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Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note 9 – Subsequent Events

 

In February 2022, the Russian Federation launched a full-scale invasion against Ukraine, and sustained conflict and disruption in the region is ongoing. The conflict could have a material adverse effect upon the Company.

 

As of January 31, 2022, the Company had approximately 670 contractors, consisting of its outsourced engineering and product data development team as well as its outsourced marketing, back office and part of its customer service teams, located in Ukraine. The Company’s outsourced teams in Ukraine are located in the southern part of the country, which has been invaded.  The actual hardware, including all servers, involved in operating the Company’s business have been located outside Ukraine for several years.

 

Since the onset of the active conflict in February, most the Company’s contractors have been able to continue their work, although at a reduced capacity and/or schedule.  The Company’s websites and call centers have continued to function, but could be more negatively impacted in the future.  Some of the Company’s contractors have moved outside of Ukraine to neighboring countries where they continue to work remotely.  Some of the Company’s contractors who have remained in Ukraine have moved to areas in western Ukraine, but their ability to continue work is subject to significant uncertainty and potential disruptions. 

 

The situation is highly complex and continues to evolve. Although the Company is working to provide IT support by existing personnel in other countries and planning for temporary work locations in surrounding countries, the Company cannot provide any assurance that its outsourced teams in Ukraine will be able to provide efficient and uninterrupted services, which could have an adverse effect on the Company’s operations and business. In addition, the Company’s ability to maintain adequate liquidity for our operations is dependent on a number of factors, including our revenue and earnings, which could be significantly impacted by the conflict in Ukraine. Further, any major breakdown or closure of utility services in Ukraine or in the neighboring countries of Moldova, Romania, Poland or Hungary or adverse displacement of our teams or disruption of international banking could materially impact the Company’s operations and liquidity.