr8Tech expects
to continue investing in its software in line with the expansion of its product offerings.
On
January 7, 2021, Fr8App filed a trademark application with the U.S. Patent and Trademark Office for the Fr8Technologies design mark.
Fr8App currently does not hold any patents or own any registered trademarks. Fr8App believes that the success of its business depends
on the quality of its proprietary software solutions, technology, processes, and domain expertise. While it considers its intellectual
property rights to be valuable, Fr8App believes that its competitive position depends primarily on its ability to increase and eventually
to maintain a leadership position by developing innovative proprietary solutions, technology, information, processes, insights and business
intelligence to satisfy both Shippers and Carriers’ needs through its Platform.
| ITEM
9. |
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. |
UHY
LLP (“UHY”) audited our consolidated financial statements for the year ended December 31, 2023 and 2022. On July 4, 2024,
UHY was dismissed as our independent registered public accounting firm. The audit reports of UHY on the Company’s financial statements
as of and for the fiscal years ended December 31, 2023 and 2022 contained no adverse opinion or disclaimer of opinion and were not qualified
or modified as to uncertainty, audit scope or accounting principles. UHY did not provide an audit report on our financial statements
for any period subsequent to December 31, 2023. UHY has not provided any audit services to the Company subsequent to July 4, 2024.
During
the Company’s two most recent fiscal years ended December 31, 2023 and 2022, and for the subsequent interim period through July
4, 2024, (i) there were no “disagreements” between us and UHY (as that term is defined in Item 304(a)(1)(iv) of Regulation
S-K promulgated by the SEC (“Regulation S-K”) and the related instructions to this item) on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction
of UHY, would have caused them to make reference to the subject matter of the disagreements in connection with their report on the financial
statements for such period, and (ii) there were no “reportable events” as such term is defined in Item 304(a)(1)(v) of Regulation
S-K, other than as described below.
We
provided UHY with a copy of the foregoing disclosures and requested UHY to furnish us with a letter addressed to the SEC stating whether
or not UHY agrees with the above disclosures. A copy of UHY’s letter is filed as Exhibit 16.1 to this report.
On
August 22, 2024, we engaged Marcum LLP (“Marcum”) as our new independent registered public accounting firm. During the Company’s
two most recent fiscal years ended December 31, 2023 and 2022, and for the subsequent interim period through the date hereof prior to
the engagement of Marcum, neither the Company nor anyone on its behalf consulted Marcum regarding any of the matters described in Items
304(a)(2)(i) or 304(a)(2)(ii) of Regulation S-K.
On
January 7, 2025, Marcum was dismissed as our independent registered public accounting firm. Marcum has not reported on the Company’s
consolidated financial statements for any interim or annual period. Marcum has not provided any audit services to the Company subsequent
to July 7, 2025.
During
the Company’s fiscal year ended December 31, 2024, and for the subsequent interim period through January 7, 2025, (i) there were
no “disagreements” between us and Marcum (as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and the related
instructions to this item) on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction of Marcum, would have caused them to make reference to the subject
matter of the disagreements in connection with their report on the financial statements for such period, and (ii) there were no “reportable
events” as such term is defined in Item 304(a)(1)(v) of Regulation S-K, other than as described below.
We
provided Marcum with a copy of the foregoing disclosures and requested Marcum to furnish us with a letter addressed to the SEC stating
whether or not Marcum agrees with the above disclosures. A copy of Marcum’s letter is filed as Exhibit 16.2 to this report.
On
January 6, 2025, we engaged TAAD LLP (“TAAD”) as our new independent registered public accounting firm. During the Company’s
two most recent fiscal years ended December 31, 2024 and 2023, and for the subsequent interim period through the date hereof prior to
the engagement of TAAD, neither the Company nor anyone on its behalf consulted TAAD regarding any of the matters described in Items 304(a)(2)(i)
or 304(a)(2)(ii) of Regulation S-K.
| ITEM
9A. |
CONTROLS
AND PROCEDURES. |
Evaluation
of Disclosure Controls and Procedures
Our
management, with the participation of our Chief Executive Officer and Chief Financial Officer, have evaluated our disclosure controls
and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) prior to the filing of this Annual Report. Based
on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this
Annual Report, our disclosure controls and procedures were, in design and operation, effective at a reasonable assurance level.
