What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-06-08 compared with 2026-04-22 · 168 added, 165 removed, 264 unchanged (56% of the section changed)

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the Seychelles Financial Services Authority (FSA), among others.

Fiscal year 2025 represented a year of substantial financial progress

for the Company.

Total revenues increased 29.8% to $34,959,399, driven by strong growth in Technology & Software revenues and continued

expansion of our Brokerage segment, including the contribution of Alchemy International Ltd.

Fiscal year 2025 represented a year

of substantial financial progress for the Company.

Total revenues increased 29.8% to $34,959,399, driven by strong growth in

Technology & Software revenues and continued expansion of our Investment and Brokerage segment, including the contribution of

Alchemy International Ltd.

(“AIL”), acquired in fiscal 2025.

We achieved an operating income of $6,053,209 compared to an operating loss of ($901,763) in fiscal 2024 (restated), reflecting improved

operational leverage across all three revenue-generating segments.

Net income (loss) attributable to FDCTech shareholders was $5,783,223

in fiscal 2025, compared to a loss of $18,781 in fiscal 2024 (restated).

The cash on hand at December 31, 2025, and 2024 was $17,669,749

from $25,376,957.

The cash held at various liquidity providers was $15,258,896 and $12,658,241 as of December 31, 2025, and 2024.

working capital improved to $14,883,171 from $853,533 as of December 31, 2025, and 2024.

We achieved an operating income of $6,067,574 compared to

an operating loss of ($635,439) in fiscal 2024 (restated), reflecting improved operational leverage across all three

revenue-generating segments.

Net income (loss) attributable to FDCTech shareholders was $5,797,589 in fiscal 2025, compared to a net

income of $247,544 in fiscal 2024 (restated).

At December 31, 2025, the Company held total cash and cash equivalents of $17,669,749,

comprising $11,855,861 of unrestricted cash at financial institutions and $5,813,888 of segregated client funds.

At December 31,

2024, the comparable balances were $25,376,957 in total, consisting of $13,850,168 of unrestricted cash and $11,526,789 of

segregated client funds.

Of the year-end totals, $15,258,896 and $12,658,241 were held at various liquidity providers in 2025 and

2024, respectively.

The working capital improved to $17,831,410 from $991,609 as of December 31, 2025, and 2024.

of Fiscal Year 2024 Financial Statements

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Total other income (expense)

$ (1,110,621 )

Income (loss) before income taxes

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Weighted avg shares outstanding

Total revenues for the fiscal year ended December 31, 2025, were $34,959,399,

an increase of $8,015,681, or 29.8%, compared to $26,943,718 for the fiscal year ended December 31, 2024 (restated).

Revenue growth was

driven primarily by the Brokerage and Technology & Software segments and continued expansion of brokerage trading volumes, partially

offset by a slight decline in Wealth Management revenues.

Total revenues for the fiscal year

ended December 31, 2025, were $34,959,399, an increase of $8,015,681, or 29.8%, compared to $26,943,718 for the fiscal year ended

December 31, 2024 (restated).

Revenue growth was driven primarily by the Investment and Brokerage and Technology & Software

segments and continued expansion of investment and brokerage trading volumes, partially offset by a slight decline in Wealth

Management revenues.

& software revenues for fiscal year 2025 were $5,099,187, an increase of $3,457,057, or 210.5%, compared to $1,642,130 in fiscal

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(ATECH) in Cyprus.

The increase reflects expanded adoption of the Condor platform by third-party

brokerages and new licensing contracts executed during fiscal year 2025.

During fiscal years 2025 and 2024, the Company had approximately

fourteen to seventeen active technology and software development customers.

Cost of sales for this segment was $nil in fiscal year 2025

The increase reflects expanded adoption

of the Condor platform by third-party brokerages and new licensing contracts executed during fiscal year 2025.

During fiscal years 2025

and 2024, the Company had approximately fourteen to seventeen active technology and software development customers.

Cost of sales for

this segment was $nil in fiscal year 2025 (2024:

$173,708), as development costs in 2025 were capitalized as software development costs.

Technology & Software revenues represented

14.6% of total revenues in fiscal year 2025 compared to 6.1% in fiscal year 2024.

