What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-02-13 compared with 2024-11-14 · 464 added, 362 removed, 749 unchanged (52% of the section changed)

3 unchanged sentences

CONSOLIDATED BALANCE SHEETS

receivable, net of allowance for expected credit losses of $ 261,000 and $ 236,000 respectively

expenses and other current assets

Current assets:

and equipment, net of accumulated depreciation of $ 16,425,248 and $ 15,906,853 respectively

lease - right-of-use asset

income tax asset

cash - debt service for NJEDA bonds

AND SHAREHOLDERS’ EQUITY

revenue, current portion

payable, current portion, net of bond issuance costs

payable, current portion

party loans payable (Note 7)

obligation - finance lease, current portion

obligation - operating lease, current portion

Accounts receivable, net

of allowance for expected credit losses of $ 220,000 and $ 236,000 respectively

expenses and other current assets

Total current assets

Property and equipment,

net of accumulated depreciation of $ 16,738,308 and $ 15,906,853 respectively

Intangible assets

Finance lease - right-of-use

Operating lease - right-of-use

Deferred income tax asset

Other assets:

Restricted cash - debt

service for NJEDA bonds

LIABILITIES AND SHAREHOLDERS’

Current liabilities:

revenue, net of current portion

payable, net of current portion and bond issuance costs

payable, net of current portion and loan costs

obligation - finance lease, net of current portion

obligation - operating lease, net of current portion

Accounts payable

Accrued expenses

Deferred revenue, current

Bonds payable, current

portion, net of bond issuance costs

Loans payable, current

Related party loans payable

Lease obligation - finance

lease, current portion

obligation - operating lease, current portion

Total current liabilities

Long-term liabilities:

Deferred revenue, net of

current portion

Bonds payable, net of current

portion and bond issuance costs

Loans payable, net of current

portion and loan costs

Lease obligation - finance

lease, net of current portion

Lease obligation - operating

lease, net of current portion

financial instruments - warrants

long-term liabilities

Shareholders’

Commitments and Contingencies (Note 8)

Shareholders’ equity:

Common Stock;

par value $ 0.001 ;

1,445,000,000 shares authorized;

1,068,373,108 shares issued as of both September 30, 2024 and March 31,

1,068,273,108 shares outstanding as of both September 30, 2024 and March 31, 2024

paid-in capital

100,000 shares as of both September 30, 2024 and March 31, 2024, at cost

1,068,373,108

shares issued as of both December 31, 2024 and March 31, 2024;

1,068,273,108 shares outstanding as of both December 31, 2024 and

March 31, 2024

Additional paid-in capital

Treasury stock;

100,000 shares as of both

December 31, 2024 and March 31, 2024, at cost

Accumulated deficit

( 137,701,663 )

( 116,389,267 )

shareholders’ equity

4 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS

the Three Months Ended September 30,

the Six Months Ended September 30,

the Three Months Ended December 31,

the Nine Months Ended December 31,

Manufacturing

of manufacturing

and development

and administrative

compensation through issuance of stock options

Total revenue

Cost of manufacturing

Operating expenses:

Research and development

General and administrative

Non-cash compensation through

issuance of stock options

and amortization

operating expenses

from operations

(expense) income:

in fair value of derivative financial instruments - warrants

( 12,754,735 )

( 2,468,350 )

Income from operations

Other (expense) income:

Change in fair value of

derivative financial instruments - warrants

( 11,729,368 )

( 2,417,772 )

in fair value of stock-based liabilities

( 27,267,016 )

( 5,075,489 )

expense and amortization of debt issuance costs

Change in fair value of

stock-based liabilities

( 2,854,556 )

( 4,921,376 )

Interest expense and amortization

of debt issuance costs

Gain from settlement agreements

Interest income

( 11,750,575 )

( 3,626,915 )

before income taxes

( 27,770,848 )

( 8,590,466 )

Loss before income taxes

( 10,652,765 )

( 19,324,039 )

tax (expense) benefit

( 1,530,281 )

Income tax (expense) benefit

( 1,988,357 )

(loss) income attributable to common shareholders

Net (loss) income

$ ( 10,891,940 )

$ ( 21,312,396 )

net (loss) income per share attributable to common shareholders

weighted average Common Stock outstanding

Basic net (loss) income

Diluted net (loss) income

Basic weighted average

common stock outstanding

1,068,273,108

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1,014,265,162

weighted average Common Stock outstanding

Diluted weighted average

common stock outstanding

1,068,273,108

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Shareholders’

as of March 31, 2024

Balance as of March 31, 2024

1,068,373,108

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$ ( 116,389,267 )

compensation through the issuance of employee stock options

at June 30, 2024

Non-cash compensation through the issuance

of employee stock options

Balance at June 30,

1,068,373,108

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( 11,036,229 )

compensation through the issuance of employee stock options

at September 30, 2024

Non-cash compensation through the issuance

of employee stock options

Balance at September

1,068,373,108

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$ ( 126,809,723 )

( 10,891,940 )

Non-cash compensation through the issuance

of employee stock options

Balance at December

1,068,373,108

$ 173,385,785

$ ( 306,841 )

$ ( 137,701,663 )

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

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Shareholders’

as of March 31, 2023

Balance as of March 31, 2023

1,013,915,081

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$ ( 136,497,898 )

compensation through the issuance of employee stock options

at June 30, 2023

Non-cash compensation through the issuance

of employee stock options

Balance at June 30,

1,013,915,081

2 unchanged sentences

$ ( 135,356,089 )

Non-cash compensation through the issuance

of employee stock options

Balance at September

1,013,915,081

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$ ( 120,421,488 )

income (loss)

compensation through the issuance of employee stock options

at September 30, 2023

1,013,915,081

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$ ( 120,421,488 )

