What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-01-13 compared with 2025-07-11 · 147 added, 183 removed, 257 unchanged (56% of the section changed)

94 unchanged sentences

Persons” as defined in Regulation S.

On August 14, 2024, the WKL Eco Earth Holdings has

increased its investment in WKL Guanzhe Green Technology Guangzhou Co Ltd (China) by injecting an additional RMB2,000,000 into its registered

This investment has resulted in an increase in WKL Eco Earth Holding’s equity interest in WKL Guanzhe Green Technology

2 Stockholders

1 unchanged sentence

$2.50, as follows:

February 15, 2022, the Company entered into certain share subscription agreement with Ms.

15, 2022, the Company entered into certain share subscription agreement with Ms.

Ang Lee Kim Jane, who is a “non-U.S.

Persons” (the “Investor”) as defined in Regulation S of the Securities Act of 1933, as amended (the “Securities

Act”) pursuant to which the Company agreed to issue and sell 74,074 Shares, par value $0.001 per share, at a per share purchase

price of $2.50, as part of a series of offerings by the Company for an aggregate of up to 6,000,000 shares of Common Stock at a per

share purchase price of $2.50.

The gross proceeds were $185,185.

June 3, 2022, the Company entered into certain share subscription agreement with Mr.

Wong Hon Wai who is a “non-U.S.

(the “Investor”) as defined in Regulation S of the Securities Act of 1933, as amended (the “Securities Act”)

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The gross proceeds were $185,185.

October 25, 2022, the Company entered into Regulation S share subscription agreements with eight investors, each of whom represented

that it was a “non-U.S.

On June 3, 2022, the Company

entered into certain share subscription agreement with Mr.

Wong Hon Wai who is a “non-U.S.

Persons” (the “Investor”)

as defined in Regulation S of the Securities Act of 1933, as amended (the “Securities Act”) pursuant to which the Company

agreed to issue and sell 5,000 shares, par value $0.001 per share , at a per share purchase price of $2.50, as part of a series of

offerings by the Company for an aggregate of up to 6,000,000 shares of Common Stock at a per share purchase price of $2.50.

proceeds were $12,500.

On October 25, 2022, the

Company entered into Regulation S share subscription agreements with eight investors, each of whom represented that it was a “non-U.S.

Persons” as defined in Securities Act.

On the same date, the Company entered into Regulation

D share subscription agreements with two investors, each of whom represented that it was an “Accredited Investors” as

defined in Regulation D of the Securities Act.

Pursuant to the share subscription agreements, the Company agreed to issue and sell

in aggregate, (i) 129,621 shares of Common Stock, par value $0.001 per share to the Regulation S investors, and (ii) 15,000 shares

of Common Stock to the Regulation D investors, respectively par value $0.001 per share, at a per share purchase price of $2.50, as

part of a series of offerings by the Company for an aggregate of up to 6,000,000 shares of Common Stock at a per share purchase price

The gross proceeds in aggregate were $361,553.

February 20, 2023, the Company entered into Regulation S share subscription agreements with eleven investors, each of whom represented

that it was a “non-U.S.

On the same date, the Company entered into Regulation D share subscription agreements

with two investors, each of whom represented that it was an “Accredited Investors” as defined in Regulation D of the

Securities Act.

Pursuant to the share subscription agreements, the Company agreed to issue and sell in aggregate, (i) 129,621 shares

of Common Stock, par value $0.001 per share to the Regulation S investors, and (ii) 15,000 shares of Common Stock to the Regulation

D investors, respectively par value $0.001 per share, at a per share purchase price of $2.50, as part of a series of offerings by

the Company for an aggregate of up to 6,000,000 shares of Common Stock at a per share purchase price of $2.50.

The gross proceeds

in aggregate were $361,553.

On February 20, 2023, the

Company entered into Regulation S share subscription agreements with eleven investors, each of whom represented that it was a “non-U.S.

Persons” as defined in Regulation S of the Securities Act.

