What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2021-10-29 compared with 2020-11-13 · 117 added, 72 removed, 610 unchanged (24% of the section changed)

11 unchanged sentences

To the Shareholders and

Board of Directors of Hammer Fiber Optics Holding Corp.

Board of Directors of Hammer Fiber Optics Holdings Corp.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of Hammer Fiber Optics Holding Corp.

(the “Company”) as of July 31, 2020 and 2019, the related consolidated statements of operations, stockholder’s equity (deficit), and cash flows for each of the years in the two year period ended July 31, 2020, and the related notes (collectively referred to as the “financial statements”).

We have audited the accompanying consolidated balance sheets of Hammer Fiber Optics Holdings Corp.

(the "Company") as of July 31, 2021 and 2020, the related consolidated statements of operations, stockholders' equity (deficit), and cash flows for each of the two-years in the period ended July 31, 2021, and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of July 31, 2021 and 2020, and the results of its operations and its cash flows for each of the two years in the period ended July 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Substantial Doubt About the Company's Ability to Continue as a Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.

As discussed in Note 4 to the consolidated financial statements, the Company's cumulative net losses raises substantial doubt about its ability to continue as a going concern for one year from the issuance of these financial statements.

7 unchanged sentences

We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States).

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to fraud or error.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to fraud or error.

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

5 unchanged sentences

We believe that our audit provides a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

331 Newman Springs Road

P (732) 784-1582

Building 1, 4 th Floor, Suite 143

F (732) 510-0665

Red Bank, NJ 07701

Intangible Assets with Indefinite Lives

As described in Notes 3 and 4 to the consolidated financial statements, the Company had intangible assets with indefinite useful lives.

The assessment for impairment on these intangible assets required accounting considerations and significant estimates.

A significant portion of the Company's intangible assets are wireless licenses that provide wireless operations with the exclusive right to utilize designated radio frequency spectrum to provide communication services.

The Company tests the wireless licenses and other indefinite lived intangible assets for potential impairment annually or more frequently if impairment indicators are present.

The Company performs a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test.

Based upon the qualitative and quantitative factors, the Company determined that its' intangible assets were not impaired at July 31, 2021.

We identified the accounting considerations of the valuation of intangible assets with indefinite lives as a critical audit matter.

The principal considerations for our determination were:

(1) the significant judgment by management in determining the accounting for the valuation of intangible assets with indefinite useful lives and the (2) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's accounting for the valuation of intangible assets with indefinite useful lives.

Our audit procedures related to management's conclusion on the evaluation of the valuation of intangible assets with indefinite lives, included the following, among others:

(1) evaluating the assessment performed by Management and, (2) independently assessing the carrying values of the intangible assets with indefinite lives

/s/ Boyle CPA, LLC

We have served as the Company's auditor since 2019

November 13, 2020

361 Hopedale Drive SE

October 29, 2021

331 Newman Springs Road

P (732) 784-1582

Bayville, NJ 08721

Building 1, 4 th Floor, Suite 143

F (732) 510-0665

Red Bank, NJ 07701

Hammer Fiber Optics Holdings Corp.

36 unchanged sentences

Operating loss

Other expenses

Other income (expense)

Interest expense

1 unchanged sentence

Total other expenses

Loss Before Discontinued Operations

Loss From Discontinued Operations

Income (loss) Before Discontinued Operations

Income (loss) From Discontinued Operations

Net income (loss)

Weighted average number of common shares outstanding - basic and diluted

5 unchanged sentences

Consolidated Statement of Stockholders' Equity (Deficit)

Treasury Stock

Stockholders'

Balance, July 31, 2018

Treasury shares issued for cash

Treasury shares issued for

conversion of convertible note

Treasury shares issued for acquisitions

Repurchase of shares from related parties

Net loss for the year

Treasury Stock

Balance, July 31, 2019

1 unchanged sentence

Commitment shares issued in registration statement

Net loss for the year

Balance, July 31, 2020

Treasury shares issued for cash

Treasury shares issued for prior acquisition

Treasury shares issued for debt settlement

Balance, July 31, 2021

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

6 unchanged sentences

cash provided by operating activities:

Gain on loan forgiveness

Depreciation expense

32 unchanged sentences

NOTE 1 - ORGANIZATION AND DESCRIPTION BUSINESS

Hammer Fiber Optics Holdings Corp (OTCQB:HMMR) is a telecommunications company investing in the future of wireless technology.

