What changed in this filing

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Item 2. Management’s Discussion and Analysis

2022-07-12 compared with 2022-01-19 · 100 added, 275 removed, 77 unchanged (83% of the section changed)

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The following discussion of our financial condition

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.

discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans,

objectives, expectations and intentions.

Actual results and the timing of events could differ materially from those anticipated in these

forward-looking statements as a result of a number of factors, including those set forth under Item 1A.

Risk Factors appearing in our

Annual Report on Form 10-K for the year ended February 28, 2021, as filed on June 1, 2021 with the SEC.

We use words such as “anticipate,”

“estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,”

“believe,” “intend,” “may,” “will,” “should,” “could,” and similar

expressions to identify forward-looking statements.

and results of operations for the three months ended May 31, 2022 and May 31, 2021 should be read in conjunction with our unaudited consolidated

financial statements and the notes to those statements that are included elsewhere in this report.

Our discussion includes forward-looking

statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions.

Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result

of a number of factors, including those set forth under Item 1A.

Risk Factors appearing in our Annual Report on Form 10-K for the year

ended February 28, 2022, as filed on May 27, 2022 with the SEC.

We use words such as “anticipate,” “estimate,”

“plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,”

“intend,” “may,” “will,” “should,” “could,” and similar expressions to identify

forward-looking statements.

Unless expressly indicated or the context requires

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A short list of basic examples include:

Typical security guard-related functions such as monitoring a parking lot during and after hours

and responding appropriately.

Typical security guard-related functions such as monitoring a parking lot during and after hours and responding appropriately.

This scenario applies to perimeters, interior yard areas, and related similar environments.

Integrated hardware/software with AI-driven responses, simulating and expanding on what legacy or manned solutions

could perform.

Automation of common access control functions through technology utilizing facial recognition and machine

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.

Integrated hardware/software with AI-driven responses, simulating and expanding on what legacy or manned solutions could perform.

Automation of common access control functions through technology utilizing facial recognition and machine vision, leapfrogging most legacy solutions in use today.

RAD solutions are unique because they:

Start with an AI-driven autonomous response utilizing cellular-optimized communications, while

easily connecting to a human operator for a manned response, as needed.

Start with an AI-driven autonomous response utilizing cellular-optimized communications, while easily connecting to a human operator for a manned response, as needed.

Use unique hardware purpose-built by RAD for delivery of these solutions.

Various form factors have been customized

to deliver this new functionality.

Deliver services through RAD-developed software and cloud services, allowing enterprise IT groups to focus

on core competencies instead of maintenance of complex video and security platforms.

Various form factors have been customized to deliver this new functionality.

Deliver services through RAD-developed software and cloud services, allowing enterprise IT groups to focus on core competencies instead of maintenance of complex video and security platforms.

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

November 30, 2021 and 2020

May 31, 2022 and 2021

The following table shows our results of operations

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

for the three months ended May 31, 2022 and 2021.

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

that may be expected for any future period.

Three Months Ended

November 30, 2021

Three Months Ended

November 31, 2020

Operating expenses

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with customers disaggregated by product/service:

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 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 revenue for the three-month period ended May

31, 2022 was $385,157 which represented a decrease of $175,177 compared to total revenue of $560,334 for the three months ended May 31,

This decrease is a result of unusually high unit sales in the previous year’s quarter.

Rental activities increased by 90%

over the prior year’s quarter as the Company continues to grow its core business.

Total gross profit for the three-month period ended

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 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

May 31, 2022 was $91,433 which represented a decrease of $357,975 compared to gross profit of $449,408 for the three months ended May

The decrease resulted primarily from inventory adjustments totaling $177,475 broken down as $152,475 in inventory adjustments

due to shrinkage and obsolescence and a $25,000 increase in the inventory provision to account for obsolescence.

The gross profit %

of 24% for the three-month period ended May 31, 2022 was lower than the gross profit % of 80% for the prior year’s corresponding

period due to inventory adjustments previously mentioned.

After accounting for those inventory adjustments totaling $177,475, the adjusted

gross profit for the three months ended May 31, 2022 would be 70%.

Operating Expenses

Three Months Ended

November 30, 2021

Three Months Ended

November 31, 2020

Research and development

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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:

period ended May 31, 2022 and May 31, 2021, were $3,588,089 and $2,600,954, respectively.

The overall increase of $987,135 was primarily

attributable to the following changes in operating expenses of:

General and administrative expenses increased by $500,600.

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 $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.

In comparing the three months ended May 31, 2022 and May 31, 2021 this increase was primarily due to increases in wages and salaries of $587,855 due to staffing of new manufacturing facility and increases in office and management staff , stock based compensation of $92,150, insurance of $102,815 due to health plan for new employees and increased liability and property insurance due to new manufacturing facility, office expenses of $35,947, travel $175,538 and advertising , marketing of $55,604 and bad debts expense due to a general provision of $105,000 on slow payers due to present economic factors.

These increases were partially offset by decreases in production supplies by $183,904 due to better inventory management, professional fees of $292,374 mostly due to the severance costs of a former director in the prior year’s quarter, software and technology costs of $50,642 and subcontractor fees of $117,228 due to increase in staffing.

Research and development increased by $389,090 due to funding development of new products as well as upgrades of existing products.

