What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2025-12-03 compared with 2024-12-11 · 129 added, 52 removed, 505 unchanged (26% of the section changed)

1 unchanged sentence

Index to Financial Statements:

Report of Independent Registered Public Accounting Firm

Report of CBIZ CPAs P.C., Independent Registered Public Accounting Firm

Report of Marcum LLP, Independent Registered Public Accounting Firm

Balance Sheets

4 unchanged sentences

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

of Hennessy Advisors, Inc.:

To the Shareholders and Board of Directors of

Hennessy Advisors, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Hennessy Advisors, Inc.

(the “Company”) as of September 30, 2024 and 2023, the related statements of income, changes in stockholders’ equity and cash flows for each of the two years in the period ended September 30, 2024, 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 September 30, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended September 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

We have audited the accompanying balance sheet of Hennessy Advisors, Inc.

(the “Company”) as of September 30, 2025, the related statements of income, changes in stockholders’ equity and cash flows for the year ended September 30, 2025, 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 September 30, 2025, and the results of its operations and its cash flows for the year ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company's management.

Our responsibility is to express an opinion on the Company’s financial statements based on our audits.

Our responsibility is to express an opinion on the Company's financial statements based on our audit.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

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 error or fraud.

We conducted our audit in accordance with the standards of the PCAOB.

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 error or fraud.

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

As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.

As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Prior Period Financial Statements

The financial statements of the Company as of and for the year ended September 30, 2024, were audited by Marcum LLP, whose report dated December 11, 2024, expressed an unmodified opinion on those statements.

Critical Audit Matters

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These intangible assets are considered to have indefinite useful lives and are therefore not amortized, but rather tested at least annually for impairment.

As part of this annual test, management (i) evaluates whether events and circumstances indicate that it is more likely than not that impairment exists, and/or (ii) estimates the fair value of such intangible assets and compares it to the cost of the assets to

determine whether impairment has occurred.

Management’s estimate of the fair value of the management contract asset involves subjective assumptions that include stock market returns, fund flows and weighted average cost of capital.

8 unchanged sentences

Professionals with specialized skills and knowledge were used to assist in evaluating the measurement of the Company’s estimated fair value of the management contract asset.

/s/ CBIZ CPAs P.C.

CBIZ CPAs P.C.

We have served as the Company’s auditor since 2004 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C.

effective November 1, 2024).

San Francisco, California

December 3, 2025

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

Hennessy Advisors, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheet of Hennessy Advisors, Inc.

(the “Company”) as of September 30, 2024, the related statements of income, changes in stockholders’ equity and cash flows for the year ended September 30, 2024, 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 September 30, 2024 and the results of its operations and its cash flows for the year ended September 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company's management.

Our responsibility is to express an opinion on the Company's financial statements based on our audit.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

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 error or fraud.

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

Accordingly, we express no such opinion.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates 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 matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Valuation of the Management Contract Asset – Impairment Consideration

As described in Note 1(f) to the financial statements, the Company has historically capitalized the cost of purchasing management contracts as intangible assets.

These intangible assets are considered to have indefinite useful lives and are therefore not amortized, but rather tested at least annually for impairment.

Management’s estimate of the fair value of the management contract asset involves subjective assumptions that include stock market returns, fund flows and weighted average cost of capital.

We have determined that the valuation of the management contract asset constitutes a critical audit matter for the following reasons:

(i) it is a matter that should be communicated to the audit committee, since it involves a significant management estimate;

(ii) it involves a material account balance;

and (iii) it involves especially subjective auditor judgment.

We have addressed this critical audit matter by performing appropriate audit procedures.

These procedures included (i) assessing management’s evaluation of whether events or circumstances indicate that it is more likely than not that impairment exists;

(ii) evaluating the reasonableness of management’s fair value estimate assumptions;

and (iii) testing the mathematical accuracy of management’s valuation model.

Professionals with specialized skills and knowledge were used to assist in evaluating the measurement of the Company’s estimated fair value of the management contract asset.

/s/ Marcum LLP

We have served as the Company’s auditor since 2004.

San Francisco, CA

We have served as the Company’s auditor from 2004 through 2024.

San Francisco, California

December 11, 2024

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Investments in marketable securities, at fair value

Investment fee income receivable

Investment advisory fee income receivable

Interest income receivable

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$ 4,864 $ 4,441

Accrued payment related to management contract

Operating lease liability

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Shares issued for dividend reinvestment pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan

Shares issued for auto-investments pursuant to the 2024 Dividend Reinvestment and Stock Purchase Plan

Shares issued for dividend reinvestment pursuant to the 2024 Dividend Reinvestment and Stock Purchase Plan

Stock-based compensation

Employee restricted stock forfeiture

Balance at September 30, 2024

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Shares issued for dividend reinvestment pursuant to the 2024 Dividend Reinvestment and Stock Purchase Plan

Shares issued for auto-investments pursuant to the 2024 Dividend Reinvestment and Stock Purchase Plan

Shares issued for dividend reinvestment pursuant to the 2024 Dividend Reinvestment and Stock Purchase Plan

Stock-based compensation

Employee restricted stock forfeiture

Balance at September 30, 2025

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Dividend investment issued in shares

Payments related to management contracts in accrued liabilities

See Accompanying Notes to Financial Statements

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The Company’s operating activities consist primarily of providing investment advisory services to 16 open-end mutual funds and one exchange‑traded fund (“ETF”) branded as the Hennessy Funds.

The Company serves as the investment advisor to all classes of the Hennessy Cornerstone Growth Fund, the Hennessy Focus Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Value Fund, the Hennessy Total Return Fund, the Hennessy Equity and Income Fund, the Hennessy Balanced Fund, the Hennessy Energy Transition Fund, the Hennessy Midstream Fund, the Hennessy Gas Utility Fund, the Hennessy Japan Fund, the Hennessy Japan Small Cap Fund, the Hennessy Large Cap Financial Fund, the Hennessy Small Cap Financial Fund, and the Hennessy Technology Fund (collectively, the “Hennessy Mutual Funds”), as well as to the Hennessy Stance ESG ETF.

The Company also provides shareholder services to investors in the Hennessy Mutual Funds.

The employee retention credit (“ERC”), as originally enacted on March 27, 2020, by the CARES Act, was a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer paid to employees and allowed claims through December 31, 2021, by eligible employers who retained employees during the COVID‑19 pandemic.

The Company filed Form 941‑X to request an ERC from the Internal Revenue Service.

In May 2023, the Company received an ERC of approximately $ 0.3 million plus accrued interest.

For‑profit entities do not have specific guidance to apply under accounting principles generally accepted in the United States to account for ERCs and therefore follow guidance in accordance with Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20” ).

In accordance with IAS 20, the Company is netting the credit against related payroll expense in the current period.

The Company’s operating revenues consist of contractual investment advisory and shareholder service fees paid to it by the Hennessy Funds.

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monitoring and overseeing the accessibility of the fund on financial institution platforms;

paying the incentive compensation of the fund’s compliance officers and employing other staff such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives;

paying the incentive compensation of the fund’s compliance officer and employing other staff such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives;

providing a quarterly compliance certification to the Board of Trustees of Hennessy Funds Trust (the “Funds’ Board of Trustees”);

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The fees are computed and billed monthly, at which time they are recognized in accordance with Accounting Standards Codification 606 — Revenue from Contracts with Customers.

The Company waives a portion of its fees with respect to the Hennessy Midstream Fund, the Hennessy Technology Fund, and the Hennessy Stance ESG ETF to comply with contractual expense ratio limitations.

The Company waives a portion of its fees with respect to the Hennessy Midstream Fund, the Hennessy Technology Fund, and the Hennessy Sustainable ETF to comply with contractual expense ratio limitations.

The fee waivers are calculated daily by the Hennessy Funds’ accountants at U.S.

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The Company considered various factors, such as likelihood of continued renewal, whether there are foreseeable limits on net cash flows, and whether the Company is dependent on a limited number of investors, in determining the useful life of the management contracts.

Based on analysis, the Company considers the management contract asset to be an intangible asset with an indefinite useful life and no impairment as of the end of fiscal year 2024 .

After consideration of factors discussed, the Company considers the management contract asset to be an intangible asset with an indefinite useful life and no impairment as of the end of fiscal year 2025 .

The Company completed its most recent asset purchases on November 10, 2023, and February 23, 2024, when it purchased assets related to the management of the CCM Small/Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund (each, a “CCM Fund”), respectively.

1 unchanged sentence

Each purchase was consummated in accordance with the terms and conditions of that certain Transaction Agreement, dated as of April 26, 2023, between the Company and Community Capital Management, LLC.

Upon completion of each transaction, the assets of the applicable CCM Fund were reorganized into the Hennessy Stance ESG ETF.

Upon completion of each transaction, the assets of the applicable CCM Fund were reorganized into the Hennessy Sustainable ETF.

In fiscal year 2024, the Company capitalized $ 1.0 million in purchase price and other costs for the purchase of assets related to the management of the CCM Funds.

On March 14, 2025, the Company announced it had signed a definitive agreement with STF Management, LP to purchase the assets related to the management of the STF Tactical Growth & Income ETF (Nasdaq:

TUGN) and the STF Tactical Growth ETF (Nasdaq:

TUG) (together, the “STF ETFs”).

The definitive agreement includes customary representations, warranties, and covenants of the parties to the agreement, including approval of the shareholders of each STF ETF.

Upon completion of the transaction, which is subject to the approval of the shareholders of each STF ETF, the assets of the STF Tactical Growth & Income ETF and the STF Tactical Growth ETF will be reorganized to become series of Hennessy Funds Trust named the Hennessy Tactical Growth and Income ETF and the Hennessy Tactical Growth ETF, respectively.

The Company expects to complete the transaction in December 2025.

In fiscal year 2025, the Company capitalized $ 0.3 million in costs related to the transaction.

The Company, under the FASB guidance on “Accounting for Uncertainty in Income Tax,” uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in a company’s income tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

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The RSUs granted under the Omnibus Plan vest over four years at a rate of 25 % per year.

The Company recognizes stock-based compensation expense on a straight line basis over the four -year vesting term of each award.

The Company recognizes stock-based compensation expense on a straight line basis over the four -year vesting term of each award, and accounts for forfeitures as they occur.

The compensation committee of the Company’s Board of Directors has the authority to determine the awards granted under the Omnibus Plan, including among other things, the individuals who receive the awards, the times when they receive them, vesting schedules, performance goals, whether an option is an incentive or nonqualified option, and the number of shares to be subject to each award.

34 unchanged sentences

Actual results could differ from those estimates.

Segment Reporting

The Company determines its reporting units in accordance with FASB ASC 280, “Segment Reporting” (“ASC 280” ).

The Company evaluates a reporting unit by first identifying its operating segments under ASC 280.

The Company then evaluates each operating segment to determine if it includes one or more components that constitute a business.

If there are components within an operating segment that meet the definition of a business, the Company evaluates those components to determine if they must be aggregated into one or more reporting units.

If applicable, when determining if it is appropriate to aggregate different operating segments, the Company determines if the segments are economically similar and, if so, the operating segments are aggregated.

The Company operates in one business segment, which is its investment advisory business.

The investment advisory segment derives revenues from the Hennessy Funds by managing the composition of each fund’s portfolio, monitoring each fund’s compliance with its investment objectives, reviewing each fund’s investment performance, overseeing service providers, and preparing and distributing regulatory reports.

The determination of a single business segment is consistent with the financial information regularly provided to the Company’s chief operating decision maker (“CODM”), and included consideration of factors such as revenue coming from a single source (investment advisory fees generated by the Hennessy Funds) and the Company utilizing the same technology, marketing, sales, and distribution programs to support all of the Hennessy Funds.

The Company’s CODM is the President and COO, who reviews and evaluates the line items disclosed in the income statement as presented in the accompanying statements of income for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

The key measure of segment profitability that the CODM uses to allocate resources and assess performance is consolidated net income, as reported on the statement of income.

The CODM does

not regularly review disaggregated expense categories beyond those presented in the accompanying statements of income.

The measure of segment assets is reported in the accompanying balance sheets as “Total assets.” Expenditures for long-lived assets are reported as “Purchases of property and equipment” on the statements of cash flows for the fiscal years ended

Fair Value Measurements

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furniture is seven years, equipment is three years, and software ranges from one to three years.

During each of fiscal year 2024 and 2023 , depreciation expense was $ 0.2 million.

During fiscal year 2025 and 2024 , depreciation expense was $ 0.3 million and $ 0.2 million, respectively.

Management Contracts

1 unchanged sentence

This asset was $ 82.6 million as of the end of fiscal year 2025 , an increase of $ 0.3 million from the end of fiscal year 2024 .

The increase was related to expenses incurred in connection with the purchase of assets related to the management of two mutual funds previously managed by CCM that were reorganized into the Hennessy Stance ESG ETF.

The increase was related to costs associated with the definitive agreement signed with STF Management, LP.

The Company considers the management contract asset to be an intangible asset per Accounting Standards Codification 350 — Intangibles – Goodwill and Other.

8 unchanged sentences

As provided in each investment advisory agreement, the Company receives investment advisory fees monthly based on a percentage of the applicable fund’s average daily net asset value.

The Company has entered into sub-advisory agreements for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy Japan Fund, the Hennessy Japan Small Cap Fund, and the Hennessy Stance ESG ETF.

Under each of these sub-advisory agreements, the sub‑advisor is responsible for the investment and reinvestments of the assets of the applicable Hennessy Fund in accordance with the terms of such agreement and the applicable Hennessy Fund’s Prospectus and Statement of Additional Information.

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Only the office lease in Novato, California has been capitalized because the other operating leases have terms of 12 months or less, including leases that are month‑to‑month in nature.

The classification of the Company’s operating lease right-of-use assets and operating lease liabilities and other supplemental information related to the Company’s operating leases are as follows:

Other supplemental cash flow information, lease term, and discount rate is as follows for the years ended September 30, 2025 and 2024:

September 30,

(In thousands, except years and percentages)

Operating lease right-of-use assets

Current operating lease liability

Long-term operating lease liability

Operating lease liabilities arising from obtaining right-of-use assets

Weighted-average remaining lease term

1.8 years 2.8 years

Weighted-average discount rate

Operating lease liabilities arising from obtaining right-of-use assets

For fiscal years 2024 and 2023 , the Company’s lease payments related to its operating lease right-of-use assets totaled $ 0.41 million and $ 0.37 million, respectively, and total rent expense for all offices, which is recorded under general and administrative expense in the statements of income, totaled $ 0.56 million and $ 0.51 million, respectively.

6.15 % 6.15 %

For fiscal years 2025 and 2024 , the Company’s lease payments for amounts included in the measurement of operating lease liabilities totaled $ 0.39 million and $ 0.41 million, respectively, and total rent expense for all offices, which is recorded under general and administrative expense in the statements of income, totaled $ 0.53 million and $ 0.56 million, respectively.

The undiscounted cash flows for future maturities of the Company’s operating lease liabilities and the reconciliation to the balance of operating lease liabilities reflected on the Company’s balance sheet are as follows:

3 unchanged sentences

Fiscal year 2027

Total undiscounted cash flows

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The 2026 Notes bear interest at 4.875 % per annum, payable on the last day of each calendar quarter and at maturity, beginning December 31, 2021.

The effective interest rate, which reflects the amortization of issuance costs over the term of the loan, during both fiscal years 2025 and 2024 was 5.7 %.

Total interest expense for both fiscal years 2025 and 2024 comprises $ 2.0 million of contractual interest and $ 0.3 million related to the amortization of debt issuance costs.

The 2026 Notes mature on December 31, 2026 .

1 unchanged sentence

Commitments and Contingencies

In addition to the operating leases discussed in Note 7 in this Item 8, “Financial Statements and Supplementary Data,” the Company has contractual expense ratio limitations in place with respect to the Hennessy Midstream Fund, the Hennessy Technology Fund, and the Hennessy Stance ESG ETF.

Such contractual expense ratio limitations will expire February 28, 2026, unless extended.

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The Company is unable to estimate what this change could be within the next 12 months, but does not believe it would be material to its financial statements.

On July 4, 2025, the “One Big Beautiful Bill Act” (OBBBA) was signed into law.

The OBBBA contains a broad range of provisions affecting businesses, including provisions related to bonus depreciation, research and development expensing, a favorable change for calculating the business interest deduction limitation under Section 163 (j), and modifications to certain international rules.

The impacts of the OBBBA are not anticipated to be material to the Company based on current operations, however the Company will continue to evaluate any future impacts to the consolidated financial statements.

The Company’s income tax expense was as follows:

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Tax return to provision adjustments

( 0.1 ) ( 0.1 )

Uncertain tax position

Stock-based compensation

( 0.9 ) ( 0.9 )

Effective income tax rate

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Stock compensation

Capital loss carryforward

Lease liability

Gross deferred tax assets

Disallowed capital loss

Net deferred tax assets

Total deferred tax assets

Deferred tax liabilities

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Recently Issued and Adopted Accounting Standards

In November 2023, the FASB issued ASU 2023 - 07, “Segment Reporting (Topic 280 ):

Improvements to Reportable Segment Disclosures,” which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources.

The guidance is effective for financial statements issued for annual periods beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted.

The Company is required to adopt this standard in the first quarter of fiscal year 2025.

The Company does not believe adoption of this standard will have a material impact on its financial statements.

In November 2023, FASB issued ASU 2023 - 07, “Segment Reporting (Topic 280 ):

Improvements to Reportable Segment Disclosures,” which requires public companies to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis that are regularly provided to the CODM, as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss.

ASU 2023 - 07 requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources.

The guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, which means that it will be effective for the Company’s annual periods beginning September 1, 2024, and its interim periods beginning September 1, 2025.

The Company adopted the ASU 2023 - 07 and determined that its adoption did not have a material impact on the Company’s financial statements and related disclosures.

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

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The Company is currently in the process of evaluating the impact of adoption on its financial statements.

In November 2024, the FASB issued ASU 2024 - 03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220 - 40 ):

Disaggregation of Income Statement Expenses,” as amended by ASU 2025 - 01, which requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods.

In particular, this amendment requires public business entities to disclose detailed information about specific costs that are presented in commonly referred expense captions, such as general and administrative expenses.

The guidance is effective for financial statements issued for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027.

Early adoption is permitted.

The Company is currently in the process of evaluating the impact of the adoption on its financial statements.

There have been no other significant changes to the Company’s critical accounting policies and estimates during fiscal year 2025 .

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CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

On November 1, 2024, CBIZ CPAs P.C.

acquired the attest business of Marcum LLP.

On December 11, 2024, Marcum LLP resigned as the company’s independent registered public accounting firm and with the approval of the audit committee, CBIZ CPAs P.C.

was engaged as the company’s independent registered public accounting firm for fiscal year 2025.

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