What changed in this filing

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Item 2. Management’s Discussion and Analysis

2022-01-19 compared with 2021-10-19 · 219 added, 156 removed, 133 unchanged (74% of the section changed)

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The following discussion of our financial condition

and results of operations for the three months and six months ended August 31, 2021 and August 31, 2020 should be read in conjunction

and results of operations for the three months and nine months ended November 30, 2021 and November 30, 2020 should be read in conjunction

with our unaudited consolidated financial statements and the notes to those statements that are included elsewhere in this report.

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vision, leapfrogging most legacy solutions in use today.

Creation and deployment new solutions such as ‘RAD Light My Way’,

which allows end user personnel to activate RAD security devices to improve their security, situational awareness, deploy a unique deterrent

and connect to monitoring security staff as may be available.

RAD solutions are unique because they:

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Management Discussion and Analysis

Selected Results Per Quarter for Fiscal 2021

Three Months Ended

November 30, 2021

August 31, 2021

Operating expenses

Loss from operations

Other income (expense), net

Net income (loss)

Sales grew by 166% in Q3 over Q2.

This is due to direct

sales of new products increasing by $190,347 and device rental activities increasing by $41,978.

Q1 sales were higher due to large direct

sales during that quarter of $434,342.

This sales growth is a result of an expansion of our

customer base and product line and our ability to ramp up production to meet demand.

We expect to continue this growth trend in the

fourth quarter and in our next fiscal year as projects accelerate through the sales funnel.

We expect an increase to the rate of growth

in 2023 as we start to deliver on new products.

Operating expense increases considerably in Q3 and

Q2 mostly as a result of $1,979,500 in equity awards and the new production facility which commenced in May 2021 of this fiscal year.

Other expenses increased due to the Series F Preferred

Stock and debt settlements that have been occurring throughout the fiscal year.

Results of Operations for the Three Months Ended

August 31, 2021 and 2020

November 30, 2021 and 2020

The following table shows our results of operations

for the three months ended August 31, 2021 and 2020.

for the three months ended November 30, 2021 and 2020.

The historical results presented below are not necessarily indicative of the results

that may be expected for any future period.

August 31, 2021

August 31, 2020

Three Months Ended

November 30, 2021

Three Months Ended

November 31, 2020

Operating expenses

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with customers disaggregated by product/service:

August 31, 2021

August 31, 2020

Three Months Ended

November 30, 2021

November 30, 2020

Device rental activities

Direct sales of goods and services

Total revenue for the three-month period ended August

31, 2021 was $141,572 which represented an increase of $65,490 compared to total revenue of $76,082 for the three months ended August

This large increase is a result of increases in rental activities and training revenue as the Company continues to grow its

Total revenue for the three-month period ended November

30, 2021 was $373,897 which represented an increase of $254,197 compared to total revenue of $119,700 for the three months ended November

This large increase is a result of increases in rental activities of $80,753 and direct sales of goods and services of $173,444

as the Company continues to grow its business.

Total gross profit for the three-month period ended

August 31, 2021 was $99,618 which represented an increase of $59,547, compared to gross profit of $40,071 for the three months ended August

November 30, 2021 was $230,473 which represented an increase of $135,455, compared to gross profit of $95,018 for the three months ended

November 30, 2020.

The increase resulted primarily from the increased revenues noted above.

The gross profit % of 70% for the three-month period

ended August 31, 2021 was slightly higher than the margin of 53% for the prior year’s corresponding period due to the shift in sales

mix, specifically higher training revenue in 2021.

The gross profit % of 62% for the three-month

period ended November 30, 2021 was lower than the margin of 79% for the prior year’s corresponding period due to different sales

Operating Expenses

August 31, 2021

August 31, 2020

Three Months Ended

November 30, 2021

Three Months Ended

November 31, 2020

Research and development

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Operating lease cost and rent

(Gain) loss on disposal of fixed assets

Operating expenses

Our operating expenses were comprised of general and administrative expenses,

research and development, and depreciation.

General and administrative expenses consisted primarily of professional services, automobile

expenses, advertising, salaries and wages, travel expenses and consultants.

Our operating expenses during the three-month period ended

August 31, 2021 and August 31, 2020, were $3,383,990 and $707,969, respectively.

