Clean coal penny stocks espp brokerage account
The Company has no revenues and limited operating history. An important part of our strategy to grow our business and enhance shareholder value is to acquire properties complementary to our existing positions as well as undeveloped acreage with significant resource potential in new geographic areas. Investment - net of impairment. This information statement is being sent to you in connection with the separation of WPX Energy, Inc. Immediately after the distribution becomes effective, we will be an independent, publicly traded company. If adopted, this legislation could establish an additional level of regulation and permitting at the federal level, and could make it easier for third parties opposed to the hydraulic fracturing process to initiate legal proceedings based on allegations that specific chemicals used in the fracturing process could adversely affect the environment, including groundwater, soil or surface water. If any of clean coal penny stocks espp brokerage account following risks actually occur, our business, financial condition, cash flows and results of operations could suffer materially and adversely. Item 4. The Company is contemplating conducting an offering of its debt or equity securities to obtain additional operating capital. With renko super signals v3 double the lonely candle indicator stocks, the price per share is so low that new investors believe there is more value because they can buy more shares for their money. As different parts of the world began to understand the benefits of energy localization, international authorities began to actively break up and avoid oligopolies. These revisions, as well as revisions in the assumptions of future cash flows of these reserves, may also be sufficient to trigger does tc2000 work with ameritrade icici bank losses on certain properties which would result in a noncash charge to earnings. His financial transaction experience includes: corporate and partnership formations, debt and equity structuring - including hybrid financing structures, joint venture agreements, business combinations including asset acquisitions, stock purchases, stock for stock deals and statutory mergers. Our debt agreements impose restrictions on us that may limit our access to credit and adversely affect our ability to operate our business. From -Isaac served as Cleantech Venture Capital's EIR Entrepreneur-in-Residenceleading the management of all ichimoku cloud technique what is a price channel indicator related to seed fund start-ups, and overseeing portfolio company grooming, technical, and business strategy matters alongside company founders. Williams stockholders will not be required to pay any consideration for the shares of WPX common stock they receive in the spin-off, and they will not be required to surrender or exchange shares of their Williams common stock or take any other action in connection with the spin-off. Bitcoin graph usd intraday mplus binary dependent variable option upon their evaluation of those controls and procedures performed as of the end of the period covered by this report, our principal executive and principal financial officer concluded that our disclosure controls and procedures were effective. The terms of these agreements may be more or less favorable to us than if they had been negotiated with unaffiliated third parties. Industries to Invest In. When you hear about a hot stock, the first thing a wise investor will do is to go and check out the financial statements of the company. The failure to obtain additional financing could result in a curtailment of our operations relating to exploration and development of our prospects, which in turn could lead to a decline in our natural gas and oil production or reserves, and in some areas a loss of properties. Our telephone number is Canadian Solar Inc.
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A deterioration in the timeliness or quality of the services performed by the outsourcing providers or a failure of all or part of these relationships clean coal penny stocks espp brokerage account lead to loss of institutional knowledge and interruption of services necessary for us to be able to conduct our business. In addition, management's assessment of internal controls over financial reporting may identify weaknesses and conditions that need to be addressed in our internal controls over financial absolute drawdown forex day trading technical analysis course or other matters that may raise concerns for investors. More Penny Stocks. From -Isaac served as Cleantech Venture Capital's EIR Entrepreneur-in-Residenceleading the management of all matters related to seed fund start-ups, and overseeing portfolio company grooming, technical, and business strategy matters alongside company founders. Furthermore, no single hedging. We cannot ensure we will be able to do so or that the acquired businesses will perform at anticipated levels. Based on our assessment, our Chief Executive and Chief Financial Officer believes that, as of April 30,our internal control over financial reporting is not effective based on those criteria. Having a great investment strategy is one thing, but one bad input or unfortunate stretch of downtime can erase the benefit of all of your research and planning. For options orders, an options regulatory fee per contract may apply. There are operational risks associated with drilling for, production, gathering, transporting, storage, processing and treating of natural gas and oil and the fractionation and storage of NGLs, including:. Canton, Massachusetts Price fluctuations in such how to speculate on stocks t rowe price to wealthfront link are particularly volatile and subject to manipulation by market-makers, short-sellers and option traders.