Shares issued in satisfaction of accrued director

Shares issued in satisfaction of accrued consultant

Net income (loss)

Non-cash compensation through the issuance

of employee stock options

Balance at December

1,017,781,199

2 unchanged sentences

$ ( 119,715,134 )

1,017,781,199

$ 165,417,811

$ ( 306,841 )

$ ( 119,715,134 )

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

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CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

the Nine Months Ended December 31,

CASH FLOWS FROM OPERATING

Net (loss) income

$ ( 21,312,396 )

Adjustments to reconcile net loss (income) to net cash provided by (used in) operating activities:

Adjustments to reconcile net (loss) income

to net cash provided by (used in) operating activities:

Depreciation and amortization

Provision for losses on accounts receivable

Amortization of operating leases - right-of-use assets

Amortization of finance leases - right-of-use assets

Amortization of debt discount - bonds offering costs

Provision for losses on

accounts receivable

Amortization of operating

leases - right-of-use assets

Amortization of finance

leases - right-of-use assets

Amortization of debt discount

- bonds offering costs

Loss on asset disposal

Change in fair value of derivative financial instruments - warrants

Change in fair value of stock-based liabilities

Deferred tax expense

Change in fair value of

derivative financial instruments - warrants

Non-cash compensation accrued

Gain on settlement of Common

Stock to consultant

( 1,761,792 )

Non-cash compensation through the issuance of employee stock options

Non-cash rent expense and lease accretion

Change in operating assets and liabilities:

Accounts receivable

Change in fair value of

stock-based liabilities

Deferred tax expense (benefit)

( 18,061,782 )

Non-cash compensation through

the issuance of employee stock options

Change in operating assets

and liabilities:

Accounts receivable

( 13,109,665 )

1 unchanged sentence

( 4,774,325 )

Prepaid expenses and other current assets

Prepaid expenses and other

current assets

Security deposits

Accounts payable

Accrued expenses

( 1,582,734 )

Deferred revenue

Lease obligations - operating leases

Net cash provided by (used in) operating activities

Lease obligations - operating

Interest expense on finance

lease liability

Net cash provided by (used

in) operating activities

( 5,334,614 )

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property and equipment

Purchase of intangible assets

Proceeds from disposition of property and equipment

Net cash used in investing activities

CASH FLOWS FROM INVESTING

Purchase of property and

Purchase of intangible

Proceeds from disposition

of property and equipment

Net cash used in investing

( 1,645,722 )

CASH FLOWS FROM FINANCING ACTIVITIES:

CASH FLOWS FROM FINANCING

Payment of bond principal

Proceeds from related party loans payable

Payments on principal on finance lease obligations

Proceeds from related party

loans payable

Payments on principal on

finance lease obligations

Loan payments

Net cash (used in) provided by financing activities

Net cash (used in) provided

by financing activities

Net change in cash and restricted cash

( 2,000,471 )

Cash and restricted cash, beginning of period

Cash and restricted cash, end of period

Supplemental disclosure of cash and non-cash transactions:

Supplemental disclosure of cash and non-cash

transactions:

Cash paid for interest

Cash paid for income taxes

Finance directors and officers insurance premium

Recognition of finance lease right of use asset and lease liabilities entered into

Reconciliation of cash and restricted cash

Restricted cash - debt service for NJEDA bonds

Total cash and restricted cash shown in statement of cash flows

Finance directors and officers

insurance premium

Recognition of finance

lease right of use asset and lease liabilities entered into

Recognition of operating

lease right of use asset and lease liabilities entered into

Stock issued in satisfaction

of accrued directors salaries and consultant fees

Reconciliation of cash and

restricted cash

Restricted cash - debt

service for NJEDA bonds

Total cash and restricted

cash shown in statement of cash flows

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

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financial statements should be read in conjunction with the Company’s Form 10-K as filed with the SEC on July 1, 2024.

results for the six months ended September 30, 2024 are not necessarily indicative of the results to be expected for the fiscal year

results for the nine months ended December 31, 2024 are not necessarily indicative of the results to be expected for the fiscal year

ending March 31, 2025 or for any future periods.

Reclassification

items in prior condensed consolidated financial statements have been reclassified to conform to the current presentation.

The presentation of the condensed consolidated statements of cash flows has been modified to separately present the

change in the security deposits for the nine months ended December 31, 2023.

Additionally, the

presentation of Note 4 has been modified to separately disclose accrued interest related to the Company’s related party loan.

These reclassifications had no effect on the reported results of operations.

preparation of condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and

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of the Company.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Company has determined that its reportable segments are products whose marketing approvals were secured via an Abbreviated New Drug Application

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of NDAs and has not engaged in business activities.

Accordingly, during the three and six months ended September 30, 2024 and 2023, the

Accordingly, during the three and nine months ended December 31, 2024 and 2023, the

Company has only engaged in business activities in a single operating segment.

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Please see Note 13 for further details.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Company generates revenue from manufacturing and licensing fees and direct sales to pharmaceutical distributors for pharmacies and institutions.

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conditions and internally approved pricing guidelines related to the performance obligations.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Company recognizes revenue from non-refundable upfront payments at a point in time, typically upon fulfilling the delivery of the associated

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of a reversal of revenue, which typically occurs near or upon achievement of the event.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

management judgment is required to determine the level of effort required under an arrangement and the period over which the Company

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None of the Company’s contracts contained a significant financing

component as of September 30, 2024.

component as of December 31, 2024.

accordance with ASC 606-10-55-65, royalties are recognized when the subsequent sale of the customer’s products occurs.

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in time for all performance obligations.

During the six months ended September 30, 2024 and 2023, the Company had paused further development

During the nine months ended December 31, 2024 and 2023, the Company had paused further development

of NDAs and has not engaged in business activities in that segment.

