What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-01-14 compared with 2024-10-15 · 211 added, 155 removed, 81 unchanged (82% of the section changed)

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

should read the following discussion and analysis in conjunction with our unaudited condensed consolidated financial statements and

the accompanying notes thereto included in Part I, Item 1 of this Report and the audited consolidated financial statements in our

Annual Report on Form 10-K for the fiscal year ended May 31, 2024 (our 2024 Annual Report).

This discussion and analysis contains

forward-looking statements that are based on our management’s current beliefs and assumptions, which statements are subject to

substantial risks and uncertainties.

Our actual results of operations may differ materially from those expressed or implied by these

forward-looking statements as a result of many factors, including those discussed in “Risk Factors” included in Part I,

Item 1A of our 2024 Annual Report.

are a global biomedical technology company that develops, patents, manufactures and markets advanced diagnostic and therapeutic

Our diagnostic test kits are used to analyze blood, urine, nasal or fecal material from patients in the diagnosis of

various diseases, food intolerances and other medical complications .

They can also be used to measure or detect the presence and

levels of specific bacteria, hormones, antibodies, antigens and other substances, which may exist in the human body in extremely

small concentrations.

Our products are designed to enhance the health and well-being of people, while reducing total

healthcare costs.

should read the following discussion and analysis in conjunction with our unaudited condensed consolidated financial statements and the

accompanying notes thereto included in Part I, Item 1 of this Report and the audited consolidated financial statements in our Annual

Report on Form 10-K for the fiscal year ended May 31, 2024 (our 2024 Annual Report).

This discussion and analysis contains forward-looking

statements that are based on our management’s current beliefs and assumptions, which statements are subject to substantial risks

and uncertainties.

Our actual results may differ materially from those expressed or implied by these forward-looking statements as a

result of many factors, including those discussed in “Risk Factors” included in Part I, Item 1A of our 2024 Annual Report.

are a global biomedical technology company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products.

Our diagnostic test kits are used to analyze blood, urine, nasal or fecal material from patients in the diagnosis of various diseases,

food intolerances and other medical complications.

They can also be used to measure or detect the presence and levels of specific bacteria,

hormones, antibodies, antigens and other substances, which may exist in the human body in extremely small concentrations.

are designed to enhance the health and well-being of people, while reducing total healthcare costs.

extensive range of medical diagnostic products is sold worldwide, primarily in two markets:

clinical laboratories and point-of-care

settings, including physicians’ offices and over-the-counter sales at major retailers such as Walmart, CVS Pharmacy, and

Most of our products are Conformite Europeenne (“CE”) marked and/or registered with regulatory agencies in

various countries for diagnostic use, with several also cleared by the FDA for sale in the United States.

clinical laboratories and point-of-care settings.

Most of our products are Conformite Europeenne (“CE”) marked and/or registered with regulatory agencies in various countries

for diagnostic use, with several also cleared by the FDA for sale in the United States.

Technological

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deliver reliable results in minutes, and can be performed with confidence at home or in a physician’s office.

invest resources in the research and development of new products designed to diagnose and, in some cases, treat several

major medical diseases.

invest resources in the research and development of new products designed to diagnose and, in some cases, treat several major medical

These products are either internally developed or licensed from others.

Our experienced and highly trained

technical personnel, including Ph.D.

holders and other scientists, are dedicated to developing new products and managing technology transfer

Our technical staff, many of whom have extensive experience from previous employment at large diagnostic manufacturing companies,

bring a wealth of industry knowledge.

Additionally, we rely on our Scientific Advisory Board, comprised of leading medical doctors and

clinicians, to guide our clinical studies and product development efforts.

key outcome from our recent research and development efforts is our patented diagnostic-guided therapy (“DGT”) product, developed

Our experienced and highly trained technical personnel,

including Ph.D.

holders and other scientists, are dedicated to developing new products and managing technology transfer activities.

technical staff, many of whom have extensive experience from previous employment at large diagnostic manufacturing companies, bring a

wealth of industry knowledge.

Additionally, we rely on our Scientific Advisory Board, comprised of leading medical doctors and clinicians,

to guide our clinical studies and product development efforts.

key outcome from our research and development efforts is our patented diagnostic-guided therapy (“DGT”) product, developed

on the inFoods® technology platform.

