What changed in this filing

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Item 1. Financial Statements

2025-08-14 compared with 2025-05-15 · 117 added, 65 removed, 396 unchanged (31% of the section changed)

24 unchanged sentences

Preferred stock, $ 0.0001 par value, 2,000,000 shares authorized, no shares issued or outstanding

Common stock, $ 0.0001 par value, 87,500,000 shares authorized, 52,422,532 and 50,285,509 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively.

Common stock, $ 0.0001 par value, 87,500,000 shares authorized, 52,426,282 and 50,285,509 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively.

Additional paid-in capital

2 unchanged sentences

Total stockholders' equity

Total Liabilities and Stockholders' Equity

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3 unchanged sentences

For the Three Months Ended

For the Six Months Ended

Cost of goods sold

17 unchanged sentences

Condensed Consolidated Statements of Stockholders’ Equity

For the Three Months Ended March 31, 2025 and 2024

For the Three Month Periods During the Six Months Ended June 30, 2025 and 2024

Accumulated Other

10 unchanged sentences

Balances at March 31, 2025

Share-based compensation, net of tax withholdings

Shares issued for services

Balances at June 30, 2025

ClearSign Technologies Corporation and Subsidiary

Condensed Consolidated Statements of Stockholders’ Equity

For the Three Month Periods During the Six Months Ended June 30, 2025 and 2024

Accumulated Other

4 unchanged sentences

Balances at December 31, 2023

Share-based compensation, net of tax withholdings

Share-based compensation

Tax withholdings related to share-based compensation

Fair value of stock issued in payment of accrued compensation

Shares issued for services

Shares issued for services ($ 0.81 per share)

Foreign-exchange translation adjustment

Balances at March 31, 2024

Share-based compensation

Tax withholdings related to share-based compensation

Shares issued for services ($ 0.81 per share)

Issuance of common stock in public offering, net of expenses

Issuance of warrants in public offering, net of expenses

Issuance of common stock in private placement, net of expenses

Issuance of prefunded warrants in private placement, net of expenses

Issuance of warrants in private placement, net of expenses

Issuance of common stock for participation right exercise, net of expenses

Issuance of prefunded warrants for participation right exercise, net of expenses

Issuance of warrants for participation right exercise, net of expenses

Foreign-exchange translation adjustment

Balances at June 30, 2024

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2 unchanged sentences

(in thousands)

For the Three Months Ended March 31,

For the Six Months Ended June 30,

Cash flows from operating activities:

4 unchanged sentences

Right-of-use asset amortization

Lease amendments

Change in operating assets and liabilities:

9 unchanged sentences

Disbursements for patents and other intangible assets

Net cash provided used in investing activities

Net cash used in investing activities

Cash flows from financing activities:

Proceeds from issuance of common stock, net of offering costs

Proceeds from exercise of warrants

Taxes paid related to vesting of restricted stock units

Net cash used in financing activities

Net cash provided by (used in) financing activities

Effect of exchange rate changes on cash and cash equivalents

4 unchanged sentences

Officer and employee equity awards for prior year accrued compensation

Non-cash impact of new lease

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

28 unchanged sentences

Substantially all the Company’s operating activities, including its long-lived assets, are located within the United States.

Customers in the United States accounted for 100 % of revenues during the three months ended March 31, 2025 and 2024.

Customers in the United States accounted for 100 % of revenues during the three and six months ended June 30, 2025 and 2024.

The Company disaggregates geographical revenues by selling location, since many of our target customers are global entities, and it would be more likely than not, that these customers would negotiate sales within our current territory in the United States.

1 unchanged sentence

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Form 10-Q.

Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations.

12 unchanged sentences

Research and development costs have been offset by funds received, if any, from strategic partners in cost sharing, collaborative projects.

During the three months ended March 31, 2025 and 2024, the Company received zero and $ 107 thousand, respectively, from these types of arrangements.

During the three and six months ended June 30, 2025, the Company received no funds from these types of arrangements.

