Company: OMQS
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001813
Chunk: 418

Company: OMNIQ Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 418
---
 interim periods beginning in fiscal 2025, with early adoption permitted. Our CODM is Shai Lustgarten, our CEO. See Note
18 – Operating Segments for required disclosures.

Recent
Accounting Pronouncements not yet adopted

In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires an annual
tabular effective tax rate reconciliation disclosure including information for specified categories and jurisdiction levels, as well
as, disclosure of income taxes paid, net of refunds received, disaggregated by federal, state/local, and significant foreign jurisdiction.
This ASU will be effective for the Company’s fiscal December 31, 2025 year-end, with early adoption permitted. We are assessing
the impact of this guidance on our disclosures; it will not have an impact on our results of operations, cash flows, or financial condition.

In
November 2024, the FASB issued ASU 2024-03 “Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures
(Subtopic 220-40)” to improve the disclosures about an entity’s expenses. Upon adoption, we will be required to disclose
in the notes to the financial statements a disaggregation of certain expense categories included within the expense captions on the face
of the income statement. The standard is effective for our 2027 annual period, and our interim periods beginning in 2028, with early
adoption permitted. The standard can be applied either prospectively or retrospectively. We are currently assessing adoption timing and
the effect that the updated standard will have on our financial statement disclosures.

NOTE
3 – GOING CONCERN

The
accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern. The following are
the principal conditions or events which potentially raise substantial doubt about the company’s ability to continue as a going
concern:

    ●
    Balancing
    the need for operational cash with the need to add additional products.
  
    ●
    Timely
    and cost-effective development of products
  
    ●
    Working
    capital deficit of $54 million as of December 31, 2024
  
    ●
    Accumulated
    deficit of $124 million as of December 31, 2024
  
    ●
    Multiple
    years of losses from operations
  
    ●
    Year
    over year decrease in