Technology & Software revenues represented 14.6% of total revenues in fiscal year 2025 compared to 6.1% in fiscal year 2024.

management revenues for fiscal year 2025 were $6,430,897, a decrease of $67,507, or 1.0%, compared to $6,498,404 in fiscal year 2024.

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represented 18.4% of total revenues in fiscal year 2025 compared to 24.1% in fiscal year 2024, reflecting the relative growth of the

Brokerage and Technology segments.

Investment and Brokerage and Technology segments.

revenues for fiscal year 2025 were $23,429,315, an increase of $4,626,131, or 24.6%, compared to $18,803,184 in fiscal year 2024.

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latter was acquired in fiscal year 2025, contributing incremental brokerage revenues not present in the prior year.

Brokerage revenues represented 67.0% of total revenues in fiscal year

2025 compared to 69.8% in fiscal year 2024.

The segment gross margin decreased slightly to 42.9% from 46.8%, reflecting an increase in

trading costs.

Cost of sales in this segment principally consists of liquidity provider fees, introducing broker commissions, and direct

trading infrastructure costs.

Brokerage revenues represented 67.0%

of total revenues in fiscal year 2025 compared to 69.8% in fiscal year 2024.

The segment gross margin decreased slightly to 42.9% from

46.8%, reflecting an increase in trading costs.

Cost of sales in this segment principally consists of liquidity provider fees, introducing

broker commissions, and direct trading infrastructure costs.

profit for fiscal year 2025 was $19,144,041, an increase of $7,102,673, or 59.0%, from $12,041,368 in fiscal year 2024.

gross margin expanded to 54.8% in fiscal year 2025 from 44.7% in fiscal year 2024, an improvement of approximately 1,010 basis points.

The margin expansion was driven by (i) elimination of technology cost of sales in fiscal year 2025 as development costs were fully capitalized,

(ii) improved scale in the Brokerage segment as revenues grew faster than variable costs, and (iii) modest efficiency gains in the Wealth

Management segment.

Total operating expenses for fiscal year 2025

were $13,090,832, an increase of $147,701, or 1.1%, compared to $12,943,131 in fiscal year 2024.

Despite revenue growth of approximately

30%, total operating expenses grew only 1.1%, demonstrating meaningful operating leverage.

As a percentage of total revenues, operating

expenses declined to 37.4% in fiscal year 2025 from 47.8% in fiscal year 2024.

gross margin expanded to 54.8% in fiscal year 2025 from 44.7% in fiscal year 2024, an improvement of approximately 1,010 basis

The margin expansion was driven by (i) elimination of technology cost of sales in fiscal year 2025 as development costs were

fully capitalized, (ii) improved scale in the Investment and Brokerage segment as revenues grew faster than variable costs, and

(iii) modest efficiency gains in the Wealth Management segment.

Total operating expenses for fiscal year 2025 were $13,076,467, an increase

of $399,660, or 3.2%, compared to $12,676,807 in fiscal year 2024.

Despite revenue growth of approximately 30%, total operating expenses

grew only 3.2%, demonstrating meaningful operating leverage.

As a percentage of total revenues, operating expenses declined to 37.4% in

fiscal year 2025 from 47.0% in fiscal year 2024.

General and Administrative Expenses.

and administrative expenses (“G&A”) for fiscal year 2025 were $11,575,393, an increase of $285,228, or 2.5%, compared

to $11,290,165 in fiscal year 2024 (restated).

G&A as a percentage of revenues declined to 33.1% from 41.9%, reflecting the benefit

of operating leverage on a largely fixed cost base.

G&A principally includes employee compensation, professional fees (legal, accounting,

and audit), regulatory compliance costs across our multiple licensed subsidiaries, office rent and occupancy, and other corporate overhead.

The modest absolute increase reflects incremental compliance and operational costs associated with the addition of Alchemy International

General and administrative expenses (“G&A”) for fiscal year

2025 were $11,561,028, an increase of $537,187, or 4.9%, compared to $11,023,841 in fiscal year 2024 (restated).

G&A as a percentage

of revenues declined to 33.1% from 40.9%, reflecting the benefit of operating leverage on a largely fixed cost base.

G&A principally

includes employee compensation, professional fees (legal, accounting, and audit), regulatory compliance costs across our multiple licensed

subsidiaries, office rent and occupancy, and other corporate overhead.

