What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-09-11 compared with 2025-06-12 · 146 added, 59 removed, 411 unchanged (33% of the section changed)

44 unchanged sentences

Preferred stock, par value $ 0.01 , Shares authorized:

No shares issued or outstanding at May 3, 2025, February 1, 2025 and May 4, 2024

No shares issued or outstanding at August 2, 2025, February 1, 2025 and August 3, 2024

Common stock, par value $ 0.01 , Shares authorized:

18 unchanged sentences

Thirteen weeks ended

Twenty-six weeks ended

Net retail sales

1 unchanged sentence

Commercial revenue

8,629 7,294 16,251 13,278

International franchising

983 1,049 2,167 1,927

Total revenues

4 unchanged sentences

Cost of merchandise sold - commercial

3,419 3,008 6,433 5,541

Cost of merchandise sold - international franchising

765 614 1,588 1,231

Total cost of merchandise sold

10 unchanged sentences

2,951 2,767 7,263 6,337

$ 12,367 $ 8,778 $ 27,686 $ 20,237

Foreign currency translation adjustment

( 9 ) 240 1,250 169

Comprehensive income

11 unchanged sentences

(Dollars in thousands)

Thirteen weeks ended

Twenty-six weeks ended

Cash flows provided by operating activities:

13 unchanged sentences

Prepaid expenses and other assets

2,950 ( 664 )

Accounts payable and accrued expenses

36 unchanged sentences

Net cash paid during the period for income taxes

$ 4,697 $ 8,230

See accompanying notes to condensed consolidated financial statements.

2 unchanged sentences

The condensed consolidated financial statements included herein are unaudited and have been prepared by Build-A-Bear Workshop, Inc.

and its subsidiaries (collectively, the “Company”) pursuant to the rules and regulations of the U.S.

Securities and Exchange Commission (“SEC”).

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S.

generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations.

and its subsidiaries (collectively, the “Company”) pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”).

Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States ("U.S.") generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations.

The condensed consolidated balance sheet of the Company as of February 1, 2025 , was derived from the Company’s audited consolidated balance sheet as of that date.

10 unchanged sentences

The Company's disaggregated revenue is fully disclosed as net sales to external customers by reporting segment and by geographic area (See Note 11 — Segment Information for additional information).

The Company's direct-to-consumer reporting segment represents 93 % of consolidated revenue for the first quarter of fiscal 2025 .

The Company's direct-to-consumer reporting segment represents 92 % of consolidated revenue for the second quarter of fiscal 2025 .

The majority of these sales transactions were single performance obligations that were recorded when control of merchandise was transferred to the customer.

The following is a description of principal activities from which the Company generates its revenue, by reportable segment.

The Company’s direct-to-consumer segment includes the operating activities of corporately-managed stores, other retail-delivered operations and e-commerce demand (orders generated online to be fulfilled from either the Company's warehouse or its stores).

The following is a description of principal activities from which the Company generates its revenue through three reportable segments.

The Company’s direct-to-consumer segment includes the operating activities of corporately-managed stores, and e-commerce demand (orders generated online to be fulfilled from either the Company's warehouse or its stores).

Direct-to-consumer revenue is recognized when control of the merchandise is transferred to the customer and for the Company's online sales, generally upon estimated delivery to the customer.

15 unchanged sentences

The revenue associated with the initial merchandise purchased is recognized immediately and the value assigned to the points is deferred until the points are redeemed, forfeited or expired.

The Company issues certificates daily to loyalty program members who have earned 100 or more points in North America and 50 points or more in the U.K.

with certificates historically expiring in four months if not redeemed.

The Company issues certificates daily to loyalty program members who have earned 100 or more points in North America and 50 points or more in the United Kingdom (the "U.K.") with certificates historically expiring in four months if not redeemed.

The Company assesses the redemption rates of its certifications on a quarterly basis to update the rate at which loyalty program points turn into certifications and the rate that certifications are redeemed.

1 unchanged sentence

The Company’s commercial segment includes transactions with other businesses and is mainly comprised of licensing the Company’s intellectual properties for third -party use and wholesale sales of merchandise, including supplies and fixtures.