Hammer’s “Everything Wireless” go to market strategy includes the develop of high speed fixed wireless service for residential, small business and enterprise clients using its wireless fiber platform, Hammer Wireless AIR®, mobility networks including 4G/LTE, Over-the-Top services such as voice, SMS and collaboration services and hosting services including cloud and colocation.

Hammer Fiber Optics Holdings Corp (OTCQB:HMMR) is a company focused on sustainable shareholder value investing in both financial services technology and wireless telecommunications infrastructure.

Hammer's financial technologies business is focused on providing digital stored value technology via its HammerPay mobile payments platform to enable digital commerce between consumers and branded merchants across the developing world, ensuring Swift, Safe and Secure encrypted remittances and banking transactions.

Hammer's "Everything Wireless" go to market strategy for its telecommunications business includes the development of high speed fixed wireless service for residential, small business and enterprise clients using its wireless fiber platform, Hammer Wireless AIR®, mobility networks including 4G/LTE, Over-the-Top services such as voice, SMS and collaboration services and hosting services.

NOTE 2 - CORPORATE HISTORY AND BACKGROUND ON MERGER

31 unchanged sentences

JULY 31, 2021 and 2020

NOTE 2 - CORPORATE HISTORY AND BACKGROUND ON MERGER (CONTINUED)

On October 25, 2021 our Board of Directors approved a share exchange agreement with Telecom Financial Services Limited ("TFS") for the acquisition one hundred percent (100%) of its stock.

TFS owns the intellectual property critical to the operations of the company's financial technology business unit as well as certain key supplier, marketing and operating agreements.

TFS will be renamed HammerPay [USA] Ltd.

This acquisition has been discussed in the Subsequent Events.

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 unchanged sentences

As a result, the ultimate impact on the company's business, financial condition or operating results cannot be reasonably estimated at this time.

On May 5, 2020, the Company’s 1stPoint Communications LLC subsidiary entered into a $88,097 note payable to Bank of America, pursuant to the Paycheck Protection Program (“PPP Loan”) under the CARES Act.

The loan remains outstanding at July 31, 2020.

On May 5, 2020 and on February 26, 2021 the Company's 1stPoint Communications LLC subsidiary entered into two $88,097 notes payable to Bank of America, pursuant to the Paycheck Protection Program ("PPP Loan") under the CARES Act.

1stPoint has met the requirements for Loan Forgiveness, and as of October 19, 2021, these notes have been forgiven by the Small Business Administration in accordance with rules of the CARES Act.

The amounts of have been reflected as other income in the company's financial statements.

Cash and cash equivalents

12 unchanged sentences

The Company has not recognized impairment losses for any long-lived assets.

Notes Receivable

These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.

Subsequent to initial recognition, they are recorded at amortized cost less any provision for impairment.

Individually significant receivables are considered for impairment when they are past due or when other objective evidence is received that a specific counterparty is more likely than not to default.

HAMMER FIBER OPTICS HOLDINGS CORP.

2 unchanged sentences

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Notes Receivable

These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.

Subsequent to initial recognition, they are recorded at amortized cost less any provision for impairment.

Individually significant receivables are considered for impairment when they are past due or when other objective evidence is received that a specific counterparty is more likely than not to default.

Indefinite lived intangible assets

7 unchanged sentences

Revenue recognition

The Company accounts for revenues under Accounting Standards Update (ASU) 2014-09, "Revenue from Contracts with Customers"

(Topic 606), which we adopted on August 1, 2018, using the modified retrospective approach.

The Company accounts for revenues under Accounting Standards Update (ASU) 2014-09, "Revenue from Contracts with Customers" (Topic 606), which we adopted on August 1, 2018, using the modified retrospective approach.

This standard update, along with related subsequently issued updates, clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP.

16 unchanged sentences

The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

Fair value measurements

The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.

The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

HAMMER FIBER OPTICS HOLDINGS CORP.