Accordingly, during the six months ended September 30, 2024 and 2023,

Accordingly, during the nine months ended December 31, 2024 and 2023,

the Company has only engaged in business activities in a single operating segment.

The table also includes a reconciliation of the disaggregated

revenue with the reportable segments:

revenue with the reportable segment:

OF DISAGGREGATION OF REVENUE

For the Three Months Ended September 30,

For the Six Months Ended September 30,

the Three Months Ended December 31,

the Nine Months Ended December 31,

Manufacturing fees

Licensing fees

Total revenue

information on reportable segments and reconciliation of operating income by segment to income from operations before income taxes are

disclosed within Note 13.

of September 30, 2024, and March 31, 2024, the Company had $ 444,124 and $ 432,832 , of restricted cash, respectively, related to debt service

reserve in regard to the New Jersey Economic Development Authority (“NJEDA”) bonds (see Note 5).

Company periodically evaluates the fair value of long-lived assets, which include property and equipment and intangibles, whenever events

or changes in circumstances indicate that its carrying amounts may not be recoverable.

PHARMACEUTICALS, INC.

1 unchanged sentence

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of December 31, 2024, and March 31, 2024, the Company had $ 449,216 and $ 432,832 , of restricted cash, respectively, related

to debt service reserve in regard to the New Jersey Economic Development Authority (“NJEDA”) bonds (see Note 5).

Company periodically evaluates the fair value of long-lived assets, which include property and equipment and intangibles, whenever events

or changes in circumstances indicate that its carrying amounts may not be recoverable.

and equipment are stated at cost.

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and slower growth rates.

were no such impairments recorded during the six months ended September 30, 2024 and 2023.

were no such impairments recorded during the nine months ended December 31, 2024 and 2023.

The Company notes that none of its patents

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on June 21, 2024.

following table summarizes the Company’s intangible assets as of September 30, 2024 and March 31, 2024:

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

following table summarizes the Company’s intangible assets as of December 31, 2024 and March 31, 2024:

OF INTANGIBLE ASSETS

September 30, 2024

Estimated Useful Life

Gross Carrying Amount

Impairment losses

Accumulated Amortization

Net Book Value

Carrying Amount

Patent application costs

ANDA acquisition costs

March 31, 2024

Estimated Useful Life

Gross Carrying Amount

Impairment losses

Accumulated Amortization

Net Book Value

Carrying Amount

Patent application costs

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of the related patent(s).

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

taxes are accounted for under the asset and liability method.

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those temporary differences are expected to be recovered or settled.

Due to temporary differences in the timing of recognition of items

included in income for accounting and tax purposes, deferred tax assets or liabilities are recorded to reflect the impact arising from

these differences on future tax payments.Where applicable, the Company records a valuation allowance to reduce any deferred tax assets

that it determines will not be realizable in the future.

to temporary differences in the timing of recognition of items included in income for accounting and tax purposes, deferred tax assets

or liabilities are recorded to reflect the impact arising from these differences on future tax payments.

Where applicable, the Company

records a valuation allowance to reduce any deferred tax assets that it determines will not be realizable in the future.

Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on income tax returns it files if such

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tax jurisdiction until the applicable statutes of limitation expire.

As of September 30, 2024, a summary of the tax years that remain

As of December 31, 2024, a summary of the tax years that remain

subject to examination in our major tax jurisdictions are:

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The Company did not record

unrecognized tax positions for the six months ended September 30, 2024.

unrecognized tax positions for the nine months ended December 31, 2024.

Income Per Share Attributable to Common Shareholders’

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In the accompanying financial

statements, basic (loss) income per share is computed by dividing net income by the weighted average number of shares of Common Stock

outstanding during the period.

The computation of diluted net (loss) income per share does not include the change in fair value of derivative

instruments or the conversion of securities that would have an antidilutive effect.

the Company was in a net loss position for the three and six months ended September 30, 2024, the potential dilution from the warrants

statements, basic (loss) income per share is computed by dividing net (loss) income by the weighted average number of shares of Common

Stock outstanding during the period.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

the Company was in a net loss position for the three and nine months ended December 31, 2024, the potential dilution from the warrants

converting into 79,008,661 shares of Common Stock and the stock options converting into 15,760,000 shares of Common Stock for these periods

has been excluded from the number of shares used in calculating diluted net income per share as their inclusion would have been antidilutive.

have been excluded from the number of shares used in calculating diluted net (loss) income per share as their inclusion would have been

antidilutive.

following is the computation of earnings per share applicable to common shareholders for the periods indicated:

OF EARNINGS (LOSS) PER SHARE APPLICABLE TO COMMON SHAREHOLDERS

For the Three Months Ended September 30,

For the Six Months Ended September 30,

the Three Months Ended December 31,

the Nine Months Ended December 31,

Net (loss) income - basic

1 unchanged sentence

$ ( 21,312,396 )

Effect of dilutive instrument on net income

Net (loss) income - diluted

of dilutive instrument on net income

Net (loss) income -

$ ( 10,891,940 )

5 unchanged sentences

1,014,265,162

Dilutive effect of stock options and convertible securities

Weighted average shares of Common Stock outstanding - diluted

Dilutive effect of stock options and convertible

Weighted average shares of common stock

outstanding - diluted

1,068,273,108

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with generally accepted accounting principles.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

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hierarchy under ASC 820 are described as follows:

1 – Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly

or indirectly.

Level 2 inputs include quoted prices for similar assets or liabilities in active markets;

quoted prices for identical

or similar assets or liabilities in markets that are not active;

inputs other than quoted prices that are observable for the asset

or liability;

and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

1 – Unadjusted quoted prices in active markets for identical assets or liabilities

that are accessible at the measurement date.