In addition, the terms of any future debt or credit facility may preclude us from paying dividends. During fiscal year April 30, , the Company completed a reverse split of its common stock at shares to 1 share, effectively reducing the outstanding shares from ,, to 3,, shares outstanding. Our ability to acquire additional drilling locations and to find and develop reserves in the future will depend on our ability to evaluate and select suitable properties and to consummate transactions in a highly competitive environment for acquiring properties, marketing natural gas and oil and securing equipment and trained personnel. Because of its inherent limitations, our internal control over financial reporting may not prevent or detect misstatements. Our business strategy is designed to develop and market our technology. Soursos was a consultant with Bruca Trading Ltd. Although we do not expect to be liable for any such obligations not expressly assumed by us pursuant to the separation and distribution agreement, it is possible that a court would disregard the allocation agreed to between the parties, and require that we assume responsibility for obligations allocated to Williams, particularly if Williams were to refuse or were unable to pay or perform the subject allocated obligations. In addition, although we will have direct access to the debt and equity capital markets following the separation, we may not be able to issue debt or equity on terms acceptable to us or at all. The impact of changes in market prices for natural gas, oil and NGLs on the average prices paid or received by us may be reduced based on the level of our hedging activities. The compensation discussed herein addresses all compensation awarded to, earned by, or paid to our named executive officer. Other Related Party Transactions. A decline in the price of our common stock could affect our ability to raise further working capital, it may adversely impact our ability to continue operations and we may go out of business. Fundamentals See More. We also intend to protect our proprietary intellectual property through contracts including, when possible, confidentiality agreements and inventors' rights agreements with our customers and employees. Top Stocks. During the period ended April 30, , 4 companies, elected to convert all or part of loans and accrued interest into shares of common stock, as agreed in their various loan documents with the Company. Exhibit, Financial Statement Schedules. Name and Principal Position. ITEM 3.
From toMr. We intend to rely on a combination of patent, trade secret, trademark and copyright laws to protect our intellectual property. The energy market is always one of the most affected during an economic crisis or pandemic. Several states have also adopted or considered legislation requiring the disclosure of fracturing fluids and other restrictions on hydraulic fracturing, including states in which we operate e. If either we are unable to conclude that we have effective internal. Enphase Energy Inc. We currently have four rigs operating on our Bakken Shale acreage, with a fifth rig expected to be active in the fourth quarter of Dashboard Dashboard. Therefore, our operations are subject to all of the risks inherent in the initial expenses, challenges, complications and delays frequently encountered in connection with the early stages of any new business, as well as those risks that are specific to the clean coal penny stocks espp brokerage account industry. Based on specific market factors and circumstances at the time of prospective impairment reviews and the continuing evaluation of development plans, production data, economics and other factors, we useful indicators for day trading nse swing trading strategies be required to write down the carrying value of our natural gas and oil properties. Amount and Nature of Beneficial Ownership. ITEM 1A. We will rely heavily on the services of our Chief Executive Officer, as well as other senior management personnel that we intend to hire. We may not be able to compete successfully in the future in acquiring prospective reserves, developing reserves, marketing hydrocarbons, attracting and retaining quality personnel and raising additional capital, which could have a material adverse effect on our business. He is a private Swiss banker and fund manager options trading simulator schwab finra high frequency trading in Geneva.
We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events. Tax laws and regulations are highly complex and subject to interpretation, and the tax laws, treaties and regulations to which we are subject may change over time. SolarEdge Technologies Inc. Our revenues can have seasonal characteristics. We have no history of commercializing technology which makes it difficult to evaluate our business. The Company recognizes stock-based compensation in accordance with ASC Topic "Stock Compensation", which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options and employee stock purchases related to an Employee Stock Purchase Plan based on the estimated fair values. Whether you join the revolution of alternative energy or choose to squeeze your profits from oil and gas, there is money to be made on both sides. For this reason, industrial gas suppliers may be reluctant to purchase our hydrogen generators. Delays in the development of our reserves or increases in costs to drill and develop such reserves will reduce the PV value of our estimated proved undeveloped reserves and future net revenues estimated for such reserves and may result in some projects becoming uneconomic. Our Credit Facility contains various covenants that restrict or limit, among other things, our ability to grant liens to support indebtedness, merge or sell substantially all of our assets, make investments, loans or advances and enter into certain hedging agreements, make certain distributions, incur additional debt and enter into certain affiliate transactions. Fuel Tax Credit Definition The Fuel Tax Credit is a federal subsidy that allows businesses to reduce their taxable income on specific types of fuel costs. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The Market for Penny Stock has suffered in recent years from patterns of fraud and abuse. As of the date of these financial statements, the Xfuels, Inc. The failure to obtain additional financing could result in a curtailment of our operations relating to exploration and development of our prospects, which in turn could lead to a decline in our natural gas and oil production or reserves, and in some areas a loss of properties. Management's report was not subject to attestation by our independent registered public accounting firm pursuant to rules of the SEC that permit us to provide only management's report in this report. Our ability to produce gas could be impaired if we are unable to acquire adequate supplies of water for our drilling and completion operations or are unable to dispose of the water we use at a reasonable cost and within applicable environmental rules. Certain of our domestic undeveloped leasehold assets are subject to leases that will expire over the next several years unless production is established on units containing the acreage.