During the three and six months ended June 30, 2024, the Company received zero and $ 107 thousand, respectively, from these types of arrangements.

Foreign Operations

The accompanying unaudited condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024 include assets amounting to approximately $ 93 thousand and $ 145 thousand, respectively, relating to the operations of ClearSign Asia Limited.

The Beijing registered capital requirement is $ 350 thousand, which is required to be paid by June 30, 2032, and of which $ 211 thousand has been paid as of March 31, 2025.

The accompanying unaudited condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024 include assets amounting to approximately $ 170 thousand and $ 145 thousand, respectively, relating to the operations of ClearSign Asia Limited.

The Beijing registered capital requirement is $ 350 thousand, which is required to be paid by June 30, 2032, and of which $ 211 thousand has been paid as of June 30, 2025.

On August 22, 2024, the Board authorized management to move forward with filing for dormancy with Chinese regulators to suspend the Company’s Beijing, China operations.

15 unchanged sentences

While ASU 2024-03 will impact only our disclosures and not our financial condition and results of operations, we are assessing when we will adopt the ASU 2024-03.

In May 2025, FASB issued ASU No.

2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606):

Clarifications to Share-Based Consideration Payable to a Customer (“ASU 2025-04”), which clarifies the guidance on the accounting for share-based payment awards that are granted by an entity as consideration payable to its customer, with the intent to reduce diversity in practice and improve existing guidance by revising the definition of a “performance condition” and eliminating a forfeiture policy election for service conditions associated with share-based consideration payable to a customer.

ASU 2025-04 also clarifies the guidance in Topic 606 on the variable consideration constraint does not apply to share-based consideration payable to a customer “regardless of whether an award’s grant date has occurred.” ASU 2025-04 is effective for our reporting period beginning January 1, 2027, with early adoption permitted.

We are currently assessing the impact that the adoption of ASU 2025-04 will have on the disclosures in our annual consolidated financial statements.

Note 3 – Fixed Assets, Net

6 unchanged sentences

Operating lease ROU assets, net

Depreciation expense for the three months ended March 31, 2025 and 2024 was $ 5 thousand and $ 7 thousand, respectively.

Depreciation expense for the three and six months ended June 30, 2025 was $ 7 thousand and $ 12 thousand, respectively.

Depreciation expense for the three and six months ended June 30, 2024 was $ 4 thousand and $ 11 thousand, respectively.

The Company leases office space in Tulsa, Oklahoma, Seattle, Washington, and Beijing, China.

During July 2024, the Company renewed its Beijing, China lease for 13 months with monthly rent at approximately $ 3 thousand.

As a result of this renewal, the Company increased the right-of-use (“ROU”) asset and lease liability by $ 32 thousand during the year ended December 31, 2024.

During May 2025, the Company renewed its Beijing, China lease for 24 months with monthly rent at approximately $ 3 thousand.

As a result of this renewal, the Company increased the right-of-use (“ROU”) asset and lease liability by $ 68 thousand during the six months ended June 30, 2025.

During October 2024, the Company entered into a sub-lease agreement to re nt office space in Seattle for approximately $ 2 thousand per month for twelve months .

The Seattle lease is considered a short-term lease, as the lease term is 12 months or less from the commencement date.

The short-term lease expense was approximately $ 6 thousand and $ 5 thousand for the three months ended March 31, 2025 and 2024, respectively.

The Tulsa and Beijing leases are classified as operating leases, with remaining terms ranging from less than twelv e months to approximately three years ;

The short-term lease expense for the three and six months ended June 30, 2025 was approximately $ 5 thousand and $ 11 thousand, respectively.

The short-term lease expense for the three and six months ended June 30, 2024 was approximately $ 5 thousand and $ 11 thousand, respectively.

The Tulsa and Beijing leases are classified as operating leases, with remaining terms ranging from two years to approximately three years ;

contractual language requires renewal negotiations to occur at or near termination.

1 unchanged sentence

The Tulsa lease contains fixed annual lease payments that increase annually by 2 %.