The overall increase of $2,676,021 was primarily attributable

to the following changes in operating expenses of:

Our operating expenses were comprised of general and

administrative expenses, research and development, and depreciation.

General and administrative expenses consisted primarily of professional

services, automobile expenses, advertising, salaries and wages, travel expenses and consultants.

Our operating expenses during the three-month

period ended November 30, 2021 and November 30, 2020, were $5,118,000 and $995,092, respectively.

The overall increase of $4,122,908 was

primarily attributable to the following changes in operating expenses of:

General and administrative expenses increased by $3,023,189.

In comparing the three

months ended August 31, 2021 and August 31, 2020 this significant increase was primarily due to increases in production supplies by

$182,579, professional fees by $29,967, wages and salaries $590,820, stock-based compensation $1,131,260, and travel $116,203 and

with the remaining increase distributed amongst other G&A accounts.

These large increases may be explained due to the large ramp

up in costs this fiscal year to operate the new manufacturing facility and the hiring of 18 additional full-time employees.

addition, the expenses of the prior year’s corresponding quarter were also much lower due to the Covid 19 pandemic and the

limited cash available at that time.

In comparing the three months ended

November 30, 2021 and November 30, 2020 this significant increase was primarily due to increases in advertising and promotion by $47,250,

professional fees by $184,908, wages and salaries by $1,765,645 (including bonus expense to CEO of $1,311,739), stock-based compensation

by $957,500, and travel by $102,809 and with the remaining increase and offsets distributed amongst other G&A accounts.

increases may be explained due to the large ramp up in costs this fiscal year to operate the new manufacturing facility and the hiring

of 18 additional full-time employees.

In addition, the expenses of the prior year’s corresponding quarter were also much lower due

to the Covid 19 pandemic and the limited cash available at that time.

Research and development increased by $961,822 due to funding development of new products as well as upgrades

of existing products.

Depreciation and amortization increased by $17,331

due to increases in fixed assets and revenue earning devices.

Operating lease cost and rent increased by $70,912 due to the two new leases including three months of the

new manufacturing facility for the three months ended August 31, 2021 as compared to a month-to-month lease of only office space for the

three months ended August 31, 2020.

(Gain) loss on disposal of fixed assets increase by $29,678 due to a vehicle sold this current quarter.

Depreciation and amortization increased by $37,782 due to increases in fixed assets and revenue earning devices.

Operating lease cost and rent increased by $100,115 due to the three new leases including the new manufacturing

facility for the three months ended November 30, 2021 as compared to a month-to-month lease of only office space for the three months

ended November 30, 2020.

Other Income (Expense)

Other income (expense) during the three months ended

August 31, 2021 and August 31, 2020, was ($1,548,001) and ($8,350,343), respectively.

The $6,802,342 decrease in other expense was primarily

attributable to the change in the fair value of derivatives, interest expense, and loss on settlement of debt.

In comparing the three months ended August 31, 2021 and the three months ended August 31, 2020,

the change in fair value of derivative liabilities increased by $7,363,848 due to the re-valuation of derivative liability on convertible

notes based on the change in the market price of the Company’s common stock as well as reductions in derivative liability as a result

of settlements on the underlying debt.

Fair value of derivatives was largely affected by the decrease in the market price of the Company’s

common stock during the current period as well as the significant reduction in convertible debt and accrued interest that occurred at

the end of fiscal 2021.

November 30, 2021 and November 30, 2020, was ($2,206,915) and $4,308,379, respectively.

The $ 6,515,294 increase

in other expense was primarily attributable to the change in the fair value of derivatives, interest expense, and loss on settlement of

In comparing the three months ended November 30, 2021 and the three months ended November 30,

2020, the change in fair value of derivative liabilities decreased by $5,354,622 was solely the change in fair value for the three months

ended November 30, 2020y due to the re-valuation of the derivative liability on convertible notes and accrued interest based on the change

in the market price of the Company’s common stock.

The valuation of the derivatives associated with our convertible notes and accrued

interest of the notes is dependent upon a number of estimates developed by management.

Included in those estimates are the timing and

availability of common stock underlying the conversion of the notes and accrued interest.

Our notes generally contain provisions such

that the holders are barred from conversion of any amount of principal or interest should that conversion cause their ownership of common

stock to exceed 4.99% of the then outstanding common stock of the Company.

Because of this, the amount of the derivative can at times

be limited due to this factor.