This innovative product is designed to treat gastrointestinal conditions such as irritable bowel

syndrome (“IBS”) and other inflammatory diseases.

The DGT product targets chronic inflammatory illnesses that are widespread and prevalent

in large markets.

This innovative technology is designed to treat gastrointestinal conditions such as irritable

bowel syndrome (“IBS”) and other inflammatory diseases.

The DGT product targets chronic inflammatory illnesses that are widespread

and prevalent in large markets.

We have launched the inFoods® IBS product, which leverages this patented technology.

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By removing the foods identified as problematic, patients can achieve relief from their IBS symptoms.

We launched our inFoods® product across numerous gastroenterology (“GI”) physician groups in various states and regions,

launched our inFoods® product across numerous gastroenterology (“GI”) physician groups in various states and regions,

including collaboration with one of the largest GI groups in the U.S.

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pylori infections.

Due to the slower-than-expected launch of the Company’s key products, inFoods® IBS and hp+detect™,

the Company has initiated significant cost-cutting measures to extend its cash runway and work towards increasing revenues to cover overhead

These measures include a workforce reduction of nearly 15% during this fiscal quarter, which incurred one-time labor costs such

as severance, impacting typical cost trends and margins.

In addition, the Company is actively exploring strategic opportunities to enhance

and create shareholder value.

to the slower-than-expected launch of the Company’s key products, inFoods® IBS and hp+detect™, the Company has initiated

significant cost-cutting measures to extend its cash runway and work towards increasing revenues to cover overhead costs.

These measures

include a workforce reduction of nearly 15% during this fiscal year, which incurred costs such as severance, impacting

typical cost trends and margins.

Additionally, we raised $567,000 in net proceeds from the ATM offering filed in May 2024, providing

additional liquidity to support our operations.

The Company is actively exploring strategic opportunities to enhance and create shareholder

OF OPERATIONS

months ended November 30, 2024

Sales and Cost of Sales

following is a breakdown of revenues according to markets to which the products are sold:

Three Months Ended November 30,

Increase (Decrease)

Over-the-counter

manufacturing

For the three months ended August 31, 2024, consolidated net sales reached approximately $1,807,000, compared to

$1,713,000 for the same period in 2023, representing an increase of $94,000, or 5%.

This growth was largely driven by a $222,000 increase

in higher demand from new and existing customers as well as new contract manufacturing agreements.

However, over-the-counter (“OTC”) sales in the retail market declined by $116,000.

In 2023, OTC sales benefited from the rollout

of our products with CVS, which included large upfront orders.

Additionally, this quarter’s performance was impacted by timing delays

in clinical lab orders from our distributor in Asia.

the three months ended August 31, 2024, consolidated cost of sales amounted to approximately $1,518,000, or 84% of net sales,

compared to $1,301,000, or 76% of net sales, for the same period in 2023, representing an increase of $217,000, or 17%.

of the cost increase was directly correlated to the growth in contract manufacturing sales.

Additionally, direct labor costs were

significantly impacted by one-time severance expenses related to the reduction in force (“RIF”) executed in July, which

elevated labor costs and negatively impacted gross margins.

Gross margin was negatively impacted by 12% by the one-time RIF expenses

within the fiscal quarter.

Excluding these RIF-related costs, gross margins are consistent with the prior period.

Contract manufacturing

Physician’s office

net sales were approximately $1,636,000 for the three months ended November 30, 2024, as compared to $1,567,000 for the three months

ended November 30, 2023, an increase of approximately $69,000, or 4%.