The modest absolute increase reflects incremental compliance and

operational costs associated with the addition of Alchemy International Ltd.

and related regulatory obligations.

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Depreciation.

Depreciation expense for fiscal year

2025 was $178,754, a decrease of $7,596, or 4.1%, compared to $186,350 in fiscal year 2024, primarily reflecting the aging of the fixed

asset base, partially offset by additions during the year.

Depreciation expense

for fiscal year 2025 was $178,754, a decrease of $7,596, or 4.1%, compared to $186,350 in fiscal year 2024, primarily reflecting the

aging of the fixed asset base, partially offset by additions during the year.

Income (Loss)

Operating income for fiscal year 2025 was $6,053,209, compared to an

operating loss of ($901,763) in fiscal year 2024 (restated).

The turnaround of $6,954,972 reflects the combination of significant revenue

growth, gross margin expansion, and strong operating leverage on the expense base.

Operating income for fiscal year 2025 was $6,067,574, compared to an operating

loss of ($635,439) in fiscal year 2024 (restated).

The turnaround of $6,703,013 reflects the combination of significant revenue growth,

gross margin expansion, and strong operating leverage on the expense base.

The operating margin improved to 17.4% in fiscal year 2025

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Income (Expense)

Total other expense for fiscal year 2025 was $238,597, compared to

other income of $872,024 in fiscal year 2024.

Total other expense for fiscal year 2025 was $238,596, compared to other

income of $872,025 in fiscal year 2024.

The change of ($1,110,621) is primarily attributable to two items:

Other interest income (expense).

income was $16,157 in fiscal year 2025, compared to net interest expense of $638,483 in fiscal year 2024.

The improvement reflects significantly

reduced reliance on interest-bearing debt and improved cash management during fiscal year 2025.

Net interest expense was $(106,089) in fiscal year 2025, compared to net

interest expense of $638,483 in fiscal year 2024.

The improvement reflects significantly reduced reliance on interest-bearing debt and

improved cash management during fiscal year 2025.

Other income (expense).

Other expense was

($254,754) in fiscal year 2025, compared to other income of $1,510,507 in fiscal year 2024.

Fiscal year 2024 included a significant one-time

other income item that did not recur in fiscal year 2025.

The fiscal year 2025 amount reflects net foreign exchange transaction losses

and other miscellaneous items arising from the Company’s multi-currency operations.

Other expense

was ($132,507) in fiscal year 2025, compared to other income of $1,510,508

in fiscal year 2024.

Fiscal year 2024 included a significant one-time other income item that did not recur in fiscal year 2025.

year 2025 amount reflects net foreign exchange transaction losses and other miscellaneous items arising from the Company’s multi-currency

for Income Taxes

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Net income (loss) attributable to FDCTech

Net income (loss) attributable to FDCTech shareholders

for fiscal year 2025 was $5,783,223, or $0.01 per basic and diluted share based on weighted average shares outstanding of 423,084,729,

compared to net loss of $18,781, or $0.0001 per share, in fiscal year 2024 (restated).

The improvement reflects the factors described

strong revenue growth, gross margin expansion, operating leverage, and the absence of significant non-recurring expenses in fiscal

The noncontrolling interest in fiscal year 2025

represents the 49% minority interest held by third parties in AD Advisory Services Pty Ltd.

Net income (loss) attributable to noncontrolling

interest was $31,389 in fiscal year 2025 (2024:

net loss attributable to NCI of $10,958).

Net income (loss) attributable to FDCTech shareholders for fiscal year 2025

was $5,797,589, or $0.01 per basic and diluted share based on weighted average shares outstanding of 423,084,729, compared to net income

of $247,544, or $0.00 per share, in fiscal year 2024 (restated).

The improvement reflects the factors described above:

strong revenue

growth, gross margin expansion, operating leverage, and the absence of significant non-recurring expenses in fiscal year 2025.

The noncontrolling interest in fiscal year 2025 represents the 49% minority

interest held by third parties in AD Advisory Services Pty Ltd and 0.1% minority interest held by Gope Kundnani in Alchemy International

Net income (loss) attributable to noncontrolling interest was $31,389 in fiscal year 2025 (2024:

net loss attributable to NCI

The noncontrolling interest in fiscal year 2024 represents the 49% minority interest held by third parties in AD Advisory

Services Pty Ltd.

and Capital Resources

Our primary sources of liquidity are cash generated

from operations, proceeds from financing activities, including related party advances and equity issuances, and cash held at our regulated

brokerage subsidiaries.