Pursuant to the agreements, the Company

agreed to issue and sell in aggregate, (i) 57,783 shares of Common Stock, par value $0.001 per share to the Regulation S investors,

at a per share purchase price of $2.50 as part of a series of the private placement offerings by the Company for an aggregate of

up to 6,000,000 shares of Common Stock at a per share purchase price of $2.50.

Pursuant to the agreements, the Company agreed to issue and sell

in aggregate, (i) 57,783 shares of Common Stock, par value $0.001 per share to the Regulation S investors, at a per share purchase

price of $2.50 as part of a series of the private placement offerings by the Company for an aggregate of up to 6,000,000 shares of

Common Stock at a per share purchase price of $2.50.

The gross proceeds in aggregate were $144,443.

July 13, 2023, the Company entered into Regulation S share subscription agreements with 31 investors, each of whom represented that

it was a “non-U.S.

On July 13, 2023, the Company

entered into Regulation S share subscription agreements with 31 investors, each of whom represented that it was a “non-U.S.

Persons” as defined in Regulation S of the Securities Act.

Pursuant to the agreements, the Company

agreed to issue and sell in aggregate, (i) 250,132 shares of Common Stock, par value $0.001 per share to the Regulation S Investors,

at a per share purchase price of $2.50 as part of a series of the private placement offerings by the Company for an aggregate of

up to 6,000,000 shares of Common Stock at a per share purchase price of $2.50.

Pursuant to the agreements, the Company agreed to issue and sell

in aggregate, (i) 250,132 shares of Common Stock, par value $0.001 per share to the Regulation S Investors, at a per share purchase

price of $2.50 as part of a series of the private placement offerings by the Company for an aggregate of up to 6,000,000 shares of

Common Stock at a per share purchase price of $2.50.

The gross proceeds in aggregate were approximately $625,330.

September 7, 2023, the Company entered into Regulation S share subscription agreements with 71 investors, each of whom represented

that it was a “non-U.S.

On September 7, 2023, the

Company entered into Regulation S share subscription agreements with 71 investors, each of whom represented that it was a “non-U.S.

Persons” as defined in Regulation S of the Securities Act.

Pursuant to the agreements, the Company

agreed to issue and sell in aggregate, 365,164 shares of Common Stock, par value $0.001 per share to the Regulation S investors,

at a per share purchase price of $2.50 as part of a series of the private placement offerings by the Company for an aggregate of

up to 6,000,000 shares of Common Stock at a per share purchase price of $2.50.

Pursuant to the agreements, the Company agreed to issue and sell

in aggregate, 365,164 shares of Common Stock, par value $0.001 per share to the Regulation S investors, at a per share purchase price

of $2.50 as part of a series of the private placement offerings by the Company for an aggregate of up to 6,000,000 shares of Common

Stock at a per share purchase price of $2.50.

The gross proceeds in aggregate was approximately $912,889.

November 21, 2023, the Company entered into a Regulation S share subscription agreement with Wong Chun Shoong who represented that

he was a “non-U.S.

On November 21, 2023, the

Company entered into a Regulation S share subscription agreement with Wong Chun Shoong who represented that he was a “non-U.S.

Persons” as defined in Regulation S of the Securities Act.

Pursuant to the agreement, the Company

agreed to issue and sell in aggregate, 8,658 shares of Common Stock, par value $0.001 per share to the Regulation S investors, at

a per share purchase price of $2.50 as part of a series of the private placement offerings by the Company for an aggregate of up

to 6,000,000 shares of Common Stock at a per share purchase price of $2.50.

Pursuant to the agreement, the Company agreed to issue and sell

in aggregate, 8,658 shares of Common Stock, par value $0.001 per share to the Regulation S investors, at a per share purchase price

of $2.50 as part of a series of the private placement offerings by the Company for an aggregate of up to 6,000,000 shares of Common

Stock at a per share purchase price of $2.50.

The gross proceeds in aggregate was approximately $21,645.

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following summary of our operations should be read in conjunction with our unaudited condensed consolidated financial statements for

the three and nine months ended May 31, 2025, as compared to the three and nine months ended May 31, 2024.

Months Ended May 31, 2025, versus Three Months May 31, 2024.

Three Months Ended May 31

the three months ended November 30, 2025, as compared to the three months ended November 30, 2024.