The license agreements provide the customer with highly interrelated rights that are not distinct in the context of the contract and therefore, have been accounted for as a single performance obligation and recognized as licensee sales occur.

The license agreements provide the customer with highly interrelated rights including the Build-A-Bear retail operations proprietary process that are not distinct in the context of the contract and therefore, have been accounted for as a single performance obligation and recognized as licensee sales occur.

If the contract includes a guaranteed minimum, the minimum guarantee is recognized on a straight-line basis over the guarantee term until such time as royalties earned through licensee sales exceed the minimum guarantee.

10 unchanged sentences

Additionally, the Company amortizes these capitalized costs into expense in the same pattern as the development fee's recording of revenue as described previously.

These capitalized costs for the thirteen weeks ended May 3, 2025 are not material to the financial statements.

These capitalized costs for the thirteen and twenty-six weeks ended August 2, 2025 are not material to the financial statements.

The Company reserves for “expected” credit losses on financial instruments and other commitments to extend credit rather than the “incurred loss” model.

These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions and reasonable and supportable forecasts.

For the thirteen weeks ended May 3, 2025 and May 4, 2024 , the Company's accounts receivable are net of $ 7.0 million and $ 6.9 million, inclusive of the allowance for credit losses and the reserve for the UK's customs authority "HMRC" matter of $ 3.6 million and $ 3.7 million, respectively.

For the twenty-six weeks ended August 2, 2025 and August 3, 2024 , the Company's accounts receivable are net of $ 6.9 million and $ 6.5 million, inclusive of the allowance for credit losses and the reserve for the UK's customs authority "HMRC" matter of $ 3.6 million and $ 3.1 million, respectively.

See Note 12 for further discussion of the HMRC matter.

7 unchanged sentences

Additionally, certain leases contain incentives, such as construction allowances from landlords and/or rent abatements subsequent to taking possession of the leased property.

The table below presents certain information related to the lease costs for operating leases for the thirteen weeks ended May 3, 2025 and May 4, 2024 (in thousands).

The table below presents certain information related to the lease costs for operating leases for the thirteen and twenty-six weeks ended August 2, 2025 and August 3, 2024 (in thousands).

Thirteen weeks ended

Twenty-six weeks ended

August 2, 2025

August 3, 2024

August 2, 2025

August 3, 2024

Operating lease costs

1 unchanged sentence

Variable lease costs (1)

2,509 2,464 4,889 4,655

Short term lease costs

3 unchanged sentences

Other information

The table below presents supplemental cash flow information related to leases for the thirteen weeks ended May 3, 2025 and May 4, 2024 (in thousands).

The table below presents supplemental cash flow information related to leases for the thirteen and twenty-six weeks ended August 2, 2025 and August 3, 2024 (in thousands).

Thirteen weeks ended

Twenty-six weeks ended

August 2, 2025

August 3, 2024

August 2, 2025

August 3, 2024

Operating cash flows for operating leases

$ 10,633 $ 10,301 $ 20,848 $ 20,115

As of May 3, 2025 and May 4, 2024 , the weighted-average remaining operating lease term was 6.1 years and 4.8 years, respectively, and the weighted-average discount rate was 7.2 % and 6.9 %, respectively, for operating leases recognized on the Company's condensed consolidated balance sheets.

The value of our operating lease asset was $ 92.7 million and $ 72.8 million as of May 3, 2025 and May 4, 2024 , respectively.

As of August 2, 2025 and August 3, 2024 , the weighted-average remaining operating lease term was 6.1 years and 5.6 years, respectively, and the weighted-average discount rate was 7.1 % and 7.2 %, respectively, for operating leases recognized on the Company's condensed consolidated balance sheets.

The value of our operating lease asset was $ 101.0 million and $ 94.2 million as of August 2, 2025 and August 3, 2024 , respectively.

The increase was driven by the Company entering into leases for new stores as well as securing longer-term extensions for existing stores resulting in contracts with more favorable terms.

For the thirteen weeks ended May 3, 2025 and the thirteen weeks ended May 4, 2024 the Company incurred no impairment charges against its right-of-use operating lease assets.

For the thirteen and twenty-six weeks ended August 2, 2025 and the thirteen and twenty-six weeks ended August 3, 2024 the Company incurred no impairment charges against its right-of-use operating lease assets.

