What changed in this filing

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Item 1. Business

2025-03-26 compared with 2024-03-21 · 123 added, 125 removed, 2 unchanged (99% of the section changed)

Envela’s mission is to empower buyers and sellers to extend the useful lives of manufactured goods by reselling previously owned, new or used goods, or recycling goods’ materials, elements or components for sale and reuse.

This process is called “re-commerce”.

A circular economy is a sustainable economic system that aims to increase the lifespan of manufactured goods and thereby reducing waste and pollution for a cleaner environment.

Re-commerce is an integral part of circular economies, and it’s a business model that’s sustainable to its core.

Envela helps expand circular consumption through product reuse, refurbishment, repair, and related strategies to extend the useful lives of manufactured goods and reduce their negative impact on our planet.

Envela focuses its re-commerce business on two areas:

direct-to-consumer and commercial services.

Our direct-to-consumer portfolio operates multiple brick-and-mortar and online marketplaces.

Our commercial-services portfolio offers custom re-commerce solutions to meet the needs of diverse clients, including Fortune 500 companies.

HOW WE ORGANIZE OUR BUSINESS

Envela is a diverse re-commerce company that manages its business through two operating segments.

Its commercial-services segment, and its consumer segment.

Envela reports its revenue and operating expenses based on these two operating segments.

We also include segment information in the notes too our financial statements.

COMMERCIAL SERVICES SEGMENT

Re-commerce through Intelligent Reuse & Responsible Recycling

Envela’s commercial services portfolio provides asset- disposition solutions to government agencies, middle-market firms, major corporations, and other organizations.

Through a deep understanding of our clients’ business goals, we’re able to exceed their evolving needs and maintain a differentiated position in this marketplace.

When clients upgrade their IT equipment, our commercial services division purchases the replaced assets.

They can then be resold as whole goods, harvested for components to re-use, or recycled if not reusable.

By extending the usable lives of their replaced technology assets through re-commerce, our clients realize maximum value for these products, help protect the environment, and reduce the amount of raw materials required to make new products.

We create custom programs for retailers, original equipment manufacturers (“OEMs”) and other institutions to offer their consumer clients an easy, environmentally friendly way to trade in their electronic devices, including laptops and mobile telephones.

And we also repair and refurbish such electronic devices for resale and reuse before ultimately being recycled to make something new.

Simply put, we offer comprehensive lifecycle solutions for a host of electronic devices through custom ITAD programs that address our clients’ specific needs—down to the transportation and product tracking.

We combine our unique consumer insight and extensive re-commerce capabilities to anticipate and exceed the needs of our commercial clients and the consumers they serve.

Moreover, we help companies navigate the maze of regulations associated with technology disposition, including through our secure logistics and data-sanitization processes.

For end-of life items, we remove reusable components for resale.

We separate and shred the remaining materials to reduce them into their commodity components (e.g., plastic, metal, glass) for resale and remanufacture into new products.

There can be some seasonal fluctuations that can impact demand with our commercial clients.

Our business is subject to fluctuations as device trade-in and upgrade volume can be based on the release of new devices and promotional programs, as well as customer preferences.

Our business is also subject to volatility in margins based on the actual and anticipated timing of the release of new devices and promotional programs, as well as to changes in customer preferences.

Most purchases are through non-exclusive, cancelable agreements.

We maintain relationships with refining partners for many commodity components.

Management believes no single partner accounted for a material amount of the company’s consolidated sales in 2023.

The Company believes that many of the products we sell are marketable to numerous sources at competitive prices.

Envela’s commercial-services segment markets its products directly to prospective clients through several wholly owned subsidiary brands including ITAD USA;

Echo Environmental;

and Avail Recovery Solutions.

Sales and operating results for these brands are reported within their respective commercial operating segments.

Commercial-services operates from two leased warehouses in the Dallas/Fort Worth Metroplex (“DFW”) and one leased warehouse in Chandler, Arizona.

DIRECT-TO-CONSUMER

Authenticated Re-commerce

Envela’s direct-to-consumer portfolio primarily buys to resell or recycle luxury hard assets like jewelry, diamonds, gemstones, fine watches, rare coins and related collectibles, precious-metal bullion products, gold, silver and other precious metals.

