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Item 5. Market for Registrant’s Common Equity

2025-11-06 compared with 2024-04-08 · 639 added, 33 removed, 1 unchanged (100% of the section changed)

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

Our units, shares of Class A common stock and warrants are each traded on the Nasdaq under the symbol “FIACU”, “FIAC” and “FIACW” respectively.

Our units commenced public trading on October 27,

Our shares of Class A common stock and warrants began separate trading on December 20, 2021.

As of December 31, 2023, there was one holder of record for our units, two holders of record for our shares of Class A common stock, one holder of our shares of Class B common stock and two

holders of our warrants.

We have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of an initial business combination.

The payment of cash dividends

in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial conditions subsequent to completion of an initial business combination.

The payment of any cash dividends subsequent to an initial

business combination will be within the discretion of our board of directors at such time.

In addition, our board of directors is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future.

Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

Securities Authorized for Issuance Under Equity Compensation Plans

Performance Graph

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

Our common stock is quoted on the Nasdaq Capital Market under the ticker symbol “DEVS”.

The last price of our common stock as reported on the Nasdaq Capital Market on October 28, 2025 was

$1.83 per share.

As of November 3, 2025, there were approximately 15 stockholders of record of our common stock.

This number does not include beneficial owners whose shares are held by nominees in street name such as banks and brokerage

To date, we have neither declared nor paid any dividends on our common stock nor do we anticipate that such dividends will be paid in the foreseeable future.

Rather, we intend to retain any

earnings to finance the growth and development of our business.

Any payment of cash dividends on our common stock in the future will be dependent, among other things, upon our earnings, financial condition, capital requirements and other

factors which the Board of Directors deems relevant.

In addition, restrictive covenants contained in any financing agreements entered into in the future may preclude us from paying any dividends.

Unregistered Sale of Equity Securities and Use of Proceeds

Between May 5, 2025 and August 27, 2025, the Company issued shares of its common stock to Helena pursuant to the Company’s existing Equity Line of Credit (“ELOC”) facility.

The issuances were made as drawdowns

under the ELOC in exchange for cash proceeds used primarily for working capital and, in certain cases, to fund payments toward the Company’s convertible note obligations under the Helena Note Purchase Agreement.

The shares were issued in

reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and/or Regulation D promulgated thereunder, as transactions not involving a public offering.

Working capital

$523.53 applied toward convertible note

$297,682.11 applied toward convertible note

Stock Repurchases in the Fourth Quarter

There were no purchases of our common stock during the three months ended July 31, 2025.

Not applicable.

Recent Sales of Unregistered Securities;

Use of Proceeds from Registered Offerings

On November 1, 2021, we consummated our initial public offering of 23,000,000 units which included the exercise of the underwriters’ option to purchase an additional 3,000,000 units.

sold in the initial public offering and the full exercise of over-allotment option sold at an offering price of $10.00 per unit, generating total gross proceeds of $230,000,000.

The securities sold in the offering were registered under the

Securities Act on a registration statement on Form S-1 (No.

The registration statements became effective on October 27, 2021.

Simultaneously with the closing of initial public offering, the Company completed the private sale of 11,200,000 warrants (the “ Private Placement Warrants ”) at a purchase price of $1.00

per Private Placement Warrant to the sponsor, generating gross proceeds to the Company of $11,200,000.

Such securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

The Private Placement Warrants are identical to the Public Warrants underlying the units sold in the initial public offering, except that the Private Placement Warrants are not transferable,

assignable or salable until 30 days after the completion of a business combination, subject to certain limited exceptions.

Of the gross proceeds received from the initial public offering including the over-allotment option, and the sale of the Private Placement Warrants, $234,600,000 was placed in the trust account.

We paid a total of $4,000,000 of underwriting commissions and $807,525 for other offering costs related to the initial public offering.

The underwriters have waived any right to receive the

deferred underwriting commissions of $8,650,000, and therefore will receive no additional underwriting fee in the event that the Company completes an initial business combination.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

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

Cautionary Note Regarding Forward-Looking Statements

The following discussion and analysis should be read in conjunction with DevvStream’s

consolidated financial statements and related notes for the year ended July 31, 2025 and 2024 (“consolidated financial statements”), which have been prepared in accordance with US GAAP and are included elsewhere in this report.

discussion contains forward-looking statements reflecting our current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position.

Actual results and

the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those described in our other SEC filings, including those discussed in the sections titled “Risk

Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our Current Report on Form 8-K/A filed with the SEC on March 7, 2025.

All figures are in US dollars unless otherwise noted.

Unless the context otherwise requires, for

the purposes of this section, “DevvStream,” “we,” “us,” “our,” or the “Company” refer to DevvStream Corp.

, a company existing under the Laws of the Province of Alberta, Canada, and its subsidiaries.

Company Overview

DevvStream is a technology-based sustainability company that advances the development and monetization of

environmental assets, with an initial focus on carbon markets.

The Company's mission is to create alignment between sustainability and profitability, helping organizations achieve their climate initiatives while directly improving their

financial health.

With a diverse approach to the International Renewable Energy Certificate (“I-REC”) and carbon market,

DevvStream operates across three strategic domains:

(1) an offset portfolio consisting of I-REC’s, nature-based, tech-based, and carbon sequestration credits for immediate sale to corporations and governments seeking to offset their most

difficult-to-reduce emissions;

(2) project investment, acquisitions, and industry consolidation to extend the Company's reach, allowing it to become a full end-to-end solutions provider;

and (3) project development, where the Company

serves as project manager for eligible activities such as EV charging in exchange for a percentage of generated credits.

Company Formation and Reverse Takeover Transaction

We are a company existing under the Business Corporations Act of Alberta, Canada.

We were a special purpose

acquisition corporation (“SPAC”) incorporated in Delaware, the United States on February 23, 2021 .

On September 12, 2023 (and as

amended May 1, 2024, August 10, 2024, and October 29, 2024, the “Business Combination Agreement”, or “BCA”), we entered into a Business Combination Agreement with DevvStream Holdings Inc.