As of December 31, 2025, we had cash and cash equivalents of $17,669,749, out of which $15,258,896 was held at

various liquidity providers.

We have a positive working capital of $14,883,171, and total stockholders’ equity of $22,377,274.

believe our current liquidity position is sufficient to fund our operating and capital requirements for at least twelve months from the

date of this Annual Report.

Our primary sources of liquidity are cash generated from operations,

proceeds from financing activities, including related party advances and equity issuances, and cash held at our regulated brokerage subsidiaries.

At December 31, 2025, we held total cash and cash equivalents of $17,669,749, consisting of $11,855,861 of unrestricted cash and $5,813,888

of segregated client funds, of which $15,258,896 in aggregate was held at liquidity providers.

We have a positive working capital of $17,831,410,

and total stockholders’ equity of $22,657,965 attributable to FDCTech, Inc.

stockholders (plus $33,323 noncontrolling interest).

We believe our current liquidity position is sufficient to fund our operating and capital requirements for at least twelve months from

the date of this Annual Report.

While the Company achieved profitability in fiscal

year 2025, we note that operating cash flows were negative $41.0 million due to a substantial increase in related party receivables of

approximately $35.8 million, which represents intercompany funding arrangements expected to be settled during fiscal year 2026.

approximately $38,407,601, which represents intercompany funding arrangements expected to be settled during fiscal year 2026.

this item, adjusted operating cash generation reflects the improved profitability of the business.

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(Restated, Audited)

Net cash used in operating activities

(Restated, Audited)

Net cash provided (used) in operating activities

$ (40,918,408 )

(13,632,376 )

Net cash provided by investing activities

Net cash provided by financing activities

Net cash provided (used) by investing activities

Net cash provided (used) by financing activities

Effect of exchange rate

Net increase (decrease) in cash

$ (7,707,208 )

Cash at beginning of period

Cash at end of period

Net cash used in operating activities for fiscal year 2025 was ($40,984,998),

compared to net cash used in operating activities of ($13,621,417) in fiscal year 2024.

While fiscal year 2025 net income was $5,783,223,

the primary driver of negative operating cash flow was a net increase in related party receivables of approximately $35.8 million, reflecting

advances to affiliated entities as part of the Company’s intercompany funding structure.

This is expected to be substantially settled

during fiscal year 2026.

notable working capital changes in fiscal year 2025 included:

(i) a decrease in customer funds of $5,712,901, held by our regulated brokerage entities;

(ii) a decrease in other current liabilities of ($3,195,117);

recovery of accrued income of $1,793,304.

Non-cash items included depreciation of $178,754.

Cash paid for interest and income taxes

was $nil in each year.

fiscal year 2024, net cash used in operating activities was ($13,621,417), reflecting a net decrease in customer funds of ($18,693,481),

partially offset by increases in other current liabilities of $4,557,126 and collections of accounts receivable of $981,618.

Net cash provided by investing activities for

fiscal year 2025 was $2,069,328, compared to $444,732 in fiscal year 2024.

In fiscal year 2025, the Company received a credit of $2,000,000

in seller financing for the business acquisition seller’s note and capitalized $316,937 of software development costs.

Foreign currency

translation effects contributed $386,265.

In fiscal year 2024, investing activities primarily

reflected changes in paid-in capital attributable to common control transactions of $1,338,592, partially offset by capitalized software

development costs of $75,766 and foreign currency effects of ($298,009).

Net cash provided by financing activities for

fiscal year 2025 was $31,208,462, compared to $7,237,181 in fiscal year 2024.

The fiscal year 2025 amount was primarily composed of:

related party advances received of $21,204,630, (ii) changes in additional paid-in capital of $9,969,735 related to equity transactions

and intercompany adjustments, and (iii) common stock issued for cash of $35,200.

These were partially offset by repayments of the Cares

Act PPP advance of ($5,661) and SBA loan repayments of ($8,506).

In fiscal year 2024, financing activities consisted

primarily of related party advances of $7,199,501 and common stock issued for cash of $20,000, partially offset by repayments of government-assistance

Cash and Cash Equivalents.