For over 50 years, Envela’s consumer segment has been a destination location for seeking value and liquidity in luxury goods.

Our direct-to-consumer business provides a marketplace that delivers what we believe to be unparalleled value and liquidity for those seeking to buy, sell or trade merchandise in every major jewelry, fine watch, diamond, gemstone, finding, precious metal, and premium brand product category.

Our experienced staff of experts, including GIA-graduate gemologists, horologists, numismatists, jewelers and brand authenticators, recondition and rebuild items for resale through our retail locations, e-commerce, or wholesale distributors.

When reconditioning is not feasible because crafted precious metals are at the end of their useful lives, we sell them through wholesale channels or recycle them by selling them to third-party refiners who recover reusable precious metals for subsequent sale or recrafting into new jewelry or bullion products.

We offer on-site repair services for jewelry and watches, as well as custom jewelry services.

We buy and sell all forms of gold, silver, platinum, and palladium products.

These include United States and other government-issued coins, private-mint medallions, and most numismatic items such as rare coins, currency, medals, tokens, and other monetary collectibles.

We maintain numerous vendor relationships with major industry wholesalers, mints, and institutions.

We purchase bullion products from a variety of vendors and sell them based on current precious metal market pricing.

Bullion inventory is subject to market-value changes created by underlying commodity markets.

Many factors beyond our control may affect margins, customer demand and transactional volume.

These factors include, but are not limited to, U.S.

Federal Reserve policies, inflation rates, global economic uncertainty, and government and private-mint supply.

Our long history of experience in resale has given us the unique ability to have deep knowledge of the resale market.

Using the same processes of authentication, pricing, and marketing as our primary channels, we provide services through consignment of premium brand products.

Premium brand products from individuals, wholesalers and retailers are evaluated for authenticity meeting minimum resale cutlines receive product description, priced, pictured, and packaged for omnichannel distribution and fulfillment services.

Historically, we have observed trends in supply-and-demand seasonality.

Our supply tends to increase in the third and fourth quarters, and our demand tends to increase in the fourth quarter.

As a result, we typically incur higher operating expenses in the last four months of the year as we increase advertising spend.

The consumer segment operates six retail locations throughout DFW, one in Mt.

Pleasant, South Carolina and one in Phoenix, Arizona.

We opened our newest location in Phoenix, Arizona, during the fourth quarter of Fiscal 2023 (as defined below).

The Company owns three retail locations in the DFW area, and leases the others.

The Company purchased another building in the Phoenix area, during Fiscal 2023, which is currently being prepared to be the ninth retail location.

Our direct-to-consumer brands include Dallas Gold & Silver Exchange, Charleston Gold & Diamond, and Bullion Express.

Sales and operating results for these brands are reported within the consumer operating segment.

CORPORATE INFORMATION

The Company incorporated in the State of Nevada on September 16, 1965, as Canyon State Mining Corporation of Nevada.

During the next 50 years, the Company changed its name to Canyon State Corporation (October 13, 1981), The American Pacific Mint, Inc.

(July 15, 1986), Dallas Gold & Silver Exchange, Inc.

(June 22, 1992), and DGSE Companies, Inc.

(June 26, 2001).

In 2016, after celebrating its 50th anniversary, it was named by S&P Global Market Intelligence as the second most likely company to go bankrupt, behind Sears Holdings.

Aiming to turn the Company around, the board of directors (its “Board”) brought in new management.

On December 12, 2016, John Loftus was named CEO, and transformation of the business began.

For many employees, that day marked the “true founding” of the Company.

Under this new leadership, the Company has posted seven straight years of unprecedented profitability.

By pursuing diversified re-commerce opportunities with potential long-term rewards, we continued to evolve as a company.

On December 12, 2019, we changed our name to Envela Corporation to better reflect our current business operations and diversified re-commerce portfolio.

CONTACT & OTHER

Our principal executive offices are located at 1901 Gateway Drive, Irving, Texas 75038, and our telephone number is (972) 587-4049.

