What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2020-09-21 compared with 2019-09-16 · 185 added, 226 removed, 688 unchanged (37% of the section changed)

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Stockholders of Espey Mfg.

& Electronics

& Electronics Corp.

the Financial Statements

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We have served as the Company's auditor since 2014.

Rochester, New York

Buffalo, New York

September 21, 2020

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Trade accounts receivable, net of allowance of $3,000

Income tax receivable

Raw materials

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in treasury as of June 30, 2020 and 2019, respectively

stockholders' equity

Total stockholders' equity

Total liabilities and stockholders' equity

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Other comprehensive income, net of tax:

Unrealized gain (loss) on investment securities

Unrealized (loss) gain on investment securities

Total comprehensive income

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Comprehensive income:

Other comprehensive loss,

Other comprehensive income,

net of tax of $ 1,342

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Stockholders’

Income (Loss)

Balance as of June 30, 2019

1 unchanged sentence

Comprehensive income:

Other comprehensive income,

Other comprehensive loss,

net of tax of $(481)

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Adjustments to reconcile net income to net cash

(used in) provided by operating activities:

provided by (used in) operating activities:

Bad debt expense

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Loss on disposal of assets

Deferred income tax expense

Deferred income tax (benefit) expense

Changes in assets and liabilities:

Increase in trade receivables, net

Decrease (increase) in income tax receivable

Increase in inventories, net

Decrease (increase) in prepaid expenses and other current assets

Increase (decrease) in accounts payable

(Decrease) increase in accrued salaries and wages

Increase in vacation accrual

Increase (decrease) in other accrued expenses

Decrease (increase) in trade receivables

Decrease in income tax receivable

Increase in inventories

Decrease in prepaid expenses and other current assets

Increase in accounts payable

Increase (decrease) in accrued salaries and wages

(Decrease) increase in vacation accrual

Increase in other accrued expenses

Increase in payroll and other taxes withheld

Decrease in contract liabilities

Increase (decrease) in contract liabilities

Increase in income taxes payable

Net cash (used in) provided by operating activities

Net cash provided by (used in) operating activities

$ (3,604,406 )

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Purchase of investment securities

(11,199,339 )

Proceeds from sale/maturity of investment securities

Net cash provided by (used in) investing activities

Net cash provided by investing activities

Cash Flows from Financing Activities:

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Net cash used in financing activities

Decrease in cash and cash equivalents

Increase (decrease) in cash and cash equivalents

Cash and cash equivalents, beginning of the year

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& Electronics Corp.

to Financial Statements

Notes to Financial Statements

Nature of Operations

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on contracts is included in other accrued expenses on the Company’s balance sheet.

The costs attributed to units delivered

under contracts are based on the estimated average cost of all units expected to be produced.

Certain contracts are expected

to extend beyond twelve months.

Contracts are subject to modification,

change or cancellation, and the Company accounts for these changes as they are probable and estimable.

The Company evaluates

the impact of any scope modifications and will adjust reserves as information is known and estimable.

Subsequent to

year end, the Company received a request from a customer to temporarily stop work on a contract for a minimum of 120 days.

The Company has determined that there is no immediate impact for the request, however the Company will continue to evaluate any

impact on the financial statements.

The costs attributed to units delivered under contracts are based on the estimated average

cost of all units expected to be produced.

Certain contracts are expected to extend beyond twelve months.

The estimation of total cost at completion

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Given the significance of the estimation processes and judgments described above, it is possible that materially

different amounts of expected sales and contract costs could be recorded if different assumptions were used, based on changes in

circumstances, in the estimation process.

When a change in expected sales value or estimated cost is determined, changes

are reflected in current period earnings.

different amounts of expected sales and contract costs could be recorded if different assumptions were used,

based on changes in circumstances, in the estimation process.

When a change in expected sales value or estimated cost is

determined, changes are reflected in current period earnings.

& Electronics Corp.

Notes to Financial Statements

Summary of Significant Accounting Policies, Continued

Contract Liabilities

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and billings in excess of revenue recognized.

& Electronics Corp.

to Financial Statements

Summary of Significant Accounting Policies,

Depreciation of plant and equipment is

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Investment Securities

The Company accounts for its investment

securities in accordance with ASC 320-10-25, “Accounting for Certain Investments in Debt and Equity Securities.”