(the ‘‘Business Combination’’ or the

‘‘De-SPAC Transaction’’) .

The Business Combination was structured as an amalgamation of DevvStream Holdings Inc.

(“Devv Holdings”) into a wholly

owned subsidiary of the Company, following our redomiciling as an Alberta company.

We were then renamed from Focus Impact Acquisition Corp.

to DevvStream Corp.

and continue the business of Devv Holdings following the amalgamation.

was a condition of the transaction that the securities of the Combined Company will be listed on NASDAQ.

On November 6, 2024, we completed the business combination with Devv Holdings,

pursuant to the BCA.

In connection with the completion of the business combination, we consolidated all of our issued and outstanding common stock on a 1:0.9692 basis.

All the outstanding Devv Holdings subordinate voting shares (“SVS”)

were exchanged for common stock of the Company on a common conversion ratio of 0.152934 (the “Common Conversion Ratio”).

All the outstanding Devv Holdings multiple voting shares (“MVS”), being the equivalent of 10 SVS, were exchanged for

common stock of the Company on the basis of the Common Conversion Ratio.

In addition, all of the outstanding convertible securities of Devv Holdings were exchanged for securities of the Company on the basis of the Common Conversion Ratio,

with corresponding adjustments to exercise prices, and otherwise on substantially the same economic terms and conditions.

Our common shares commenced trading on the NASDAQ under the new ticker symbol “DEVS” on November 7, 2024.

Devv Holdings is deemed as the acquirer for accounting purposes, and therefore its assets, liabilities and

operations are included in the consolidated financial statements at their historical carrying value.

Our operations are considered to be a continuance of the business and operations of Devv Holdings.

Our results of operations are those of

Devv Holdings, with our operations being included from November 6, 2024, the closing date of the De-SPAC Transaction, onwards.

Recent Developments

Change in Functional Currency

Effective August 1, 2024, the Company reassessed its functional currency and the functional currency of its subsidiaries due to

changes in underlying transactions, events, and conditions.

As a result of this reassessment, the Company determined that its functional currency changed from the Canadian dollar (“CAD$”) to the United States dollar (“US$”) for DevvStream

Holdings Inc.

and its subsidiary, Devvstream Inc.

The functional currency for DevvESG Streaming Finco Ltd.

(“Finco”), another subsidiary of ours, remained CAD$.

This change aligns with the business's future focus and the

effective date of the Focus Impact Acquisition Corp.'s Form S-4 Registration Statement with the SEC, a crucial part of the De-SPAC transaction closing.

The change in functional currency was accounted for prospectively from August 1,

2024, with no impact on prior year comparative information.

Upon the change in functional currency on August 1, 2024, 121,995 of the Company’s warrants which had strike prices denominated in CAD$ were reclassified as warrant liabilities.

Determining the functional currency involved significant judgments to assess the primary economic environment in which the Company operates, including factors such as the currency of underlying transactions, the location of key

operations, and the currency of expected cash flows.

Upon the completion of the De-SPAC Transaction on November 6, 2024, 62,772 of the Company’s stock options which had strike prices denominated in CAD$ were reclassified as stock option

liabilities, as exemptions from classification from derivative liability classification under ASC 718-10-25-14 that were previously applicable upon change in functional currency no longer apply upon the commencement of trading of the

Company’s common shares on the NASDAQ.

Cryptocurrency Treasury Strategy

On July 17, 2025, the Company entered into a securities purchase agreement with Helena for the issuance of up to fifty-nine

tranches of convertible notes (“Crypto Strategy Convertible Debt”) for a total principal amount of $300,000,000, with closings of each tranche subject to fulfillment of conditions.

Each tranche will have an issuance discount of 8%, and

bear interest at a rate of 8% per annum, with a maturity date of 18 months from the date of funding.

Interest shall be payable by the Company on the first day of each month.

The securities purchase agreement will terminate automatically

on July 17, 2027.

The principal loan amount and any accrued interest

under the Crypto Strategy Convertible Debt in issuance are convertible into common stock of the Company at the option of the holder at 95% of the lowest daily volume weighted average price of the Company’s shares during the 5 preceding

trading days, subject to a floor price of $0.7722, and a cap price of $7.722.

If the Company issues any debt or equity, the lenders have

the option to cause the Company to direct 25% of aggregate proceeds of such issuances to repay the Crypto Strategy Convertible Debt.

Company has a right to prepay the whole or any portion of the principal amount, together with any accrued interest, at any time prior to the maturity date without notice or a penalty payment.

During the period ending on the later of (i) 12 months after the closing date of the initial tranche of the Crypto Strategy

Convertible Debt, and (ii) the termination of the securities purchase agreement for the Crypto Strategy Convertible Debt, if the Company offers new securities for sale, the lenders have first refusal to up to 25% of the new securities

being offered.

The proceeds of the Crypto Strategy Convertible Debt are subject to restrictions of use, with 70% of the net proceeds of the

initial tranche, and 75% of the net proceeds of the subsequent tranches are required to be used to purchase cryptocurrencies.

The Crypto Strategy Convertible Debt is secured by up to $20,000,000 of proceeds from the Crypto Strategy

Convertible Debt, held in a segregated account for trading in cryptocurrencies.

The segregated account is subject to a crypto control account agreement, which requires lenders’ approval for actions taken in the segregated account.

On July 17, 2025, the Company closed the initial tranche of the Crypto Strategy Convertible Debt in the principal amount of

$10,000,000, for gross proceeds of $9,200,000, with a maturity date of January 17, 2027.

The Company also incurred $85,000 in transaction costs in connection with the issuance.

$6,405,000 of net proceeds are intended for the purchase of

cryptocurrencies.

As of July 31, 2025, $6,405,000 are held as cash in a segregated account, and are thus presented as restricted cash in the consolidated balance sheet.

On August 1, 2025, the Company started deploying funds raised from its senior secured convertible notes facility with Helena

Global Investment Opportunities I Ltd.