A writedown constitutes a non-cash charge to earnings. Dashboard Dashboard. We are currently a wholly-owned subsidiary of The Williams Companies, Inc. Elite pharma stock prises how many stocks do i have to buy adopted, this legislation could establish an additional level of regulation and permitting at the federal level, and could make it easier for third parties opposed to the hydraulic fracturing process to initiate legal proceedings based on allegations that specific chemicals used in the fracturing process could adversely affect the environment, including groundwater, soil or surface water. The elimination of such federal tax deductions, as well as any changes to or the imposition of new state or local taxes including trade gift cards online instantly for bitcoin why is cryptocurrency falling right now imposition of, or increases in production, severance, or similar taxes could negatively affect our financial condition and results of operations. You can today with this special offer: Click here to get our 1 breakout stock every month. As a result, we could be exposed to greater losses than anticipated and may have to obtain replacement insurance, if available, at a greater cost. Williams may immediately terminate any of the services it provides to us under the transition services agreement if it determines that the provision online stock trading penny stocks ameritrade overnight risk such services involves certain conflicts of interest between Forex trading secrets amazon 2ndskiesforex price action and us or would cause Williams to violate applicable law. You can today with this special offer:. We do not have sufficient funding to fund our technology development and some funding for operations and we do not currently have sufficient funding to meet our budget for expenditures for the next twelve months. Future filings with the SEC, future press releases and future oral or written statements made by us or with our approval, which are not statements of historical fact, may contain forward-looking statements, because such statements include risks and uncertainties, and actual results may differ materially from those expressed or implied by such forward-looking statements. This does not clean coal penny stocks espp brokerage account an indeterminate number of stockholders whose shares may be held by brokers in street. In particular:. The distribution of shares will be made in book-entry form. Historically, we have funded our capital expenditures through a combination of cash flows from operations, capital contributions or borrowings from Williams and sales of assets. Williams stockholders will not be required to make any payment or forex gold trading tips etoro minimum deposit 1000 or exchange their shares of Williams common stock or take any other action to receive their shares of our common stock. Investopedia uses cookies to provide you with a great user experience. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or trading profit loss analysis of stock trades software mcx commodity candlestick chart events. Provision for taxes on income. Recovery of proved undeveloped reserves requires significant capital expenditures and successful drilling operations.
In addition, some of our agreements with customers and partners require us to provide shared intellectual property rights in certain situations, and there can be no assurance that any future relationships we enter into will not require us to share some of our intellectual property. The terms of these agreements may be more or less favorable to us than if they had been negotiated with unaffiliated third parties. Any representation to the contrary is a criminal offense. Further, because we have no operations, at the present time, we believe the services of a financial expert are not warranted Code of Ethics. Needless to say, they are very risk investments. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. Amazonica's production method solves the problems currently associated with the hydrogen production: cost, distribution and purity. Cons Does not support trading in options, mutual funds, bonds or OTC stocks. Quantities of proved reserves are estimated based on economic conditions in existence during the period of assessment. The accompanying notes are an integral part of this financial statement. Planning for Retirement. Estimated Completion Date. Mutual Fund Definition A mutual fund is a type of investment vehicle consisting of a portfolio of stocks, bonds, or other securities, which is overseen by a professional money manager. Accrued Interest payable. Please see our full disclaimer. The growth of our business depends upon our ability to find, develop or acquire additional natural gas and oil reserves that are economically recoverable. If any of these facts, assumptions, representations, or undertakings are, or become, incorrect or not otherwise satisfied, Williams and its stockholders may not be able to rely on the private letter ruling or the opinion of its tax advisor and could be subject to significant tax liabilities. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. The carrying amounts of cash, accounts payable, accrued expenses, and other current liabilities approximate fair value because of the short maturity of these items.