This increase for the three months ended November 30, 2024, was

primarily driven by higher sales of Aware ® products in the Middle East market and increased contract manufacturing billings.

these increases were partially offset by a decrease in clinic lab sales, which experienced volatility due to periodic and timing of

cost of sales were approximately $1,199,000, or 73% of net sales, for the three months ended November 30, 2024, as compared to

$1,242,000, or 79% of net sales, for the three months ended November 30, 2023, a decrease of approximately $43,000, or 3%.

decrease for the three months ended November 30, 2024, was primarily driven by the reduction in force (“RIF”) executed

in July 2024, which helped to decrease labor costs for the quarter.

following is a summary of operating expenses:

Months Ended August 31,

Three Months Ended November 30,

Increase (Decrease)

Operating Expense

Total Revenues

Operating Expense

Total Revenues

Selling, General and Administrative Expenses

Research and Development

General and Administrative Expenses

the three months ended November 30, 2024, consolidated selling, general, and administrative expenses amounted to approximately

$1,173,000, compared to $1,521,000 for the corresponding period in 2023, a decrease of $348,000 or 23%.

This decrease was primarily

due to the RIF implemented in July 2024, which helped to reduce payroll expenses by approximately $175,000.

Additionally, the absence

of a sales reserve for over-the-counter (“OTC”) products, which was recorded in the prior year due to retail market

activity, contributed to a further $229,000 reduction.

This reduction partially offset an increase in sales commissions of $73,000

attributable to enhanced sales activities in the Middle East.

and Development

the three months ended November 30, 2024, consolidated research and development (“R&D”) expenses totalled approximately

$257,000, representing a decrease of 38% from $412,000 in the same period of 2023.

This $155,000 reduction was primarily driven by a

$156,000 decline in R&D wages resulting from the RIF executed in July 2024.

and Dividend Income

the three months ended November 30, 2024, interest and dividend income totaled approximately $40,000, compared to $109,000 for the corresponding

period in 2023, representing a decrease of $69,000, or 63%.

This reduction was primarily attributable to lower market interest rates

affecting our lower cash balances, which had decreased by November 30, 2024.

months ended November 30, 2024

Sales and Cost of Sales

following is a breakdown of revenues according to markets to which the products are sold:

Six Months Ended November 30,

Increase (Decrease)

Over-the-counter

Contract manufacturing

Physician’s office

the six months ended November 30, 2024, consolidated net sales reached approximately $3,444,000, compared to $3,281,000 for the same

period in 2023, representing an increase of $163,000, or 5%.

This increase for the six months ended November 30, 2024, was primarily

driven by increased contract manufacturing billings.

However, these increases were partially offset by a decrease in clinic lab sales,

which experienced volatility due to periodic and infrequent orders.

the six months ended November 30, 2024, consolidated cost of sales was approximately $2,720,000, or 79% of net sales, compared to $2,541,000,

or 77% of net sales, for the same period in 2023.

This represents an increase of $179,000, or 7%.

A key driver of the cost increase was

directly correlated with the growth in contract manufacturing sales.

Additionally, direct labor costs were significantly impacted by

the RIF executed in July 2024, which decreased labor costs and improved gross margins.

following is a summary of operating expenses:

Six Months Ended November 30,

Increase (Decrease)

Operating Expense

Total Revenues

Operating Expense

Total Revenues

Selling, General and Administrative Expenses

Research and Development

General and Administrative Expenses

For the three months ended August 31, 2024, consolidated selling, general, and administrative expenses were approximately

$1,360,000, compared to $1,172,000 for the same period in 2023, reflecting an increase of $188,000, or 16%.

This increase was primarily

driven by one-time severance expenses related to the July RIF and introduction of a sales force, which did not exist in the prior year.

The new sales team added

$146,000 in additional costs compared to the prior period.

Legal expenses also rose by $64,000, as the prior year benefited

from a one-time discount on legal fees related to settlement work.

Excluding this discount, legal spending would have been consistent

with historical levels.

the six months ended November 30, 2024, consolidated selling, general, and administrative expenses totaled approximately $2,533,000,

compared to $2,696,000 for the same period in 2023.

This represents a decrease of $163,000, or 6%.

The decrease was primarily attributed

to the absence of a sales reserve for OTC products that was present in the prior year, which contributed to a $229,000 reduction in expenses.

However, this decrease was partially offset by an increase in sales commissions of $95,000, attributable to enhanced sales activities

in the Middle East.

and Development

For the three months ended August 31, 2024, consolidated research and development (“R&D”) expenses

totaled approximately $297,000, representing a decrease of 37% from $472,000 in the same period of 2023.