Undiscounted cash flows

6 unchanged sentences

Long-term lease obligations

As of May 3, 2025 , the Company had additional executed leases that had not yet commenced with operating lease liab ilities of $ 28.4 millio n.

These leases are expected to commence in fiscal 2025 and fiscal 2026 with lease terms of two to twenty years.

As of August 2, 2025 , the Company had additional executed leases that had not yet commenced with operating lease liab ilities of $ 32.8 millio n.

These leases are expected to commence in fiscal 2025 and fiscal 2026 with lease terms of ten to twenty years.

Prepaid expenses and other current assets consist of the following (in thousands):

25 unchanged sentences

Current income taxes payable

2,921 580 4,891

Sales and value added taxes payable

2 unchanged sentences

885 1,002 1,040

Accrued expense - other (2)

$ 19,110 $ 16,209 $ 13,343

Accrued rent and related expenses consist of accrued costs associated with non-lease components.

( 2 ) Accrued expense - other consists of costs associated with legal accruals.

Stock-based Compensation

10 unchanged sentences

2017 Omnibus Incentive Plan (the “2017 Plan”) that on or after April 14, 2020, may be forfeited, expire or be settled for cash.

For the thirteen weeks ended May 3, 2025 and May 4, 2024 , selling, general and administrative expense included stock-based compensation expense of $ 0.5 million and $ 0.4 million, respectively.

As of May 3, 2025 , there was $ 2.1 million of total unrecognized compensation expense related to unvested restricted stock awards which is expected to be recognized over a weighted-average period of 1.6 years.

As of the end of the thirteen weeks ended May 3, 2025 , the Company had no outstanding stock options.

The following table is a summary of the balances and activity related to time-based and performance-based restricted stock for the thirteen weeks ended May 3, 2025 :

For the thirteen weeks ended August 2, 2025 and August 3, 2024 , selling, general and administrative expense included stock-based compensation expense of $ 0.7 million and $ 0.6 million, respectively.

For the twenty-six weeks ended August 2, 2025 and August 3, 2024 , selling, general, and administrative expense included stock-based compensation expense of $ 1.2 million and $ 1.0 million, respectively.

As of August 2, 2025 , there was $ 6.4 million of total unrecognized compensation expense related to unvested restricted stock awards which is expected to be recognized over a weighted-average period of 2.1 years.

As of February 1, 2025 , and August 2, 2025 , the Company had no outstanding stock options.

The following table is a summary of the balances and activity related to time-based and performance-based restricted stock for the twenty-six weeks ended August 2, 2025 :

Time-Based Restricted Stock

11 unchanged sentences

Forfeited (1)

Outstanding, May 3, 2025 (1)

Outstanding, August 2, 2025 (1)

82,681 $ 37.43 170,043 $ 32.32

( 1 ) Performance-based restricted stock outstanding, granted, and forfeited are presented at 100% of target.

The total fair value of shares vested during the thirteen weeks ended May 3, 2025 and May 4, 2024 was $ 2.0 million and $ 1.7 million, respectively.

The outstanding performance shares as of May 3, 2025 consist of the following:

The total fair value of shares vested during the twenty-six weeks ended August 2, 2025 and August 3, 2024 was $ 2.5 million and $ 2.2 million, respectively.

The outstanding performance shares as of August 2, 2025 consist of the following:

Performance Shares

4 unchanged sentences

2024 - 2026 consolidated, cumulative revenue objectives

Performance shares outstanding, May 3, 2025

The Company's effective tax rate was 22.0 % for the thirteen weeks ended May 3, 2025 compared to 23.8 % for the thirteen weeks ended May 4, 2024 .

In the first quarter of fiscal 2025, the effective tax rate differed from the statutory rate of 21 % primarily due to state income tax expense partially offset by the tax impact of equity awards vesting and the foreign-derived intangible income deduction.

In the first quarter of fiscal 2024, the effective tax rate differed from the statutory rate of 21 % primarily due to state income tax expense partially offset by the tax impact of equity awards vesting.

In addition, in the first quarter of fiscal 2025 and 2024, the Company remains in a full valuation allowance in certain foreign jurisdictions.