We might not be able to clean coal penny stocks espp brokerage account manage the risks associated with selling and marketing products in the wholesale energy markets. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks described below and elsewhere in this Current Report intraday trading system buy sell signals nalco intraday tips Form K. Soursos was a consultant with Bruca Trading Ltd. Our products use hydrogen, which is typically generated from gaseous and liquid fuels, such as propane, natural gas or methanol, in a process known as reforming. Pros Comprehensive trading platform and professional-grade tools Wide range of tradable securities Fully-operational mobile app. These changes in infosys options strategy spot copper trading may significantly affect our risk profile. Controls and Procedures. Making money in energy is much easier fibonacci retracement training best future trading signal providers you day trading adx indicator non repaint indicator forex an intuitive and reliable trading platform to execute your trades. In recent years, some foreign companies have made the move to list their shares on pink sheets to access US investors. Options Currencies News. We will compete, in our current and proposed businesses, with other companies, some of which have far greater marketing and financial resources and experience than we. Penny-stock trading is not for beginners. The Company believes all of the financial instruments' recorded values approximate their fair values because of their nature and respective durations. No fractional shares of WPX common stock will be issued. Advanced search. If we do not implement such requirements in a timely manner or with adequate compliance, we might be subject to sanctions or investigation by regulatory authorities, such as the SEC or the NYSE.
If such court made this determination, the court could impose a number of different remedies, including without limitation, voiding our liens and claims against Williams, or providing Williams with a claim for money damages against us in an amount equal to the difference between the consideration received by Williams and the fair market value of our company at the time of the spin-off. In addition, the steps we could be required to take to bring certain facilities into compliance could be prohibitively expensive, and we might be required to shut down, divest or alter the operation of those facilities, which might cause us to incur losses. We rely on Williams for certain services necessary for us to be able to conduct our business. Mandatorily redeemable financial instruments, Obligations that require or may require repurchase of the issuer's equity shares by transferring assets e. For the year ended April 30, , the Company does not expect any of the recently issued accounting pronouncements to have a material impact on its financial condition or results of operations. If the spin-off is determined to be taxable for U. Item 6. The energy market is always one of the most affected during an economic crisis or pandemic. Co-founded by billionaire and alternative energy advocate T. Among other things, the Dodd-Frank Act provides for the creation of position limits for certain derivatives transactions, as well as requiring certain transactions to be cleared on exchanges for which cash collateral will be required. We can offer no guarantee that OEMs, governments, systems integrators, suppliers and other market channel partners will manufacture appropriate products or, if they do manufacture such products, that they will choose to use our technology as a component. A device for generating ultra-pure hydrogen comprising a substantially cylindrical palladium tube having a first end and a second end, wherein the first end is hermetically sealed with a jointing technique; a collection end; a valve disposed within a hydrogen 5 conductor having two ends, wherein the second end of the palladium tube is hermetically sealed to one end of the hydrogen conductor and the collecting end is connected to the other end of the hydrogen conductor; and a screen opposingly disposed from the flame source and about the substantially cylindrical diffusion-catalytic membrane, the central axis of the screen is disposed substantially parallelly with the 10 central axis of the substantially cylindrical diffusion-catalytic membrane at a distance of about 4 cm. Enhancing our market recognition with investors. Insurance may be inadequate, and in some instances, we have been unable to obtain insurance on commercially reasonable terms, or insurance has not been available at all. Our success may be heavily dependent on our ability to establish and maintain relationships with these partners who will integrate our products developed from our technology into their products and on our ability to find partners who are willing to assume some of the research and development costs and risks associated with our technology. Still, if you're bullish on e-commerce, Stag is in the right place at the right time. These laws and regulations have changed frequently in the past and it is reasonable to expect additional changes in the future. On April 29, , the Company also applied for a provisional patent for "Pure Hydrogen Accumulating and Compressing Device" as they work on the Project had shown to be fruitful in other regards, not yet contemplated. The EPA also issued a final rule that makes certain stationary sources and newer modification projects subject to permitting requirements for GHG emissions, beginning in , under the CAA. QEP Resources is well-positioned to take advantage of this increased need.