Investment securities at June 30, 2019 and 2018 consist of certificates of deposit and municipal bonds.

The Company classifies

investment securities as available-for-sale.

Unrealized holding gains and losses, net of related tax effect, on available-for-sale

securities are excluded from earnings and are reported as a separate component of stockholders’

The Company accounts for its

investment securities in accordance with ASC 320-10-25, “Accounting for Certain Investments in Debt and Equity

Securities.”

Investment securities at June 30, 2020 and 2019 consist of certificates of deposit and municipal

The Company classifies investment securities as available-for-sale.

Unrealized holding gains and losses,

net of related tax effect, on available-for-sale securities are excluded from earnings and are reported as a separate

component of stockholders’

equity until realized.

Realized gains and losses for securities classified as available-for-sale are included in earnings and are determined using the

specific identification method.

Interest income is recognized when earned.

Fair values are based on quoted market prices

available as of the balance sheet date, and are therefore considered a Level 1 valuation.

Realized gains and losses for securities classified as

available-for-sale are included in earnings and are determined using the specific identification method.

income is recognized when earned.

Fair values are based on quoted market prices available as of the balance sheet date,

and are therefore considered a Level 1 valuation.

Fair Value of Financial Instruments

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or other inputs that are observable or can be corroborated by observable market data.

& Electronics Corp.

Notes to Financial Statements

Summary of Significant Accounting Policies, Continued

Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants

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The carrying amounts of financial instruments,

including cash and cash equivalents, short term investments, accounts receivable, accounts payable and accrued expenses, approximated

fair value as of June 30, 2019 and 2018 because of the immediate or short-term maturity of these financial instruments.

& Electronics Corp.

to Financial Statements

Summary of Significant Accounting Policies,

including cash and cash equivalents, short term investments, accounts receivable, accounts payable, accrued expenses and contract

liabilities, approximated fair value as of June 30, 2020 and 2019 because of the immediate or short-term maturity of these financial

Accounts Receivable and Allowance for

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is effective for fiscal years beginning after December 15, 2018, including interim periods therein, and early adoption is permitted.

The Company is evaluating the impact that ASU No.

2018-02 will have on the Company's financial statements.

The adoption did not have a material effect on the Company’s financial statements.

& Electronics Corp.

to Financial Statements

Summary of Significant Accounting Policies,

Notes to Financial Statements

Summary of Significant Accounting Policies, Continued

Recent Accounting Pronouncements Not Yet Adopted

In December 2019, the FASB issued guidance

(ASU 2019-12) intended to simplify the accounting for income taxes.

The amendments in this guidance are effective for fiscal years,

and interim periods within those fiscal years, beginning after December 15, 2020 (the Company’s fiscal 2021), with early

adoption permitted.

The Company is currently evaluating the potential impact of this guidance on the Company’s disclosures.

In August 2018, the FASB issued ASU No.

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entitled to in exchange for those products or services.

We adopted ASC 606 using the modified retrospective method, which means,

using the allowed practical expedient, we applied the new standard to open contracts at June 30, 2018.

We reviewed remaining

obligations as of the effective date and determined no adjustment was required to the opening balance of retained earnings.

Under the modified retrospective method, prior period revenue is not restated for comparative periods.

We adopted ASC 606 using the

modified retrospective method, which means, using the allowed practical expedient, we applied the new standard to open

contracts at June 30, 2018.

We reviewed remaining obligations as of the effective date and determined no adjustment was

required to the opening balance of retained earnings.

Under the modified retrospective method, prior period revenue is

not restated for comparative periods.

As a result of the adoption, we reclassified customer advance payments from

inventory to contract liabilities.

Contract liabilities were $2,175,235 and $6,054 as of June 30, 2020 and June 30,

2019, respectively.

The increase in contract liabilities is primarily due to cash collected from progress payments

related to specific contracts.

The company used the practical expedient to expense incremental costs incurred to obtain a

contract when the contract term is less than one year.

& Electronics Corp.

to Financial Statements

Notes to Financial Statements

Revenue, Continued

As a result of the adoption, we

reclassified customer advance payments from inventory to contract liabilities.

Contract liabilities were $6,054 and

$102,924 as of June 30, 2019 and June 30, 2018, respectively.