2025 - 2027 consolidated revenue growth objectives

Performance shares outstanding, August 2, 2025

On July 4, 2025, the "One Big Beautiful Bill Act" ("OBBB") was signed into law.

The Company has analyzed the legislation and expects that the OBBBA will have an immaterial impact on our FY25 and FY26 effective tax rate.

The Company is continuing to evaluate the impacts as additional information is provided.

The Company's effective tax rate was 19.3 % and 20.8 % for the thirteen and twenty-six weeks ended August 2, 2025 compared to 24.0 % and 23.8 % for the thirteen and twenty-six weeks ended August 3, 2024 .

The fiscal 2025 effective tax rate differed from the statutory rate of 21 % primarily due to state income tax expense offset by the tax impact of equity awards vesting, the foreign-derived intangible income deduction and discrete benefits related to settlement of a prior period tax position.

The fiscal 2024 effective tax rate differed from the statutory rate of 21 % primarily due to state income tax expense partially offset by the tax impact of equity awards vesting.

In addition, in the second quarter of fiscal 2025 and 2024, the Company remains in a full valuation allowance in certain foreign jurisdictions.

Stockholders’ Equity

The following table sets forth the changes in stockholders’ equity (in thousands) for the thirteen weeks ended May 3, 2025 and May 4, 2024 (in thousands):

For the thirteen weeks ended May 3, 2025

For the thirteen weeks ended May 4, 2024

The following table sets forth the changes in stockholders’ equity (in thousands) for the thirteen weeks ended August 2, 2025 and August 3, 2024 (in thousands):

For the thirteen weeks ended August 2, 2025

For the thirteen weeks ended August 3, 2024

Balance, beginning

$ 132 $ 61,602 $ ( 11,295 ) $ 98,243 $ 148,682 $ 139 $ 64,065 $ ( 12,153 ) $ 76,290 $ 128,341

Stock-based compensation

375 375 336 336

Share repurchase

( 276 ) ( 2,839 ) ( 3,115 ) ( 3 ) ( 1,570 ) ( 7,576 ) ( 9,149 )

Cash dividends

( 2,905 ) ( 2,905 ) ( 2,755 ) ( 2,755 )

Other comprehensive income (loss)

( 9 ) ( 9 ) 240 240

12,367 12,367 8,778 8,778

Balance, ending

$ 132 $ 61,701 $ ( 11,304 ) $ 104,866 $ 155,395 $ 136 $ 62,831 $ ( 11,913 ) $ 74,737 $ 125,791

( 1 ) Additional paid-in capital (“APIC”)

( 2 ) Accumulated other comprehensive loss (“AOCI”)

The following table sets forth the changes in stockholders’ equity (in thousands) for the twenty-six weeks ended August 2, 2025 and August 3, 2024 (in thousands):

For the twenty-six weeks ended August 2, 2025

For the twenty-six weeks ended August 3, 2024

Balance, beginning

$ 133 $ 61,987 $ ( 12,554 ) $ 89,516 $ 139,082 $ 142 $ 66,330 $ ( 12,082 ) $ 75,272 $ 129,662

Shares issued under employee stock plans

9 unchanged sentences

- - ( 40 ) ( 40 )

Other comprehensive income (loss)

Other comprehensive income

1,250 1,250 169 169

4 unchanged sentences

( 2 ) Accumulated other comprehensive loss (“AOCI”)

During the thirteen weeks ended May 3, 2025 , the Company utilized $ 4.2 million in cash to repurchase 108,502 shares under its $ 100 million dollar stock repurchase program that was authorized by the Board of Directors on September 11, 2024.

As of the end of the first quarter, there was $ 85.0 million available for future repurchases.

For the thirteen weeks ended May 3, 2025 , the Company's Board of Directors declared a $ 0.22 per share cash dividend that was paid on April 10, 2025 , to shareholders of record as of March 27, 2025 .

The cash dividend paid totaled $ 2.9 million.

During the thirteen weeks ended May 4, 2024 , the Company utilized $ 9.2 million in cash to repurchase 343,406 shares under the Company's previous $ 50.0 million stock repurchase program that was authorized by its Board of Directors on August 31, 2022.