Months Ended November 30, 2025, versus Three Months Ended November 30, 2024

Three Months Ended November 30

Cost of revenue

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$ (1,038,715 )

Group generated revenues of $37,306 in the three months ended May 31, 2025, as compared to $89,616 in the three months ended May 31,

The decrease of $52,310 was primarily due to reduction in sales of EvoAir™

air-conditioner.

$ (4,640,904 )

Group generated revenues of $20,451 in the three months ended November 30, 2025, as compared to $51,929 in the three months ended

November 30, 2024.

The decrease of $31,478, or 61%, was primarily due to a reduction in sales volume of HVAC products and related

are steadily building momentum and expanding the product’s reach across various markets, including residential, commercial, and

6 unchanged sentences

view to establishing the product as a leading solution in the sustainable cooling market.

the three months ended May 31, 2025, cost of revenue decreased to $8,505, or 23% of revenue, compared to $56,741, or 63% of revenue in

the same period in 2024.

The significant decrease in the cost of revenue as a percentage of sales was primarily driven by the lower production

costs of the Ionic Nano Copper Zinc solution.

the three months ended November 30, 2025, cost of revenue decreased to $22,685, or 111% of revenue, compared to $90,110, or 174% of

revenue in the same period in 2024.

The significant decrease of $67,425, or 75%, was primarily driven by lower production volumes of

the HVAC product as well as reduced material costs.

cost of revenue encompasses production costs and purchase of goods.

The Company remains focused on further optimizing its cost structure

and maintaining efficiencies as it continues to scale its operational and expand its product offering.

the three months ended May 31, 2025, the Company reported a gross profit of $28,801 or a gross margin of 77%, compared to a gross profit

of $32,875, or a gross profit margin of 37% in the same period in 2024.

The significant improvement in gross profit margin was primarily

driven by the better margins achieved from the sale of the Ionic Nano Copper Zinc solution, which has contributed positively to our overall

profitability.

and maintaining efficiencies as it continues to scale its operations and expand its product offerings.

the three months ended November 30, 2025, the Company reported a gross loss of $2,234, or a negative gross margin of 11 %, compared

to a gross loss of $38,181, or a negative gross margin of 74% in the same period in 2024.

The improvement of $35,947, or 94%,

reflects improved manufacturing efficiency and reduced material costs, allowing for better costs control despite lower production

Company remains focused on optimizing its cost structure and enhancing operational efficiencies.

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in the future.

the three months ended May 31, 2025, operating expenses amounted to $1,237,464, compared to $1,007,694 in the same period in 2024, reflecting

an increase of $229,770.

This increase was primarily driven by the increased general and administrative expenses net with the reduction

in technology-related intangible asset amortization following the impairment of intangible assets in the year ended August 31, 2024.

the three months ended November 30, 2025, operating expenses amounted to $1,036,654, compared to $4,602,876 in the same period in 2024,

reflecting a decrease of $3,566,222, or 77%.

This decrease was primarily driven by reduced general and administrative expenses, including

lower stock-based compensation and professional fees, as well as a reduction in technology-related intangible asset amortization following

the impairment of intangible assets in the year ended August 31, 2025.

components of operating expenses included salaries and related expenses, commissions, rental costs, patent and trademark application/renewal

2 unchanged sentences

and value creation.

income for the three months ended May 31, 2025, and 2024 were not material.

income for the three months ended November 30, 2025, and 2024 were not material.

from operations before income taxes

Company reported a loss from operations before income taxes of $1,186,838 for the three months ended May 31, 2025, compared to $974,441

in the corresponding period in 2024.

Company reported a loss from operations before income taxes of $1,038,715 for the three months ended November 30, 2025, compared to $4,640,904

in the corresponding period in 2024, reflecting an improvement of $3,602,189, or 78%.

continued net loss is primarily attributable to the Company’s strategic investments in building the necessary infrastructure and

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moving forward.

Months Ended May 31, 2025, versus Nine Months May 31, 2024.