Management’s
Annual Report on Internal Control over Financial Reporting
The
Company’s internal control over financials reporting includes those policies and procedures that:
| ●
|
Pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; |
| ● |
Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and our
directors; and |
| ● |
Provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that
could have a material effect on the financial statements. |
A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected
on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting
that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the company’s
financial reporting.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions
or because the degree of compliance with policies or procedures may deteriorate. Under the supervision and with the participation of
our management, including our CEO and CFO, we conducted an assessment of the effectiveness of our internal control over financial reporting
as of December 31, 2024.
The
assessment was based on criteria established in the framework Internal Control - Integrated Framework (2013), issued by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management determined that, as of December 31,
2024, we did not maintain effective internal control over financial reporting due to the existence of the following significant deficiency
and material weakness:
| ●
|
Lack
of a functional internal audit department or personnel that monitors the consistencies of the preventive internal control procedures
and, as a result, the Company may not be able to discover the existence of problems and prevent the problematic behavior in internal
controls; and |
| |
|
| ● |
For
revenue related to dedicated capacity for the year ended December 31, 2024, invoice and fulfilment reconciliations with the customer
and general ledger entries related to dedicated service invoices and adjustments thereto were not always completed in a timely manner
for internal reporting purposes. |
Remediation
Since
becoming a publicly-trade public, management has continuously worked to improve the Company’s internal controls. Our management
has carried out and is continuing to undertake the following actions to remediate the material weakness and deficiency described above:
| ● |
Engaged
an external SOX 404 implementation firm in 2023 to assist in improving the Company’s controls, which included a deep-dive assessment
of all policies and procedures and targeted actions to mitigate all weaknesses and deficiencies and bring all our internal controls
compliant with SOX 404; |
| |
|
| ●
|
Strengthen
designated roles and/or certain employees for ongoing maintenance of internal control policies and procedures, including enforcing
existing policies, maintaining evidence of task and requirement completion, and updated process documentation, guidelines and communications
to employees as necessary; |
| |
|
| ● |
Continue
ongoing training initiatives to ensure daily activities and practices of all employees are in alignment with our internal controls
and US GAAP and compliant with established policies and procedures; |
| |
|
| ●
|
Hire
finance professionals with strong SOX and internal control backgrounds; and |
| |
|
| ●
|
Implement
system enhancements and new applications that are aligned with our focus on creating strong internal controls, as well as complete
and accurate financial information. |
Over
the past year, management made significant progress with identifying, documenting, implementing and testing many controls to address
previously identified material weaknesses and significant deficiencies. The effect cover core Company processes including: order-to-cash,
procure-to-pay, hire-to-retire, information technology general controls, record-to-report, taxes, treasury & cash management, and
corporate governance. The Company is continuing to review, test and updated its controls to ensure they remain effective.
However,
we cannot provide any assurance that these remediation efforts are and will be successful or that our internal control over financial
reporting will be effective as a result of these efforts. In addition, as we continue to evaluate and work to improve our internal controls
over financial reporting related to the identified material weakness, management may determine to take additional measures to address
control deficiencies or determine to modify the remediation plan described above.
Changes
in Internal Control over Financial Reporting
Management
is committed to improving the internal controls over financial reporting and will undertake consistent improvements or enhancements on
an ongoing basis. Except as described above, there were no changes in our internal controls over financial reporting during our twelve
months ended December 31, 2024 that have materially affected, or are reasonably likely to material affect, our internal control over
financial reporting.
Inherent
Limitation on the Effectiveness of Internal Control
The
effectiveness of any system of internal control over financial reporting, including ours, is subject to inherent limitations, including
the exercise of judgment in designing, implementing, operating, and evaluating the controls and procedures, and the inability to eliminate
misconduct completely. Accordingly, any system of internal control over financial reporting, including ours, no matter how well designed
and operated, can only provide reasonable, not absolute assurances. In addition, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate. We intend to continue to monitor and upgrade our internal controls as necessary or appropriate
for our business but cannot assure you that such improvements will be sufficient to provide us with effective internal control over financial
reporting.