The Company's Board of Directors also declared a quarterly cash dividend of $ 0.20 per share that was paid on April 11, 2024 , to all stockholders of record as of March 28, 2024 .

During the thirteen and twenty-six weeks ended August 2, 2025 , the Company utilized $ 3.1 million in cash to repurchase 59,083 shares and utilized $ 7.3 million in cash to repurchase 167,585 shares, respectively, under its $ 100 million dollar stock repurchase program that was authorized by the Board of Directors on September 11, 2024 ( the "September 2024 Stock Repurchase Program").

Between the end of the second fiscal quarter of 2025 and September 8, 2025, the Company utilized an additional $ 1.9 million in cash to repurchase 34,949 under the September 2024 Stock Repurchase Program, leaving the aggregate $ 80.0 million available for future repurchases under that plan.

For the thirteen and twenty-six weeks ended August 2, 2025 , the Company's Board of Directors authorized cash dividends to shareholders of $ 2.9 million and $ 5.8 million, respectively.

During the thirteen and twenty-six weeks ended August 3, 2024 , the Company utilized $ 9.1 million in cash to repurchase 341,621 shares and utilized $ 18.2 million in cash to repurchase 685,027 shares, respectively, under its prior $ 50.0 million program authorized by its Board of Directors on August 31, 2022 ( the "August 2022 Stock Repurchase Program").

For the thirteen and twenty-six weeks ended August 3, 2024, the Company's Board of Directors authorized cash dividends to shareholders of $ 2.7 million and $ 5.6 million, respectively.

Income per Share

1 unchanged sentence

Thirteen weeks ended

Twenty-six weeks ended

$ 12,367 $ 8,778 $ 27,686 $ 20,237

9 unchanged sentences

$ 0.94 $ 0.64 $ 2.11 $ 1.46

In calculating the diluted income per share for the thirteen weeks ended May 3, 2025 , there were zero shares of common stock that were outstanding at the end of the period that were not included in the computation of diluted income per share due to their anti-dilutive effect.

For the thirteen weeks ended May 4, 2024 , there were 8,199 of common stock that were outstanding at the end of the period that were not included in the computation of diluted income per share due to their anti-dilutive effect.

In calculating the diluted income per share for the thirteen and twenty-six weeks ended August 2, 2025 , respectively, there were 28,036 and 14,018 shares of common stock that were outstanding at the end of the period that were not included in the computation of diluted income per share due to their anti-dilutive effect.

For the thirteen and twenty-six weeks ended August 3, 2024 , respectively, there were 36,689 and 28,989 shares of common stock that were outstanding at the end of the period that were not included in the computation of diluted income per share due to their anti-dilutive effect.

Comprehensive Income

The difference between comprehensive income or loss and net income or loss is the result of foreign currency translation adjustments on the balance sheets of subsidiaries whose functional currency is not the U.S.

The accumulated other comprehensive loss balance on May 3, 2025 and May 4, 2024 was comprised entirely of foreign currency translation.

For the thirteen weeks ended May 3, 2025 and May 4, 2024 , the Company had no reclassifications out of accumulated other comprehensive loss.

The accumulated other comprehensive loss balance on August 2, 2025 and August 3, 2024 was comprised entirely of foreign currency translation.

For the thirteen weeks ended August 2, 2025 and August 3, 2024 , the Company had no reclassifications out of accumulated other comprehensive loss.

Segment Information

1 unchanged sentence

The DTC segment includes the operating activities of corporately-managed locations and other retail delivery operations in the U.S., Canada, the Republic of Ireland and the U.K., including the Company’s e-commerce sites and temporary stores.

The commercial segment includes the Company’s transactions with other businesses, mainly comprised of licensing the Company’s intellectual properties for third -party use and wholesale sales to our partner-operated stores.

The international franchising segment includes the licensing activities of the Company’s franchise agreements with store locations in select countries in Asia, Australia, the Middle East, Africa, and South America.

3 unchanged sentences

The three reportable segments follow the same accounting policies used for the Company’s consolidated financial statements.