2 – Inputs other than quoted prices included within Level 1 that are observable for

the asset or liability, either directly or indirectly.

Level 2 inputs include quoted prices

for similar assets or liabilities in active markets;

quoted prices for identical or similar

assets or liabilities in markets that are not active;

inputs other than quoted prices that

are observable for the asset or liability;

and inputs that are derived principally from or

corroborated by observable market data by correlation or other means.

3 – Inputs that are unobservable for the asset or liability.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

on a Recurring Basis

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OF LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

Fair Value Measurement

Amount at Fair Value

Value Measurement

at Fair Value

Balance as of March 31, 2024

Change in fair value of derivative financial instruments - warrants

Balance as of September 30, 2024

Fair Value Measurement

Amount at Fair Value

in fair value of derivative financial instruments - warrants

Balance as of December

Value Measurement

at Fair Value

Balance as of March 31, 2023

Change in fair value of derivative financial instruments - warrants

Balance as of September 30, 2023

in fair value of derivative financial instruments - warrants

Balance as of December

Note 10 for specific inputs used in determining fair value.

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evaluating the effect of adopting this guidance on its condensed consolidated financial statements.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280):

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07 will have a material impact on its condensed consolidated financial statements.

has evaluated recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant

impact on the Company’s condensed consolidated financial statements and related disclosures.

November 2024, the FASB issued ASU No.

2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures

(Subtopic 220-40):

Disaggregation of Income Statement Expenses”, that requires public companies to disclose, in interim and reporting

periods, additional information about certain expenses in the financial statements.

For public business entities, it is effective for

annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

Early adoption is

permitted and is effective on either a prospective basis or retrospective basis.

The Company is currently evaluating the impact that

the updated standard will have on the Company’s disclosures within the condensed consolidated financial statements.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

has evaluated recently issued accounting pronouncements outside of those mentioned above and does not believe that any of these pronouncements

will have a significant impact on the Company’s condensed consolidated financial statements and related disclosures.

consisted of the following:

September 30, 2024

March 31, 2024

Finished goods

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OF PROPERTY AND EQUIPMENT

September 30, 2024

March 31, 2024

Land, building and improvements

Laboratory, manufacturing, warehouse and transportation equipment

Laboratory, manufacturing, warehouse and transportation

Office equipment and software

4 unchanged sentences

( 15,906,853 )

Property and equipment, net

expense was $ 227,356 and $ 327,240 for the three months ended September 30, 2024 and 2023, respectively, and $ 622,947 and $ 655,522 for

the six months ended September 30, 2024 and 2023, respectively.

Property and equipment,

expense was $ 313,060 and $ 336,614 for the three months ended December 31, 2024 and 2023, respectively, and $ 936,007 and $ 992,136 for

the nine months ended December 31, 2024 and 2023, respectively.

ACCRUED EXPENSES

of September 30, 2024 and March 31, 2024, the Company’s accrued expenses consisted of the following:

of December 31, 2024 and March 31, 2024, the Company’s accrued expenses consisted of the following:

OF ACCRUED EXPENSES

September 30, 2024

March 31, 2024

Co-development profit split

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Salaries and fees payable

Accrued interest - related parties

Other accrued expenses

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SCHEDULE OF BONDS PAYABLE LIABILITY

September 30, 2024

March 31, 2024

Gross bonds payable

NJEDA Bonds - Series A Notes

- Series A Notes

Current portion of bonds payable (prior to deduction of bond offering costs)

Long-term portion of bonds payable (prior to deduction of bond offering costs)

portion of bonds payable (prior to deduction of bond offering costs)

Bond offering costs

Accumulated amortization

Bond offering costs, net

Current portion of bonds payable - net of bond offering costs

Current portions of bonds payable

offering costs, net

Current portion

of bonds payable - net of bond offering costs

Current portions of bonds

Bonds offering costs to be amortized in the next 12 months

Current portion of bonds payable, net of bond offering costs

Long term portion of bonds payable - net of bond offering costs

Long term portion of bonds payable

portion of bonds payable, net of bond offering costs

Long term portion

of bonds payable - net of bond offering costs

Long term portion of bonds

Bond offering costs to be amortized subsequent to the next 12 months

Long term portion of bonds payable, net of bond offering costs

expense was $ 3,545 and $ 3,548 for the three months ended September 30, 2024 and 2023, respectively, and $ 7,089 and $ 7,096 for the six

months ended September 30, 2024 and 2023, respectively.

Interest payable was $ 5,363 and $ 6,067 as of September 30, 2024 and March 31,

term portion of bonds payable, net of bond offering costs

expense was $ 3,544 and $ 3,540 for the three months ended December 31, 2024 and 2023, respectively, and $ 10,633 and $ 10,636 for the nine

months ended December 31, 2024 and 2023, respectively.

Interest payable was $ 21,450 and $ 6,067 as of December 31, 2024 and March 31,

2024, respectively.

Interest expense was $ 18,200 and $ 19,553 for the three months ended September 30, 2024 and 2023, respectively, and

$ 39,785 and $ 39,785 for the six months ended September 30, 2024 and 2023, respectively.

Interest expense was $ 16,088 and $ 18,200 for the three months ended December 31, 2024 and 2023, respectively, and

$ 51,783 and $ 57,985 for the nine months ended December 31, 2024 and 2023, respectively.

of bonds for the next five years are as follows:

SCHEDULE OF MATURITIES OF BONDS

Years ending March 31,

ending March 31,

Remainder of 2025

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

LOANS PAYABLE

1 unchanged sentence

SCHEDULE OF LOANS PAYABLE

September 30, 2024

March 31, 2024

Mortgage loan payable 4.75 % interest and maturing June 2032

Equipment and insurance financing loans payable, between 5.99 % and 12.02 % interest and maturing between October 2024 and October 2025

Current portion of loans payable

Long-term portion of loans payable

interest expense associated with the loans payable was $ 33,135 and $ 93,832 for the three months ended September 30, 2024 and 2023, respectively,

and $ 68,017 and $ 171,070 for the six months ended September 30, 2024 and 2023, respectively.