Nine Months Ended May 31

Cost of revenue

Operating expenses

Loss from operation

Loss from operation before income taxes

$ (7,100,730 )

$ (3,929,520 )

Group generated revenues of $ 160,359 in the nine months ended May 31, 2025, as compared to $222,108 in the nine months ended May 31,

2024, a decrease in revenue of $61,749.

The overall revenue decrease of $61,000 was mainly driven by significant

reduction in EvoAir air-conditioners sales.

However, this decline was mitigated by increased in sales of Ionic Nano Copper Zinc Solution.

the reduction in EvoAir™ air-conditioner sales impacted overall revenue, the growth in sales of the Ionic Nano Copper Zinc solution

provided a partial cushion, contributing positively to the Group’s financial performance.

The Group remains focused on driving

the adoption of both products, and efforts to enhance the performance of EvoAir™ are ongoing, alongside continued expansion of

the Ionic Nano Copper Zinc solution’s market presence.

are confident that strategic initiatives in both product segments will enable the Group to regain momentum and drive growth in the coming

are steadily building momentum and expanding the product’s reach across various markets, including residential, commercial, and

industrial sectors.

This is being achieved through the development of strategic distribution channels, project collaborations, and private

labelling and licensing models.

The Group remains committed to strengthening the traction of EvoAir™ and driving its adoption across

diverse market segments, positioning ourselves for future growth in the emerging eco-friendly air-conditioning space.

are confident that strategic initiatives in both product segments will enable the Group to regain momentum and drive growth in the coming

the nine months ended May 31, 2025, cost of revenue increased to $168,681, or 105% of revenue, compared to $244,142 or 110% in the same

period in 2024.

This change in cost of revenue is consistent with the change in sales.

cost of revenue encompasses production costs and purchase of goods.

The Company remains focused on further optimizing its cost structure

and maintaining efficiency as it continues to scale its operational and expand its product offering.

the nine months ended May 31, 2025, the Company reported a gross loss of $8,322 or a gross loss margin of 5%, compared to a gross loss

of $22,034 or negative gross profit margin of 10% in the same period in 2024.

The improvement in gross loss margin was primarily driven

by the better margins achieved from the sale of the Ionic Nano Copper Zinc solution.

Company remains focused on optimizing its cost structure and enhancing operational efficiencies.

As we continue to scale operations and

expand our product offerings, we are positive that these efforts will improve gross margins and position the Company for profitability

in the future.

the nine months ended May 31, 2025, operating expenses amounted to $7,116,685, compared to $3,998,445 in the same period in 2024, reflecting

an increase of $3,118,240.

This increase was primarily driven by a $3,261,676 rise in stock-based compensation, partially offset by a

reduction in technology-related intangible asset amortization following the impairment of intangible assets in the year ended August

components of operating expenses included salaries and related expenses, commissions, rental costs, patent and trademark application/renewal

fees, professional and compliance fees.

Company remains focused on prudent cost management to maintain operational efficiency while supporting strategic initiatives for growth

and value creation.

income decreased, mainly due to the decrease in realized foreign exchange gain from the amount due to shareholders’ wires in period

ended May 31, 2024.

from operations before income taxes

Company reported a loss from operations before income taxes of $7,100,730 for the nine months ended May 31, 2025, compared to $3,929,520

in the corresponding period in 2024.

continued net loss is primarily attributable to the Company’s strategic investments in building the necessary infrastructure and

resources to support its business expansion objectives.

Additionally, the lack of economies of scale during this growth phase has impacted

on the bottom line.

remains confident that these investments will position the Company for long-term growth and profitability as it scales operations and

capitalizes on emerging opportunities.

Strategies to enhance operational efficiencies and achieve economies of scale are key priorities

moving forward.

and Capital Resources

November 30, 2025

August 31, 2025

2 unchanged sentences

Working capital

of May 31, 2025, the decrease in current assets was mainly due to the decrease in cash, and prepayments.

of May 31, 2025, the increase in current liabilities was mainly due to the increase in amount due to shareholders of $972,045.

of May 31, 2025, our company had a working capital deficit of $2,084,204, compared with $893,886 as of August 31, 2024.