In the quarter ended November 30, 2020, the reduction of convertible notes and accrued interest through

conversions as well as an increase in the subsequent redemption assumption due to the settlement arrangements describe in Note 8.

result of this was a significant decrease in the liability reported as of November 30, 2020 and an increase in the change in fair value

of derivative liabilities.

Interest expense increased by $973,979 due to a significant increase loans payable, most significantly new

loans totaling over $19 million, including loans from the Series F preferred share exchanges, and other debt exchanges.

Gain on settlement of debt was $72,709 for the quarter

ended August 31, 2021 and nil in the prior year’s quarter.

Debt exchange for common shares was partially offset

by a loss on the convertible debt amendment which resulted in an overall gain this quarter.

We had a net loss of $4,832,373 for the three months ended August 31, 2021,

compared to a net loss of $9,018,241 for the three months ended August 31, 2020.

The change is primarily the result of the change in fair

value of derivative liabilities and other items discussed above.

Results of Operations for the Six Months Ended

August 31, 2021 and 2020

Loss on settlement of debt was $156,661 for the quarter ended November 30, 2021 and a $30,032 gain in the

prior year’s quarter.

The company settled defaulted debt at a loss this quarter.

We had a net loss of $7,094,442 for the three months

ended November 30, 2021, compared to net income of $3,408,305 for the three months ended November 30, 2020.

The change is primarily the

result of the change in fair value of derivative liabilities and other items discussed above.

Results of Operations for the Nine Months Ended

November 30, 2021 and 2020

The following table shows our results of operations

for the six months ended August 31, 2021 and 2020.

for the nine months ended November 30, 2021 and 2020.

The historical results presented below are not necessarily indicative of the results

that may be expected for any future period.

August 31, 2021

August 31, 2020

Nine Months Ended

November 30, 2021

Nine Months Ended

November 31, 2020

Operating expenses

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with customers disaggregated by product/service:

August 31, 2021

August 31, 2020

Nine Months Ended

November 30, 2021

November 30, 2020

Device rental activities

Direct sales of goods and services

Total revenue for the six-month period ended August

31, 2021 was $701,996 which represented an increase of $562,503 compared to total revenue of 139,403 for the six months ended August 31,

This large increase is a result of unit sales which includes sales of new units totaling $434,342 with the remaining increases in

training revenue.

Total revenue for the nine-month period ended November

30, 2021 was $1,075,803 which represented an increase of $816,700 compared to total revenue of $259,103 for the nine months ended November

This large increase in direct sales is a result of unit sales which includes sales of new units totaling $575,813 with the remaining

increases in training revenue.

Rental activities increased by 79% as well as the Company continues to grow its business.

Total gross profit for the six-month period ended

August 31, 2021 was $549,026 which represented an increase of $454,924, compared to gross profit of $94,102 for the six months ended August

Total gross profit for the nine-month period ended

November 30, 2021 was $779,499 which represented an increase of $590,379, compared to gross profit of $189,120 for the nine months ended

November 30, 2020.

The increase resulted primarily from the increased revenues noted above.

The gross profit % of 78% for the six-month period

ended August 31, 2021 was higher than the margin of 68% for the prior year’s corresponding period due to the shift in sales mix.

The gross profit % of 72% for the nine-month

period ended November 30, 2021 which was consistent with the 73% gross profit for the prior year’s corresponding period.

Operating Expenses

August 31, 2021

August 31, 2020

Nine Months Ended

November 30, 2021

Nine Months Ended

November 31, 2020

Research and development

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Operating expenses

Our operating expenses were comprised of general and administrative expenses,

research and development, and depreciation.

General and administrative expenses consisted primarily of professional services, automobile

expenses, advertising, salaries and wages, travel expenses and consultants.

Our operating expenses during the six-month period ended August

31, 2021 and August 31, 2020, were $5,984,944 and $1,100,731, respectively.

The overall increase of $4,884,213 was primarily attributable

to the following changes in operating expenses of:

Our operating expenses were comprised of general and

administrative expenses, research and development, and depreciation.

General and administrative expenses consisted primarily of professional

services, automobile expenses, advertising, salaries and wages, travel expenses and consultants.

Our operating expenses during the nine-month

period ended November 30, 2021 and November 30, 2020, were $11,102,944 and $2,095,823, respectively.