As of December

31, 2025, we had cash and cash equivalents of $17,669,749, out of which $15,258,896 was held at various liquidity providers.

is held primarily in operating accounts of our subsidiaries across multiple jurisdictions and in segregated client money accounts at our

regulated brokerage entities.

Of the total cash balance, a portion is subject to regulatory minimum requirements and is not freely available

Cash, cash equivalents, and restricted cash at beginning of the period

Cash, cash equivalents, and restricted cash at end of the period

Net cash used in operating activities was ($40,918,408) in fiscal year

2025, versus net cash used of $13,632,376 in fiscal year 2024.

Despite net income (including noncontrolling interest) of $5,828,978, operating

cash flow was driven negative by a $38,407,601 increase in related party receivables — advances to affiliated entities under the

Company’s intercompany funding structure — which is expected to be substantially settled in fiscal year 2026.

Other notable working capital movements in fiscal

year 2025 included a $3,195,117 decrease in other current liabilities, partially offset by a $1,793,304 recovery of accrued income.

of $178,754 was the principal non-cash item.

No cash was paid for interest or income taxes in either year.

The prior-year $13,632,376 operating cash outflow primarily reflected

a $18,693,481 decrease in client funds payables (liabilities).

Net cash provided by investing activities was $11,670,570 in fiscal

year 2025, compared to $742,741 in fiscal year 2024.

Fiscal year 2025 activity primarily reflected $8,933,118 recognized on the consolidation

of Alchemy International Limited and $1,054,389 of paid-in-capital changes attributable to common-control transactions, together with

a $2,000,000 credit on the business acquisition seller’s note, partially offset by $316,937 of capitalized software development

Fiscal year 2024 activity was driven by $818,507 of paid-in-capital

changes attributable to common-control transactions, partially offset by $75,766 of capitalized software development costs.

Net cash provided by financing activities was $21,171,592 in fiscal

year 2025, compared to $7,248,140 in fiscal year 2024.

The fiscal year 2025 amount primarily comprised related party advances of $21,204,630,

partially offset by a net change in noncontrolling interest of ($31,389) and repayments on the line of credit ($3,985), the PPP advance

($5,661), and the SBA loan ($8,506).

Fiscal year 2024 financing activity consisted

primarily of related party advances of $7,199,501, net borrowings on the line of credit of $54,595, and common stock issued for cash

of $20,000, partially offset by noncontrolling interest distributions of ($22,118), PPP repayments of ($14,991), and SBA loan repayments

Cash and Cash Equivalents (including client

At December 31, 2025, we held total cash and cash equivalents of $17,669,749, consisting of $11,855,861 of

unrestricted cash and $5,813,888 of segregated client funds, of which $15,258,896 in aggregate was held at liquidity

The unrestricted cash balance is held in operating accounts of our subsidiaries across multiple jurisdictions.

The segregated

client funds, maintained at our regulated brokerage entities, are subject to regulatory minimum requirements and are not freely available

for general corporate purposes.

Related Party Receivables and Advances.

of December 31, 2025, related party receivables totaled $37,477,356, representing amounts due from affiliated entities and related parties

December 31, 2025, related party receivables totaled $40,090,051, representing amounts due from affiliated entities and related parties

under intercompany funding arrangements.

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approximately $10,892,581 as of December 31, 2025.

Customer Funds.

Client Funds.

Our regulated brokerage

subsidiaries hold customer funds of $5,813,888 as of December 31, 2025 (2024:

subsidiaries hold client funds of $5,813,888 as of December 31, 2025 (2024:

$11,526,789).

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client accounts pursuant to applicable regulatory requirements and are not available for general corporate purposes.

Customer funds are

Client funds are

recognized as both an asset (segregated cash) and a corresponding liability in our consolidated balance sheet.

Lines of Credit and Debt.

As of December

31, 2025, our total outstanding debt obligations were approximately $2,567,030, consisting primarily of a business acquisition loan of

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is subject to ASIC’s financial requirements for Australian financial services licensees.

As of December 31, 2025,

At December 31, 2025,

management believes that all regulated subsidiaries were in compliance with their respective minimum regulatory capital requirements.

Regulatory capital requirements may limit the ability of subsidiaries to distribute cash upstream to the parent company.