You may access our annual reports on Form 10-K, quarterly reports on Form 10- Q, current reports on Form 8-K, and other reports (and amendments and exhibits thereto) filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act with the Securities and Exchange Commission (“SEC”), as well as proxy statements filed by us, free of charge on our website at www.envela.com, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC.

Additionally, our website contains complete copies of our policies (Business Code of Conduct & Ethics), committee charters (Audit;

Compliance, Governance and Nominating;

and Compensation), and information about how to communicate with our Board.

Many of our subsidiaries and brands maintain their own websites for commercial purposes, including primarily the following:

DGSE.com, echoenvironmental.com, ITADUSA.com, teladvance.com, AvailRecovery.com and StevenKretchmer.com.

Information contained on, or that can be accessed through, our website or any website of our subsidiaries or brands is not incorporated by reference into this or any other report we file with, or furnish to, the SEC, and you should not consider information on any such website to be part of this or any other report we file with, or furnish to, the SEC.

Such periodic reports, proxy statements and other information are also available on the SEC’s website at http://www.sec.gov.

Envela and other trade names, trademarks and service marks of the Company or its subsidiaries are the property of Envela.

Solely for convenience, the trademarks, service marks, logos and trade names referred to in this document are without the “®” and “™” symbols, but such references are not intended to indicate that we waive or will not assert our rights in them.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Our stakeholders are essential to our business—shareholders, employees, and the communities in which we do business.

We aspire to operate our business with positive social and environmental impact.

Envela is a leading provider of recycling and recommerce services at the forefront of the circular economy.

Motivated by building long-lasting relationships rooted in trust and transparency, Envela’s brands address a broad range of sustainability and value-driven initiatives that impact consumers and businesses alike.

Our core business lines focus extending the lifespan of products through buying and selling goods in the secondary market.

The company is comprised primarily of two key operating and reportable segments:

consumer and commercial.

The consumer segment focuses on selling authenticated high-end luxury goods, including pre-owned and repurposed fine jewelry, diamonds, gemstones, luxury watches, and secondary market bullion.

At the same time, the commercial segment provides solutions for de-manufacturing end-of-life electronic assets, reclaiming base and precious metals, and other saleable materials, while also expanding our presence in the ITAD industry.

Envela’s subsidiaries are trusted partners for those seeking responsible value in the disposition or acquisition of technology, metals, and luxury hard assets, with each reportable segment contributing to decarbonization and value creation in its own unique way.

Consumer Segment

Our consumer segment is a retail organization that operates several brands specializing in the buying and selling of pre-owned luxury hard assets.

Our ability to understand new market trends, while also paying homage to the past with vintage pieces, allows us to be the destination of choice for customers seeking a sustainable and value-driven purchase of some of the world’s most iconic brands.

Our team of experts provides a straightforward process for buying and selling items, along with guidance that helps ensure customers feel informed and confident in their decisions.

We also offer our customers a unique buying experience, as our jewelry designers introduce sustainably sourced diamonds and gemstones into the manufacturing process, resulting in a diverse assortment of modern designs at achievable price points.

Operating as a multi-brand retailer we aim to maximize our market reach, the division was formed through the consolidation of multiple retail merchants, with its roots tracing back more than half a century to the founding of its earliest predecessor in 1972.

The Company has long been associated with precious metals, with a history of trading silver since 1972 and trading gold since the repeal of the U.S.

law limiting gold ownership in 1974.

Our connection to minting bullion began in the late 1970s.

Today, this rich history continues as the Company remains a leading provider of sustainable precious metals products.

Our commercial segment operates in multiple sustainability verticals focused on the responsible disposition of end-of-life technology assets.

Our electronics recycling business was originally founded in 2009 on the premise of addressing the demand for responsible electronic waste disposal.

We focus on adhering to regulations and industry standards, ensuring the proper dismantling and recycling of electronic devices.

Our approach prioritizes reclaiming and reusing materials, preventing them from ending up in landfills.

Our ITAD business, tracing its origins back to its earliest predecessor in 2007, is dedicated to unlocking the value of consumer electronics within the circular economy.

We specialize in assisting businesses with the end-of-life management of their IT assets, including data destruction, asset refurbishment, and remarketing.