The overall increase of $9,007,121

was primarily attributable to the following changes in operating expenses of:

General and administrative expenses increased by $6,674,400.

In comparing the six months

ended August 31, 2021 and August 31, 2020 this significant increase was primarily due to increases in production supplies by

$120,974, professional fees by $534,688, wages and salaries $882,904, subcontractor fees $58,812, stock-based compensation

$1,200,550,investor relations $76,000, payments under deferred variable payment obligation $134,634, duty and freight $118,921,

office expenses $79,523, advertising and promotion $37,660 , and travel $217,476 with the remaining increase distributed amongst

other G&A accounts.

These large increases may be explained due to the large ramp up in costs this quarter to operate the new

manufacturing facility, the hiring of 18 additional full-time employees and the termination costs of the former director.

addition, the expenses of the prior year’s corresponding quarter were also much lower due to the Covid 19 pandemic and the

limited cash available at that time.

In comparing the nine months ended

November 30, 2021 and November 30, 2020 this significant increase was primarily due to increases in professional fees by $719,576, wages

and salaries $2,994,796 (including bonus to CEO of $1,311,739), stock-based compensation $1,795,966, health insurance $87,303, investor

relations $71,250, payments under deferred variable payment obligation $126,492, duty and freight $182,843, office expenses $148,847,

advertising and promotion $77,908, bad debts expense $103,900 , software and technology $97,350,warehouse expense $73,362, and travel

$278,883 with the remaining increase distributed amongst other G&A accounts.

These large increases may be explained due to the large

ramp up in costs this year to operate the new manufacturing facility, the hiring of 18 additional full-time employees and the termination

costs of the former director.

In addition, the expenses of the prior year’s corresponding quarter were also much lower due to the

Covid 19 pandemic and the limited cash available at that time.

Research and development increased by $2,105,358 due to funding development of new products as well as upgrades

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Depreciation and amortization increased by $64,640 due to increases in fixed assets and revenue earning devices.

Operating lease cost and rent increased by $96,786 due to the two new leases including four months of the

new manufacturing facility for the six months ended August 31, 2021 as compared to a month-to-month lease of office space for the six

months ended August 31, 2020.

(Gain) loss on disposal of fixed assets increase by $29,678 due to a vehicle sold this current quarter.

Other Income (Expense)

Other income (expense) during the six months ended

August 31, 2021 and August 31, 2020, was ($35,301,373) and ($6,036,336), respectively.

The $29,265,037 decrease in other income was primarily

attributable to the change in the fair value of derivatives, interest expense, and loss on settlement of debt.

In comparing the six months ended August 31, 2021 and the six months ended August 31, 2020, the

change in fair value of derivative liabilities increased by $4,699,796 due to the re-valuation of derivative liability on convertible

Operating lease cost and rent increased by $192,401 due to the three new leases including seven months of

the new manufacturing facility for the nine months ended November 30, 2021 as compared to a month-to-month lease of office space for the

nine months ended November 30, 2020.

(Gain) loss on disposal of fixed assets decreased by $29,678 due to a vehicle sold this current quarter.

Other Expense

Other expense during the nine months ended November

30, 2021 and November 30, 2020, was $37,508,288 and 1,727,957, respectively.

The $ 35,780,331 increase

in other income was attributable to the change in the fair value of derivatives, interest expense, and loss on settlement of debt.

In comparing the nine months ended November 30, 2021 and the nine months ended November 30, 2020,

the change in fair value of derivative liabilities decreased by $654,826 due to the re-valuation of derivative liability on convertible

notes based on the change in the market price of the Company’s common stock as well as reductions in derivative liability as a result

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common stock during the current period as well as the significant reduction in convertible debt and accrued interest that occurred at

the end of fiscal 2021 and first six months of fiscal 2022.

the end of fiscal 2021 and first nine months of fiscal 2022.

Interest expense increased by $2,027,160 due to a significant increase loan payable, most significantly new

loans totaling over $19 million, including loans from the Series F preferred share exchanges, and other debt exchanges.

Loss on settlement of debt was $32,911,652 the quarter ended August 31, 2021 and nil in the prior year’s

The amendment of the deferred variable payment obligation referred to in Note 8 led to a $33,015,215 loss which was partially

offset by gains from accrued liabilities settlements and the debt exchange for common shares which was partially offset by a loss on the

convertible debt amendment that resulted in an overall gain this quarter.