PART
III
| ITEM
13. |
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. |
Transactions
with Related Persons
The
following includes a summary of transactions since the beginning of our 2023 fiscal year, or any currently proposed transaction, in which
we were or are to be a participant and the amount involved exceeded or exceeds the lesser of $120,000 or 1% of the average of our total
assets at year-end for the last two completed fiscal years, and in which any related person had or will have a direct or indirect material
interest (other than compensation described under Item 11 “Executive Compensation” above). We believe the terms obtained
or consideration that we paid or received, as applicable, in connection with the transactions described below were comparable to terms
available or the amounts that would be paid or received, as applicable, in arm’s-length transactions.
Promoters
and Certain Control Persons
Each
of Mr. Javier Selgas, Chief Executive Officer and Director, Mr. Donald Quinby, Chief Financial Officer, Ms. Luisa Irene Lopez Reyes,
Chief Operating Officer and Paul Freudenthaler, Secretary, may be deemed a “promoter” as defined by Rule 405 of the Securities
Act. For information regarding compensation, including items of value, that have been provided or that may be provided to these individuals,
please refer to “Executive Compensation” above.
Director
Independence
Independent
Directors
Nasdaq’s
rules generally require that a majority of an issuer’s board of directors consist of independent directors. Our board of directors
consists of seven directors, four of whom are independent within the meaning of Nasdaq’s rules.
Committees
of the Board of Directors
Audit
Committee
Nicholas
H. Adler, Leilei Nie and Marc Urbach, each of whom has been determined by the board of directors to satisfy the “independence”
requirements of Rule 10A-3 under the Exchange Act and Nasdaq’s rules, serve on the Audit Committee, with Mr. Marc Urbach serving
as the chairman. Our board has determined that Mr. Marc Urbach qualifies as an “audit committee financial expert” as defined
by Item 407(d)(5) of Regulation S-K promulgated by the SEC. The Audit Committee oversees our accounting and financial reporting processes
and the audits of the financial statements of the Company.
Compensation
Committee
Nicholas
H. Adler, Andres Gonzalez, and Marc Urbach, each of whom satisfies the “independence” requirements of Rule 10C-1 under the
Exchange Act and Nasdaq’s rules, serve on the Compensation Committee, with Mr. Adler serving as the chairman. The members of the
Compensation Committee are also “non-employee directors” within the meaning of Section 16 of the Exchange Act. The Compensation
Committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our
directors and executive officers.
Nominating
Committee
Nicholas
H. Adler, Andres Gonzalez, and Leilei Nie, each of whom satisfies the “independence” requirements of Nasdaq’s rules,
serve on our Nominating Committee, with Andres Gonzalez serving as the chairman. The Nominating Committee assists the board of directors
in selecting individuals qualified to become our directors and in determining the composition of the board and its committees.
| ITEM
14. |
PRINCIPAL
ACCOUNTANT FEES AND SERVICES. |
Independent
Auditors’ Fees
The
aggregate fees billed to the Company by the Company’s principal accountant for the indicated services for each of the last two
fiscal years were as follows:
| | |
Year Ended | |
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Audit Fees | |
$ | 418,200 | | |
$ | 256,250 | |
| Audit-Related Fees | |
| — | | |
| — | |
| Tax Fees | |
| — | | |
| — | |
| All Other Fees | |
| 111,750 | | |
| — | |
| Total | |
$ | 529,950 | | |
$ | 256,250 | |
As
used in the table above, the following terms have the meanings set forth below.
Audit
Fees
Audit
fees consist of aggregate fees billed for each of the last two fiscal years for professional services performed by the Company’s
principal accountant for the audit of the financial statements included in our Annual Reports on Form 10-Q and review of the financial
statements included in our Quarterly Reports on Form 10-Q, reviews of registration statements and issuances of consents, and services
that are normally provided in connection with statutory and regulatory filings or engagements.
Audit-Related
Fees
Audit-related
fees consist of aggregate fees billed for each of the last two fiscal years for assurance and related services performed by the Company’s
principal accountant that are reasonably related to the performance of the audit or review of our financial statements and are not reported
under the paragraph captioned “Audit Fees” above. We did not engage our principal accountant to provide assurance or related
services during the last two fiscal years.