2 unchanged sentences

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fair value measurements

The Company adopted the provisions of ASC Topic 820, "Fair Value Measurements and Disclosures", which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

31 unchanged sentences

Adoption did not have a material impact on the Company's consolidated financial statements.

HAMMER FIBER OPTICS HOLDINGS CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JULY 31, 2021 and 2020

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

In February 2016, FASB issued ASU No.

6 unchanged sentences

The Company does not expect the adoption of any other recent accounting pronouncements to have a material impact on its financial statements.

HAMMER FIBER OPTICS HOLDINGS CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JULY 31, 2020 and 2019

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Reclassifications

57 unchanged sentences

NOTE 6 - ACQUISITIONS

On September 1, 2019, the Company completed the previously announced purchase of the assets of American Network, Inc..

The purchase price for the acquisition was 500,000 shares of the Company’s Common Stock from treasury stock.

The purchase price of $230,000 is allocated to intangible assets, which includes vendor contracts, CLEC agreements and telephone number assets.

There were no new acquisitions during the period.

NOTE 7 - PROPERTY AND EQUIPMENT

4 unchanged sentences

NOTE 8 - INDEFINITE LIVED INTANGIBLE ASSETS

The Company has intangible assets with indefinite useful lives resulting from various acquisitions, including of 1stPoint Communications LLC and Endstream Communications, LLC.

A portion of our intangible assets are wireless licenses that provide our wireless operations with the exclusive right to utilize designated radio frequency spectrum to provide communication services.

While licenses are often issued for only a fixed time, such licenses are subject to renewal.

License renewals have occurred routinely and at nominal cost.

Moreover, the Company has determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of our licenses.

As a result, we treat the wireless licenses as an indefinite-lived intangible asset.

We re-evaluate the useful life determination for wireless licenses each year to determine whether events and circumstances continue to support an indefinite useful life.

The Company has $18,934 of recognized indefinite lived intangible assets, which consist of the ownership of Internet Protocol version 4 (IPv4) address blocks.

5 unchanged sentences

If a determination is made that the intangible asset is impaired after performing the initial qualitative assessment, the asset's fair value will be calculated and compared with the carrying value to determine whether an impairment loss should be recognized.

Based upon the qualitative and quantitative factors, the Company determined that its’ intangible assets are not impaired at July 31, 2021.

NOTE 9 - RELATED PARTY TRANSACTIONS

2 unchanged sentences

The loan carries an annual interest rate of 3%.

The Company is currently in default on this loan.

On September 15, 2016, the Company received $210,000 from a family member of a member of the BOD, also for the purpose of working capital, and has recorded such amount as a deposit in anticipation of executing a loan agreement.

The company settled this note for the full amount in stock at $3/share of HMMR common stock on July 31, 2021.

On April, 9 2018, the Company received an additional $20,000 deposit from a family member of a member of the BOD.

4 unchanged sentences

The terms consist of ten principal and interest payments due quarterly in the amount of $300,000 for total payments of $3,000,000.

The Company is currently in default on this loan.

To date, the Company has made payments on this note amounting to $725,831.

2 unchanged sentences

The interest accrued was $219,434 at July 31, 2018 and $69,594 at July 31, 2017, respectively.

This company settled this note for the full amount in stock at $3/share of HMMR common stock on July 31, 2021.

The $1,000,000 note matured on June 9, 2018 at which time the principal became due in its entirety, in addition to simple interest accrued at 3%.

The company is currently in default on this loan.

The company settled these amounts in full on of July 31, 2021 in exchange for HMMR common stock at $3/share.

On February 12, 2018, the Company entered into a convertible promissory note for the sum of $103,000.

10 unchanged sentences

The note bears interest at a rate of 6%, payable quarterly.

On September 1, 2020, the Company entered into a promissory note for the sum of $100,000 with a related party.

The note bears interest at a rate of 6%, payable quarterly.

As of July 31, 2021, all of the related party payables are reported as current liabilities in the Consolidated Balance Sheet.

16 unchanged sentences

The tax effects of temporary differences that give rise to the Company's net deferred tax assets as of July 31, 2021 and 2020 are as follows:

Net operating loss

Net operating gain/loss

Valuation allowance

1 unchanged sentence

The blended tax rate for 2018 considered the tax laws enacted in 2017.

