What changed in this filing

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Item 1A. Risk Factors

2020-08-27 compared with 2020-05-29 · 26 added, 25 removed, 7 unchanged (88% of the section changed)

RISK FACTORS.

RISK FACTORS AND UNCERTAINTIES.

No changes from September 30, 2019 10-K annual report other

In December 2019, a novel strain of coronavirus, referred to

as COVID-19, was reported to have surfaced in Wuhan, China.

Since then, COVID-19 has spread to other countries, including the United

In December 2019, a novel strain of coronavirus,

referred to as COVID-19, was reported to have surfaced in Wuhan, China.

Since then, COVID-19 has spread to other countries, including

the United States.

In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic.

Further, the President of the United

States declared the COVID-19 pandemic a national emergency.

States in which we operate declared states of emergency related to

the spread of COVID-19 and issued executive orders directing individuals to stay at their place of residence for an indefinite

period of time.

The financial markets demonstrated significant volatility in

reaction to the virus outbreak.

Further, the President

of the United States declared the COVID-19 pandemic a national emergency.

States in which we operate declared states of emergency

related to the spread of COVID-19 and issued executive orders directing individuals to stay at their place of residence for an

indefinite period of time.

The financial markets demonstrated significant

volatility in reaction to the virus outbreak.

There has been considerable strain on companies in many sectors of the economy.

Investors suffered

significant decreases in the value of their investment portfolios, and the economy has significantly shut down.

It is unclear when

the economy will start up again, and the lingering effects are not known.

During periods of high volatility and uncertainty many

investors choose to stop ongoing investment activity and sit on the sidelines until the markets become more stable.

The Company’s revenues are adversely affected when investors

reduce their investment activities.

In addition, part of Company’s revenues is based upon the value of assets under management.

If the investment portfolios of clients decrease in value, the fees charged for investment advice also decreases.

The Company could be affected by lack of access to its offices,

although that seems to have had little short term impact as employees have succeeded in maintaining productivity while working

suffered significant decreases in the value of their investment portfolios, and the economy has significantly shut down.

unclear when the economy will start up again, and the lingering effects are not known.

During periods of high volatility and uncertainty

many investors choose to stop ongoing investment activity and sit on the sidelines until the markets become more stable.

The Company’s revenues are adversely

affected when investors reduce their investment activities.

In addition, part of Company’s revenues is based upon the value

of assets under management.

If the investment portfolios of clients decrease in value, the fees charged for investment advice also

The Company could be affected by lack of

access to its offices, although that seems to have had little short-term impact as employees have succeeded in maintaining productivity

while working remotely.

The long-term effects, however, may present significant issues.

Any significant shutdown of the economy for a sustained period

will affect the Company’s revenue which could lead to losses.

Any significant shutdown of the economy

for a sustained period will affect the Company’s revenue which could lead to losses.

Unregistered Sales of Equity Securities and Use of

2 unchanged sentences

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 1A. Risk Factors