This $175,000 reduction was primarily

driven by an $86,000 decline in R&D wages resulting from the one-time severance expenses associated with the RIF executed in July.

In line with the Company’s strategic initiatives for cost-cutting measures, several clinical trials were reduced, resulting in decreased

expenditures.

Additionally, with the commercialization of inFoods® IBS, there has been a deliberate reduction in R&D allocations

to this area, contributing to an overall decrease of $80,000 in related expenses.

the six months ended November 30, 2024, consolidated R&D expenses totaled approximately $554,000, representing a decrease of 37%

from $883,000 in the same period of 2023.

This $329,000 decrease was primarily driven by a $242,000 decline in R&D wages

resulting from the RIF executed in July 2024.

In line with the Company’s strategic initiatives for cost-cutting measures, several

clinical trials were scaled back, resulting in decreased expenditures.

Additionally, with the commercialization of inFoods® IBS,

there has been a deliberate reduction in R&D allocations to this area, contributing to an overall decrease of $74,000 in related

and Dividend Income

the three months ended August 31, 2024, interest and dividend income totaled approximately $56,000, compared to $123,000 for the

corresponding period in 2023, representing a decrease of $67,000, or 54%.

This reduction was primarily attributable to lower market

interest rates affecting our lower cash balances, which had decreased by August 31, 2024.

CAPITAL RESOURCES AND GOING CONCERN

the six months ended November 30, 2024, interest and dividend income totaled approximately $97,000, compared to $231,000 for the corresponding

period in 2024, representing a decrease of $134,000, or 58%.

This reduction was primarily attributable to lower market interest rates

affecting our lower cash balances, which had decreased by November 30, 2024.

AND CAPITAL RESOURCES AND GOING CONCERN

following are the principal sources of liquidity:

and cash equivalents

capital including cash and cash equivalents

of August 31, 2024 and May 31, 2024, the Company had cash and cash equivalents of approximately $2,820,000 and $4,170,000, respectively.

As of August 31, 2024 and May 31, 2024, the Company had working capital of approximately $4,294,000 and $5,527,000, respectively.

Cash and cash equivalents

Working capital including cash and cash equivalents

of November 30, 2024 and May 31, 2024, the Company had cash and cash equivalents of approximately $2,372,000 and $4,170,000, respectively.

As of November 30, 2024 and May 31, 2024, the Company had working capital of approximately $4,069,000 and $5,527,000, respectively.

Company’s ability to continue as a going concern over the next twelve months is influenced by several factors, including:

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ability to retain key employees and maintain critical operations with a substantially reduced workforce;

has analyzed the Company’s cash flow requirements through November 2025 and beyond.

SEC regulations that limit the amount of capital the Company can raise through issuance of its equity.

has analyzed the Company’s cash flow requirements through February 2026 and beyond.

Based on this analysis, we believe our current

cash and cash equivalents are insufficient to meet our operating cash requirements and strategic growth objectives for the next twelve

To address our capital needs and sustain operations beyond the next year, we are actively pursuing strategies to

increase sales, reduce expenses, sell non-core assets, seek additional financing through debt or equity, and seek other strategic alternatives.

While we are committed to these plans, there is no assurance that these efforts will be successful or sufficient to meet our capital requirements.

part of our efforts to reduce costs, we have initiated significant cost-cutting measures to extend our cash runway and work towards increasing

address our capital needs and sustain operations beyond the next year, we are actively pursuing strategies to increase sales, reduce

expenses, sell non-core assets, seek additional financing through debt or equity, and seek other strategic alternatives.

committed to these plans, there is no assurance that these efforts will be successful or sufficient to meet our capital requirements.

part of our efforts to reduce costs, we are executing significant cost-cutting measures to extend our cash runway and work towards increasing

revenues to cover overhead costs.

These measures include a workforce reduction of nearly 15% in July 2024 and a substantial reduction

These measures included a workforce reduction of nearly 15% in July 2024 and a substantial reduction

in other operating expenses.

part of our financing plan, on September 28, 2023, we filed a “shelf” registration statement on Form S-3 with the

Securities and Exchange Commission (“SEC”), which was declared effective on September 29, 2023, allowing us to

issue up to $20,000,000 in common shares.