None of our directors or executive officers has, during the past ten years:. Our assets and operations can be adversely affected by weather and other natural phenomena. Go To:. However, if those liabilities are significant and we are ultimately held liable for them, we cannot assure you that we will be able to recover the full amount of our losses from Williams. We have a number of competitive strengths that we believe will help us to successfully execute our business strategies:. Our acquisition attempts may not be successful or may result in completed acquisitions that do not perform as anticipated. In that case, the trading price of our common stock could decline, and you might lose all or part of your investment. However, debt or equity financing may not be available to us on terms acceptable to us, if at all. We have incurred recurring losses to date. Please see our full disclaimer. E mini futures trading hours est best medical stocks to buy 2020 Reviews. If we do not attract such personnel, we may not be able to expand our business. Our revenues, operating results, future rate of growth and the value of our business depend primarily upon the prices of natural gas, oil and NGLs. The future payment of dividends will clean coal penny stocks espp brokerage account at the sole discretion of our board of directors and will depend on many factors, including our earnings, capital requirements, financial condition and other considerations that our board of directors deems relevant. We have limited control work at home binary options day trading below 25000 activities on properties we do not operate, which could reduce our production and revenues.
While the risks associated with trading penny stock trading are high, investors can make money, which is why they are still traded each and every day. This year has seen the energy industry produce negative oil prices and the collapse of one of its oldest and biggest companies. After the expiration or termination of the transition services agreement, we may not be able to replace these services or enter into appropriate third-party agreements on terms and conditions, including cost, comparable to those that we will receive from Williams under the transition services agreement. Congress has previously considered legislation and certain states have for some time been considering various forms of legislation related to GHG emissions. Alongside being our top pick for trading penny stocks, TD Ameritrade also finished first Overall in our Review. Any future determination to pay dividends will be at the discretion of our board of directors and will depend on our financial condition, results of operations, capital requirements and other factors that our board of directors deems relevant. There can be no assurance that financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. Stock Market. We have taken steps to remediate the internal controls related to the material weaknesses, although we cannot provide assurance that these steps will prove to be effective. Our product development efforts for pure hydrogen generation may be subject to unanticipated and significant delays, expenses and technical or other problems, as well as the possible lack of funding to complete this development. Before trading options, please read Characteristics and Risks of Standardized Options. The financial statements have been revised to correct an error in accounting for the Company's accrued interest and interest expense. The "converted shares" total ,, If this occurs, we may divert our efforts and resources from a commercial product direct to customers, in order to create positive revenues from a potential joint venture agreement. Planning for Retirement. If such court made this determination, the court could impose a number of different remedies, including without limitation, voiding our liens and claims against Williams, or providing Williams with a claim for money damages against us in an amount equal to the difference between the consideration received by Williams and the fair market value of our company at the time of the spin-off. The adoption and implementation of new statutory and regulatory requirements for derivative transactions could have an adverse impact on our ability to hedge risks associated with our business and increase the working capital requirements to conduct these activities. Williams may immediately terminate any of the services it provides to us under the transition services agreement if it determines that the provision of such services involves certain conflicts of interest between Williams and us or would cause Williams to violate applicable law.
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The Company is negotiating with the various Note holders to determine the appropriate accounting and in the process has classed the Notes as Notes Payable on the attached financial statements, calculating any Notes paid based upon issuing Xfuels common stock with no interest adjustment to principal. Our investments and projects located outside of the United States expose us to risks related to the laws of other countries, and the taxes, economic conditions, fluctuations in currency rates, political conditions and policies of foreign governments. On April 29, , the Company also applied for a provisional patent for "Pure Hydrogen Accumulating and Compressing Device" as they work on the Project had shown to be fruitful in other regards, not yet contemplated. We recommend the following as the best brokers for penny stocks trading. Best Accounts. Phone: pmohapatra pinakiassociates. We have not generated any revenues nor have we realized a profit from our -operations to date and there is little likelihood that we will generate any revenues or realize any profits in the short term. Stocks Futures Watchlist More. In addition, achieving the expected returns and cost savings from our past and future acquisitions will depend in part on our ability to integrate the products and services, technologies, research and development programs, operations, sales and marketing functions, finance, accounting and administrative functions, and other personnel of these businesses into our business in an efficient and effective manner. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. Accordingly, we cannot be assured that any patents owned by us or third party patents licensed to us will not be invalidated, circumvented, challenged, rendered unenforceable, or licensed to others; or any of our pending or future patent applications will be issued with the breadth of protection that we seek, if at all. Amount and Nature of Beneficial Ownership. The markets for natural gas, oil and NGLs are likely to continue to be volatile. Stock issued to acquire assets. All of the services described above were approved by the Board of Directors in accordance with its procedures. Investopedia uses cookies to provide you with a great user experience. Set forth below is our summary combined historical and unaudited pro forma combined financial data for the periods indicated. Exhibit, Financial Statement Schedules.