This loss on settlement of debt is non-cash and has no effect

on the cash flows of the Company.

We had a net loss of $40,737,291 for the six months

ended August 31, 2021, compared to a net loss of $7,042,065 for the six months ended August 31, 2020.

The change is primarily the result

of the loss on settlement in the six months ended August 31, 2021 as well as the change in the fair value of the derivative liabilities

and other items discussed above.

Loss on settlement of debt was $33,068,313 the quarter ended November 30, 2021 and a gain of $30,032 in the

prior year’s quarter.

The amendment of the deferred variable payment obligation referred to in Note 8 led to a $33,015,215 loss

which was partially offset by gains from accrued liabilities settlements and the debt exchange for common shares which was partially offset

by a loss on the convertible debt amendment that resulted in an overall gain this quarter.

This loss on settlement of debt is non-cash

and has no effect on the cash flows of the Company.

We had a net loss of $47,831,733 for the nine months

ended November 30, 2021, compared to a net loss of $3,634,660 for the nine months ended November 30, 2020.

The change is primarily the

result of the loss on settlement in the nine months ended November 30, 2021 as well as the large increase in operating cost attributable

to the new factory and payroll increases and other items discussed above.

Liquidity, Capital Resources and Cash Flows

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of liabilities that may be necessary should we be unable to continue as a going concern.

For the six months ended August 31, 2021, we

have generated revenue and are trying to achieve positive cash flows from operations

As of August 31, 2021, we had a cash balance of $2,395,389,

accounts receivable of $186,435, device parts inventory of $278,427 and $6,250,160 in current liabilities.

At the current cash consumption

rate, we will need to consider additional funding sources going forward.

We are taking proactive measures to reduce operating expenses

and drive growth in revenue.

For the nine months ended November 30, 2021,

we have generated revenue and are trying to achieve positive cash flows from operations

As of November 30, 2021, we had a cash balance of

$4,103,864, share proceeds receivable of $ 1,007,349, accounts receivable of $281,007, device parts inventory of $1,336,065 and $7,418,470

in current liabilities.

At the current cash consumption rate, we will need to consider additional funding sources going forward.

taking proactive measures to reduce operating expenses and drive growth in revenue.

The successful outcome of future activities cannot

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liabilities and working capital (deficit) for the periods indicated:

August 31, 2021

November 30, 2021

February 28, 2021

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Working capital

As of August 31, 2021 and February 28, 2021, current liabilities included approximately $7,299

As of November 30, 2021 and February 28, 2021, current liabilities included approximately $7,299

and $444,466, respectively, of derivative liabilities that are expected to be settled in shares of the Company in accordance with the

various conversion terms.

As of August 31, 2021 and February 28, 2021, we had

a cash balance of $2,395,389 and $1,044,418, respectively.

Summary of Cash Flows

August 31, 2021

August 31, 2020

As of November 30, 2021 and February 28, 2021, we

had a cash balance of $4,103,864 and $1,044,418, respectively.

Nine Months Ended

November 30, 2021

Nine Months Ended

November 30, 2020

Net cash used in operating activities

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Net cash used in operating activities.

Net cash used in operating activities for the six months ended August 31,

2021 was ($6,096,978), which included a net loss of ($40,737,291), non-cash activity such as the loss on settlement of debt of $32,911,652,

revenue earning device sold and expensed in cost of sales $3,255,bad debts expense $2,022, reduction of right of use asset of $ 42,684,

accretion of lease liability $49,656, stock based compensation of $1,200,550, change in fair value of derivative liabilities of ($372,502),

change in operating assets of ($811,451), amortization of debt discount of $1,395,799, increase in related party accrued payroll and interest

of $162,438 and depreciation and amortization of $85,334 to derive the uses of cash in operations.

Net cash used in operating activities for the nine

months ended November 30, 2021 was ($10,434,762), which included a net loss of ($47,831,733), non-cash activity such as the loss on settlement

of debt of $33,068,313, revenue earning device sold and expensed in cost of sales $3,410, bad debts expense $107,022, reduction of right

of use asset of $75,609, accretion of lease liability $86,350, stock based compensation of $2,158,050, change in fair value of derivative

liabilities of ($372,502), gain on disposal of fixed assets ($29,125) change in operating assets of ($773,791), amortization of debt discount

of $2,700,233, increase in related party accrued payroll and interest of $220,140 and depreciation and amortization of $153,261 to derive

the uses of cash in operations.