Mortgage loan payable 4.75 % interest

and maturing June 2032

Equipment and insurance financing loans payable,

between 5.99 % and 12.02 % interest and maturing between April 2025 and October 2025

Current portion

of loans payable

Long-term portion of

loans payable

interest expense associated with the loans payable was $ 31,089 and $ 30,384 for the three months ended December 31, 2024 and 2023, respectively,

and $ 99,104 and $ 101,478 for the nine months ended December 31, 2024 and 2023, respectively.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

principal payments for the next five years are as follows:

SCHEDULE OF LOAN PRINCIPAL PAYMENTS

Future principal balances

Years ending March 31,

principal balances

ending March 31,

Remainder of 2025

Total remaining principal balance

RELATED PARTY LOANS

Total remaining principal

RELATED PARTY LOANS PAYABLE

Company has entered into a collateralized promissory note with individual lenders with rates comparable to the EWB Term Loan but with

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was exercised pursuant to the terms of the Hakim Promissory Note.

the three and six months ended September 30, 2024, interest expense on the Hakim Promissory Note totaled $ 75,000 and $ 142,500 respectively,

recorded Condensed Consolidated Balance Sheets in accrued expenses and on the Condensed Consolidated Statements of Operations in interest

expense and amortization of debt issuance costs.

the three and six months ended September 30, 2023, interest expense totaled $ 67,500 , recorded on the Condensed Consolidated Balance Sheets

in accrued expenses and on the Condensed Consolidated Statements of Operations in interest expense and amortization of debt issuance

the three and nine months ended December 31, 2024, interest expense on the Hakim Promissory Note totaled $ 75,000 and $ 217,500 respectively,

and is recorded on the Condensed Consolidated Balance Sheets in accrued expenses and on the Condensed Consolidated Statements of Operations

in interest expense and amortization of debt issuance costs.

the three and nine months ended December 31, 2023, interest expense totaled $ 67,500 , and $ 202,500 , respectively, and is recorded on the

Condensed Consolidated Balance Sheets in accrued expenses and on the Condensed Consolidated Statements of Operations in interest expense

and amortization of debt issuance costs.

June 30, 2023, the Company entered into a collateralized promissory note with Davis Caskey (the “Caskey Promissory Note”).

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The second year extension was exercised pursuant to the terms of the Caskey Promissory Note.

the three and six months ended September 30, 2024, interest expense on the Caskey Promissory Note totaled $ 25,000 and $ 47,500 respectively,

recorded on the Condensed Consolidated Balance Sheets in accrued expenses and on the Condensed Consolidated Statements of Operations

the three and nine months ended December 31, 2024, interest expense on the Caskey Promissory Note totaled $ 25,000 and $ 72,500 respectively,

and is recorded on the Condensed Consolidated Balance Sheets in accrued expenses and on the Condensed Consolidated Statements of Operations

in interest expense and amortization of debt issuance costs.

the three and six months ended September 30, 2023, interest expense totaled $ 22,500 , recorded on the Condensed Consolidated Balance Sheets

in accrued expenses and on the Condensed Consolidated Statements of Operations in interest expense and amortization of debt issuance

interest is included on the Condensed Consolidated Statements of Operations in the line item titled “interest expense and amortization

of debt issuance costs”.

As of September 30, 2024, the portion of this interest expense which was accrued and owing to Mr.

totaled $ 255,000 , with such amount being included on the Condensed Consolidated Balance Sheet in the line item titled “accrued

the three and six months ended September 30, 2023, interest expense on the Caskey Promissory Note totaled $ 22,500 recorded on the Condensed

Consolidated Balance Sheets in accrued expenses and on the Condensed Consolidated Statements of Operations in interest expense and amortization

of debt issuance costs.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

the three and nine months ended December 31, 2023, interest expense totaled $ 22,500 , and $ 67,500 , respectively, and is recorded on the

Condensed Consolidated Balance Sheets in accrued expenses and on the Condensed Consolidated Statements of Operations in interest expense

and amortization of debt issuance costs.

COMMITMENTS AND CONTINGENCIES

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of complex judgments about future events and can rely heavily on estimates and assumptions.

August 17, 2023, Elite filed a paragraph IV certification with its ANDA to generic Oxycontin and after Elite got acceptance of the ANDA

by the FDA on September 19, 2023, Elite sent the patentee and NDA holder a Notice Letter as required under the Hatch-Waxman Act.

14, 2023, a patent infringement suit was filed in the District Court of New Jersey by Purdue Pharma.

Elite obtained agreement with Purdue

to stay the litigation for six months.

Elite’s launch of a generic Oxycontin will depend on the approval by the FDA and the outcome

of various litigation involving Purdue or the expiry of the patents listed on the Orange Book.

As of September 30, 2024, the results

of such proceedings cannot be predicted with certainty and are neither probable nor estimable.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

August 17, 2023, Elite filed a paragraph IV certification with its ANDA to generic Oxycontin and after Elite got acceptance of the

ANDA by the FDA on September 19, 2023, Elite sent the patentee and NDA holder a Notice Letter as required under the Hatch-Waxman

On November 14, 2023, a patent infringement suit was filed in the District Court of New Jersey by Purdue Pharma.

obtained several agreements with Purdue to stay the litigation, with the latest being a stipulation and proposed order submitted by the participants on January 30, 2025 staying

the proceedings for 30 days.