(“Helena”) for purchases of Bitcoin and Solana, as part of the operational launch of the Company’s digital treasury strategy, supporting the Company’s long-term objectives in and the industry’s move

towards sustainability-linked tokenization.

Results of Operations — Three Months Ended July 31, 2025 Comparison Against the Three Months Ended July 31,

For the Three Months Ended July 31, 2025

For the Three Months Ended July 31, 2024

Cost of sales

Sales and marketing

General and administrative

Professional fees

Salaries and wages

Share-based compensation

Total operating expenses

Accretion and interest expense

Loss on investment in associate

Change in fair value of derivative liabilities

Change in fair value of mandatory convertible debentures

Change in the fair value of warrant liabilities

Foreign exchange loss

Impairment of carbon credits

Stop-loss provision

Net loss before income tax

Current income tax expense

During the three months ended July 31, 2025, we incurred a net loss of $6,975,796 compared to net loss of

$3,043,555 for the three months ended July 31, 2024.

An analysis of the increase in net loss of $3,932,241, including the major components thereof, is set forth below.

Share-based compensation

During the three months ended July 31, 2025, we incurred share-based compensation of $196,205 compared to share-based

compensation of $241,577 for the three months ended July 31, 2024.

Share-based payments relating to the vesting of RSUs decreased by $42,275.

Share-based payments relating to the vesting of Options decreased by $3,097.

Due to the listing of the Company on the NASDAQ on November 7, 2024 and commencement of trading of shares in the United States

dollars, exemptions available under ASC 718-10-25-14 to classify stock options with strike prices in foreign currencies as equity were no longer met and all stock options outstanding were reassessed to be derivative liabilities.

value of the stock options upon the change in classification on November 6, 2024 was $330,090.

Changes in fair value due to period end fair value remeasurements are reflected in compensation expense.

Please refer to Note 12 of the

financial statements.

Professional fees

During the three months ended July 31, 2025, we incurred $1,600,346 in professional fees, as compared to

$1,392,452 during the three months ended July 31, 2024.

The legal fees for the current period relates to various financings undertaken, and ongoing costs as an SEC-reporting public company, whereas the previous period mainly related to

the Business Combination.

Salaries and wages

During the three months ended July 31, 2025 and 2024, we incurred salaries and wages of $384,437 and

$228,397, respectively, the majority of which were to officers of the Company.

Sales and marketing

Sales and marketing expenses for the three months ended July 31, 2025 and 2024 amounted to $167,885 and

$115,698, respectively.

These costs primarily related to publications, industry events and investor relations subsequent to our successful closing of the Business Combination.

General and administrative

General and administrative expenses for the three months ended July 31, 2025 and 2024 amounted to $337,096

and $67,936, respectively, and primarily comprised of insurance costs, filing fees and rent.

The increase is primarily due to an increase in filing fees as a result of listing on the NASDAQ.

Loss on investment in associate

On November 6, 2024, the Company received 2,000,000 shares in Freedom Carbon Solutions LLC (formerly Monroe

Sequestration Partners, LLC) (“FCS”), in connection with an agreement to acquire a stake in FCS in exchange for 200,000 shares of the Company that was entered into on October 28, 2024.

At the time of acquisition, the 2,000,000 shares of

FCS received by the Company represented 50% of FCS’s shares outstanding.

During the 3 months ended July 31, 2025, the Company’s share of FCS’s loss was $106,357.

Change in fair value of warrant liabilities

Effective August 1, 2024, the Company reassessed its functional currency and the functional currency of its subsidiaries due to

changes in underlying transactions, events, and conditions.

As a result of this reassessment, the Company determined that its functional currency changed from the Canadian dollar (“CAD$”) to the United States dollar (“US$”) for DevvStream

Holdings Inc.

Finco’s functional currency remained CAD$.

This change aligns with the business's future focus and the effective date of the Focus Impact Acquisition Corp.'s Form S-4 Registration Statement with the SEC, a crucial

part of the De-SPAC transaction closing.

The change in functional currency was accounted for prospectively from August 1, 2024, with no impact on prior year comparative information.

The Company’s presentation currency is and continues to

be the United States dollar.

Upon the change in functional currency on August 1, 2024, 121,995 of the Company’s warrants which had strike prices denominated

in CAD$ were reclassified as warrant liabilities with an initial value of $454,571.

On November 6, 2024, 22,699,987 warrants were issued by the Company in connection with the De-SPAC transaction.

were assessed to be derivative liabilities of the Company due to certain settlement provisions of the warrants that do not meet the criteria for equity classification under Topic 815.

The warrants are each exercisable at $1.52 for 0.09692

common stock, expiring on November 6, 2029.

The fair value of the warrants was $7,196,286 upon issuance.

During the three months ended July 31, 2025, we recognized a loss of $3,922,616 due to period end fair value remeasurement.

Please refer to Note 11 of the financial statements.

Foreign exchange loss

During the three months ended July 31, 2025, we recognized a foreign exchange loss of $7,236.

three months ended July 31, 2024, we recognized a foreign exchange loss of $55,878.

The foreign exchange loss result from fluctuations in the Canadian dollar against the US dollar, as we hold cash balances and have accounts payable

denominated in both Canadian and US dollars.

Stop-loss provision

On November 6, 2024, concurrent with the completion of the business combination, the Company issued 324,987

common shares in consideration for carbon credit purchase agreements.

All of the agreements contain adjustment clauses whereby if the Company’s share price

falls below the respective purchase prices outlined in the agreements, in the 12 to 18 months following November 6, 2024, the Company is obligated to issue additional shares to cover the shortfall.

The Company has assessed that the

potential liability associated with the stop-loss provision for carbon credits received as of July 31, 2025 is $1,065,235.