Under this registration statement, shares of our common stock may be sold from time to

time for up to three years from the filing date.

On May 10, 2024, the we filed a prospectus supplement with the SEC to facilitate the sale of up to $5,500,000 in common stock through at-the-market (“ATM”) offerings, as defined in Rule 415 under the

Securities Act.

As part of this transaction, we incurred $81,000 in deferred offering costs.

The amount of capital that we

can raise under the ATM offering is highly dependent upon the trading volume and the trading price of our stock.

The average trading

volume of our stock over the last three full calendar months is approximately 83,068 shares per day and the high and low trading

price of our stock during the same period of time was $0.59 and $0.28, respectively.

If our stock continues to trade at low volumes

and price, the amount of capital that we can raise under the ATM offering will be constrained.

We intend to use the net proceeds from the ATM offering for general corporate purposes, including, but not limited to, sales and marketing

part of our financing plan, on September 28, 2023, we filed a new “shelf” registration statement on Form S-3 with the SEC,

to replace the expiring S-3 that was filed in July 2020, which was declared effective on September 29, 2023, allowing us to issue up

to $20,000,000 in common shares.

Under this registration statement, shares of our common stock may be sold from time to time for up to

three years from the filing date.

On May 10, 2024, we filed a prospectus supplement with the SEC to facilitate the sale of up to $5,500,000

in common stock through at-the-market (“ATM”) offerings, as defined in Rule 415 under the Securities Act.

As part of this

transaction, we incurred $81,000 in deferred offering costs.

The amount of capital that we can raise under the ATM offering is highly

dependent upon the trading volume and the trading price of our stock.

The average trading volume of our stock over the last three full

calendar months is 886,303 shares per day and the high and low trading price of our stock during the same period of time was $0.48 and

$0.26, respectively.

If our stock continues to trade at low volumes and price, the amount of capital that we can raise under the ATM

offering will be constrained.

intend to use the net proceeds from the ATM offering for general corporate purposes, including, but not limited to, sales and marketing

activities, clinical studies and product development, acquisitions of assets, businesses, companies, or securities, capital expenditures,

and working capital needs.

the six months ended November 30, 2024, the Company sold 1,515,348 shares of its common stock at prices ranging from $0.36 to $0.47

pursuant to the May 2024 ATM Offering, which resulted in gross proceeds of approximately $603,000 and net proceeds to the Company

of $567,000, after deducting commissions for each sale and legal, accounting, and other fees related to offering in the amount of

we are committed to these plans, there is no assurance that these efforts will be successful or sufficient to meet our capital requirements.

factors raise substantial doubt about our ability to continue as a going concern.

Our future viability depends on the

successful execution of our strategic plans, securing additional financing, and achieving profitable operations.

the three months ended August 31, 2024, cash used in operating activities was approximately $1,344,000.

The primary factors that contributed

to this were a loss of approximately $1,316,000, an increase in accounts receivable of $616,000, and a decrease in lease liability of

These were partially offset by a decrease in inventories of $429,000, a decrease in prepaid expenses and other of $106,000,

and non-cash expenses of approximately $191,000 .

the three months ended August 31, 2023, cash used in operating activities was approximately $1,674,000.

Our future viability depends on the successful execution

of our strategic plans, securing additional financing, and achieving profitable operations.

the six months ended November 30, 2024, cash used in operating activities was approximately $2,135,000.

The primary factors that

contributed to this were a loss of approximately $2,266,000, an increase in accounts receivable of $387,000, and a decrease in accounts payable and accrued expenses of $290,000.

These outflows were partially offset by a

decrease in inventories of $585,000 and non-cash expenses of approximately $439,000.

the six months ended November 30, 2023, cash used in operating activities was approximately $2,516,000.

The primary factors that contributed

to this were a loss of approximately $1,132,000, non-cash expenses of $122,000, primarily associated with depreciation and amortization,

share-based compensation, inventory reserves and amortization of right-of-use assets.

This was partially offset by changes in asset and

liability accounts of $664,000.

the three months ended August 31, 2024, we did not acquire any new property, equipment, or patents.

the three months ended August 31, 2023, cash used in investing activities was approximately $63,000.