Depreciation and amortization increased by $56,352 due to the acquisition of ERP computer software, and computer equipment and 34 new revenue earning devices.

Operating lease cost and rent increased by $41,093 due to a new office lease for the 3 months ended May 31, 2022 leases and only one month of the new manufacturing facility for the three months ended May 31, 2021 as compared to a three full months for the three months ended May 31, 2022.

Other Income (Expense)

Other income (expense) during the three months ended

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.

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.

Other income (expense) consisted of the change of

fair value of derivative instruments, loss on settlement of debt and interest.

Other income (expense) during the three months ended May

31, 2022 and May 31, 2021, was ($1,175,030) and ($33,753,372), respectively.

The $32,578,342 increase in other income was primarily attributable

to the loss on settlement of debt realized in the prior year’s quarter.

In comparing the three months ended May 31, 2022 and the three months ended May 31, 2021, the change in fair value of derivative liabilities decreased by $179,439.

This represents the change in fair value for the three months ended May 31, 2021.

There was no change in fair value of derivative liabilities for the three months ended May 31, 2022 as most of the underlying convertible debt has been repaid with only $3,500 remaining.

The change in fair value of derivative liabilities in 2021 was 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.

Interest expense increased by $226,580 due to an increase in both debt amortization expense and interest expense because of increases in loans payable

Loss on settlement of debt was $32,984,361 the quarter ended May 31, 2021 and nil in the quarter ended May 31, 2022.

The amendment of the deferred variable payment obligation during the prior year’s quarter led to a $33,015,215 loss which was partially offset by gains from accrued liabilities settlements.

This loss on settlement of debt was non-cash and had no effect on the cash flows of the Company.

We had a net loss of $4,671,686 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 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.

Nine Months Ended

November 30, 2021

Nine Months Ended

November 31, 2020

Operating expenses

Loss from operations

Other income (expense), net

The following table presents revenues from contracts

with customers disaggregated by product/service:

Nine Months Ended

November 30, 2021

November 30, 2020

Device rental activities

Direct sales of goods and services

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 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 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

Nine Months Ended

November 30, 2021

Nine Months Ended

November 31, 2020

Research and development

General and administrative

Depreciation and amortization

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 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 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

of existing products.

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

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

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 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 $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.

ended May 31, 2022, compared to a net loss of $35,904,918 for the three months ended May 31, 2021.

The change is primarily the result

of the loss on settlement in the three months ended May 31, 2021 as well as 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 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.

For the three months ended May 31, 2022, we have

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

As of May 31, 2022, we had a cash balance of $921,629,

accounts receivable of $364,720, device parts inventory of $1,609,248 and $2,597,804 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.

The successful outcome of future activities cannot

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

November 30, 2021

February 28, 2022

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Working capital

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 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

As of May 31, 2022 and February 28, 2022, we had a

cash balance of $921,629 and $4,648,146, respectively.

Summary of Cash Flows

Net cash used in operating activities

Net cash used in investing activities

Net cash provided by financing activities

Net cash (used in) provided by financing activities

Net cash used in operating activities.

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 operating activities for the three

months ended May 31, 2022 was $3,621,572, which included a net loss of $4,671,686, non-cash activity such as the bad debts expense of

$105,000, inventory provision $25,000, reduction of right of use asset of $30,046, accretion of lease liability $36,355, stock based compensation

of $161,500, change in operating assets of $179,948, amortization of debt discount of $415,029, increase in related party accrued payroll

and interest of $3,240 and depreciation and amortization of $93,995 to derive the uses of cash in operations.

Net cash used in investing activities.

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 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).

Net cash used in investing activities for the three

months ended May 31, 2022 was $88,214, which was the purchase of fixed assets,

Net cash used in financing activities.

Net cash used in financing activities was $16,731

for the three months ended May 31, 2022.

This consisted of share proceeds net of issuance costs of $1,645,222, reduced by repayments on

loans payable of $1,661,953.

Off-Balance Sheet Arrangements

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Critical accounting policies and estimates are further

discussed in our Annual Report on Form 10-K for the year ended February 28, 2021 filed with the SEC on June 1, 2021.

discussed in our Annual Report on Form 10-K for the year ended February 28, 2022, as filed on May 27, 2022.

Related Party Transactions

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

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

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

For the three months ended May 31, 2022, the Company

had no repayments of net advances from its loan payable-related party.

For the three months ended May 31, 2021 the Company repaid net

advances of $121,147.

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

At May 31, 2022, the loan payable-related party was $196,796 and $193,556 at February 28, 2022.

Included in the

balance due to the related party at May 31, 2022 is $113,940 of deferred salary and interest, $108,000 of which bears interest at 12%.

At February 28, 2022, included in the balance due to the related party is $110,700 of deferred salary and interest, $90,000 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.

The accrued interest included in loan at May 31, 2022 and May 31, 2021 was $5,940 and $138,858, 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.

its Chief Executive Officer, for the three months ended May 31, 2022 the Company accrued $161,500 of incentive compensation plan payable

with a corresponding recognition of stock based compensation due to the expectation of additional awards being met.

This will be payable

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

At May 31, 2022 and February 28,

2022 there was $641,000 and $479,500 of incentive compensation payable.

During the three months ended May 31, 2022 and 2021,

the Company was charged $1,001,734 and $478,951, respectively for consulting fees for research and development from a company partially

owned by a principal shareholder.

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