Tax
Fees
Tax
fees consist of aggregate fees billed for each of the last two fiscal years for professional services performed by the Company’s
principal accountant with respect to tax compliance, tax advice, tax consulting and tax planning. We did not engage our principal accountant
to provide tax compliance, tax advice or tax planning services during the last two fiscal years.
All
Other Fees
All
other fees consist of aggregate fees billed for each of the last two fiscal years for products and services provided by the Company’s
prior principal accountant, UHY LLP, for services other than those reported under the headings “Audit Fees,” “Audit-Related
Fees” and “Tax Fees” above. Such services included consent to reference prior period results as audited
by their firm in our 2024 financial statements and a comfort letter for referencing our 2023 financial statements as audited by their
firm for the Form 424B5 - Prospectus filed on May 23, 2024 for our ATM offering.
Pre-Approval
Policies and Procedures
The
Audit Committee has reviewed and approved all fees earned in 2024 and 2023 by the Company’s principal accountant, and actively
monitored the relationship between audit and non-audit services provided. The Audit Committee has concluded that the fees earned by the
principal accountant were consistent with the maintenance of the principal accountant’s independence in the conduct of its auditing
functions.
The
Company’s principal accountant did not provide, and the Audit Committee did not approve, any services that would have been described
under “—Audit-Related Fees”, or “—Tax Fees” or “—All Other Fees”
above for either of the last two fiscal years.
The
Audit Committee annually considers the provision of audit services. The Audit Committee must pre-approve all services provided and fees
earned by the Company’s principal accountant. The Audit Committee has established pre-approval policies and procedures that are
detailed as to the particular service, that require that the Audit committee be informed of each service, and that do not include delegation
of the Audit Committee’s responsibilities under the Exchange Act to management. The pre-approval policies and procedures provide
only for defined audit services and, if any, specified audit-related fees, tax services, and other services, and may impose specific
dollar value limits for the fees for pre-approved services. The Audit Committee also considers on a case-by-case basis specific engagements
that are not otherwise pre-approved under the pre-approval policies and procedures or that materially exceed pre-approved fee amounts.
On an interim basis, any proposed engagement that does not fit within the definition of a pre-approved service may be presented to a
designated member of the Audit Committee for approval and to the full Audit Committee at its next regular meeting.
The
percentage of hours expended on the Company’s principal accountant’s engagement to audit the Company’s financial statements
for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time,
permanent employees was not greater than 50%.
PART
IV
| ITEM
15. |
EXHIBIT
AND FINANCIAL STATEMENT SCHEDULES. |
(b)
Exhibits:
Exhibit
Number |
|
Description |
| |
|
|
| 16.1 |
|
Letter from UHY, dated July 8, 2024. (incorporated by reference to Exhibit 10.1 to the Form 6-K filed on July 10, 2024) |
| |
|
|
| 16.2 |
|
Letter from Marcum, dated January 9, 2025. (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on January 10, 2025) |
| |
|
|
| 31.1
|
|
Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| |
|
|
| 31.2 |
|
Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
| 32.1 |
|
Certification by Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| |
|
|
| 32.2 |
|
Certification by Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
| 101.INS |
|
XBRL
Instance Document. |
| |
|
|
| 101.SCH |
|
XBRL
Taxonomy Extension Schema Document. |
| |
|
|
| 101.CAL |
|
XBRL
Taxonomy Extension Calculation Linkbase Document. |
| |
|
|
| 101.DEF |
|
XBRL
Taxonomy Extension Definition Linkbase Document. |
| |
|
|
| 101.LAB |
|
XBRL
Taxonomy Extension Label Linkbase Document. |
| |
|
|
| 101.PRE |
|
XBRL
Taxonomy Extension Presentation Linkbase Document. |
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
| Date:
August 21, 2025 |
FREIGHT
TECHNOLOGIES, INC. |
| |
|
|
| |
|
/s/
Javier Selgas |
| |
Name: |
Javier
Selgas |
| |
Title: |
Chief
Executive Officer |
| |
|
(Principal
Executive Officer) |
| |
|
|
| |
|
/s/
Donald Quinby |
| |
Name: |
Donald
Quinby |
| |
Title: |
Chief
Financial Officer |
| |
|
(Principal
Financial and Accounting Officer) |