The Seattle, Tulsa, and Beijing total monthly minimum rent is approximately $ 10 thousand.

Operating lease costs for the three months ended March 31, 2025 and 2024 was $ 24 thousand.

The Seattle, Tulsa, and Beijing total monthly minimum rent is approximately $ 10 thousand, in the aggregate.

Operating lease costs for the three and six months ended June 30, 2025 was $ 25 thousand and $ 49 thousand, respectively.

Operating lease costs for the three and six months ended June 30, 2024 was $ 24 thousand and $ 48 thousand, respectively.

Supplemental balance sheet information related to operating leases is as follows:

8 unchanged sentences

Supplemental cash flow information related to operating leases is as follows:

For the Three Months Ended

For the Six Months Ended

(in thousands)

1 unchanged sentence

Operating cash flows used in operating leases

Minimum future payments under the Company’s operating lease liabilities as of March 31, 2025 are as follows:

Non-cash impact of new leases and lease modifications

Change in operating lease liabilities

Change in operating lease ROU assets

Minimum future payments under the Company’s operating lease liabilities as of June 30, 2025 are as follows:

(in thousands)

9 unchanged sentences

Accumulated amortization

Amortization expense for the three months ended March 31, 2025 and 2024 was $ 42 thousand and $ 38 thousand, respectively.

Future amortization expense associated with issued patents and registered trademarks as of March 31, 2025 is as follows:

Amortization expense for three and six months ended June 30, 2025 was $ 43 thousand and $ 85 thousand, respectively.

Amortization expense for three and six months ended June 30, 2024 was $ 42 thousand and $ 80 thousand, respectively.

Future amortization expense associated with issued patents and registered trademarks as of June 30, 2025 is as follows:

(in thousands)

2025 (remaining)

The amortization life for patents ranges between three to five years , with trademark lives set at ten years .

The amortization life for patents ranges between three to five years and trademark lives are set at ten years .

The Company does not amortize patents or trademarks classified as pending.

During the three months ended March 31, 2025 and 2024, the Company assessed its patent and trademark assets.

During the three and six months ended June 30, 2025 and 2024, the Company assessed its patent and trademark assets.

The Company also evaluated its strategic approach to the pursuit and protection of its intellectual property.

It is the intent of the Company to continue to pursue intellectual property protection.

intent of the Company to continue to pursue intellectual property protection.

If the Company identifies certain assets where the intellectual property does not directly align with its core technology, the Company will impair the intangible asset and write-off the asset as an expense.

6 unchanged sentences

Delays in contract performance, if any, typically occur as a result of customer onsite project delays outside of our control.

The Company recognized $ 401 thousand of revenues and $ 205 thousand of cost of goods sold during the three months ended March 31, 2025.

The revenue and cost of goods sold predominantly relate to multiple spare parts orders for a single customer.

Additionally, the Company successfully completed an engineering study referred herein as a

Computational Fluid Dynamic analysis (“CFD”), and sold a single boiler burner.

The Company recognized $ 133 thousand of revenues and $ 78 thousand of cost of goods sold during the three months ended June 30, 2025.

The revenue and cost of goods sold relate to spare parts orders from multiple customers, and delivery of a boiler burner to a repeat customer.

These products and services constitute performance obligations.

The Company recognized $ 1,102 thousand of revenues and $ 665 thousand of cost of goods sold during the three months ended March 31, 2024.

The revenue and cost of goods sold predominantly relate to the Company’s process burner product line.

The Company delivered multiple burners in connection with a single customer order, successfully completed an engineering study and a CFD analysis, and fulfilled multiple spare parts orders.

The Company recognized $ 534 thousand of revenues and $ 283 thousand of cost of goods sold during the six months ended June 30, 2025.

The revenue and cost of goods sold predominantly relate to spare parts orders for multiple customers, sales of boiler burners to a single customer, and the successful completion of an engineering study referred herein as a Computational Fluid Dynamic analysis (“CFD”).

These products and services constitute performance obligations.

The Company had contract assets of $ 150 thousand and $ 194 thousand at March 31, 2025 and December 31, 2024, respectively.