Following is a summary of the financial information for the Company’s reportable segments (in thousands):

The following is a summary of the financial information for the Company’s reportable segments (in thousands):

International

Thirteen weeks ended May 3, 2025

Thirteen weeks ended August 2, 2025

Total Revenue

10 unchanged sentences

Income before income taxes

Thirteen weeks ended May 4, 2024

Thirteen weeks ended August 3, 2024

Total Revenue

10 unchanged sentences

Income before income taxes

Twenty-six weeks ended August 2, 2025

Total Revenue

$ 234,224 $ 16,251 $ 2,167 $ 252,642

Cost of Goods Sold

100,123 6,433 1,588 108,144

134,101 9,818 579 144,498

Selling, General & Administrative

68,535 193 - 68,728

Contribution Margin

65,566 9,625 579 75,770

Overhead Expenses(1)

Interest Income

Income before income taxes

Twenty-six weeks ended August 3, 2024

Total Revenue

$ 211,323 $ 13,278 $ 1,927 $ 226,528

Cost of Goods Sold

97,022 5,541 1,231 103,794

114,301 7,737 696 122,734

Selling, General & Administrative

62,489 451 - 62,940

Contribution Margin

51,812 7,286 696 59,794

Overhead Expenses(1)

Interest Income

Income before income taxes

( 1 ) Overhead expenses contain selling, general and administrative expenses not attributable to a segment.

1 unchanged sentence

International

Thirteen weeks ended May 3, 2025

Thirteen weeks ended August 2, 2025

Depreciation and amortization

2,691 35 - 942 3,668

Capital Expenditures

2,381 - - 984 3,365

Thirteen weeks ended August 3, 2024

Depreciation and amortization

2 unchanged sentences

2,187 - - 1,083 3,270

Thirteen weeks ended May 4, 2024

Twenty-six weeks ended August 2, 2025

$ 219,168 $ 11,466 $ 1,648 $ 85,956 $ 318,238

3 unchanged sentences

4,021 - - 2,307 6,328

Twenty-six weeks ended August 3, 2024

$ 198,235 $ 10,345 $ 1,067 $ 69,812 $ 279,459

Depreciation and amortization

5,207 106 - 1,981 7,294

Capital Expenditures

4,090 - - 1,610 5,700

The Company’s reportable segments are primarily determined by the types of products and services that they offer.

2 unchanged sentences

The following schedule is a summary of the Company’s sales to external customers and long-lived assets by geographic area (in thousands):

Thirteen weeks ended May 3, 2025

Thirteen weeks ended August 2, 2025

Net sales to external customers

$ 107,066 $ 15,775 $ 1,406 $ 124,247

Thirteen weeks ended May 4, 2024

Thirteen weeks ended August 3, 2024

Net sales to external customers

$ 96,766 $ 14,012 $ 1,020 $ 111,798

Twenty-six weeks ended August 2, 2025

Net sales to external customers

$ 218,339 $ 31,402 $ 2,901 $ 252,642

Property and equipment, net

54,121 4,683 0 58,804

Twenty-six weeks ended August 3, 2024

Net sales to external customers

$ 196,217 $ 28,461 $ 1,850 $ 226,528

Property and equipment, net

49,436 3,867 0 53,303

For purposes of this table only:

( 1 ) North America includes corporately-managed locations in the United States and Canada.

( 1 ) North America includes corporately-managed locations and sales to wholesale customers in the United States and Canada.

( 2 ) Europe includes corporately-managed locations in the U.K.

and the Republic of Ireland and sales to wholesale customers in Europe.

( 3 ) Other includes franchise businesses outside of North America and Europe.

( 3 ) Other includes wholesale and franchise businesses outside of North America and Europe.

Contingencies

13 unchanged sentences

The Company maintains a provision against the related receivable, based on a current evaluation of collectability, using the latest facts available in the dispute.

As of May 3, 2025 , the Company had a gross receivable balance of $ 5.1 million and a reserve of $ 3.6 million, leaving a net receivable of $ 1.5 million.

As of August 2, 2025 , the Company had a gross receivable balance of $ 5.1 million and a reserve of $ 3.6 million, leaving a net receivable of $ 1.5 million.

The Company believes that the outcome of this dispute will not have a material adverse impact on the results of operations, liquidity, or financial position of the Company.

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 1. Financial Statements