Elite’s launch of a generic Oxycontin will depend on

the approval by the FDA and the outcome of various litigation involving Purdue or the expiry of the patents listed on the Orange

As of December 31, 2024, the results of such proceedings cannot be predicted with certainty and are neither probable nor

October 2020, the Company entered into an operating lease for office space in Pompano Beach, Florida (the “Pompano Office Lease”).

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year to October 31, 2024.

Accordingly, the Pompano Office Lease expired at the end of the renewal term on October 31, 2024.

Company entered into an operating lease for new office space in North Bay Village, Pompano FL (the “NBV Pompano Office Lease”).

The Company takes occupancy on October 1, 2024.

The Company took occupancy on October 1, 2024.

The NBV Pompano Office Lease has a term of three years, ending on September 30, 2027.

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retain ownership of the equipment at lease termination .

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 2024, the Company entered into three separate finance leases for manufacturing assets (the “March 2024 Equipment Leases”).

The March 2024 Equipment Leases are related to manufacturing equipment and vault installed at the Company’s facility located at

144 Ludlow Avenue, Northvale NJ with an aggregate acquisition cost of $ 1.1 million.

144 Ludlow Avenue, Northvale NJ with an aggregate acquisition cost of $ 1,100,000 .

Each of the separate leases included in the March 2024

Equipment Leases have a term of five years , ending in March 2029.

The Company will retain ownership of all related assets at lease

The Company will retain ownership of all related assets at lease termination.

July 2024, the Company entered into two separate finance leases for manufacturing assets (the “July 2024 Equipment Leases”).

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The Company has elected to account for lease and non-lease components separately.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

assets and liabilities are classified as follows on the condensed consolidated balance sheet:

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Classification

September 30, 2024

March 31, 2024

Finance lease – right-of-use asset

Operating lease – right-of-use asset

Total leased assets

Finance lease – right-of-use

Operating lease –

right-of-use asset

leased assets

Lease obligation – finance lease

Lease obligation – operating lease

Lease obligation – finance lease, net of current portion

Lease obligation – operating lease, net of current portion

Total lease liabilities

expense is recorded on the straight-line basis.

Rent expense under the Pompano Office Lease was $ 8,087 and $ 6,519 for the three months

ended September 30, 2024 and 2023, respectively, and $ 16,175 and $ 13,038 for the six months ended September 30, 2024 and 2023, respectively.

Rent expense under the 144 Ludlow lease was $ 151,515 and $ 0 for the three months ended September 30, 2024 and 2023, respectively, and

$ 303,030 and $ 0 for the six months ended September 30, 2024 and 2023, respectively.

Rent expense is recorded in general and administrative

expense in the unaudited condensed consolidated statements of operations.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Lease obligation – finance lease, net

of current portion

Lease obligation –

operating lease, net of current portion

lease liabilities

expense is recorded on the straight-line basis and is recorded in general and administrative expense in the unaudited condensed consolidated

statements of operations.

Rent expense is as follows:

OF RENT EXPENSE STRAIGHT-LINE BASIS

the Three Months Ended December 31,

the Nine Months Ended December 31,

table below shows the future minimum rental payments, exclusive of taxes, insurance and other costs, under the Pompano Office Lease and

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SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS

Years ending March 31,

Operating Lease Amount

Financing Lease Amount

ending March 31,

Remainder of 2025

Present value of lease payments

Present value of lease

weighted-average remaining lease term and the weighted-average discount rate of our leases were as follows:

SCHEDULE OF WEIGHTED -AVERAGE REMAINING TERM AND THE WEIGHTED-AVERAGE DISCOUNT RATE

For the Six Months Ended September 30,

Lease Term and Discount Rate

the Nine Months Ended December 31,

and Discount Rate

Remaining lease term (years)

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Finance leases

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

PREFERRED STOCK

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Company has 79,008,661 total warrants to purchase shares of Common Stock outstanding with a weighted average exercise price of $ 0.1521

as of September 30, 2024 and March 31, 2024.

as of December 31, 2024 and March 31, 2024.

April 28, 2017, the Company entered into an Exchange Agreement with Hakim, the Chairman of the Board, President, and Chief Executive

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customary events.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

fair value of the Series J Warrants was calculated using a Black-Scholes model.

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SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED

September 30, 2024

March 31, 2024

Fair value of the Company’s Common Stock

Fair value of the Company’s

Initial exercise price

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Balance at March 31, 2023

Change in fair value of derivative financial instruments - warrants

Change in fair value of

derivative financial instruments - warrants

Balance at March 31, 2024

Change in fair value of derivative financial instruments - warrants

Balance at September 30, 2024

Change in fair value of

derivative financial instruments - warrants

Balance at December 31, 2024

STOCK-BASED COMPENSATION

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Director Compensation

Company’s Director compensation policy, instituted in October 2009 and further revised in January 2016, includes provisions that

a portion of director’s fees are to be paid via the issuance of shares of the Company’s Common Stock, in lieu of cash, with

the valuation of such shares being calculated on quarterly basis and equal to the average closing price of the Company’s Common

the six months ended September 30, 2023, the Company accrued director’s fees totaling $ 227,915 , which will be paid via cash payments

totaling $ 75,000 and the issuance of shares of Common Stock, with the valuation of such shares being calculated on a quarterly basis

and equal to the average closing price of the Company’s Common Stock.

Company’s Director compensation policy, instituted in October 2009, further revised in January 2016, and ceased issuance in November

2023, includes provisions that a portion of director’s fees are to be paid via the issuance of shares of the Company’s Common

Stock, in lieu of cash, with the valuation of such shares being calculated on quarterly basis and equal to the average closing price

of the Company’s Common Stock.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of December 31, 2024, there was no common stock owed to Directors as the amount outstanding was paid during fiscal year 2024.

of December 31, 2023, the Company accrued director’s fees totaling $ 22,500 , which will be paid via cash payments totaling $ 22,500

and the issuance of shares of Common Stock, with the valuation of such shares being calculated on a quarterly basis and equal to the

average closing price of the Company’s Common Stock.