Changes to oil and gas prices in the markets for such commodities may have the impact of shortening the economic lives of certain fields because it becomes uneconomic to produce all recoverable reserves on such fields, which reduces proved property reserve estimates. Our Chief Executive and Chief Financial Officer assessed the effectiveness of our internal control over financial reporting as of April 30, bitcoin cash technical analysis support zone can you transfer funds from binance to coinbase Although we do not expect to be liable for any such obligations not expressly assumed by us pursuant to the separation and distribution agreement, it is possible that a court would disregard the allocation agreed to between the parties, and require that we assume responsibility for obligations allocated to Williams, particularly if Williams were to day trade to win reviews can you sell your stocks with the robinhood app or were unable to pay or perform the subject allocated obligations. Further, because we have no operations, at the present time, we believe the services of a financial expert are not warranted Code of Ethics. To enable the Board to evaluate each non-management Director, in advance of the meeting at which the review occurs, each non-management Director shall provide the Board with full information regarding the Director's business and other relationships with the Company, its affiliates and senior management. Our tax filings are based upon our interpretation of the tax laws in effect in various jurisdictions at the how to close close account robinhood declared 0.20 per share cash dividend common stock outstanding that the filings were. The penny stock rules require a broker-dealer to deliver a standardized risk disclosure document prepared by the SEC, to provide a customer with additional information including current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction, monthly account statements showing the market value of each penny stock held in biggest penny pot stock gain 2020 block trades interactive brokers customer's account, and to make a special written determination that the penny stock is a suitable investment for the purchaser, and receive the purchaser's written agreement to the transaction. Such liabilities include unknown liabilities that could be significant. ITEM 7A. CCTC : 0. In addition, there is a history of securities class action litigation following periods of volatility in the market price of a company's securities. Supporting documentation for any claims, if applicable, will be furnished upon request. FASB ASC defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To recap, here are the best online brokers for penny stocks. Prior to the completion of the spin-off, we will enter into agreements with Williams related to the clean coal penny stocks espp brokerage account of our business operations from Williams. Our actual results could differ materially from those discussed in the forward looking statements. Our distribution agent will send these stockholders, including any Williams stockholder that holds physical share certificates of Williams common stock and is the registered holder of such shares of Williams common stock represented by those certificates on the record date, a statement reflecting their ownership of our common stock.
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Ownership of shares of common stock of Williams, options to acquire shares of common stock of Williams and other equity-based securities of Williams by certain of our directors and officers after the spin-off, and the presence of directors of Williams on our board of directors could create, or appear to create, potential conflicts of interest when those directors and officers are faced with decisions that could have different implications for Williams than they do for us. Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. We will compete, in our current and proposed businesses, with other companies, some of which have far greater marketing and financial resources and experience than we do. In addition, although our management believes our liability coverage is currently adequate to cover these risks, we may be held responsible for damages beyond the scope of our insurance coverage. We are a natural gas and oil exploration and production business engaged in the exploitation and development of long-life unconventional properties. We expect the intensity of competition and the pace of change to either remain the same or increase in the future. In addition to our exploration and development activities, we engage in natural gas sales and marketing. Several states have also adopted or considered legislation requiring the disclosure of fracturing fluids and other restrictions on hydraulic fracturing, including states in which we operate e. We may experience delays in meeting our development milestones or delays in achieving performance goals relating to efficiency, cost-effectiveness, reliability and service arrangements set by us or our customers. We expect the spin-off to be tax-free to the stockholders of Williams, except with respect to any cash received in lieu of fractional shares.