The decrease in contract liabilities is due to the

recognition of revenue related to certain amounts previously collected and included in contract liabilities.

The company used

the practical expedient to expense incremental costs incurred to obtain a contract when the contract term is less than one

Significant judgment is required in determining

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Our payment terms are generally 30-60 days.

The company’s backlog at June 30, 2019 totaling $45.6 million is expected, based on contractual due dates, to be recognized

in the following years:

11% in 2022, and 1% in 2023.

The Company’s backlog at June 30, 2020

totaling $54.9 million is expected, based on contractual due dates, to be recognized in the following fiscal years:

7 % in 2023, and 3% thereafter.

Investment Securities

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& Electronics Corp.

to Financial Statements

Notes to Financial Statements

Investment Securities, Continued

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related sale and cost of sales will not be reflected in the statements of comprehensive income until the units under contract are

Gross profit for the year

ended June 30, 2019 was negatively impacted by the change in estimate on two separate contracts for the design and production

of power transformers.

The increase in direct costs, material and labor, approximated $1.1 million.

The net increase in

direct costs is attributable to in process design changes required to meet contract specifications, changes to the bill of

materials and operations, and scrap and other costs incurred typically associated with first time builds.

Property, Plant and Equipment

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& Electronics Corp.

to Financial Statements

Notes to Financial Statements

Pension Expense, Continued

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Provision for Income Taxes

The Tax Cuts and Jobs Act (“Tax Act”)

was enacted on December 22, 2017.

The legislation significantly changes U.S.

tax law by, among other things, lowering the U.S.

federal corporate tax rate, bonus depreciation that allows for full expensing of qualified property, and limiting the deductibility

of interest expense and executive compensation.

The Tax Act permanently reduces the U.S.

corporate income tax rate to a flat 21%

rate, effective January 1, 2018.

Pursuant to Section 15 of the Internal Revenue Code, the Company applied a blended corporate tax

rate of 28.1 percent for fiscal year 2018, which was based on the applicable tax rates before and after the Tax Reform Act and

the number of days in the year.

In fiscal year 2018, the Company re-measured

deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which

is generally 21%, and provisionally recorded an increase to the provision for income taxes of $35,200 related to the re-measurement.

However, as of June 30, 2018 the impact from the Tax Act related to the re-measurement of the company’s deferred tax assets

and liabilities was a $4,553 increase to the provision for income taxes.

The year-end amount differed from the provisional amount

booked in the second quarter due to variances in timing adjustments from those forecasted, mainly the accelerated expensing of

property, plant and equipment placed in service in the third and fourth quarter.

A summary of the components of the provision

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Current tax expense - federal

Current tax expense (benefit) - state

Deferred tax expense

Current tax (benefit) expense - state

Deferred tax (benefit) expense

Provision for income taxes

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Dividend on allocated ESOP shares

Qualified production activities

Stock-based compensation

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For the years ended June 30, 2020 and 2019

deferred income tax expense of $258,040 and $115,075, respectively, results from the changes in temporary differences for each

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of June 30,

2019 and 2018 are presented as follows:

& Electronics Corp.

to Financial Statements

Provision for Income Taxes, Continued

deferred income tax benefit and expense of $44,122 and $258,040, respectively, results from the changes in temporary differences

for each year.

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of

June 30, 2020 and 2019 are presented as follows:

Deferred tax assets:

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Inventory - effect of uniform capitalization

Unrealized loss on investment securities

Total deferred tax assets

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Net deferred tax liability

In assessing the realizability of deferred

& Electronics Corp.

Notes to Financial Statements

Provision for Income Taxes, Continued

In assessing the realization of deferred

tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be

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and penalties.

The Company is subject

to taxation in the United States and various state jurisdictions.

By Federal statue tax returns are subject to audit for three

years from date of filing unless the return was audited within that period, in general the majority of state statues follow similar

As such the company’s tax returns for tax years ending June 30, 2019, 2018, 2017 and 2016 remain open to examination

by the respective taxing authorities

The Company is subject to taxation in

the United States and various state jurisdictions.

By Federal statute tax returns are subject to audit for three years from date

of filing unless the return was audited within that period.

In general the majority of state statues follow similar guidelines.