Months Ended May 31, 2025, versus Nine Months Ended May 31, 2024

of November 30, 2025, the decrease in current assets was mainly due to the decrease in cash and accounts receivable, partially offset

by an increase in inventories.

of November 30, 2025, the increase in current liabilities was mainly due to the increase in amount due to shareholders of $382,340.

of November 30, 2025, our company had a working capital deficit of $3,038,574, compared with $2,685,006 as of August 31, 2025.

The increased

deficit reflects ongoing operational investments amid revenue challenges, partially mitigated by cost controls.

Months Ended November 30, 2025, versus Three Months Ended November 30, 2024

Cash flows used in operating activities

Cash flows used in investing activity

Cash flows generated from financing activities

Cash flows used in financing activities

Net changes in cash

Company’s cash and cash equivalents stood at $81,016 as of May 31, 2025.

Cash used in operating activities for the nine months

ended May 31, 2025, was $900,095.

This resulted primarily from a net loss of $7,100,730 which was offset by depreciation of $84,729, amortization

of $ 2,707,257, stock-based expense of $$3,261,676, decrease in operating lease right-of-use assets of $61,007, decrease in operating

leases liabilities of $63,847, decrease in inventories of $25,026, increase in deferred revenue of $ 6,002, decrease in deposit, prepayment

and other receivables of $32,624, decrease in accounts receivable of $3,419, increase in accounts payable and accruals of $14,162, and increase in other payables of $68,580.

Cash used in investing activities resulted in purchase of property, plant

and equipment amounting to $5,902 during the nine months ended May 31, 2025.

Cash generated from financing activities resulted in proceeds from shareholders

of $972,045, payments of hire purchase amounting to $6,003 and deferred offering costs of $42,454 during the nine months ended May 31,

Company’s cash and cash equivalents stood at $74,918 as of November 30, 2025, compared to $93,329 as of August 31, 2025.

used in operating activities for the three months ended November 30, 2025, was $34,790.

This resulted primarily from a net loss of

$1,038,715, which was offset by non-cash adjustments including depreciation of $27,904 and amortization of $636,425.

operating assets and liabilities included decreases in accounts receivable of $34,155, deposits, prepayments, and advances to

suppliers of $2,177, and operating lease right-of-use assets of $14,704;

increases in deferred revenue of $18,625, other payables of

$2,212, and amounts due to shareholders of $382,340;

partially offset by increases in inventories of $10,976, decreases in accounts

payable and accruals of $88,067, and operating lease liabilities of $15,574.

used in investing activities resulted from the purchase of property, plant, and equipment amounting to $15,292 during the three months

ended November 30, 2025.

used in financing activities resulted from payments of hire purchase amounting to $2,020 during the three months ended November 30, 2025.

changes in cash and cash equivalents included a positive effect from exchange rate changes of $33,691.

Company’s business is not subject to seasonality.

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of the promised goods and services in the contract;

determination

of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the

of the transaction price, including the constraint on variable consideration;

of the transaction price to the performance obligations;

of revenue when (or as) the Company satisfies each performance obligation.

determination of whether

the promised goods and services are performance obligations, including whether they are distinct in the context of the contract;

measurement of the transaction

price, including the constraint on variable consideration;

allocation of the transaction

price to the performance obligations;

recognition of revenue

when (or as) the Company satisfies each performance obligation.

only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange

18 unchanged sentences

The actual results could differ materially from these estimates.

Company’s financial statements as of May 31, 2025, is prepared using generally accepted accounting principles in the United States

of America (“U.S.

GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities

in the normal course of business.

The Company has not yet established a sustainable ongoing source of revenue sufficient to cover its

operating costs and allow it to continue as a going concern.

of May 31, 2025, the Company had an accumulated deficit of $46,280,904 and a working capital deficiency of $2,084,204.

August 31, 2024, the accumulated deficit was $39,401,857 and the working capital deficiency

was $893,886.

The Company incurred net loss of $7,100,730 and $3,929,520 for the nine months ended May 31, 2025, and 2024, respectively.

The cash used in operating activities was $900,095 for the nine months ended May 31, 2025, and the cash used in operating activities

was $595,059 for the nine months ended May 31, 2024, respectively.