Our commercial segment also provides detailed asset disposition data that enables our customers to address their sustainability goals and responsibilities to internal and external stakeholders.

BUSINESS DEVELOPMENTS

Since our founding in 1965, we have consistently evolved, adapting to market changes while our commitment to sustainability has been at the core of our brand’s success.

In 2025, Envela will be celebrating its diamond jubilee, marking 60 years, and we are looking forward to recognizing our employees, customers, and stakeholders who have contributed to our journey.

Detailed below are significant business developments that impacted fiscal years ending December 31, 2024 and 2023.

Consumer Segment

On September 12, 2024, the consumer segment entered into a purchase agreement relating to the acquisition of the assets of a bespoke fabricator of jewelry in Scottsdale, Arizona (the “Scottsdale Transaction”).

See Note 4 – Changes in Business for further details.

In Fiscal 2024, we rapidly expanded our bricks-and-mortar footprint by opening 5 stores under our Four Nines brand which also features Bijoux Exchange an in-store buying platform.

Our Bijoux Exchange brand is an in-store buying platform predicated on the store-within-a-store concept.

Personnel are dedicated to customers seeking to monetize their luxury hard assets due to changes in style, damage, financial need, or life events.

Commercial Segment

In Fiscal 2023, the commercial segment began to optimize its overall business model as the commercial segment was born from a series of acquisitions.

The business began to focus on unifying its systems, enhancing its business intelligence platforms in support of its commercial and operations teams as well as aligning its cost structure with margin achievement which became steady state in Fiscal 2024.

Additionally, the business has focused on diversifying its business lines from those requiring the outright procurement of technology to those involving fees for services.

These fee-for-service relationships allow our clients to outsource the management of the testing and packaging of items destined for secondary sales outlets while maintaining control over their inventory.

Each of the Company’s reportable segments has unique market conditions that impact their respective operations.

These competitive conditions may adversely affect the Company’s financial condition, results of operations, and its ability to expand and execute its business strategy.

Consumer Segment

Many online and brick-and-mortar retailers are of significant size with substantial resources.

We compete to buy and sell pre-owned luxury hard assets such as fine jewelry, luxury watches, diamonds and gemstones, and bullion against established retailers, auction houses, secondary market online platforms, as well as other resale goods marketplaces.

Our customers seek to maximize the value of their purchases and have multiple options to evaluate our value and service proposition.

Our sales of outright precious metals to refiners and diamonds and gemstones to wholesalers take place at near-spot market values and, as such are not subject to peer competition, but are impacted by macroeconomic conditions impacting their respective markets.

All of our products are sourced and sold domestically.

Commercial Segment

Our competition is primarily attributed to the inbound procurement of IT assets and commodities;

albeit we do experience certain levels of competition on outright sales of IT assets to consumers.

We compete for inbound products against large, diversified recyclers as well as other ITAD-specific companies.

Our sales of outright IT assets are primarily marketed through online channels on which our customers can compare like goods against an array of purveyors, with select IT assets being sold wholesale into international markets.

Our sales of outright base and precious metals-laden materials are sold at near-spot market values and, as such, are not subject to peer competition but are inherently impacted by macroeconomic market conditions.

The commercial segment’s business is also subject to both multi-year and spot transactions, of which the multi-year contracts may be subject to cancellation on short notice.

CYCLICALITY AND SEASONALITY

Each of the Company’s reportable segments has aspects of cyclicality stemming from macroeconomic conditions consumer behavior, and commodity markets, but also from seasonality within a given fiscal year.

Consumer Segment

The consumer segment business experiences seasonality with the fourth quarter holiday months of November and December typically being the highest volume months of the year.

However, seasonality is less pronounced than traditional luxury goods retailers as a result of our business being underpinned by our precious metals business, which is driven by the perception of market trends and global economic activity.

Commercial Segment

The commercial segment experiences seasonality with the first quarter months of January and February typically being the highest volume months of the year.

We receive a higher volume of assets from our trade-in partners destocking from the post-holiday period.

ENVIRONMENTAL AND SOCIAL IMPACT

We aspire to operate our business with a positive environmental and social impact while ensuring we create value for our shareholders.