As such, the Company’s tax returns for tax years ending June 30, 2020, 2019, 2018, and 2017 remain open to examination by

the respective taxing authorities.

Significant Customers

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and foreign governments and certain industrial

Sales to three domestic customers accounted for approximately 54% of total sales in fiscal year 2019.

Sales to two domestic

customers accounted for approximately 60% of total sales in fiscal year 2018.

The related accounts receivable balance, as a percentage

of the Company's total trade accounts receivable balance, was 51% represented by two customers at June 30, 2019 and 61% represented

by one customer at June 30, 2018.

Sales to two domestic customers, accounted for approximately 38% of total sales in 2020.

Sales to three domestic customers

accounted for 54% of total sales in 2019.

The related accounts receivable balance, as a percentage of the Company's total trade

accounts receivable balance, was 54% represented by two customers at June 30, 2020 and 51% represented by two customers at June

Export sales in fiscal years 2020 and

2019 were approximately $2,077,000 and $2,638,000, respectively.

Stock Rights Plan

The Company has a Shareholder Rights Plan that

expires on December 31, 2019.

Under this plan, common stock purchase rights were distributed as a dividend at the rate of one right

for each share of common stock outstanding as of or issued subsequent to April 14, 1989.

Each right entitles the holder thereof

to buy one-half share of common stock of the Company at an exercise price

of $25 per share subject to adjustment.

The rights are exercisable only if a person or group acquires beneficial ownership of 15%

or more of the Company's common stock or commences a tender or exchange offer which, if consummated, would result in the offeror

individually or, together with all affiliates and associates thereof, being the beneficial owner of 15% or more of the Company's

common stock.

& Electronics Corp.

to Financial Statements

Stock Rights Plan, Continued

If a 15% or larger shareholder should

engage in certain self-dealing transactions or a merger with the Company in which the Company is the surviving corporation and

its shares of common stock are not changed or converted into equity securities of any other person, or if any person were to become

the beneficial owner of 15% or more of the Company's common stock, then each right not owned by such shareholder or related parties

of such shareholder (all of which will be void) will entitle its holder to purchase, at the right's then current exercise price,

shares of the Company's common stock having a value of twice the right's exercise price.

In addition, if the Company is involved

in any other merger or consolidation with, or sells 50% or more of its assets or earning power to another person, each right will

entitle its holder to purchase, at the right's then current exercise price, shares of common stock of such other person having

a value of twice the right's exercise price.

The Company generally is entitled to

redeem the rights at one cent per right at any time until the 15th day (or 25th day if extended by the Company's Board of Directors)

following public announcement that a 15% position has been acquired or the commencement of a tender or exchange offer which, if

consummated, would result in the offeror, together with all affiliates and associates thereof, being the beneficial owner of 15%

or more of the Company's common stock.

Employee Stock Ownership Plan

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the Company repurchased 1,810 shares previously held by the ESOP for $44,888.

& Electronics Corp.

Notes to Financial Statements

Employee Stock Ownership Plan, Continued

The ESOP allows for eligible participants

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from the ESOP during the twelve months ended June 30, 2020 and 2019 totaled 2,180 shares and 17,279 shares, respectively.

It is the Company’s intention

to continue the program with an additional purchase of shares by the ESOP from the Company in fiscal 2021.

Stock-based Compensation

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share-based payment.

& Electronics Corp.

to Financial Statements

Stock-based Compensation, Continued

ASC 718 establishes fair value as the

measurement objective in accounting for share-based payment transactions with employees, except for equity instruments held by

employee share ownership plans.

ASC 718 establishes fair value as the measurement objective in accounting for share-based payment transactions

with employees, except for equity instruments held by employee share ownership plans.

Total stock-based compensation expense recognized

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the NQSO’s in future years will be approximately $8,604.

The Company has one employee stock option plan

under which options or stock awards may be granted, the 2017 Stock Option and Restricted Stock Plan (the "2017 Plan"),

approved by the Company's shareholders at the Company's Annual Meeting on December 1, 2017.

The Board of Directors may grant options

to acquire shares of common stock to employees and non-employee directors of the Company at the fair market value of the common

stock on the date of grant.