The tax effect of temporary differences from net operating losses (“NOL”) has been reduced to reflect the newly enacted rate.

The tax effect of temporary differences from net operating losses ("NOL") has been reduced to reflect the newly enacted rates.

The Company has approximately $22,912,000 of NOL carried forward to offset taxable income in future years.

2 unchanged sentences

In the new tax law, the NOL that can be carried forward is limited to 80% of the taxable income, can no longer be carried back, but are allowed to be carried forward indefinitely.

The new law will apply to NOL arising in tax years beginning December 31, 2017, hence, $3,000,000 of the NOL will be subject to the 80% limitation and will be carried forward indefinitely while $19,297,000 of the NOL will be carried forward for 20 years and will begin to expire in 2036.

The new law will apply to NOL arising in tax years beginning

HAMMER FIBER OPTICS HOLDINGS CORP.

2 unchanged sentences

NOTE 11 - INCOME TAXES (CONTINUED)

December 31, 2017, hence, $3,000,000 of the NOL will be subject to the 80% limitation and will be carried forward indefinitely while $19,297,000 of the NOL will be carried forward for 20 years and will begin to expire in 2036.

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 realized.

12 unchanged sentences

Price Per Share

These shares have not yet been issued, and not deducted from Treasury Stock.

During the year ended July 31, 2019, the Company received cash of $26,000 from the sale of 59,874 treasury shares to various investors and a Directors.

Price Per Share

The Company issued 245,112 treasury shares to related and third parties for in association with the conversion of a note payable in accordance with the original terms and conditions of the note.

Additionally, the company issued 3,802,275 shares associated with the acquisitions of Endstream Communications, LLC, Open Data Centers, LLC, Shelcomm, Inc.

and 1stPoint Communications, LLC and its subsidiaries.

7,016,000 have been reserved for issuance to the sellers in these acquisitions under the Stock Purchase Agreements.

On January 4, 2019 the Company repurchased 13,000,000 shares of restricted Common Stock from substantial related-party shareholders.

The shares of common stock were repurchased by the Company at $0.0001 per share.

The repurchased shares were added to the Treasury stock of the Company and intend to be used for the purposes of effecting mergers, acquisitions, joint ventures, contractual relations and may be issued to investors under private placement agreements.

On January 22, 2021, the company issued 2,067,071 shares of stock in accordance with the Stock Purchase Agreements between the Company and 1stPoint Communications, LLC and Endstream Communications, LLC.

On July 31, 2021, the Company issued 1,757,500 shares of stock in settlement of notes payable to a related party.

NOTE 13 - COMMITMENTS AND LEASES

In discontinuing Open Data Centers, LLC and Hammer Fiber Optics Investments, Ltd.

the company no longer has any material long term leases or obligations.

Hammer does not currently have any material long term lease obligations.

HAMMER FIBER OPTICS HOLDINGS CORP.

4 unchanged sentences

In general, the functional currency of a foreign operation is the local country's currency.

Consequently, revenues and expenses of operations outside the United States are translated into USD Dollars using the weighted-average exchange rates on the period end date and assets and liabilities of operations outside the United States are translated into US Dollars using the change rate on the balance sheet dates.

Consequently, revenues and expenses of operations outside the United States are translated into US Dollars using the weighted-average exchange rates on the period end date and assets and liabilities of operations outside the United States are translated into US Dollars using the change rate on the balance sheet dates.

The effects of foreign currency translation adjustments are not material to the Company's accompanying financial statements.

3 unchanged sentences

The Company also has an October 8, 2019 Registration Rights Agreement with Peak One requiring us to file an S-1 Registration Statement providing for the registration of 13,350,000 Shares that result from our selling to Peak One an indeterminate number of shares up to an aggregate purchase price of $10,000,000 and the subsequent resale by Peak One of such shares.

One of such shares.

This S-1 was effective on February 1, 2020.

NOTE 16 - SUBSEQUENT EVENTS

On October 25, 2021 our Board of Directors approved a share exchange agreement with Telecom Financial Services Limited ("TFS") for the acquisition one hundred percent (100%) of its stock.

TFS owns the intellectual property critical to the operations of the company's financial technology business unit as well as certain key supplier, marketing and operating agreements.

TFS will be renamed HammerPay [USA] Ltd.

This acquisition has been discussed in the Subsequent Events.

In exchange for 100% of the stock of TFS, the Company will deliver 5,000,000 shares of HMMR common stock.

This stock is being issued from treasury and the transaction is non-dilutive.

In order to facilitate this transaction, 3,000,000 shares of stock that had been reserved for other transactions will be returned to treasury.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL STATEMENTS

1 unchanged sentence

Management's Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934 , as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and our chief financial officer (who is acting as our principal executive officer, principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934 , as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including Chief Executive Officer and our Chief Financial Officer (who is acting as our principal executive officer, principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.

As of July 31, 2020, we carried out an evaluation, under the supervision of our Chief Executive Officer, of the effectiveness of the design and operation of our disclosure controls and procedures.

21 unchanged sentences

Identification of Executive Officers and Directors of the Company

Name and Address of Beneficial Owner Directors and Officers:

Name and Address of Beneficial

Owner Directors and Officers:

Shares Held or Controlled

16 unchanged sentences

New York, NY 10016

All executive officers and directors as a group (5 people)

All executive officers and directors

as a group (5 people)

The number and percentage of shares beneficially owned is determined under rules promulgated by the SEC and the information is not necessarily indicative of beneficial ownership for any other purpose.

11 unchanged sentences

Levitt received 159,800 shares of Common Stock in exchange for Erik Levitt's respective ownership of Endstream Communications, LLC and 226,845 shares of Common Stock in exchange for Erik Levitt's respective ownership of 1stPoint Communications, LLC.

In accordance with Amendment 2 of the Stock Purchase Agreements for Endstream and 1stPoint Communications altered the Plan and Mr.

Levitt received an additional 141,817 shares of Stock.

Michael Sevell's ownership of 9,857,359 shares is composed of:

8 unchanged sentences

Vasicek's respective ownership of 1stPoint Communications, LLC.

Pursuant to Amendment 2 of the Stock Purchase Agreement, Ms.

Vasicek received an additional 18,113 shares of stock on January 2, 2021.

Term of Office

2 unchanged sentences

Significant Employees

Levitt – President & Chief Executive Officer

Levitt - Principal Financial Officer, CEO - 1stPoint Communications

Kristen Vasicek - Chief Operating Officer

29 unchanged sentences

Compensation ($)

CEO & Director

Executive Director & Principal Financial Officer, CEO - 1stPoint Communications, LLC

Kristen Vasicek 6

2 unchanged sentences

The "All Other Compensation" column is used to disclose the aggregate amount of all compensation that the company could not properly report in any other column of the Summary Compensation Table.

Michael Cothill has an employment agreement with the company but opted to take no compensation for year ending July 31, 2019 as reflected in Summary Compensation Table.

Levitt has an employment agreement with the company but opted to take a reduction of compensation for year ending July 31, 2019 as reflected in the Summary Compensation Table.

Mark Stogdill had an employment agreement with the company but opted to take no compensation for year ending July 31, 2019 as reflected in the Summary Compensation Table.

Levitt had an employment agreement with the company but opted to take a reduction of compensation for year ending July 31, 2021 as reflected in the Summary Compensation Table.

Kristen Vasicek is employed by the company under an at-will employment agreement.

69 unchanged sentences

Filed with the SEC on September 13, 2018, as part of our Form 8-K

302 Certification of Chief Executive Officer

302 Certification of Principal Financial Officer

Filed herewith

1 unchanged sentence

Filed herewith

906 Certification of Chief Executive Officer

XBRL Instance File

Filed herewith

906 Certification of Principal Financial Officer

XBRL Taxonomy Schema Linkbase Document

Filed herewith

XBRL Taxonomy Extension Calculation Linkbase Document.

Filed herewith

XBRL Taxonomy Extension Definition Linkbase Document

Filed herewith

XBRL Taxonomy Extension Label Linkbase Document

Filed herewith

XBRL Taxonomy Extension Presentation Linkbase Document

Filed herewith

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.

HAMMER FIBER OPTICS HOLDINGS CORP

November 13, 2020

Principal Executive Officer

November 13, 2020

October 29, 2021

/s/ Erik Levitt

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