Results of Operations — Year Ended July 31, 2025 Comparison Against the Year Ended July 31, 2024

For the Year Ended July 31, 2025

For the Year Ended July 31, 2024

Cost of sales

Sales and marketing

General and administrative

Professional fees

Salaries and wages

Share-based compensation

Total operating expenses

Accretion and interest expense

Loss on investment in associate

Change in fair value of derivative liabilities

Change in fair value of mandatory convertible debentures

Change in the fair value of warrant liabilities

Foreign exchange loss

Gain on settlement of debt

Impairment of carbon credits

Stop-loss provision

Net loss before income taxes

Current income tax expense

During the year ended July 31, 2025, we incurred a net loss of $12,067,231 compared to net loss of

$9,871,748 for the year ended July 31, 2024.

An analysis of the increase in net loss of $2,195,483, including the major components thereof, is set forth below.

Loss on investment in associate

On November 6, 2024, the Company received 2,000,000 shares in FCS, in connection with an agreement to

acquire a stake in FCS in exchange for 200,000 shares of the Company that was entered into on October 28, 2024.

At the time of acquisition, the 2,000,000 shares of FCS received by the Company represented 50% of FCS’s shares outstanding.

During the year ended July 31, 2025, the Company’s share of FCS’s loss was $512,011.

Share-based compensation

During the year ended July 31, 2025, we incurred share-based compensation of $386,341 compared to

share-based compensation of $1,290,327 for the year ended July 31, 2024.

Share-based payments relating to the vesting of options decreased by $816,724 during the year ended July 31, 2025 compared to the year ended July 31, 2024.

Share-based payments relating to the vesting of RSU’s decreased by $87,262.

Due to the listing of the Company on the NASDAQ on November 7, 2024 and commencement of trading of shares

in the United States dollars, exemptions available under ASC 718-10-25-14 to classify stock options with strike prices in foreign currencies as equity were no longer met and all stock options outstanding were reassessed to be derivative

The fair value of the stock options upon the change in classification on November 6, 2024 was $330,090.

Changes in fair value due to period end fair value remeasurements are reflected in compensation expense.

Please refer to

Note 12 of the financial statements.

Professional fees

During the year ended July 31, 2025, we incurred $8,447,280 in professional fees, the majority of which

relate to legal, audit and accounting fees and public company costs.

During the year ended July 31, 2024, we incurred $5,656,352 in professional fees, the majority of which relate to legal fees incurred relating to the Business

Salaries and wages

During the year ended July 31, 2025 and 2024, we incurred salaries and wages of $1,207,453 and $845,797

respectively, the majority of which were to officers of the Company.

Sales and marketing

Sales and marketing expenses for the year ended July 31, 2025 and 2024 amounted to $1,000,073 and

$481,104, respectively.

These costs primarily related to publications and industry events and investor relations subsequent to our successful closing of the Business Combination.

General and administrative

General and administrative expenses for the year ended July 31, 2025 and 2024 amounted to $964,473 and

$461,167, respectively, and primarily comprised of insurance costs, filing fees.

The increase is a result of increased filing fees relating to the Business Combination, offset by a decrease in rent costs as the Company no longer leases

office space in FY 2025.

Foreign exchange gain(loss)

During the year ended July 31, 2025 and 2024, we recognized a foreign exchange loss of $31,664 and a loss

of $107,634, respectively.

The foreign exchange loss is the result of fluctuations in the Canadian dollar against the US dollar, as we hold cash balances and have accounts payable denominated in both Canadian and US dollars.

Change in fair value of derivative liabilities and mandatory convertible debenture

During the year ended July 31, 2025, we recognized a gain on derivative liabilities of $719,000 and a gain

on mandatory convertible debentures of $70,500, respectively, related to the convertible debt financings completed in January 2024 and April 2024.

During the year ended July 31, 2024, we recognized a loss on derivative liabilities of

$845,700 and a loss on mandatory convertible debentures measured at fair value through profit and loss of $27,500 related to the convertible debt financings completed during fiscal 2024.

Please refer to Note 9 of the financial

Loss on settlement of debt

On September 5, 2024, the Company issued 1,596 shares with a fair value of $47,904 in settlement of accounts

payable in the amount of $39,527 and recognized a loss on the settlement of $8,377.

In December 2024, the Company issued 41,247 shares with a fair value of $317,608 for the settlement of

accounts payable in the amount of $1,225,000 and recognized a gain on the settlement of $907,392.

Change in fair value of warrant liabilities

Effective August 1, 2024, the Company reassessed its functional currency and the functional currency of its

subsidiaries due to changes in underlying transactions, events, and conditions.

As a result of this reassessment, the Company determined that its functional currency changed from the Canadian dollar (“CAD$”) to the United States dollar

(“US$”) for DevvStream Holdings Inc.

Finco’s functional currency remained CAD$.

This change aligns with the business's future focus and the effective date of the Focus Impact Acquisition Corp.'s Form S-4 Registration Statement

with the SEC, a crucial part of the De-SPAC transaction closing.

The change in functional currency was accounted for prospectively from August 1, 2024, with no impact on prior year comparative information.

The Company’s presentation

currency is and continues to be the United States dollar.

Upon the change in functional currency on August 1, 2024, 121,995 of the Company’s warrants which had strike

prices denominated in CAD$ were reclassified as warrant liabilities with an initial value of $454,571.

On November 6, 2024, 22,699,987 warrants were issued by the Company in connection with the De-SPAC

The warrants were assessed to be derivative liabilities of the Company due to certain settlement provisions of the warrants do not meet the criteria for equity classification under Topic 815.

The warrants are each exercisable

at $1.52 for 0.09692 common stock, expiring on November 6, 2029.

The fair value of the warrants was $7,196,286 upon issuance.

As a result of above, during the year ended July 31, 2025, we recognized a gain of $1,728,392 due to period

end fair value remeasurement.

Please refer to Note 11 of the financial statements.

Impairment of carbon credits and stop-loss provision

On November 6, 2024, concurrent with the completion of the business combination, the Company issued 324,987

common shares in consideration for carbon credit purchase agreements.