The maximum aggregate number of shares of Common Stock subject to options or awards to non-employee

directors is 133,000 and the maximum aggregate number of shares of Common Stock subject to options or awards granted to non-employee

directors during any single fiscal year is the lesser of 13,300 and 33 1/3% of the total number of shares subject to options or

awards granted in such fiscal year.

The maximum number of shares subject to options or awards granted to any individual employee

may not exceed 15,000 in a fiscal year.

Generally, options granted have a two-year vesting period based on two years of continuous

service and have a ten-year contractual life.

Option grants provide for accelerated vesting if there is a change in control.

issued upon the exercise of options are from those held in Treasury.

Options covering 400,000 shares are authorized for issuance

under the 2017 plan, of which 110,304 have been granted as of June 30, 2019.

While no further grants of options may be made under

the Company’s 2007 Stock Option and Restricted Stock Plan, as of June 30, 2019, 154,950 options were outstanding under such

plan of which all are vested and exercisable.

The Company has one employee stock option

plan under which options or stock awards may be granted, the 2017 Stock Option and Restricted Stock Plan (the "2017

Plan"), approved by the Company's shareholders at the Company's Annual Meeting on December 1, 2017.

Directors may grant options to acquire shares of common stock to employees and non-employee directors of the Company at the

fair market value of the common stock on the date of grant.

The maximum aggregate number of shares of common stock subject to

options or awards to non-employee directors is 133,000 and the maximum aggregate number of shares of common stock subject to

options or awards granted to non-employee directors during any single fiscal year is the lesser of 13,300 and 33 1/3% of the

total number of shares subject to options or awards granted in such fiscal year.

The maximum number of shares subject to

options or awards granted to any individual employee may not exceed 15,000 in a fiscal year.

Generally, options granted have

a two-year vesting period based on two years of continuous service and have a ten-year contractual life.

Option grants

provide for accelerated vesting if there is a change in control.

Shares issued upon the exercise of options are from those

held in Treasury.

Options covering 400,000 shares are authorized for issuance under the 2017 plan, of which 164,329 have been

granted as of June 30, 2020.

While no further grants of options may be made under the Company’s 2007 Stock Option and

Restricted Stock Plan, as of June 30, 2020, 136,150 options were outstanding under such plan of which all are vested and

ASC 718 requires the use of a valuation

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assumptions that the Company used to calculate the fair value of each option award for the year ended June 30, 2020 and 2019.

& Electronics Corp.

Notes to Financial Statements

Stock-based Compensation, Continued

Dividend yield

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of options granted during the period

The Company pays dividends quarterly

and paid regular cash dividends totaling $1.00 per share and a special cash dividend of $1.00 for the twelve months ended June

30, 2019 and regular cash dividends totaling $1.00 for the same period in fiscal year 2018.

Expected stock price volatility is

based on the historical volatility of the Company’s stock.

The risk-free interest rate is based on the implied yield available

Treasury issues with an equivalent term approximating the expected life of the options.

The expected option life (in years)

represents the estimated period of time until exercise and is based on actual historical experience.

The Company declares regular dividends quarterly

and declared and paid a regular cash dividends of $1.00 per share for the twelve months ended June 30, 2020.

The Company declared

regular cash dividends of $1.00 per share and a special cash dividend of $1.00 per share for the twelve months ended June 30, 2019.

Expected stock price volatility is based on the historical volatility of the Company’s stock.

The risk-free interest rate

is based on the implied yield available on U.S.

Treasury issues with an equivalent term approximating the expected life of the

The expected option life (in years) represents the estimated period of time until exercise and is based on actual historical

The following table summarizes stock

option activity during the twelve months ended June 30, 2020:

& Electronics Corp.

to Financial Statements

Stock-based Compensation, Continued

Employee Stock Options Plan

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Exercisable at June 30, 2020

The aggregate intrinsic value in the table

above represents the total pretax intrinsic value (the difference between the closing sale price of the Company’s common

stock as reported on the NYSE American on June 30, 2019 and the exercise price, multiplied by the number of in-the-money options)

that would have been received by the option holders if all option holders had exercised their options on June 30, 2019.

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

The total intrinsic values of the options exercised

during the twelve months ended June 30, 2019 and 2018 was $67,328 and $26,691, respectively.