Net cash used in investing activities.

Net cash used in investing activities for the six

months ended August 31, 2021 was ($18,042), which was the purchase of fixed assets of ($32,162), proceeds on disposal of fixed assets

of $30,000 and ($15,880) paid for a security deposit.

Net cash used in investing activities for the nine months ended November

30, 2021 was ($46,751), which was the purchase of fixed assets of ($34,534), acquisition of trademarks ($26,327), proceeds on disposal

of fixed assets of $30,000 and ($15,880) paid for security deposits.

Net cash provided by financing activities.

Net cash provided by financing activities was $13,540,949

for the six months ended August 31, 2021.

This consisted of proceeds from loans payable of $7,926,146, reduced by net repayments from

loan payable – related party of $118,342, settlement of convertible debt $65,000, and repayments on loans payable of $276,813.

for the nine months ended November 30, 2021.

This consisted of share proceeds net of issuance costs of $7,463,654, proceeds from loans

payable of $9,426,146, reduced by net repayments from loan payable – related party of $812,234, settlement of convertible debt $65,000,

repayments on loans payable of $471,617, dividend on redemption on cancelled issuable Series F preferred shares ($500,000) , and Series

G preferred shares redeemed as payment on incentive plan ($1,500,000).

Off-Balance Sheet Arrangements

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Related Party Transactions

For the six months ended August 31, 2021, the Company

For the nine months ended November 30, 2021, the Company

repaid net advances of $812,234 from its loan payable-related party.

For the six months ended August 31, 2020 the Company repaid net advances

At August 31, 2021, the loan payable-related party was $910,095 and $904,806 at February 28, 2021.

Included in the balance

due to the related party at August 31, 2021 is $925,001 of deferred salary and interest, $762,000 of which bears interest at 12%.

28, 2021, included in the balance due to the related party is $883,710 of deferred salary and interest, $642,000 of which bears interest

The accrued interest included in loan at August 31, 2021 and August 31, 2020 was $160,536 and $80,410, respectively.

Pursuant to the amended Employment Agreement

with its Chief Executive Officer in Note 14, the Company accrued $1,022,000 of stock-based compensation with a corresponding

adjustment to incentive compensation plan payable due to the vesting cost of the equity awards.

During the three and six months ended August 31, 2021

the Company was charged $1,041,788 and $562,837, respectively in consulting fees for research and development to a company partially owned

by a principal shareholder During the three and six months ended August 31, 2020, the Company was charged $61,121 and $111,816, respectively

for consulting fees for research and development to a company owned by a principal shareholder.

For the nine months ended November 30, 2020 the Company repaid net

advances of $344,618.

At November 30, 2021, the loan payable-related party was $134,234 and $904,806 at February 28, 2021.

Included in the balance due to the related party at November 30, 2021 is $54,000 of deferred salary and interest, $54,000 of which bears

interest at 12%.

At February 28, 2021, included in the balance due to the related party is $883,710 of deferred salary and interest, $642,000

of which bears interest at 12%.

The accrued interest included in loan at November 30, 2021 and November 30, 2020 was $540 and $84,418,

respectively.

Pursuant to the amended Employment Agreement with

its Chief Executive Officer in Note 14, the Company accrued $1,979,500 of stock-based compensation with a corresponding adjustment to

incentive compensation plan payable due to the vesting cost of the equity awards.

These awards are payable through the issuance of Series

G Preferred Shares which are redeemable at the Company’s option at $1,000 per share.

The Company will classify these awards granted

as Series G Preferred Shares as a liability accordingly because of those terms.

The Company issued and redeemed 1500 Series G Preferred

Shares for $1,500,000 as payment on achieved equity awards.

During the three and nine months ended November 30, 2021 the Company was

charged $1,041,788 and $562,837, respectively in consulting fees for research and development by a company partially owned by a principal

The principal shareholder with a minority interest in the related party has received no compensation from the related party

During the three and nine months ended November 30, 2020, the Company was charged $10,157 and $121,973, respectively for consulting

fees for research and development by a company owned by a principal shareholder, who received no compensation from the related party company.

QUANTITATIVE AND QUALITATIVE DISCLOSURES

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis