What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-07-30 compared with 2026-04-30 · 100 added, 66 removed, 160 unchanged (51% of the section changed)

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Asure assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

The following review of Asure’s financial position as of March 31, 2026 and December 31, 2025, and results of operations for the three months ended March 31, 2026 and 2025 should be read in conjunction with our 2025 Annual Report on Form 10-K filed with the SEC on February 26, 2026.

The following review of Asure’s financial position as of June 30, 2026, and December 31, 2025, and results of operations for the three and six months ended June 30, 2026 and 2025, should be read in conjunction with our 2025 Annual Report on Form 10-K filed with the SEC on February 26, 2026 and our quarterly report filed with the SEC on April 30, 2026.

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are available through the investor relations page of our internet website free of charge as soon as reasonably practicable after they are electronically filed, or furnished to, the SEC.

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Our solutions also provide new ways for employers to connect with their employees and strengthen relationships with their talent.

At the core of our offering is the Asure HCM platform—a SaaS-based system that includes Payroll & Tax filing, HR management tools, Time & Attendance software, Recruiting, and Benefits Administration.

At the core of our offering is the Asure HCM platform—a SaaS-based system that includes Payroll & Tax filing, HR management tools, Time & Attendance software, Recruiting, and Insurance and Benefits Administration.

This platform serves as the foundation for delivering both our core software and a range of complementary, technology-enabled services.

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Approximately 35% of our clients are direct and the remaining clients are indirect, as they have contracts with reseller partners who white label our solutions.

During the three months ended March 31, 2026, we completed one customer relationship asset acquisition.

The total purchase price of this acquisition was $6,172, which consisted of $4,721 of cash paid during the three months ended March 31, 2026 , $127 of cash to be paid over the next 12 months, the delivery of promissory notes in the amount of $879, net of discounts, and the delivery of 49 shares of Asure common stock, which had an aggregate fair value of $445 at the acquisition date.

RESULTS OF OPERATIONS (in thousands)

The following table sets forth, for the fiscal periods indicated, the percentage of total revenue represented by certain items in our Condensed Consolidated Statements of Comprehensive Income and Loss:

Three Months Ended March 31,

The following table sets forth, for the fiscal periods indicated, the percentage of total revenue represented by certain items in our Condensed Consolidated Statements of Comprehensive Loss:

Six Months Ended June 30,

Revenue 100 % 100 %

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Interest expense (4) % (2) %

Other income, net — % 1 %

Income (loss) from operations before income taxes 2 % (6) %

Net income (loss) 1 % (7) %

Other income (expense), net — % — %

Loss from operations before income taxes (4) % (11) %

Net loss (5) % (13) %

Revenue is comprised of recurring revenue, professional services, hardware, and other revenue.

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As a percentage of total revenue, we expect our mix of recurring revenue, and professional services, hardware and other revenue to remain relatively constant.

While revenue mix varies by product, recurring revenue represented over 88% of total revenue in the three months ended March 31, 2026, compared to 95% in the three months ended March 31, 2025.

This decrease was primarily due to the increase in hardware sales as a result of time and attendance business growth.

While revenue mix varies by product, recurring revenue represented over 91% and 90% of total revenue in the three and six months ended June 30, 2026, respectively, compared to 95% in the three and six months ended June 30, 2025.

This decrease was due to the increase in hardware sales as a result of time and attendance business growth.

Our revenue was derived from the following sources (in thousands):

Three Months Ended March 31, Variance

Three Months Ended

June 30, Variance

2026 2025 $ %

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Total $ 37,113 $ 30,124 $ 6,989 23 %

Six Months Ended

June 30, Variance

2026 2025 $ %

Recurring $ 71,715 $ 61,783 $ 9,932 16 %

Professional services, hardware and other 8,155 3,195 4,960 155 %

Total $ 79,870 $ 64,978 $ 14,892 23 %

Recurring Revenue

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The amount of interest we earn from the investment of client funds is also impacted by changes in interest rates.

Recurring revenue for the three months ended March 31, 2026, was $37,757, an increase of $4,570, or 14%, from $33,187 for the three months ended March 31, 2025.

The increase is primarily due to an increase in payroll services related to our timekeeping solutions business.

Recurring revenue for the three months ended June 30, 2026, was $33,958, an increase of $5,362, or 19%, from $28,596 for the three months ended June 30, 2025.

The increase is primarily due to an increase in our time and attendance solutions business.

Recurring revenue for the six months ended June 30, 2026, was $71,715, an increase of $9,932, or 16%, from $61,783 for the six months ended June 30, 2025.

The increase is primarily due to an increase in our time and attendance solutions business.

Professional Services, Hardware and Other Revenue

Professional Services, Hardware and Other Revenues represents implementation fees, one-time consulting projects, on-premise maintenance, hardware devices to enhance our software products.

Professional services, hardw are and other revenue increased $3,333, or 200%, for the three months ended March 31, 2026, from the similar period in 2025, primarily due to an increase in hardware sales related to our time and attendance solutions.

Professional services, hardware and other revenue for the three months ended June 30, 2026, was $3,155, an increase of $1,627, or 106%, from $1,528 for the three months ended June 30, 2025.

This increase is primarily due to an increase in hardware related to our time and attendance solutions.

Professional services, hardware, and other revenue for the six months ended June 30, 2026, was $8,155, an increase of $4,960, or 155%, from $3,195 for the six months ended June 30, 2025.

The increase is primarily due to an increase in hardware related to our time and attendance solutions.

Our total customer base is widely spread across industries and sizes.

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Gross Profit and Gross Margin

Consolidated gross profit for the three months ended March 31, 2026, was $30,470, an increase of $5,862, or 24%, from $24,608 for the three months ended March 31, 2025.

Gross margin as a percentage of revenue remained consistent at 71% for the three months ended March 31, 2026, and 2025.

Our cost of sales relates primarily to direct product costs, compensation for operations and related consulting expenses, hardware expenses, cloud hosting expenses and the amortization of our capitalized software development costs.

Consolidated gross profit for the three months ended June 30, 2026, was $25,055, an increase of $5,144, or 26%, from $19,911 for the three months ended June 30, 2025.

Gross profit as a percentage of revenue increased to 68% for the three months ended June 30, 2026, from 66% for the same period in 2025.

The increase is primarily attributable to the growth in our time and attendance solutions.

Consolidated gross profit for the six months ended June 30, 2026, was $55,525, an increase of $11,006, or 25%, from $44,519 for the six months ended June 30, 2025.

Gross profit as a percentage of revenue increased to 70% for the six months ended June 30, 2026, from 69% for the same period in 2025.

The increase is primarily attributable to the growth in our time and attendance solutions.

Our cost of sales relates primarily to direct product costs, compensation for operations and related consulting expenses, web hosting, and related expenses and the amortization of our purchased software development costs.

We include intangible amortization related to developed and acquired technology within cost of sales.

Sales and Marketing Expenses

Sales and marketing expenses primarily consist of salaries and related expenses for sales and marketing staff, including share-based compensation, commissions, as well as marketing programs, which include events, corporate communications and product marketing activities.

Sales and marketing expenses for the three months ended March 31, 2026, were $8,764, an increase of $378, or 5%, from $8,386 for the three months ended March 31, 2025.

Sales and marketing expenses primarily consist of salaries and related expenses for sales and marketing staff, including share-based expenses, commissions, as well as marketing programs, which include events, corporate communications and product marketing activities.

Sales and marketing expenses for the three months ended June 30, 2026, were $9,098, an increase of $949, or 12%, from $8,149 for the three months ended June 30, 2025.

The increase is primarily due to an increase in expenditures for lead generation.

Sal es and marketing expenses as a percentage of revenue decreased to 20% for the three months ended March 31, 2026, from 24% for the same period in 2025.

Sales and marketing expenses as a percentage of revenue decreased to 25% for the three months ended June 30, 2026, from 27% for the same period in 2025.

Sales and marketing expenses for the six months ended June 30, 2026, were $17,862, an increase of $1,327, or 8%, from $16,535 for the six months ended June 30, 2025.

The increase is primarily due to increase in expenditures for lead generation.

Sales and marketing expenses as a percentage of revenue decreased to 22% for the six months ended June 30, 2026, from 25% for the same period in 2025.

We expect to continue to expand and increase selling costs as we focus on hiring direct sales personnel, expanding recognition of our brand, and lead generation.

General and Administrative Expenses

General and administrative expenses primarily consist of salaries and related expenses, including share-based compensation for finance and accounting, legal, internal audit, human resources and management information systems personnel, legal costs, professional fees, and other corporate expenses such as transaction costs for acquisitions.

General and administrative expenses for the three months ended March 31, 2026, were $12,748, an increase of $848, or 7%, from $11,900 for the three months ended March 31, 2025.

The increase is primarily attributable to an increased compensation-related expenses and contractors due to changes in headcount associated with administrative functions.

Ge neral and administrative expenses as a percentage of revenue decreased to 30% for the three months ended March 31, 2026, from 34% for the same period in 2025.

General and administrative expenses primarily consist of salaries and related expenses, including share-based expenses for finance and accounting, legal, internal audit, human resources and management information systems personnel, legal costs, professional fees, and other corporate expenses such as transaction costs for acquisitions.

General and administrative expenses for the three months ended June 30, 2026, were $12,099, an increase of $1,131, or 10%, from $10,968 for the three months ended June 30, 2025.

The increase is primarily attributable to an increase in compensation-related expenses and contractors due to changes in headcount associated with administrative functions.

General and administrative expenses as a percentage of revenue decreased to 33% for the three months ended June 30, 2026 from 36% for the same period in 2025.

General and administrative expenses for the six months ended June 30, 2026, were $24,847, an increase of $1,979, or 9%, from $22,868 for the six months ended June 30, 2025.

The increase is primarily attributable to an increase in compensation-related expenses and contractors due to changes in headcount associated with administrative functions.

General and administrative expenses as a percentage of revenue decreased to 31% for the six months ended June 30, 2026, from 35% for the same period in 2025.

Research and Development Expenses

Research and development (“R&D”) expenses consist primarily of salaries and related expenses, including share-based compensation for employees supporting our R&D activities.

R&D expenses for the three months ended March 31, 2026, were $1,657, a decrease of $372, or 18%, from $2,029 for the three months ended March 31, 2025.

The decrease is primarily attributable to an increase in the capitalization of software expenses for continued investment in the development of our products and partially offset by an increase in personnel compensation expenses.

R&D expenses as a percentage of revenue decreased to 4% for the three months ended March 31, 2026, from 6% for the same period in 2025.

Research and development (“R&D”) expenses consist primarily of salaries and related expenses, including share-based expenses for employees supporting our R&D activities.

R&D expenses for the three months ended June 30, 2026, were $1,565, an increase of $292, or 23%, from $1,273 for the three months ended June 30, 2025.

The increase is primarily attributable to an increase in compensation-related expenses and decrease in capitalization of software development expenses, offset by a decrease in contractor expenditures.

R&D expenses as a percentage of revenue remained flat at 4% for the three months ended June 30, 2026, and 2025.

R&D expenses for the six months ended June 30, 2026, were $3,222, a decrease of $80, or 2%, from $3,302 for the six months ended June 30, 2025.

The decrease is primarily attributable to a decrease in contractor expenditures and an increase in the capitalization of software development expenses, offset by an increase in compensation-related expenses.

R&D expenses as a percentage of revenue decreased to 4% for the six months ended June 30, 2026, from 5% for the same period in 2025.

Amortization of Intangible Assets

Amortization expense for the three months ended March 31, 2026, was $4,972, an increase of $664, or 15%, from $4,308 for the three months ended March 31, 2025.

The increase in amortization expense is primarily attributable to our continuing acquisitions strategy, with additional acquisitions occurring each quarter .

Amortization expense as a percentage of revenue remained flat at 12% for the three months ended March 31, 2026 and 2025.

Amortization expense for the three months ended June 30, 2026, was $4,689, an increase of $516, or 12%, from $4,173 for the three months ended June 30, 2025.

The increase is primarily attributable to our continuing acquisitions strategy.

Amortization expense as a percentage of revenue decreased to 13% for the three months ended June 30, 2026, from 14% for the same period in 2025.

Amortization expense for the six months ended June 30, 2026, was $9,661, an increase of $1,180, or 14%, from $8,481 for the six months ended June 30, 2025.

The increase is primarily attributable to our continuing acquisitions strategy.

Amortization expense as a percentage of revenue decreased to 12% for the six months ended June 30, 2026, from 13% for the same period in 2025.

Interest Income and Expense

Interest income for the three months ended March 31, 2026, was $188 compared to interest income of $171 for the three months ended March 31, 2025.

Interest income as a percentage of revenue was negligible for the three months ended March 31, 2026 and 2025 .

Interest expense for the three months ended March 31, 2026, was $1,748 compared to interest expense of $451 for the three months ended March 31, 2025.

The increase in interest expense relative to the prior year is primarily attributable to interest accrued under our Loan Agreement (defined below) with MidCap Financial Trust (“MidCap”).

Interest expense as a percentage of revenue was 4% for the three months ended March 31, 2026, compared to 1% for the three months ended March 31, 2025.

Other Income , Net

Other income, net for the three months ended March 31, 2026 was nominal compared to $188 for the three months ended March 31, 2025.

Other income, net as a percentage of revenue was negligible for the three months ended March 31, 2026, compared to 1% for the three months ended March 31, 2025 .

For the three months ended March 31, 2026 and 2025, we recorded income tax expense attributable to continuing operations of $144 and $291, respectively, a decrease of $147.

Net Income (Loss)

We generated income of $625, or $0.02 per share, during the three months ended March 31, 2026, compared to a loss of $2,398, or $(0.09) per share, during the three months ended March 31, 2025.

Income and loss as a percentage of total revenue was 1% and (7)% for the three months ended March 31, 2026 and 2025, respectively.

Interest income for the three months ended June 30, 2026, was $168 compared to interest income of $277 for the three months ended June 30, 2025.

Interest income as a percentage of revenue was negligible for the three months ended June 30, 2026, compared to 1% for three months ended June 30, 2025.

Interest expense for the three months ended June 30, 2026 was $1,753 compared to interest expense of $809 for the three months ended June 30, 2025.

Interest expense as a percentage of revenue was 5% for the three months ended June 30, 2026 compared to 3% for the same period in 2025.

The increase in interest expense in the three months ended June 30, 2026, is primarily related to interest accrued under our Loan Agreement (defined below) with MidCap Financial Trust (“MidCap”).

Interest income for the six months ended June 30, 2026 was $354 compared to interest income of $448 for the six months ended June 30, 2025.

Interest income as a percentage of revenue was negligible for the six months ended June 30, 2026, compared to 1% for the six months ended June 30, 2025.

Interest expense for the six months ended June 30, 2026 was $3,499 compared to interest expense of $1,260 for the six months ended June 30, 2025.

Interest expense as a percentage of revenue was 4% for the six months ended June 30, 2026 compared to 2% for the same period in 2025.

The increase in interest expense in the six months ended June 30, 2026, is primarily related to interest accrued under our Loan Agreement with MidCap.

Other Income (Expense), Net

Other income (expense), net for the three months ended June 30, 2026 was $0 compared to $96 of expense for the three months ended June 30, 2025.

Other income, net as a percentage of revenue was negligible for the three months ended June 30, 2026 and 2025.

Other income (expense), net for the six months ended June 30, 2026 was $0 compared to $92 of income for the six months ended June 30, 2025.

Other income, net as a percentage of revenue was negligible for the six months ended June 30, 2026 and 2025.

For the three months ended June 30, 2026 and 2025, we recorded income tax expense attributable to continuing operations of $462 and $843, respectively, a decrease of $381.

For the six months ended June 30, 2026 and 2025, we recorded income tax expense attributable to continuing operations of $606 and $1,134, respectively, a decrease of $528.

We incurred a loss of $4,443, or $0.15 per share, during the three months ended June 30, 2026, compared to a loss of $6,123, or $0.22 per share, during the three months ended June 30, 2025.

Loss as a percentage of total revenue was 12% and 20% for the three months ended June 30, 2026 and 2025, respectively.

We incurred a loss of $3,818, or $0.13 per share, during the six months ended June 30, 2026, compared to a loss of $8,521, or $0.31 per share, during the six months ended June 30, 2025.

Loss as a percentage of total revenue was 5% and 13% for the six months ended June 30, 2026 and 2025, respectively.

LIQUIDITY AND CAPITAL RESOURCES (in thousands)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Cash and cash equivalents (1)

$ 19,679 $ 25,244

(1) This balance excludes cash equivalents in funds held for clients.

Working Capital .

We had working capital of $12,818 at March 31, 2026, a decrease of $5,828 from working capital of $18,646 at December 31, 2025.

This decrease is primarily attributable to the cash spent on the acquisition of a reseller partner that occurred during the period.

Working capital as of March 31, 2026 and December 31, 2025 includes $7,036 and $11,622 of short-term deferred revenue, respectively.

We had working capital of $13,434 at June 30, 2026, a decrease of $5,212 from working capital of $18,646 at December 31, 2025.

Working capital as of June 30, 2026 and December 31, 2025 includes $6,730 and $11,622 of short-term deferred revenue, respectively.

Deferred revenue is an obligation to perform future services.

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Operating Activities .

Net cash provided by operating activities of $2,709 for the three months ended March 31, 2026, was primarily driven by non-cash adjustments to our net income of approximately $10,605, primarily due to depreciation and amortization and share-based compensation.

Net cash provided by operating activities of $7,180 for the six months ended June 30, 2026 was primarily driven by non-cash adjustments to our net loss of approximately $18,764, primarily due to depreciation, amortization, and share-based compensation.

This was offset by changes in operating assets and liabilities, which resulted in a use of $7,766 in cash.

Net cash provided by operating activities of $1,996 for the three months ended March 31, 2025, was driven by non-cash adjustments to our net loss of approximately $8,277, primarily due to depreciation and amortization and share-based compensation.

Net cash provided by operating activities of $5,151 for the six months ended June 30, 2025 was primarily driven by non-cash adjustments to our net loss of approximately $17,199, primarily due to depreciation, amortization, and share-based compensation.

This was offset by changes in operating assets and liabilities, which resulted in a use of $3,527 in cash.

Investing Activities .

Net cash used in investing activities of $5,379 for the three months ended March 31, 2026 is primarily due to purchases intangible assets of $4,721, purchases of available-for-sale securities and maturities of $4,051, and software capitalization costs of $3,236, offset by proceeds from sales and maturities of available-for-sale securities of $6,847.

Net cash used in investing activities of $12,630 for the three months ended March 31, 2025 is primarily due to purchases intangible assets of $6,346, purchases of available-for-sale securities and maturities of $6,589, and software capitalization costs of $2,769, offset by proceeds from sales and maturities of available-for-sale securities of $3,266.

Net cash used in investing activities of $23,205 for the six months ended June 30, 2026, is primarily due to cash paid in business combinations or asset acquisitions of $4,721, purchases of available-for-sale securities of $23,752, and software capitalization costs of $6,789, partially offset by proceeds from sales and maturities of available-for-sale securities of $12,529.

Net cash used in investing activities of $17,814 for the six months ended June 30, 2025, is primarily due to cash paid in asset acquisitions of $6,346, purchases of available-for-sale securities of $12,304, and software capitalization costs of $6,470, partially offset by proceeds from sales and maturities of available-for-sale securities of $7,699.

Financing Activities .

Net cash used in financing activities was $11,528 for the three months ended March 31, 2026, which primarily consisted of a net decrease in client fund obligations of $11,177.

Net cash provided by financing activities was $63,925 for the three months ended March 31, 2025, which primarily consisted of a net increase in client fund obligations of $64,207.

As of March 31, 2026, we have nine subordinated promissory notes related to acquisitions that occurred during the three months ended March 31, 2026 and prior years with a combined outstanding principal balance of $11,701 and maturity dates ranging from August 1, 2026, to July 1, 2029.

On April 10, 2025, we entered into a Credit, Security and Guaranty Agreement (the “Loan Agreement”) with MidCap and the lenders from time to time party thereto (such lenders collectively with MidCap, the “Lenders”).

Under the Loan Agreement, we may borrow up to $60,000 from the Lenders, all of which was funded as of June 30, 2025.

Net cash used in financing activities was $49,187 for the six months ended June 30, 2026, which primarily consisted of a net decrease in client fund obligations of $48,647.

Net cash provided by financing activities was $73,097 for the six months ended June 30, 2025, which primarily consisted of net proceeds of $57,982 from the Loan Agreement (defined below) with MidCap and a net increase in client fund obligations of $20,461.

As of June 30, 2026, we have nine subordinated promissory notes outstanding, all of which related to acquisitions that occurred during the six months ended June 30, 2026 and periods prior to January 1, 2025, with a combined outstanding principal balance of $11,395 and maturity dates ranging from August 1, 2026 to July 1, 2029.

On April 10, 2025, we entered into a Credit, Security and Guaranty Agreement (as amended, the “Loan Agreement”) with MidCap and the lenders from time to time party thereto (such lenders collectively with MidCap, the “Lenders”).

Under the Loan Agreement, we may borrow up to $60,000 from the Lenders, all of which has been funded as of June 30, 2025.

The maturity date of the loan as provided under the Loan Agreement is April 1, 2030 (the “Maturity Date”).

Interest on the outstanding loan balance is payable monthly in arrears at an annual rate of Term Secured Overnight Financing Rate (“SOFR”) plus 5.00%, subject to a SOFR floor of 2.00%.

This rate was 9.04% as of March 31, 2026 .

Interest on the outstanding loan balance is payable monthly in arrears at an annual rate of Term SOFR plus 5.00%, subject to a Secured Overnight Financing Rate (“SOFR”) floor of 2.00%.

This rate was 8.74% as of June 30, 2026.

Prior to April 1, 2029 (the “Amortization Start Date”), we must make interest-only payments on the outstanding loan balance.

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Also on a monthly basis, we must pay an administrative agency fee to MidCap equal to 0.25% of the average end-of-day principal balance outstanding during the immediately preceding month.

At the time of final payment under the loan, we will provide a final payment fee of 2.00% of the amount advanced thereunder except in the case of a refinance of the loan with MidCap and the Lenders.

At the time of the final payment of the loan, we will provide a final payment fee of 2.00% of the amount advanced thereunder except in the case of a refinance of the loan with MidCap and the Lenders.

We are subject to customary events of default as described in the Loan Agreement.

In such event, and for so long as it continues, the outstanding loan balance will bear interest at 2.0% per annum in excess of the rate otherwise payable.

The Loan Agreement is collateralized by substantially all of our assets except for all client funds balances and an amount of cash intended solely to cover employee wages, benefits, and taxes for a limited period.

Under the Loan Agreement, we covenant to maintain a (1) Total Leverage Ratio (as defined in the Loan Agreement), as tested quarterly, no greater than 5.50 to 1.00, and (2) minimum liquidity threshold of $10,000.

As of March 31, 2026 , we are in compliance with all covenants under the Loan Agreement.

Under the Loan Agreement, we covenant to maintain (1) Total Leverage Ratio (as defined in the Loan Agreement), as tested quarterly, no greater than 5.50 to 1.00, and (2) minimum liquidity threshold of $10,000.

As of June 30, 2026, we are in compliance with all covenants under the Loan Agreement.

In connection with the Loan Agreement and subsequent draw, we incurred $2,025 of origination, legal, and other fees that represent debt financing costs to be deferred and amortized over the duration of the Loan Agreement.

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Sources of Liquidity .

As of March 31, 2026, our principal sources of liquidity consisted of approximately $19,221 of cash and cash equivalents and cash generated from operations of our business over the next twelve months.

Additionally, we have access to an “at the market offering” program entered in October 31, 2024, under which we may offer and sell up to $25,000 of newly issued common stock.

As of March 31, 2026, there are $25,000 of shares of common stock available for issuance under the program.

As of June 30, 2026, our principal sources of liquidity consisted of $19,679 of cash and cash equivalents generated from operations of our business, which we expect to be our principal source of liquidity over the next twelve months.

Additionally, we have access to an “at the market offering” program entered in October 31, 2024, under which we may offer and sell up to $25,000 of newly issued shares of common stock.

As of June 30, 2026, there are $25,000 of shares of common stock available for issuance under this program.

We cannot ensure that we can grow our cash balances or limit our cash consumption and thus maintain sufficient cash balances for our planned operations or future acquisitions;

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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