We are an environmentally conscious business as we are able to extend the useful life of technology and luxury hard assets along with reducing the reliance on mills and refiners sourcing materials from extractive industries.

We aim to serve and strengthen the communities we operate in by repurposing dormant infrastructure, creating jobs, increasing tax base, and selling sustainably sourced products.

Energy Supply and Resource Consumption

We continue to evaluate opportunities within our store operations, production processes, and supply chains for opportunities to reduce our environmental footprint.

In terms of our electricity, natural gas, and water consumption costs they represented 0.2% and 0.3% of sales for Fiscal 2024 and 2023, respectively.

Sustainability

Sustainability is deep-rooted within our corporate strategy, and instilled in our company values, as a business partner, an employer, a community member, and a value creator for shareholders.

Consumer Segment

Unlike a traditional retail jewelry business, recommerce requires curating an inventory, which is crucial to attracting and retaining customers, and sourcing a diverse inventory takes time and strategy.

Due to our size, we are able to source most of our products through our in-store buying programs;

except in instances where a new setting or repair is needed.

In terms of our retail store footprint, we look to refurbish existing buildings as opposed to ground-up construction which requires new building materials and land consumption.

Our recent expansionary efforts have focused on acquiring or leasing former retail bank buildings, which not only offer excellent security infrastructure but are also situated in ideal geographic locations.

In Fiscal 2024 and 2023, the consumer segment sold 2.2 and 2.0 metric tons of refining-grade precious metals destined for new products, respectively.

Commercial Segment

We source products through different strategies, including trade-in programs, returns, buybacks, closeouts, individuals, and companies transitioning technologies.

We extend the useful lives of IT assets, divert plastic and base metal waste streams into recycled commodities along with providing precious metal-laden material for refining.

As part of our sustainability service offering, we provide traceability of dispositions and ensure we have maximized the recovery of base and precious metals and have taken all steps to reintroduce technology assets back into the marketplace.

In Fiscal 2024 and 2023, the commercial segment sold 1,267,632 and 1,202,838 individual units of secondary electronics and components in which their useful life was extended, respectively.

In Fiscal 2024 and 2023, the commercial segment sold 12,837.7 and 12,862.4 metric tons of electronic scrap containing base and precious metals and other saleable materials destined for new products, respectively.

HUMAN CAPITAL RESOURCES

Our employees are guided by our mission to extend the lifespan of durable goods.

We are part of a diverse global community, and we aim to reflect that diversity within our team.

We believe diversity and inclusion foster a collaborative culture, which fuels our ability to innovate as we work to create a more sustainable future.

As of December 31, 2023, we had 288 full-time equivalent employees.

Additionally, we rely on independent contractors and temporary personnel to supplement our workforce, primarily in our electronic-disposition centers.

The consumer segment is currently developing and training a workforce to help manage and run the new locations that have been opened and are scheduled to open in the Phoenix area during 2024.

None of our employees are represented by a labor union or covered by a collective bargaining agreement.

We consider our relations with our employees to be positive.

We are part of a diverse global community, and we aim to reflect that diversity within our team and values.

We believe inclusiveness fosters a collaborative culture allowing for differing perspectives, which fuels our ability to innovate as we work to create a more sustainable future.

Our management policy is to keep employees informed of material decisions that affect them, encourage employee suggestions, and implement them whenever practicable.

Diversity and Inclusion

We are proud to have a diverse team.

We celebrate diversity and are committed to providing equal-employment opportunities regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, or gender identity or expression.

Competitive Environment

The Company encounters competition in connection with all aspects of its operations.

These competitive conditions may adversely affect the Company’s revenue and profitability and its ability to expand and execute its business strategy.

In addition, the Company competes with other companies and retailers to attract and retain employees with competitive compensation programs.

Many of the competitors have significantly greater size, financial resources, and human capital than the Company.

GOVERNMENT REGULATIONS, ENVIRONMENTAL MATTERS AND IMPACT OF CLIMATE CHANGE

Envela buys and resells precious metals, which is generally subject to regulation including conflict mineral tracing.

However, in conjunction with legal counsel, we have determined that we do not have sufficient control over manufacturing of any of our products to be included in the group of companies required to provide conflict-minerals disclosure and reporting.