All of the agreements contain adjustment clauses whereby if the Company’s share price falls below the

respective purchase prices outlined in the agreements, in the 12 to 18 months following November 6, 2024, the Company is obligated to issue additional shares to cover the shortfall.

The Company has assessed that the potential liability

associated with the stop-loss provision for carbon credits received as of July 31, 2025 is $1,065,235.

The Company is currently in dispute with one of the vendors for which 108,000 shares with a fair value of

$658,800 was issued.

At the date of these financial statements, the vendor has not delivered the carbon credits which are due under the contract and the Company has issued a demand letter to the vendor.

Management has assessed that it is

improbable that these carbon credits will be received and has recorded an impairment charge of $658,800 during the year ended July 31, 2025.

One of the carbon credit purchase agreements provides for the vendor to return the consideration shares

received for cancellation in return for the carbon credits if a registration statement does not become effective within 45 days of the closing of the purchase agreement.

As this deadline was not met, the vendor has triggered this clause

under the agreement and returned 90,000 shares with a fair value of $549,000 issued under the contract in exchange for the carbon credits that were transferred to the Company.

During the year ended July 31, 2025, as a result of the

probability of the carbon credits being returned to the vendor, the Company recorded an impairment charge of $548,982.

As of July 31, 2025, the Company assessed its carbon credits on hand and determined that certain carbon

credits have a lower net realizable value than cost, and accordingly recognized $16,278 in impairment.

Liquidity and Capital Resources

We continually monitor and manage cash flow to assess the liquidity necessary to fund operations and capital

We manage our capital resources and adjust them to take into account changes in economic conditions and the risk characteristics of the underlying assets.

To maintain or adjust our capital resources, we may, where necessary,

control the amount of working capital, pursue financing or manage the timing of our capital expenditures.

As of July 31, 2025, we had a working capital deficit of $14,412,728 (current assets of $4,337,627, less current liabilities of

$18,750,355) and as of July 31, 2024, we had a working capital deficit of $8,362,363 (current assets of $141,905, less current liabilities of $8,504,268).

Our continuing operations are dependent upon our ability to obtain debt or equity financing, of which there

are no assurances, until such time that we achieve profitable operations.

There can be no assurance that we will gain adequate market acceptance for our products or be able to generate sufficient gross margins to reach profitability.

On October 29, 2024, we entered into a equity line of credit purchase agreement (the “ELOC Agreement”) with

Pursuant to the ELOC Agreement, the Company has the right to issue and to sell to Helena from time to time, as provided in the ELOC Agreement, up to $40,000,000 of Company’s Common Shares, subject to the conditions set forth

Specifically, pursuant to the ELOC Agreement, the Company may require that Helena purchase Common Shares from the Company by delivering one or more advance notices to Helena setting forth, in each advance notice, the amount of

the advance it is requesting, which amount may not exceed an amount equal to lesser of (i) one hundred percent (100%) of the average of the daily value traded of the Common Shares over the ten (10) trading days immediately preceding such

advance notice, and (ii) eight million United States Dollars ($8,000,000).

On March 18, 2025, the Company and Helena entered into a first amendment to ELOC Agreement, which provides the Company with greater flexibility by allowing Helena

to permit Secondary Advances, as defined in the amendment, as well as to update references to “Common Stock” in the ELOC Agreement to “Common Shares”.

However, in no event may the number of Common Shares issuable to Helena pursuant to an

advance cause the aggregate number of shares beneficially owned (as calculated pursuant to Section 13(d) of the Exchange Act) by Helena and its affiliates as a result of previous issuances and sales of Common Shares to Helena under the

ELOC Agreement to exceed 9.99% of the then outstanding Common Shares.

Additionally, the Company may not affect any sales under the ELOC Agreement and Helena will have no obligation to purchase Common Shares under the ELOC Agreement to the

extent (but only to the extent) that after giving effect to such purchase and sale the aggregate number of Common Shares issued under the ELOC Agreement would exceed 19.99% of the outstanding shares of Common Shares following the closing

of the Business Combination Agreement (the “Exchange Cap”), provided that, the Exchange Cap will not apply if the Company’s stockholders have approved issuances in excess of the Exchange Cap in accordance with the rules of the Nasdaq.

purchase price for the Common Shares so purchased by Helena pursuant to an advance notice is the lowest intraday sale price for the Common Shares during the three (3) trading days commencing on the date of Helena’s receipt of the Common

Shares relating to such advance.

Because the per share purchase price that Helena will pay for Common Shares in connection with any advance notice we have elected to deliver to Helena pursuant to the ELOC Agreement will be determined by

reference to the lowest intraday sale price for the Common Shares during the three (3) trading days commencing on the date of Helena’s receipt of the Common Shares relating to such advance, we cannot determine the actual purchase price

per share that Helena will be required to pay for any Common Shares that we may elect to sell to Helena under the ELOC Agreement until after we deliver an advance notice and, therefore, we cannot be certain how many Common Shares, in the

aggregate, we may issue and sell to Helena under the ELOC Agreement.

Sales of Common Shares to Helena under the ELOC Agreement will depend on a variety of factors to be determined by us from time to time, including, among other things,

market conditions, the trading price of the Common Share and determinations by us as to the appropriate sources of funding for our business and operations.

We may not be able to raise sufficient funds under the ELOC Agreement to satisfy

our obligations.

On August 4, 2025, the Company and Helena entered into a second amendment to ELOC Agreement, which increased

the commitment amount from $40,000,000 to $300,000,000.

Since our inception, we have incurred operating losses and have experienced negative cash flows from

We do not anticipate that cash on hand will be adequate to satisfy our obligations in the ordinary course of business over the next 12 months.

Based on this assessment, we have material uncertainties about our business that

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

Accordingly, our ability to continue as a going concern is dependent upon our ability to raise sufficient funds to pay ongoing operating expenditures and to meet our

See further discussion related to our ability to continue as a going concern within “ — Critical Accounting Policies and

As of July 31, 2025 and July 31, 2024, we had $3,446,111 and $21,106 in cash, respectively.

We are actively

managing current cash flows until such time that we are profitable.

The chart below highlights our cash flows for the periods indicated:

July 31, 2025

July 31, 2024

Net cash provided by (used in):

Operating activities

Investing activities

Financing activities

Effect of exchange rate changes on cash

(Decrease)/Increase in cash

Cash Used in Operating Activities

Our net cash used in operating activities is primarily due to cash payments for operating expenses that we

incur in the day-to-day operations of the business.

Net cash used in operating activities for the year ended July 31, 2025 was $6,429,905 compared to $1,548,947 for the year ended July 31, 2024.

The loss for the year ended July 31, 2025

of $12,067,231 was offset by $5,213,617 in changes in non-cash working capital items and $423,709 in non-cash items consisting mainly of the impairment loss and stop-loss provision on carbon credits, and offset by the gain on warrant

liability and gain on derivative liability.

This compares to a loss of $9,871,748 for the prior year, that was offset by $6,035,925 in changes in non-cash working capital items and $2,286,876 in non-cash items consisting mainly of

share-based compensation.

Cash Provided by Investing Activities

Net cash provided by investing activities for the year ended July 31, 2025 was $1,661,645, consisting of the cash assumed upon

the completion of the Business Combination.

Net cash provided by investing activities for the year ended July 31, 2024 was $nil.

Cash Provided by Financing Activities

We have funded our business to date from the issuance of our common stock and convertible debentures through

private placements, from proceeds from the exercises of warrants, and from loans from related parties.

Net cash provided by financing activities for the year ended July 31, 2025 was $14,596,817 compared to

$1,109,629 for the year ended July 31, 2024.

The following financing activities occurred during the year ended July 31, 2025:

Exercise of share purchase warrants:

On October 29, 2024, the Company issued 9,176 shares for the exercise of 9,176 share purchase warrants, at

an exercise price of CAD$13.10 per share for gross proceeds of $86,237.

Non-brokered private placement of unsecured convertible notes:

On August 19, 2024, October 18, 2024, October 28, 2024, and November 1, 2024 the Company received additional proceeds of $41,500, $6,500,

$7,650 and $12,000 under the amended terms of the Focus Impact Partners convertible debenture.

On March 19, 2025, the Company received proceeds of $218,000 under a new convertible debenture issued to Focus Impact Partners.

Refer to Note

9 of our financial statements.

On July 17, 2025, the Company received net proceeds of $9,115,000 under the Crypto Strategy Convertible Debt issued to Helena.

In October 2024, the mandatory convertible debentures were converted to 2,244 shares of the Company.

Refer to Note 10 of the

financial statements.

PIPE financing:

On November 6, 2024, the Company issued 169,480 shares to various investors for gross proceeds of $2,250,000, of which $20,000 remain

receivable as of July 31, 2025.

ELOC drawdown:

In March 2025, the Company issued 160,600 shares in accordance with the ELOC Agreement with Helena for gross proceeds of $481,530.

In May 2025, the Company issued 334,600 shares in accordance with the ELOC Agreement with Helena for gross proceeds of $1,051,857.

In July 2025, the Company issued 350,500 shares in accordance with the ELOC Agreement with Helena for gross proceeds of $1,794,694.

gross proceeds, $448,151 were retained by Helena for the repayment of the initial tranche of the Crypto Strategy Convertible Debt.

Related party transactions and balances

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant

influence over the other party in making financial and operating decisions.

Related parties may be individuals or corporate entities.

A transaction is a related party transaction when there is a transfer of resources or obligations

between related parties.

At July 31, 2025, the Company had amounts owing and accrued liabilities of $794,990 (July 31, 2024 - $478,072) payable to directors and

officers of the Company for salaries, expense reimbursements and professional fees.

These amounts are non-interest bearing and have no terms of repayment.

During the year ended July 31, 2025, the Company incurred wages and management fees of $698,890 and $279,000, respectively, to officers of the

Share based compensation incurred to officers and directors of the Company amounted to $488,569.

During the year ended July 31, 2025, the Company accrued interest of $228,518 on convertible debentures payable to

related parties.

Refer to Note 9 of our financial statements.

During the year ended July 31, 2025, the Company amended the terms of convertible debentures payable to Focus Impact Partners and Focus Impact

Sponsor, LLC, with face values of $637,150 and $3,345,000, respectively.

The convertible debentures have an amended maturity date of November 13, 2026, and the principal and interest are convertible into common stock of the Company at the

option of the holder at a 25% discount to the 20-day volume weighted average price of the Company’s shares, subject to a floor of $8.67 per share.

Focus Impact Partners is owned by two of the Company’s directors:

Carl Stanton and Wray

During the year ended July 31, 2025, the Company issued a new convertible debenture payable to Focus Impact Partners with face value of

The convertible debenture has a maturity date of March 19, 2027, and the principal and interest are convertible into common stock of the Company at the option of the holder at a 25% discount to the 20-day volume weighted average

price of the Company’s shares.

During the year ended July 31, 2025, the Company issued 55,729 common shares to Focus Impact Partners in consideration for services provided to

the Company pursuant to the strategic consulting agreement between the Company and Focus Impact Partners dated November 13, 2024.

See, Contractual Obligations below.

During the year ended July 31, 2024, the Company issued convertible debentures to Devvio Inc.

(‘Devio”) and Envviron SAS (“Envviron”), who are

related parties to the Company.

The Devvio convertible debt had a principal amount of $100,000, while the Envviron convertible debt had a principal amount of $250,000.

Devvio owns in excess of 10% of the outstanding shares of the

Envviron is controlled by Ray Quintana, a former director of the Company who stepped down on November 7, 2024 upon completion of the Business Combination.

On November 12, 2024, the maturity for the convertible debentures issued

to Devvio and Envviron were extended to May 30, 2025.

As of July 31, 2025, the Company is in the process of negotiating a further extension of the convertible debentures issued to Devvio and Envviron.