As of December 31, 2025, working capital was $14,883,171,

At December 31, 2025, working capital was

$17,831,410, compared to working capital of $991,609 as of December 31, 2024 (restated).

The improvement of approximately $14.0 million reflects primarily

the growth in the related party receivable (classified as current), which increased by approximately $37.5 million, comprising primarily AIL’s current account receivable from Alchemy Capital Markets Ltd.

(ACM) and related affiliates,

which is partially offset by

an increase in related party advances payable of approximately $36.9 million, primarily owed to Alchemy DMCC ($25.5M), a Kundnani-affiliated entity.

Excluding related party receivables and advances, the Company’s

underlying working capital remains modestly positive.

The improvement of approximately

$16,839,801 reflects primarily the growth in the related party receivable (classified as current), which increased by approximately

$38,407,601, comprising primarily AIL’s current account receivable from Alchemy Capital Markets Ltd.

(ACM) and related

affiliates, which is partially offset by an increase in related party advances payable (net) of approximately $21,204,630,

primarily owed to Alchemy DMCC, a Kundnani-affiliated entity.

Excluding related party receivables and advances, the

Company’s underlying working capital remains modestly positive.

Obligations and Commitments

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We have no material off-balance sheet arrangements.

We lease office space for our corporate headquarters in Irvine, California, and for our subsidiary offices in Malta, the United

Kingdom, Australia, Cyprus, and Seychelles.

As of December 31, 2025, right-of-use assets were $530,348, current operating lease liabilities

were $501,236, and non-current operating lease liabilities were $29,112.

The weighted-average remaining lease term for operating leases

was approximately 1.1 years, and the weighted-average discount rate was approximately 5.5%.

We lease office space for our corporate headquarters in Irvine, California,

and for our subsidiary offices in Malta, the United Kingdom, Australia, Cyprus, and Seychelles.

At December 31, 2025, right-of-use assets

were $811,038, current operating lease liabilities were $165,692, and non-current operating lease liabilities were $364,655.

The weighted-average

remaining lease term for operating leases was approximately 1.1 years, and the weighted-average discount rate was approximately 5.5%.

We have an outstanding Economic Injury Disaster Loan from the U.S.

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Acquisition Loan.

We have a business acquisition loan with a current balance of $2,350,000 as of December 31, 2025, an increase

of $2,000,000 from the prior year’s balance of $350,000, reflecting additional amounts drawn to fund the acquisition of Alchemy

International Ltd.

We have a business acquisition loan with a current balance of $2,350,000 as of December 31, 2025, an increase of

$2,000,000 from the prior year’s balance of $350,000, reflecting additional amounts drawn to fund the acquisition of Alchemy International

during fiscal year 2025.

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Sheet Arrangements

of December 31, 2025, we did not have any relationships with unconsolidated organizations, special purpose entities, or other arrangements

At December 31, 2025, we did not have any relationships with unconsolidated organizations, special purpose entities, or other arrangements

that would constitute off-balance sheet arrangements as defined in Item 303(a)(4) of Regulation S-K that have or are reasonably likely

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Value of Financial Instruments.

The Company’s brokerage subsidiaries carry trading positions at fair value, based on

quoted market prices (Level 1) or observable inputs (Level 2 in the fair value hierarchy).

As of December 31, 2025, the net fair

value of trading positions held by the firm was $1,183,873 (asset).

Management exercises judgment in

classifying assets and liabilities within the fair value hierarchy and in determining whether observable inputs are available for

valuation purposes.

The Company’s brokerage subsidiaries carry trading positions at fair value, based on quoted

market prices (Level 1) or observable inputs (Level 2 in the fair value hierarchy).

At December 31, 2025, the net fair value of trading

positions held by the firm was $1,183,873 (asset).

Management exercises judgment in classifying assets and liabilities within the fair

value hierarchy and in determining whether observable inputs are available for valuation purposes.

and Intangible Assets.

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and assessing them for impairment.

As of December 31, 2025, acquired intangible assets, net, were $1,326,062.

There were no impairment

charges recognized in fiscal year 2025.

At December 31, 2025, acquired intangible assets, net, were $1,326,062.

There were no impairment charges

recognized in fiscal year 2025.

We account for income taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities

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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/A

Item 7. Management’s Discussion and Analysis