If our sourcing processes should change, or if there is a determination that our current practices should be covered by the conflict-minerals reporting and disclosure guidelines, we would need to implement significant additional measures to comply with these rules.

In addition, Envela partners with refiners for a portion of its sales.

These refiners are subject to increasingly stringent governmental regulation in their refining operations, and a change or increase in such regulations in the United States or abroad may have an adverse impact on our business.

Envela recognizes that climate change is a major risk to society and therefore continues to take steps to reduce its climatic impact.

Nevertheless, management believes that climate change has only a limited influence on Envela’s performance and is of limited significance directly to the business.

However, as a significant portion of Envela’s business relies on the availability of disposable income for its customers, a change in fuel prices could have a material impact on Envela’s business.

See “Item 1A.

Risk Factors—Adverse economic conditions in the U.S.

or in other key markets, and the resulting declines in consumer confidence and spending, could have a material adverse effect on the Company’s operating results” for more information.

We are committed to providing equal employment opportunities regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, or gender identity or expression.

We sometimes rely on independent contractors and temporary personnel to supplement our workforce, primarily in our commercial segment production facilities.

None of our employees are represented by a labor union or covered by a collective bargaining agreement.

In Fiscal 2024 and 2023, we employed 309 and 289 persons, respectively.

Ethics and Compliance

At every level of our Company, we work to create a culture that inspires trust among our employees, with our customers, and in the communities we serve.

We empower employees to raise issues and concerns regarding compliance with our code of conduct, policies, and applicable laws by providing third-party and confidential reporting channels.

We also believe that ethics and compliance allow us to be a business partner of choice as we are entrusted to substantiate value and authenticity in our consumer segment, while our commercial segment ensures technology assets are responsibly disposed of or reintroduced into the marketplace by our client’s protocols and applicable laws.

We work to continuously improve all aspects of our safety performance.

Our approach to safety is proactive and focuses on active leadership, engagement, risk and hazard identification, training, and verifying controls associated with operating equipment and material handling processes are being adhered to.

We also track safety performance using industry-standard metrics.

Two key safety performance indicators that we monitor are total recordable injury frequency rate (“TRIFR”) and total lost time injury frequency rate (“LTIFR”).

The following chart depicts our TRIFR for the past 5 fiscal years:

(1) Number of injuries per 200,000 hours worked.

The following chart depicts our LTIFR for the past 5 fiscal years:

(1) Number of injuries per 200,000 hours worked.

GOVERNMENT REGULATIONS

We use our best efforts to ensure compliance with federal, state, and local laws and regulations, including but not limited to those pertaining to environmental matters, consumer protection, consumer privacy, data protection, waste disposal, truth in advertising, employment, health and safety, building and occupancy codes, metal theft, and AML laws.

regulations to which we are subject to include requirements to obtain permits, approvals, licenses or other governmental authorizations to engage in new business or maintain our existing operations.

If we violate any of these laws or regulations, we may be subject to civil or potentially criminal prosecution which may result in the imposition of fines and penalties, or cessation of business activities.

As a result of business expansion and ever-changing regulatory environments, the past amounts expended to maintain compliance may not be indicative of future requirements.

We continually monitor the status of laws and regulations and the impact any developments may have on financial condition and results of operations.

Refer to Item 1A.

Risk Factors for further details.

CORPORATE INFORMATION

We were incorporated in Nevada in September 1965.

Our Common Stock is currently listed on the New York Stock Exchange (“NYSE”) American under the symbol "ELA." Our principal executive offices are located at 1901 Gateway Drive, Irving, Texas 75038 and our telephone number is (972) 587-4049.

AVAILABLE INFORMATION

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, are filed with the U.S.

Securities and Exchange Commission (“SEC”).

We are subject to the informational requirements of the Exchange Act and file or furnish reports, proxy statements, and other information with the SEC.

Such reports and other information filed by us with the SEC are available free of charge on our website at www.envela.com when such reports are available on the SEC's website.

We use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov.

The contents of the websites referred to above are not incorporated into this filing.

Our references to the URLs for these websites are intended to be inactive textual references only.

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 1. Business