The aggregate intrinsic value in the

table above represents the total pretax intrinsic value (the difference between the closing sale price of the Company’s

common stock as reported on the NYSE American on June 30, 2020 and the exercise price, multiplied by the number of in-the-money

options) that would have been received by the option holders if all option holders had exercised their options on June 30, 2020.

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

The total intrinsic values of the options

exercised during the twelve months ended June 30, 2020 and 2019 was $263 and $67,328, respectively.

The following table summarizes changes in non-vested stock

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Non-Vested at June 30, 2020

& Electronics Corp.

Notes to Financial Statements

Concentration of Credit Risk

7 unchanged sentences

and foreign governments and certain industrial customers.

The related accounts receivable balance, as a percentage of the Company's total trade accounts receivable balance, was 46.2% represented

by one customers at June 30, 2019 and 61% represented by one customer at June 30, 2018.

related accounts receivable balance, as a percentage of the Company's total trade accounts receivable balance, was 53.9% represented

by two customers at June 30, 2020 and 46.2% represented by one customer at June 30, 2019.

Although the Company's exposure to credit

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rights with respect to the disposition of shares are governed by the terms of the Plan and the Trust

As to shares that have been allocated to the accounts of participants in the ESOP

Trust, the Plan provides that the Trustees are required to vote such shares in accordance with instructions received from the participants.

& Electronics Corp.

to Financial Statements

Related Parties, Continued

As to unallocated shares and allocated shares for which voting instructions have not been received from participants, the Plan

provides that the Trustees are required to vote such shares in accordance with the direction of the Board of Directors of the Company

under the terms of the Plan and Trust Agreement.

As to shares that have been allocated to the accounts of participants in the ESOP Trust, the Plan provides that the

Trustees are required to vote such shares in accordance with instructions received from the participants.

As to unallocated shares

and allocated shares for which voting instructions have not been received from participants, the Plan provides that the Trustees

are required to vote such shares in accordance with the direction of the Board of Directors of the Company under the terms of the

Plan and Trust Agreement.

See Note 10 for additional information regarding the ESOP.

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on current information.

We are party to various litigation matters

and claims arising from time to time in the ordinary course of business.

While the results of such matters cannot be

predicted with certainty, we believe that the final outcome of such matters will not have a material adverse effect on our business,

financial condition, results of operations or cash flows.

party to various litigation matters and claims arising from time to time in the ordinary course of business.

the results of such matters cannot be predicted with certainty, we believe that the final outcome of such matters will not

have a material adverse effect on our business, financial condition, results of operations or cash flows.

there are no matters pending.

Stockholders' Equity

5 unchanged sentences

Number of common shares reserved

& Electronics Corp.

Notes to Financial Statements

Stockholders’

The following table sets forth the reconciliation

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Weighted average common shares issued during the period

& Electronics Corp.

to Financial Statements

Stockholders' Equity, Continued

Weighted average common shares purchased during the period

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The Company paid regular cash dividends

on common stock of $1.00 per share and a special cash dividend of $1.00 for the fiscal year ended June 30, 2019 and regular cash

dividends on common stock of $1.00 per share in 2018.

Subsequent to June 30, 2019, the Board of Directors has authorized the payment

of a fiscal year 2020 first quarter regular dividend of $0.25 payable September 27, 2019 to shareholders of record on September

on common stock of $1.00 per share for the fiscal year ended June 30, 2020 and paid regular cash dividends on common stock of $1.00

per share and a special cash dividend of $1.00 per share for the fiscal year ended June 30, 2019.

The Board of Directors has authorized

the payment of a fiscal year 2021 first quarter regular dividend of $0.25 payable October 14, 2020 to shareholders of record on

October 5, 2020.

Our Board of Directors assesses the Company’s dividend policy periodically.

There is no assurance that the Board

of Directors will either maintain the amount of the regular cash dividend or declare a special dividend during any future years.

There is no assurance that the

Board of Directors will maintain the amount of the regular cash dividend or declare a special dividend during any future years.

Line of Credit

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outstanding balances are payable no later than the expiration date of the agreement, unless other terms are agreed to by the lender.

& Electronics Corp.

Notes to Financial Statements

Quarterly Financial Information

Net income per share -

Net income (loss)

Net income (loss) per share -

Net income per share -

1 unchanged sentence

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 8. Financial Statements and Supplementary Data