During the year ended July 31, 2024, the Company signed an amended strategic partnership agreement with Devvio dated November 28, 2021.

Contractual Obligations

Prepaid Royalties Agreement with Devvio

In September 2023, we agreed to pay prepaid royalty payments to Devvio, a related party, equal to a minimum

of $1,000,000 by August 1, 2024, followed by $1,270,000 by August 1, 2025 and August 1, 2026.

On July 8, 2024, we further amended the agreement such that the minimum advances extended by one year and are now due as follows:

$1,000,000 by

August 1, 2025, followed by $1,270,000 by August 1, 2026 and August 1, 2027.

The agreement is subsequently amended on October 28, 2025 to eliminate the aforementioned payment obligations.

Licensing agreement with Greenlines Technology Inc.

On February 16, 2024, we

entered into a licensing agreement with Greenlines Technology Inc.

for the use of certain technologies.

We agreed to pay $42,000 within 15 days of the closing of the BCA.

Such amount was paid on November 26, 2024.

Commencing January 1,

2025, we must pay an annual fee of $12,000 of the first day of each calendar year for the use of the technology.

The amounts due on

January 1, 2025 are yet to be paid as of July 31, 2025.

The Company has accrued $7,000 in connection with the annual fee payable as of July 31, 2025.

Equity line of credit (“ELOC”) fee commitment with Helena Global Investment

Opportunities I Ltd (“Helena I”)

On October 29, 2024, we entered into the ELOC Agreement with Helena I.

Following the

closing of the De-SPAC Transaction and the Helena I Registration Statement becoming effective, we are to issue to Helena I common shares equal to $125,000 divided by the greater of (i) the lowest one-day VWAP during the five trading days

immediately preceding the effectiveness date of such Registration Statement and (ii) $7.50.

The Company issued 16,666 shares in satisfaction of this commitment on March 17, 2025.

Strategic Consulting Agreement with Focus Impact Partners, LLC (“Focus Impact Partners”)

On November 13, 2024, we entered into a strategic consulting agreement with Focus Impact Partners, pursuant

to which the Focus Impact Partners will provide us with certain consulting services (“Strategic Consulting Agreement”) in consideration of an annual consulting fee of $500,000, which will be payable in quarterly installments of $125,000

starting with an initial payment for the period beginning December 31, 2023.

Fees due under the Strategic Consulting Agreement shall accrue and not be payable until (a) we have successfully raised $5,000,000 in outside debt and/or equity

capital, cumulatively since the period beginning December 31, 2023 or (b) we have 2 or more consecutive quarters of positive cash flow from operations.

As of July 31, 2025, neither condition has been met.

We will pay Focus Impact Partners

additional consulting fees as to be mutually agreed consistent with market practice in connection with any acquisition, merger, consolidation, business combination, sale, divestiture, financing, refinancing, restructuring or other similar

The Strategic Consulting Agreement has a term of three years unless terminated early with at least 120 days advance notice and will be automatically extended for successive one-year periods at the end of each year unless

either party provide a written notice of its desire not to automatically extend at least 120 days prior to the end of each year during the term of the Strategic Consulting Agreement.

Focus Impact Partners is owned by two of the Company’s

Carl Stanton and Wray Thorn.

Quantitative and Qualitative Disclosures about Market Risk

Our board of directors have overall responsibility for the establishment and oversight of our risk

management policies on an annual basis.

Management identifies and evaluates our financial risks and is charged with the responsibility of establishing controls and procedures to ensure financial risks are mitigated in accordance with the

approved policies.

Our financial instruments

consist of cash, restricted cash, trade receivable, GST receivable, accounts payable and accrued liabilities, convertible debt, mandatory convertible debentures, warrant liabilities and derivative liabilities.

The carrying value of the Company’s cash, restricted cash, GST receivable and accounts payable and accrued liabilities approximate their fair value

due to their short terms to maturity.

Our risk exposures and the impact on our financial instruments are summarized below:

Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails

to meet its contractual obligations.

Our credit risk is primarily attributable to our liquid financial assets including cash.

Our financial assets are cash, restricted cash, trade receivable, GST receivable, corporate taxes receivable,

subscription receivable, and deposit on carbon credits purchase.

Our maximum exposure to credit risk, as at period end, is the carrying value of our financial assets, being $10,592,093 and $106,764 as of July 31, 2025 and July 31, 2024,

respectively.

We hold cash with major financial institutions and with a publicly traded payment processing company therefore minimizing our credit risk.

Liquidity Risk

Liquidity risk is the risk that we will not be able to meet financial obligations as they fall due.

manage liquidity by maintaining adequate cash balances and by raising equity and debt financings.

We have no assurance that such financings will be available on favorable terms in the future.

In general, we attempt to avoid exposure to

liquidity risk by obtaining corporate financing through the issuance of shares.

As of July 31, 2025, we had cash of $3,446,111 to settle current liabilities of $11,847,575 which fall due

for payment within twelve months of the statement of financial position.

As of July 31, 2024, we had cash of $21,106 to settle current liabilities of $7,595,974 which fall due for payment within twelve months of the statement of financial

All of our contractual obligations are current and due within one year.

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and

equity prices will affect the Company’s income or value of its holdings or financial instruments.

At July 31, 2025, the Company has minimal exposure to these risks.

Inflation Risk

We do not believe that inflation had a significant impact on our results of operations for any periods

presented in our financial statements.

Nonetheless, if our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs, and our inability or failure to do so could harm our

business, financial condition and results of operations.

Capital Management

Capital is comprised of our shareholders’ deficiency and any debt that we may issue.

Our objectives when

managing capital are to maintain financial strength and to protect our ability to meet ongoing liabilities, to continue as a going concern, to maintain creditworthiness and to maximize returns for our shareholders over the long term, of

which there can be no assurances.

Protecting the ability to pay current and future liabilities includes maintaining capital above minimum regulatory levels, current financial strength rating requirements and internally determined capital

guidelines and calculated risk management levels.