It was brought to the attention of the Management to assess going

concern considering all facts and circumstances about the foreseeable future of the Company as well as its assets and liabilities on

the basis that it will be able to realize and discharge them in the normal course of business.

Company’s financial statements as of November 30, 2025, is prepared using generally accepted accounting principles in the United

States of America (“U.S.

GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation

of liabilities in the normal course of business.

The Company has not yet established a sustainable ongoing source of revenue sufficient

to cover its operating costs and allow it to continue as a going concern.

of November 30, 2025, and August 31, 2025, the Company had an accumulated deficit of $55,006,861 and $54,028,719 respectively.

incurred net loss of $1,038,715 and $4,640,904 for the three months ended November 30, 2025, and 2024, respectively.

It was brought to

the attention of the Management to assess going concern considering all facts and circumstances about the foreseeable future of the Company

as well as its assets and liabilities on the basis that it will be able to realize and discharge them in the normal course of business.

address these challenges and ensure the Company’s long-term viability, Management has developed a strategic plan focused on the

1 unchanged sentence

Key initiatives include:

of Product Offerings:

Product Offerings:

Broadening the range of HVAC products to meet diverse market needs.

Geographical Expansion:

Penetrating new markets to drive revenue growth.

Diversification:

Expanding customer segments across retail, commercial, industrial, and project-based clients, as well as private

label and licensing opportunities.

Profitability:

Revenue Diversification:

Expanding customer segments across retail, commercial, industrial, and project-based clients, as well as private label and licensing

opportunities.

Improved Profitability:

Achieving economies of scale through operational efficiencies and growth.

6 unchanged sentences

that might be necessary should the Company be unable to continue as a going concern.

have no material commitments as of May 31, 2025.

have no material commitments as of November 30, 2025.

Accounting Pronouncements

November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”)

2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, by introducing key amendments to enhance disclosures

in public entities’ reportable segments.

Notable changes include the mandatory disclosure of significant segment expenses regularly

provided to the chief operating decision maker (“CODM”), disclosure of other segment items, and requirements for consistency

in reporting measures used by the CODM.

The amendments in this update are effective for fiscal years beginning after December 15, 2023,

and interim periods within fiscal years beginning after December 15, 2024.

Accordingly, the Company adopted the provisions of ASU 2023-07

as of January 31, 2025.

The adoption of the new standard had no impact on the Company’s financial position, results of operations

or cash flows on the date of transition.

December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

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foreign jurisdiction.

The ASU is effective for fiscal years beginning after December 15, 2024.

The Company is currently evaluating the

effects, if any, that the adoption of ASU 2023-09 may have on its financial position, results of operations, cash flows, or disclosures.

November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures

(Subtopic 220-40):

Disaggregation of Income Statement Expenses, which requires public business entities to disclose specific information

about certain costs and expenses.

The amendments in this update are effective for fiscal years beginning after December 15, 2026, and

interim periods within fiscal years beginning after December 15, 2027.

The Company adopted ASU 2023-09 effective

September 1, 2025.

The adoption did not have a material effect on its financial position, results of operations, or cash flows, but resulted

in expanded disclosures in its consolidated financial statements.

November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic

Disaggregation of Income Statement Expenses, which requires public business entities to disclose specific information about

certain costs and expenses.

The amendments in this update are effective for fiscal years beginning after December 15, 2026, and interim

periods within fiscal years beginning after December 15, 2027.

Early adoption is permitted.

The Company is currently evaluating

the effects, if any, that the adoption of ASU 2024-03 may have on its financial position, results of operations, cash flows, or disclosures.

The Company is currently evaluating the effects,

if any, that the adoption of ASU 2024-03 may have on its financial position, results of operations, cash flows, or disclosures.

are no other recently issued accounting pronouncements that have not yet been adopted that the Company considers material to its consolidated

financial statements.

QUANTITATIVE AND QUALITATIVE DISCLOSURES

ABOUT MARKET RISK.

As a “smaller reporting company” as

defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information

required by this Item.

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 2. Management’s Discussion and Analysis