During the three months ended August

31, 2023, we purchased approximately $21,000 of property and equipment and had $42,000 in expenditures related to patents.

the three months ended August 31, 2024, and 2023, the Company did not have any cash provided by financing activities, with no net proceeds from the sale of common stock or stock option exercises.

to this was a loss of approximately $2,639,000, non-cash expenses of $294,000, primarily associated with depreciation and amortization,

provision for credit losses, inventory reserves, share-based compensation, and amortization of right-of-use assets.

This was partially offset by changes in asset and liability accounts of approximately $171,000.

the six months ended November 30, 2024, cash used in investing activities was approximately $33,000 in expenditures related to patents.

the six months ended November 30, 2023, cash used in investing activities was approximately $27,000 for purchases of property and equipment

and $48,000 for expenditures related to patents.

the six months ended November 30, 2024, cash provided by financing activities amounted to $380,000, primarily resulting from gross

proceeds of $392,000 from the sale of common stock.

the six months ended November 30, 2023, cash provided by financing activities was $0, with no net proceeds from the sale of common stock

or from stock option exercises.

BALANCE SHEET ARRANGEMENTS

were no off-balance sheet arrangements as of August 31, 2024.

ACCOUNTING POLICIES AND ESTIMATES

The preparation of consolidated financial statements in conformity with

accounting principles generally accepted in the United States of America requires us to make a number of estimates and assumptions that

affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial

Such estimates and assumptions may affect the reported amounts of revenues and expenses during the reporting period.

and base our estimates and assumptions on historical experience and various other factors and circumstances that we believe to be reasonable.

Different assumptions or conditions may cause actual results to differ materially from these estimates.

We continue to monitor significant

estimates made during the preparation of our financial statements.

We believe our estimates and assumptions are reasonable under the current

however, actual results may differ from these estimates under different future conditions.

We believe that the estimates and assumptions that are most important to the portrayal of our financial condition

and results of operations, in that they require subjective or complex judgments, form the basis for the accounting policies deemed to

be most critical to us.

These relate to revenue recognition, bad debts, inventory overhead application, inventory reserves, lease liabilities

and right-of-use assets.

We believe estimates and assumptions related to these critical accounting policies are appropriate under the

circumstances;

however, should future events or occurrences result in unanticipated consequences, there could be a material impact on

our future financial conditions or results of operations.

There have been no significant changes to our critical accounting policies from

those disclosed in our 2024 Annual Report.

We suggest that our significant accounting policies be read in conjunction with this Management’s

Discussion and Analysis of Financial Condition and Results of Operations.

Please refer to Note 2 for information on Significant Accounting

were no off-balance sheet arrangements as of November 30, 2024.

ACCOUNTING POLICIES

preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of

America requires us to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure

of contingent assets and liabilities at the date of the financial statements.

Such estimates and assumptions affect the reported amounts

of revenues and expenses during the reporting period.

We base our estimates on historical experience and on various other assumptions

that we believe to be reasonable under the circumstances.

Actual results may differ materially from these estimates under different assumptions

or conditions.

We continue to monitor significant estimates made during the preparation of our financial statements.

On an ongoing basis,

we evaluate estimates and assumptions based upon historical experience and various other factors and circumstances.

We believe our estimates

and assumptions are reasonable under the current conditions;

however, actual results may differ from these estimates under different

future conditions.

believe that the estimates and assumptions that are most important to the portrayal of our financial condition and results of

operations, in that they require subjective or complex judgments, form the basis for the accounting policies deemed to be most

critical to us.

These relate to revenue recognition, bad debts, inventory overhead application, inventory reserves, lease

liabilities and right-of-use assets.

We believe estimates and assumptions related to these critical accounting policies are

appropriate under the circumstances;

however, should future events or occurrences result in unanticipated consequences, there could

be a material impact on our future financial condition or results of operations.

We suggest that our significant accounting policies

be read in conjunction with this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

refer to Note 2 for information on Significant Accounting Policies.

Our critical accounting policies are discussed in our Annual

Report on Form 10-K for the fiscal year ended May 31, 2024 and there have been no changes to such policies during the current quarter.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are not required to provide the information

are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information

under this item.

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