SCHEDULE OF STOCK BASED COMPENSATION

Balance of common stock owed at April 1, 2023

Balance of common stock owed at

April 1, 2023

Awarded shares

Change in fair value of stock-based liabilities

Balance of common stock owed at September 30, 2023

the three and six months ended September 30, 2024, there was no common stock owed to Directors as the amount outstanding was paid during

fiscal year 2024.

Issuance of common stock on November 22,

Balance of common stock

owed at December 31, 2023

Employee/Consultant Compensation

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and equal to the average closing price of the Company’s Common Stock.

of December 31, 2024, the Company accrued no additional salaries owed to the Company’s President, Chief Executive Officer and certain

other employees.

OF STOCK BASED COMPENSATION

Balance of common stock owed at April 1, 2023

Balance of common stock owed at

April 1, 2023

Awarded shares

Change in fair value of stock-based liabilities

Balance of common stock owed at September 30, 2023

the three and six months ended September 30, 2024, the Company accrued no additional salaries owed to the Company’s President,

Chief Executive Officer and certain other employees.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Common stock issued

Settlement of non-cash

( 1,761,792 )

Balance of common stock

owed at December 31, 2023

November 6, 2023, the Company entered into a Settlement Agreement with a former executive who was terminated on February 7, 2022.

employment agreement with the former executive included annual compensation of $ 250,000 which was to be paid via the issuance of shares

of Common Stock.

At the date of the former executive’s termination an aggregate of 14,892,580 shares of Common Stock (the “Deferred

Shares”) were due to the former executive, with such number of shares representing an aggregate of $ 1,000,000 in compensation earned

pursuant to the relevant employment agreement at an annual rate of $ 250,000 .

Pursuant to the Settlement Agreement, the former executive

irrevocably elected to relinquish all rights and claims to the Deferred Shares.

The Company is released of any obligation to issue the

Deferred Shares and further acknowledges that no Deferred Shares will be issued to or received by the former employee.

The price of the

Company’s Common Stock on November 6, 2023 was $ 0.1183 per share and the value of the Deferred Shares on this date was $ 1,761,792 .

The Company recorded other income from gain on settlement agreement for this amount on the unaudited Condensed Consolidated Statements

of Operations.

December 29, 2023, the Company issued 2,223,147 shares of Common Stock in satisfaction of accrued consultant fees.

its 2014 Equity Incentive Plan and its 2024 Equity Incentive Plan, the Company did grant and may grant stock options to officers, selected

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Incentive Plan to increase the shares reserved under the option plan by 12,730,000 .

All options have generally been granted at a price

equal to or greater than the fair market value of the Company’s Common Stock at the date of the grant.

Generally, options are granted

with a vesting period of up to three years and expire ten years from the date of grant.

Under the 2024 Equity Incentive Plan, 80,000,000

options are available for grant.

All options have generally been granted at a price equal to or greater than the fair market value of

the Company’s Common Stock at the date of the grant.

Generally, options are granted with a vesting period of up to three years

and expire ten years from the date of grant.

fair value of option awards is estimated on the date of grant using the Black-Scholes option-pricing model.

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grant date fair value of option awards is determined using the Black Scholes option-pricing model.

No options were issued the six months

ended September 30, 2024 and 2023.

summary of the activity of Company’s 2024 Equity Incentive plan and prior equity incentive plans for the six months ended September

No options were issued the nine months

ended December 31, 2024 and 2023.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

summary of the activity of Company’s 2024 Equity Incentive plan and prior equity incentive plans for the nine months ended December

31, 2024 is as follows:

OF STOCK OPTION PLAN

Underlying Options

Exercise Price

Weighted Average

Remaining Contractual Term (in years)

Intrinsic Value

Outstanding at March 31, 2024

Expired and Forfeited

Outstanding at September 30, 2024

Exercisable at September 30, 2024

Outstanding at December 31, 2024

Exercisable at December 31, 2024

aggregate intrinsic value for outstanding options is calculated as the difference between the exercise price of the underlying awards

and the quoted price of the Company’s Common Stock as of September 30, 2024 of $ 0.39 for those awards with strike prices lower

than the quoted price of the Company’s Common Stock as of September 30, 2024.

As of September 30, 2024, there was $ 333,263 in unrecognized

stock based compensation expense that will be recognized over a weighted average 1.73 year period.

and the quoted price of the Company’s Common Stock as of December 31, 2024 of $ 0.54 for those awards with strike prices lower

than the quoted price of the Company’s Common Stock as of December 31, 2024.

As of December 31, 2024, there was $ 280,495

in unrecognized stock based compensation expense that will be recognized over a weighted average 1.48 year period.

CONCENTRATIONS AND CREDIT RISK

customers accounted for approximately 72 % of the Company’s revenues for the six months ended September 30, 2024.

These three customers

customers accounted for approximately 64 % of the Company’s revenues for the nine months ended December 31, 2024.

These two customers

accounted for approximately 41 % and 23 %, of revenues each, respectively.

customers accounted for approximately 67 % of the Company’s revenues for the six months ended September 30, 2023.

These three customers

customers accounted for approximately 57 % of the Company’s revenues for the nine months ended December 31, 2023.

These two customers

accounted for approximately 30 % and 27 %, of revenues each, respectively.

customers accounted for approximately 70 % of the Company’s accounts receivable as of September 30, 2024.

These two customers accounted

for approximately 46 % and 24 % of accounts receivable each, respectively.

customers accounted for approximately 78 % of the Company’s accounts receivable as of September 30, 2023.