We manage capital structure to maximize financial flexibility by making adjustments in response to changes in economic conditions and the risk characteristics of the underlying assets and

business opportunities.

We do not presently utilize any quantitative measures to monitor our capital, but rather we rely on our management’s expertise to sustain the future development of the business.

Management reviews its capital

management approach on an ongoing basis and believes that this approach, given our size, is reasonable.

There were no changes to our approach to capital management during the period.

We are not subject to

externally imposed capital requirements.

Inflation Reduction Act of 2022 (the “IR Act”)

On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law.

The IR Act provides for,

among other measures, a new U.S.

federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations.

The excise tax is imposed on the repurchasing corporation and the amount

of the excise tax is generally 1% of the fair market value of the stock repurchased.

However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances

against the fair market value of stock repurchases during the same taxable year.

In addition, certain exceptions apply to the excise tax.

The Treasury has been given authority to provide regulations and other guidance to carry out, and

prevent the abuse or avoidance of the excise tax.

The IR Act applies only to repurchases that occur after December 31, 2022.

During the second quarter of 2024, the IRS issued final regulations with respect to the timing and payment of the excise tax.

Pursuant to those regulations, the Company would need to file a return and remit payment for any liability incurred during the period from January 1, 2023 to December 31, 2023 on or before October 31, 2024.

For certain taxpayers affected

by Hurricane Beryl, the deadline to file such returns and remit such payment has been extended to February 2025.

The Company is currently evaluating its options with respect to payment of this obligation.

If the Company is unable to pay its

obligation in full, it will be subject to additional interest and penalties which are currently estimated at 10% interest per annum and a 5% underpayment penalty per month or portion of a month up to 25% of the total liability for any

amount that is unpaid from November 1, 2024 until paid in full.

Emerging Growth Company Status

We are an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the

JOBS Act, and we will take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to

comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements

of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply

with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange

Act) are required to comply with the new or revised financial accounting standards.

The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging

growth companies but any such election to opt out is irrevocable.

We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public

or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

Smaller Reporting Company

Additionally, we are a “smaller reporting company,” as defined in Item 10(f)(1) of Regulation S-K.

reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements.

We will remain a smaller reporting company until the last day of

the fiscal year in which (i) the market value of our common stock held by non-affiliates exceeds $250 million as of the last business day of our second fiscal quarter, or (ii) our annual revenue exceeded $100 million during such completed

fiscal year and the market value of our common stock held by non-affiliates exceeds $700 million as of the last business day of our second fiscal quarter.

If we continue to be a smaller reporting company at the time we cease to be an

emerging growth company, we may continue to rely on exemptions from these certain reduced disclosure requirements that are available to smaller reporting companies.

Evaluation of Disclosure of Controls and Procedures

Based on an evaluation as of July 31, 2025, our management, including the Chief Executive Officer and Chief

Financial Officer, has concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were not effective to provide reasonable assurance because of a material weakness in our internal control

over financial reporting as described below.

There have been no changes during the year ended July 31, 2025.

Material Weakness

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial

reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected in a timely manner.

We did not design or maintain an effective control environment commensurate with financial reporting

requirements.

Specifically, we did not consistently have documented evidence of review procedures and, due to resource limitations, did not always maintain segregation of duties between preparing and reviewing analyses, and

reconciliations.

The above material weakness did not result in a material misstatement of our consolidated financial

statements, however, it could result in a misstatement of our account balances or disclosures that would result in a material misstatement that would not be prevented or detected.

Remediation Activities

We are working to remediate the material weakness and are taking steps to strengthen our internal control

over financial reporting through the continued hiring of additional appropriately skilled finance and accounting personnel with the requisite technical knowledge and skills.

With the additional skilled personnel, we are taking appropriate

and reasonable steps to remediate this material weakness through the implementation of appropriate segregation of duties, formalization of accounting policies and controls and retention of appropriate expertise for complex accounting

transactions.

We will not be able to fully remediate these control deficiencies until these steps have been completed and have been operating effectively for a sufficient period of time.

Management will continue to review and make

necessary changes to the overall design of our internal control environment, as well as policies and procedures to improve the overall effectiveness of internal control over financial reporting.

The material weakness will not be

considered remediated, however, until the applicable controls operate for a sufficient period of time and management has concluded that these controls are operating effectively.

Subsequent Events

Issuance of shares

In August 2025, the Company issued 300,000 shares in accordance with the ELOC Agreement with Helena for gross proceeds of $756,607.

the gross proceeds are used to repay the Crypto Strategy Convertible Debt.

Reverse stock split

On August 8, 2025, the Company completed a reverse stock split of the Company’s common stock at a ratio of one-for-ten basis.

All current and

comparative references to the number of common stock, warrants, options, RSUs, weighted average number of common stock, and loss per share have been retrospectively adjusted to give effect to this reverse stock split.

Amendment to strategic partnership agreement with Devvio

On October 28, 2025, the Company further amended the strategic partnership agreement with Devvio (Note 18) such that the rights and obligations

under the existing strategic partnership agreement relating to royalty payments, with the exception of confidentiality obligations in the amendment, are fully settled, discharged and of no further force or effect.

The strategic partnership agreement is amended to establish a strategic token program between the parties, whereby the Company agrees to

purchase DevvE tokens annually in the amount of $1,000,000 in 2025, and $1,270,000 in each of 2026 and 2027 (the “Purchase Amounts”).

The amount of DevvE tokens purchased will be determined by 10-day VWAP price (the “Purchase Price”).

connection with the purchases, the Company will also receive warrants to acquire additional DevvE tokens equal to 25% of the Purchase Amounts, exercisable at the same Purchase Price, for 3 years from each purchase date.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The Financial Statements are incorporated herein by reference to pages F-1 to F-52 at the end of this report and the supplementary data is not applicable.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

Not Applicable.

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-K

Item 5. Market for Registrant’s Common Equity