The Company had contract liabilities of $ 887 thousand and $ 73 thousand at March 31, 2025 and December 31, 2024, respectively.

Of the $ 73 thousand contract liabilities balance at December 31, 2024, the Company recognized revenue of $ 23 thousand during the three months ended March 31, 2025.

The Company recognized $ 45 thousand of revenues and $ 3 thousand of cost of goods sold during the three months ended June 30, 2024.

The revenue and cost of goods sold relate to the successful completion of engineering studies for a repeat customer.

These products and services constitute performance obligations.

The Company recognized $ 1,147 thousand of revenues and $ 668 thousand of cost of goods sold during the six months ended June 30, 2024.

The revenue and cost of goods sold relate predominantly to the Company’s process burner product line.

The Company delivered multiple burners in connection with a single customer order, successfully completed engineering studies and a CFD analysis, and fulfilled multiple spare parts orders.

These products and services constitute performance obligations.

The Company had contract assets of $ 268 thousand and $ 194 thousand at June 30, 2025 and December 31, 2024, respectively.

The Company had contract liabilities of $ 1,675 thousand and $ 73 thousand at June 30, 2025 and December 31, 2024, respectively.

Of the $ 73 thousand contract liabilities balance at December 31, 2024, the Company recognized revenue of $ 10 thousand and $ 33 thousand during the three and six months ended June 30, 2025, respectively.

Note 6 – Product Warranties

A summary of the Company’s warranty liability activity, which is included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024, is as follows:

A summary of the Company’s warranty liability activity, which is included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, is as follows:

(in thousands)

7 unchanged sentences

The Company has not issued any shares of preferred stock.

The Company has an At-The-Market (“ATM”) program pursuant to a Sales Agreement with Virtu Americas LLC, as sales agent, dated December 23, 2020 (the “Sales Agreement”), pursuant to which the Company may sell shares of common stock with an aggregate offering price of up to $ 8.7 million.

On March 18, 2024, the Company filed a prospectus supplement suspending the ATM program.

The Company will not make any sales of its common stock pursuant to the Sales Agreement unless and until a new prospectus supplement is filed with the SEC;

however, the Sales Agreement remains in full force and effect.

During the three months ended March 31, 2025, the Company did not issue any shares of its common stock from the ATM program.

As of March 31, 2025, the Company has cumulatively issued approximately 1.6 million shares of common stock under the ATM program, at an average price of $ 3.84 per share.

The Company has an At-The-Market (“ATM”) program pursuant to an ATM Offering Agreement with H.C.

Wainwright & Co., LLC (“Wainwright”) as sales agent, dated July 17, 2025 (the “Sales Agreement”), pursuant to which the Company may sell shares of common stock with an aggregate offering price of up to $ 10.39 million.

We previously had an ATM program with Virtu Americas LLC (the “Virtu ATM”), which was terminated effective as of July 12, 2025.

As of June 30, 2025, we cumulatively issued approximately 1.6 million shares of common stock under the Virtu ATM, at an average price of $ 3.84 per share.

Gross proceeds totaled approximately $ 6.1 million and net cash proceeds was approximately $ 5.9 million.

The Company is currently subject to the SEC’s “baby shelf rules,” which prohibit companies with a public float of less than $75 million from issuing securities under a shelf registration statement in excess of one-third of such company’s public float in a 12-month period.

These rules may limit future issuances of shares by the Company under our “shelf” registration statement on Form S-3, the ATM program or other securities offerings.

These rules may limit future issuances of shares by the Company under our “shelf” registration statement on Form S-3, including through the ATM program with Wainwright or other securities offerings.

Warrants and Pre-Funded Warrants

The following table summarizes the activity and outstanding balance of our outstanding warrants and pre-funded warrants as of March 31, 2025, along with the associated weighted average exercise price and weighted average remaining life for such warrants and pre-funded warrants.

The following table summarizes the activity and outstanding balance of our outstanding warrants and pre-funded warrants as of June 30, 2025, along with the associated weighted average exercise price and weighted average remaining life for such warrants and pre-funded warrants.

Pre-Funded Warrants (1)

14 unchanged sentences

The 2021 Plan provides for an annual increase in available shares equal to the lesser of (i) 10 % of the aggregate number of shares of common stock issued by the Company in the prior fiscal year;

or (ii) such number provided by the Compensation Committee;

or (ii) such number provided by the

Compensation Committee;

provided, however, that the total cumulative increase in the number of shares available for issuance pursuant to this automatic share increase shall not exceed 400 thousand shares of common stock.

10 unchanged sentences

The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option pricing model.

As permitted by SEC Staff Accounting Bulletin (“SAB”) 107, management utilized the simplified approach to estimate the expected term of the options, which represents the period of time that options granted are expected to be outstanding.

As permitted by SEC Staff Accounting Bulletin 107, management utilized the simplified approach to estimate the expected term of the options, which represents the period of time that options granted are expected to be outstanding.

Expected volatility has been determined through the Company’s historical stock price volatility.

4 unchanged sentences

Equity Incentive Plan Options

Compensation expense associated with stock option awards for the three months ended March 31, 2025 and 2024 totaled $ 20 thousand and $ 22 thousand, respectively.

Compensation expense associated with stock option awards for the three and six months ended June 30, 2025 totaled $ 17 thousand and $ 38 thousand, respectively.

Compensation expense associated with stock option awards for the three and six months ended June 30, 2024 totaled $ 28 thousand and $ 50 thousand, respectively.

A summary of the Company’s 2011 Equity Incentive Plan and the 2021 Plan stock option activity and changes is as follows:

10 unchanged sentences

This amount changes based on the fair value of the Company’s common stock.

At March 31, 2025, there was $ 266 thousand of total unrecognized compensation cost related to non-vested stock option-based compensation arrangements.

At June 30, 2025, there was $ 249 thousand of total unrecognized compensation cost related to non-vested stock option-based compensation arrangements.

Vesting criteria ranges from time-based to performance-based.

5 unchanged sentences

The fair value of these options were estimated on the grant date using the Black-Scholes valuation model, which resulted in $ 112 thousand.

The compensation expense recognized for these awards for the three months ended March 31, 2025 and 2024 was $ 9 thousand.

Total unrecognized compensation expense for these inducement options as of March 31, 2025 was $ 23 thousand.

The compensation expense recognized for these awards for the three and six months ended June 30, 2025 was $ 9 thousand and $ 18 thousand, respectively.

The compensation expense recognized for these awards for the three and six months ended June 30, 2024 was $ 10 thousand and $ 19 thousand, respectively.

Total unrecognized compensation expense for these inducement options as of June 30, 2025 was $ 13 thousand.

These inducement options were granted outside of the 2021 Plan and in accordance with the employment inducement

15 unchanged sentences

The Company pays payroll withholding taxes on behalf of the employee at vesting, and withholds shares from the employee’s award to cover the taxes payable.

The Company accrued taxes for RSU share-based compensation of $ 8 thousand and $ 16 thousand for the three months ended March 31, 2025 and 2024, respectively.

Total unrecognized compensation expense for employee RSUs as of March 31, 2025 was $ 304 thousand.

The Company accrued taxes for RSU share-based compensation of $ 18 thousand and $ 29 thousand for the six months ended June 30, 2025 and 2024, respectively.

Total unrecognized compensation expense for employee RSUs as of June 30, 2025 was $ 266 thousand.

Director vesting criteria is contingent upon the occurrence of one of four future events, which the Company cannot predict or control.

Therefore, compensation expense for director RSUs is not recognized until one of these four future events occur, which is in accordance with FASB Accounting Standards Codification (“ASC”) Topic 718 , “ Compensation – Stock Compensation .” Total unrecognized compensation expense for director services as of March 31, 2025 was $ 658 thousand.

Director compensation is earned on a quarterly basis with the target value of compensation set at $ 79 thousand per quarter, assuming four directors, one lead independent director, one chairperson for each committee and two committee members for each of the three committees.

Director compensation is earned on a quarterly basis with the target value of compensation set at approximately $ 75 thousand per quarter, assuming five directors, one chairperson for each committee and two committee members for each of the three committees.

As of June 30, 2025, we had seven directors.

On May 27, 2025, David M.

Maley notified the Company that he would not stand for re-election as a director of the Company upon the expiration of his current term, which expired at the Company’s 2025 annual meeting of stockholders held on July 25, 2025.

In addition, Judith S.

Schrecker and Catharine M.

de Lacy both resigned from the Board and its committees effective as of August 4, 2025.

A summary of the Company’s RSUs activity is as follows:

3 unchanged sentences

Weighted Average Contractual Life (in years) (1)

Nonvested at beginning of period

Nonvested at beginning of year

Nonvested at end of period

2 unchanged sentences

For the Three Months Ended

For the Six Months Ended

( in thousands, except per share data )

10 unchanged sentences

Consultant Stock Plan

The 2013 Consultant Stock Plan (the “Consultant Plan”) provides for the granting of shares of common stock to consultants who provide services related to capital raising, investor relations, and making a market in or promoting the Company’s securities.

The Company’s 2013 Consultant Stock Plan (the “Consultant Plan”) provides for the granting of shares of common stock to consultants who provide services related to capital raising, investor relations, and making a market in or promoting the Company’s securities.

The Company’s officers, employees, and Board members are not entitled to receive grants from the Consultant Plan.

8 unchanged sentences

For the Three Months Ended

For the Six Months Ended

( in thousands, except per share data )

4 unchanged sentences

Basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period.

260, shares issuable for little or no cash consideration are considered outstanding common shares and included in the computation of basic net loss per share.

As such, for the three months ended March 31, 2025, the Company included its outstanding pre-funded warrants in its computation of net loss per share.

The pre-funded warrants were issued in April and June 2024 with an exercise price of $ 0.0001 per pre-funded warrant.

The following potentially dilutive securities have not been included in the computation of diluted net loss per share for the three months ended March 31, 2025 and 2024, as the result would be anti-dilutive:

Under ASC 260, shares issuable for little or no cash consideration are considered outstanding common shares and included in the computation of basic net loss per share.

As such, for the three and six months ended June 30, 2025 and 2024, the Company included its outstanding pre-funded warrants in its computation of net loss per share.

The pre-funded warrants were issued in April and June 2024 and are each exercisable into one share of common stock at an exercise price of $ 0.0001 per share.

The following potentially dilutive securities have not been included in the computation of diluted net loss per share for the three and six months ended June 30, 2025 and 2024, as the result would be anti-dilutive:

( in thousands )

14 unchanged sentences

These awards allow the Company to request reimbursements for expenditures such as labor, material, and administrative costs.

During the three months ended March 31, 2025 and 2024, the Company recognized $ 48 thousand in reimbursements from the DOE.

During the three and six months ended June 30, 2025, the Company recognized $ 43 thousand and $ 91 thousand in reimbursements from the DOE, respectively.

During the three and six months ended June 30, 2024, the Company recognized $ 168 thousand and $ 216 thousand in reimbursements from the DOE, respectively.

Beginning in 2021, the Company received funds relating to the Oklahoma 21 st Century Quality Jobs Act.

1 unchanged sentence

By reporting quarterly salary statistics and meeting agreed upon employment thresholds, the state remits benefit monies to the Company.

During three months ended March 31, 2025 and 2024, the Company recognized zero and $ 31 thousand in government assistance from this program, respectively.

During three and six months ended June 30, 2025, the Company did not receive any funds from this program.

During three and six months ended June 30, 2024, the Company recognized $ 16 thousand and $ 47 thousand in government assistance from this program, respectively.

Note 11 – Subsequent Events

10 unchanged sentences

and future financial results.

These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections.

These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to

differ materially from our historical experience and our present expectations or projections.

Factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to:

22 unchanged sentences

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