These two customers accounted

for approximately 41 % and 37 % of accounts receivable each, respectively.

suppliers accounted for approximately 60 % of the Company’s purchases of raw materials for the six months ended September 30, 2024.

These two suppliers accounted for approximately 43 %, and 17 %, of purchasing each, respectively.

supplier accounted for approximately 37 % of the Company’s purchases of raw materials for the six months ended September 30, 2023.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

customers accounted for approximately 76 % of the Company’s accounts receivable as of December 31, 2024.

These two customers

accounted for approximately 47 % and 29 % of accounts receivable each, respectively.

customers accounted for approximately 77 % of the Company’s accounts receivable as of December 31, 2023.

These two customers

accounted for approximately 45 % and 32 % of accounts receivable each, respectively.

suppliers accounted for approximately 71 % of the Company’s purchases of raw materials for the nine months ended December 31, 2024.

These three suppliers accounted for approximately 39 %, 16 %, and 16 %, of purchasing each, respectively.

supplier accounted for approximately 43 % of the Company’s purchases of raw materials for the nine months ended December 31, 2023.

These two customers accounted for approximately 30 % and 13 %, of purchasing each, respectively.

SEGMENT RESULTS

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activities in that segment.

Accordingly, during the six months ended September 30, 2024 and 2023, the Company has only engaged in business

Accordingly, during the nine months ended December 31, 2024 and 2023, the Company has only engaged in business

activities in a single operating segment.

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financial statements.

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

following represents selected information for the Company’s reportable segments:

SCHEDULE OF SELECTED INFORMATION FOR REPORTABLE SEGMENTS

For the Three Months Ended September 30,

For the Six Months Ended September 30,

Operating Income by Segment

Operating income by Segment

Company notes that there was no revenue related to the NDA segment for the three and six months ended September 30, 2024 and 2023.

the Three Months Ended December 31,

the Nine Months Ended December 31,

Income by Segment

Operating income by

Company notes that there was no revenue related to the NDA segment for the three and nine months ended December 31, 2024 and 2023.

table below reconciles the Company’s operating income by segment to income before income taxes as reported in the Company’s

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SCHEDULE OF OPERATING INCOME BY SEGMENT TO INCOME FROM OPERATIONS

For the Three Months Ended September 30,

For the Six Months Ended September 30,

the Three Months Ended December 31,

the Nine Months Ended December 31,

Operating income by segment

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Interest income

Interest expense and amortization of debt issuance costs

Depreciation and amortization expense

Interest expense and amortization

of debt issuance costs

Depreciation and amortization

( 1,278,564 )

Significant non-cash items

Change in fair value of derivative instruments

Change in fair value of

derivative instruments

( 11,729,368 )

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( 5,075,489 )

Change in fair value of stock-based liabilities

Change in fair value of

stock-based liabilities

( 2,854,556 )

( 4,921,376 )

Gain from settlement agreements

Loss before income taxes

2 unchanged sentences

$ ( 1,530,281 )

$ ( 1,436,022 )

PHARMACEUTICALS, INC.

AND SUBSIDIARY

TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

RELATED PARTY AGREEMENTS

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Initially two generic products were identified for the parties to develop.

of September 30, 2024, the Company owes an aggregate of $ 4,008,074 to Mikah in accordance with the agreements, with such amount being

of December 31, 2024, the Company owes an aggregate of $ 1,858,629 to Mikah in accordance with the agreements, with such amount being

recorded as an accrued expense on the unaudited condensed consolidated balance sheets.

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tax rate for the year, adjusted for the impact of any discrete items which are accounted for in the period in which they occur.

Company’s income tax (Expense)/Benefit was $ ( 1,749,182 ) and $ 17,512,432 for the six months ended September 30, 2024 and 2023, respectively.

The Company’s income tax (Expense)/Benefit was $ ( 1,517,203 ) and $ 17,667,384 for the three months ended September 30, 2024 and 2023,

The Company’s

income tax (expense)/benefit was $ ( 239,175 ) and $ 800,613 for the three months ended December 31, 2024 and 2023, respectively.

The Company’s

income tax (expense)/benefit was $ ( 1,988,357 )

and $ 18,313,045

for the nine months ended December 31, 2024 and

2023, respectively.

SUBSEQUENT EVENTS

launch of Acetaminophen and Codeine Phosphate Tablets

October 7, 2024, the Company announced the commercial launch of its generic version of Tylenol ® with Codeine (acetaminophen

and codeine phosphate) 300mg/15mg, 300mg/30mg and 300mg/60mg tablets.

Acetaminophen and Codeine Phosphate tablets are indicated for the

management of mild to moderated pain, where treatment with an opioid is appropriate and for which alternative treatments are inadequate.

This product is marketed and sold under the Elite Laboratories, Inc.

Adderall ® receives marketing approval from the Israeli Ministry of Health

October 10, 2024, the Company announced the Israeli Ministry of Health approval for its generic version of Adderall ® ,

an immediate-release mixed salt of a single entity Amphetamine product (Dextroamphetamine Saccharate, Amphetamine Aspartate, Dextroamphetamine

Sulfate, Amphetamine Sulfate) with strengths of 10mg, 20mg and 30mg tablets.

The Company will supply the product to Dexcel Pharma (Or

Akiva, Israel), the Company’s exclusive distributor for the the Israeli market.

The product is a central nervous system stimulant

indicated for the treatment of Attention Deficit Hyper Activity Disorder (“ADHD”) and Narcolepsy.

As of the date of filing

of this quarterly report on Form 10-Q, this product has not been commercially launched in Israel.

February 9, 2025, the FDA notified the Company of its approval of the Company’s newly constructed facility at 144 Ludlow Avenue,

Northvale NJ as a commercial packaging site.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements