What changed in this filing

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Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 152 added, 100 removed, 317 unchanged (44% of the section changed)

30 unchanged sentences

Common stock, no par value, 200,000,000 shares authorized;

March 31, 2025- 13,668,780 and December 31, 2024- 13,665,058 shares issued and outstanding

June 30, 2025- 14,058,339 and December 31, 2024- 13,665,058 shares issued and outstanding

Accumulated deficit

8 unchanged sentences

Condensed Consolidated Statements of Operations (Unaudited)

For the Three-Month Periods Ended March 31, 2025 and 2024

Sales of products, net

For the Three and Six-Month Periods Ended June 30, 2025 and 2024

June 30, 2025

June 30, 2024

Sales of products

Total revenue

6 unchanged sentences

General and administrative

Loss on sale of equipment

Loss on disposal of equipment

Total other operating expenses

1 unchanged sentence

Other (income) expense:

Equity income on investment in Buckskin Gold and Silver, Inc

Equity (income) loss on investment in Buckskin Gold and Silver, Inc

Timber revenue net of costs

(Gain) loss on investment in equity securities

Loss on investment in equity securities

Interest income

10 unchanged sentences

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited)

For the Three-Month Periods Ended March 31, 2025 and 2024

Attributable to

Idaho Strategic

Resources, Inc

For the Three and Six-Month Periods Ended June 30, 2025 and 2024

Common Stock Shares

Common Stock Amount

Accumulated Deficit Attributable to Idaho Strategic Resources, Inc

Non-Controlling Interest

Stockholders’ Equity

9 unchanged sentences

( 15,039,529 )

Contribution from non-controlling interest in New Jersey Mill Joint Venture

Issuance of common stock for cash, net of offering costs

Issuance of common stock for warrants exercised

Issuance of common stock for stock options exercise

Issuance of common stock for cashless stock options exercise

Net income (loss)

Balance June 30, 2024

$ ( 12,881,656 )

Balance January 1, 2025

1 unchanged sentence

Contribution from non-controlling interest in New Jersey Mill Joint Venture

Stock options issued to management, directors and employees

Stock-based compensation

Issuance of common stock for cashless stock options exercised

2 unchanged sentences

( 6,764,974 )

Contribution from non-controlling interest in New Jersey Mill Joint Venture

Stock-based compensation

Issuance of common stock for cash, net of offering costs

Issuance of common stock for cashless stock options exercise

Net income (loss)

Balance June 30, 2025

$ ( 3,997,516 )

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

1 unchanged sentence

Condensed Consolidated Statements of Cash Flows (Unaudited)

For the Three-Month Periods Ended March 31, 2025 and 2024

For the Six-Month Periods Ended June 30, 2025 and 2024

Cash flows from operating activities:

1 unchanged sentence

Depreciation and amortization

Loss on sale of equipment

Loss on disposal of equipment

Accretion of asset retirement obligation

2 unchanged sentences

Stock-based compensation

Debt payments made by 3 rd party

Change in operating assets and liabilities:

Gold sales receivable

( 1,062,744 )

Joint venture receivable

9 unchanged sentences

Additions to mineral property

( 1,112,712 )

Purchase of US treasury notes

( 6,709,895 )

( 6,309,340 )

Proceeds from sale of investment in equity securities

9 unchanged sentences

Contributions from non-controlling interest

Net cash provided (used) by financing activities

Net cash provided by financing activities

Net change in cash and cash equivalents

16 unchanged sentences

accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company's consolidated financial position and results of operations.

Operating results for the three-month periods ended March 31, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

The effective tax rate expected for the full year ended December 31, 2025 is 0%.

Operating results for the three and six-month periods ended June 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

Management estimates that the effective tax rate expected for the full year ended December 31, 2025 will be 0% due to the Company’s cumulative loss position, historical net operating losses (“NOLs”), and other available evidence related to the Company’s ability to generate taxable income.

Accordingly, there is no income tax provision or benefit for the six month period ended June 30, 2025.

For further information refer to the financial statements and footnotes thereto in the Company’s audited consolidated financial statements for the year ended December 31, 2024, in the Company’s Form 10-K as filed with the Securities and Exchange Commission on March 31, 2025.

8 unchanged sentences

Previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement by the customer.

For sales of doré and metals from doré, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner.

The Company obtains the forward metals prices used for each period from Kitco For sales of doré and metals from doré, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner.

Sales and accounts receivable for concentrate shipments are recorded net of charges by the customer for treatment, refining, smelting losses, and other charges negotiated with the customers.

25 unchanged sentences

completion of a favorable economic study and mine plan for the ore body targeted;

authorization of development of the ore body by management and/or the Board of Directors;

Idaho Strategic Resources, Inc

1 unchanged sentence

The Company and Significant Accounting Policies (continued)

authorization of development of the ore body by management and/or the Board of Directors;

there is a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues and/or contractual requirements necessary for the Company to have the right to or control of the future benefit from the targeted ore body have been met.

Amortization of development costs is calculated using the units-of-production method over the expected life of the operation based on the estimated recoverable tonnes of mineral resources and reserves.

Amortization of development costs is calculated using the units-of-production method over the expected life as per the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10-35-4.

This includes the cost to define proven and probable reserves and measured and indicated resources accessible via the Main Access Ramp (“MAR”).

Measured resources are 90-100% interpolated, and indicated resources 75-80% interpolated, using a 2 grams per tonne gold cut-off grade at the diluted minimum mining width.

Conservative estimation parameters (three samples within 25 meters for measured, two within 50 meters for indicated) and economic factors ensure viability.

Inferred resources are excluded to reduce uncertainty, and therefore, the volumes are risk-adjusted.

Assumptions are regularly evaluated, with material deviations disclosed to ensure a systematic and rational cost allocation.

More information on the Company’s reserves and resources can be found in the Technical Report Summary For the Golden Chest Mine which was included as Exhibit 96.1 to the Company’s Form 10-K filed with the Securities and Exchange Commission on March 31, 2025.

Fair Value Measurements

4 unchanged sentences

The amount of the total gains or losses for the period that are included in earnings are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date.

At March 31, 2025 and December 31, 2024, the Company had no assets or liabilities that required measurement at fair value on a recurring basis.

At June 30, 2025 and December 31, 2024, the Company had no assets or liabilities that required measurement at fair value on a recurring basis other than its gold sales receivable.

Accounting for Investments in Joint Ventures (“JV”) and Equity Method Investments

7 unchanged sentences

In determining whether significant influence exists, the Company considers its participation in policy-making decisions and representation on governing bodies.

Under the equity method of accounting, the Company’s share of the net earnings or losses of the investee are included in net income (loss) in the consolidated statements of operations.

Under the equity method of accounting, the Company’s share of the net earnings or losses of the investee are included in net income (loss) in the condensed consolidated statements of operations.

The Company evaluates equity method investments whenever events or changes in circumstance indicate the carrying amounts of such investments may be impaired.

If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period.

At March 31, 2025, and December 31, 2024, the Company's 37 % common stock holding of Buckskin Gold and Silver, Inc.

At June 30, 2025, and December 31, 2024, the Company's 37 % common stock holding of Buckskin Gold and Silver, Inc.

(“Buckskin”) is accounted for using the equity method (Note 11).

At March 31, 2025 and December 31, 2024, the Company’s percentage ownership and method of accounting for each JV and equity method investment is as follows:

March 31, 2025

At June 30, 2025 and December 31, 2024, the Company’s percentage ownership and method of accounting for each JV and equity method investment is as follows:

June 30, 2025

December 31, 2024

Significant Influence?

Accounting Method

Significant Influence?

Accounting Method

Butte Highlands JV, LLC

1 unchanged sentence

Certain prior period amounts have been reclassified to conform to the 2025 financial statement presentation.

Reclassifications had no effect on net loss, stockholders’ equity, or cash flows as previously reported.

Reclassifications had no effect on net income or stockholders’ equity as previously reported.

Cash flows were reclassified due to the US treasury notes.

Investments in US Treasury Notes

1 unchanged sentence

Such debt securities are stated at cost, adjusted for unamortized purchase premiums and discounts and are amortized using the interest method over the stated terms of the securities.

Amortization of the premium or discount is included in interest income on the consolidated statement of operations.

Government Grant Income

The Company occasionally receives grant income from various government agencies.

Government grant income is recognized in earnings on a systematic basis in a manner that mirrors how the Company recognizes underlying costs for which the grant is intended to compensate.

A grant receivable is recognized for expenses or losses already incurred but for which grant funding has not yet been received.

Grant funding received in excess of expenses or losses incurred is recognized as deferred revenue.

If a grant is received based solely on a capital expenditure, the amount of the asset is reduced by the amount received from the grant.

Amortization of the premium or discount is included in interest income on the condensed consolidated statement of operations.

Segment Reporting

The Company operates as a single operating segment in accordance with Accounting Standards Update (“ASU”) 2023-07 Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

The Company operates as a single operating segment.

All financial information is presented on a consolidated basis and reviewed by the Company’s Chief Executive Officer as the Chief Operating Decision Maker (“CODM”).

The CODM uses consolidated net income, as presented in the consolidated statement of operations, to assess segment performance and allocate resources.

The measure of segment assets is reported on the balance sheet as total consolidated assets.

The CODM uses consolidated net income, as presented in the condensed consolidated statement of operations, to assess segment performance and allocate resources.

The measure of segment assets is reported on the condensed consolidated balance sheet as total assets.

Idaho Strategic Resources, Inc

2 unchanged sentences

Recent Accounting Pronouncements

In August 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60):

Recognition and Initial Measurement, which clarifies the business combination accounting for JV formations.

The amendments in the ASU seek to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of JVs in separate financial statements.

The amendments also seek to clarify the initial measurement of JV net assets, including businesses contributed to a JV.

The guidance is applicable to all entities involved in the formation of a JV.

The amendments are effective for all JV formations with a formation date on or after January 1, 2025.

Early adoption and retrospective application of the amendments are permitted.

The Company has adopted this new guidance and there was no material impact on its consolidated financial statements and disclosures due to no new JV arrangement forming on or after January 1, 2025.

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

2 unchanged sentences

Early adoption and retrospective application of the amendments are permitted.

The Company is currently evaluating the impact of this update on its consolidated financial statements and disclosures.

The Company does not believe there will be an impact from this update on its condensed consolidated financial statements and disclosures.

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

1 unchanged sentence

The new disclosure requirements are effective for the Company's annual periods for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively.

The Company is currently evaluating the ASU to determine the impact on its consolidated financial statements and disclosures.

The Company is currently evaluating the ASU to determine the impact on its condensed consolidated financial statements and disclosures.

Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Investments in US Treasury Notes

The table below provides the components of investments in US treasury notes held to maturity at amortized cost and fair value at March 31, 2025 and December 31, 2024.

March 31, 2025

US Treasury notes, current (Matures within 1 year)

US Treasury notes, non-current (Matures in 1-5 years)

The table below provides the components of investments in US treasury notes held to maturity at amortized cost and fair value at June 30, 2025 and December 31, 2024.

June 30, 2025

Amortized Cost

Gross Unrealized gains

Gross Unrealized losses

US Treasury notes, current

(Matures within 1 year)

US Treasury notes, non-current

(Matures in 1-5 years)

December 31, 2024

US Treasury notes, current (Matures within 1 year)

US Treasury notes, non-current (Matures in 1-5 years)

US Treasury notes, current

(Matures within 1 year)

US Treasury notes, non-current

(Matures in 1-5 years)

Fair value of investments in US treasury notes is determined using Level 1 inputs.

At March 31, 2025 and December 31, 2024, the Company’s inventories consisted of the following:

At June 30, 2025 and December 31, 2024, the Company’s inventories consisted of the following:

June 30, 2025

December 31, 2024

Concentrate inventory:

9 unchanged sentences

The Company’s products consist of both gold flotation concentrates which are sold to a single broker (H&H Metals (“H&H”)), and an unrefined gold-silver product known as doré which is sold to a precious metal refinery (Cascade Refining).

At March 31, 2025, metals that had been sold but not finally settled included 6,768 ounces of which 1,543 ounces were sold at a predetermined price with the remaining 5,225 exposed to future price changes until prices are locked in based on the month of settlement.

At June 30, 2025, gold concentrate that had been sold but not finally settled included 9,244 ounces of gold of which 2,258 ounces were sold at a predetermined price with the remaining 6,986 exposed to future price changes until prices are locked in based on the month of settlement.

The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable.

Sales of products by metal type for the three-month periods ended March 31, 2025 and 2024 were as follows:

The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable.

Sales of products by metal type for the three and six-month periods ended June 30, 2025 and 2024 were as follows:

June 30, 2025

June 30, 2024

Smelter and refining charges

Sales by significant product type for the three-month periods ended March 31, 2025, and 2024 were as follows:

Concentrate sales to H&H

Sales by significant product type for the three and six-month periods ended June 30, 2025, and 2024 were as follows:

June 30, 2025

June 30, 2024

Concentrate sales to H&H Metal

Dore sales to refinery

At March 31, 2025 and December 31, 2024 the gold sales receivable balance of $ 1,833,385 , and $ 1,578,694 , respectively, consisted only of amounts due from H&H.

At June 30, 2025 and December 31, 2024 the gold sales receivable balance of $ 2,641,438 , and $ 1,578,694 , respectively, consisted only of amounts due from H&H.

There is no allowance for doubtful accounts.

3 unchanged sentences

which is partially owned by the Company’s vice president, Grant Brackebusch.

Payments under these short-term lease arrangements are included in general and administrative expenses on the Consolidated Statement of Operations and for the three-month periods ended March 31, 2025 and 2024 are as follows:

Idaho Strategic Resources, Inc

Notes to Condensed Consolidated Financial Statements (Unaudited)

Payments under these short-term lease arrangements are included in general and administrative expenses on the condensed consolidated statement of operations and for the three and six-month periods ended June 30, 2025 and 2024 are as follows:

June 30, 2025

June 30, 2024

JV Arrangements

1 unchanged sentence

The Company owns 65% of the NJMJV and has significant influence in its operations .

Thus, the JV is included in the consolidated financial statements along with presentation of the non-controlling interest.

At March 31, 2025 and December 31, 2024, an account receivable existed with Crescent Silver, LLC (“Crescent”), the other JV participant, for $ 1,927 and $ 2,892 , respectively, for shared operating costs as defined in the JV agreement.

This account receivable is included in the Balance Sheet as Joint venture receivable.

Thus, the JV is included in the condensed consolidated financial statements along with presentation of the non-controlling interest.

At June 30, 2025 and December 31, 2024, an account receivable existed with Crescent Silver, LLC (“Crescent”), the other JV participant, for $ 1,108 and $ 2,892 , respectively, for shared operating costs as defined in the JV agreement.

This account receivable is included in the condensed consolidated balance sheet as Joint venture receivable.

Butte Highlands JV, LLC

5 unchanged sentences

Earnings per Share

Net income (loss) per share is computed by dividing the net amount excluding net income (loss) attributable to a non-controlling interest by the weighted average number of common shares outstanding during the period.

Diluted net income (loss) per share reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities.

Such common stock equivalents are included or excluded from the calculation of diluted net income (loss) per share for each period as follows:

March 31, 2025

March 31, 2024

Incremental shares included in diluted net income per share

Stock options

Stock purchase warrants

The following table presents the calculation of basic and diluted net income per common share for the three and six-month periods ended June 30, 2025 and 2024.

June 30, 2025

June 30, 2024

Weighted average shares-basic

Effect of dilutive potential common shares from stock options

Effect of dilutive potential common shares from warrants

Weighted average shares-diluted

Net income per share-basic

Net income per share-diluted

Idaho Strategic Resources, Inc

1 unchanged sentence

Property, Plant, and Equipment

Property, plant and equipment at March 31, 2025 and December 31, 2024 consisted of the following:

Property, plant and equipment at June 30, 2025 and December 31, 2024 consisted of the following:

June 30, 2025

December 31, 2024

Mine Equipment

10 unchanged sentences

Total Buildings

For the three and six-month periods ended June 30, 2025 and 2024, depreciation expense for property, plant, and equipment was as follows.

June 30, 2025

June 30, 2024

Mineral Properties

Mineral properties at March 31, 2025 and December 31, 2024 consisted of the following:

Mineral properties at June 30, 2025 and December 31, 2024 consisted of the following:

June 30, 2025

December 31, 2024

Mineral Property

4 unchanged sentences

Accumulated Amortization

For the three-month periods ended March 31, 2025 and 2024, interest expense was capitalized in association with infrastructure at the Golden Chest Mine as follows.

March 31, 2025

March 31, 2024

Idaho Strategic Resources, Inc

Notes to Condensed Consolidated Financial Statements (Unaudited)

For the three and six-month periods ended June 30, 2025 and 2024, amortization expense for mineral properties was as follows.

June 30, 2025

June 30, 2024

For the three and six-month periods ended June 30, 2025 and 2024, interest expense was capitalized in association with infrastructure at the Golden Chest Mine as follows.

June 30, 2025

June 30, 2024

Notes Payable

At March 31, 2025 and December 31, 2024, notes payable are as follows:

At June 30, 2025 and December 31, 2024, notes payable are as follows:

June 30, 2025

December 31, 2024

Mine Equipment

Monthly payments of $ 127,288 and $ 55,803 as of March 31, 2025 and December 31, 2024, respectively

Monthly payments of $ 107,574 and $ 55,803 as of June 30, 2025 and December 31, 2024, respectively

Mill Equipment

Monthly payments of $ 15,621 and $ 11,498 as of March 31, 2025 and December 31, 2024, respectively

Monthly payments of $ 15,621 and $ 11,498 as of June 30, 2025 and December 31, 2024, respectively

Buildings/Land

Monthly payments of $ 2,500 and $ 2,500 as of March 31, 2025 and December 31, 2024, respectively

Monthly payments of $ 2,500 and $ 2,500 as of June 30, 2025 and December 31, 2024, respectively

Total notes payable

2 unchanged sentences

All notes are collateralized by the property or equipment purchased in connection with each note.

Future principal payments of notes payable at March 31, 2025 are as follows:

Future principal payments of notes payable at June 30, 2025 are as follows:

7/1/2025 – 6/30/2026

4 unchanged sentences

Investment in Buckskin

The investment in Buckskin is being accounted for using the equity method and resulted in recognition of equity income on the investment of $ 1,346 and $ 1,867 for the respective three-month periods ended March 31, 2025 and 2024.

The investment in Buckskin is being accounted for using the equity method and resulted in a change in equity from the loss of $ 159 and income of $ 1,187 for the respective three and six-month periods ended June 30, 2025 and a loss of $ 1,589 and income of $ 278 for the respective three and six-month periods ended June 30, 2024.

The Company makes an annual payment of $ 12,000 to Buckskin per a mineral lease covering 218 acres of patented mining claims.

As of March 31, 2025, the Company holds 37 % of Buckskin’s outstanding shares.

As of June 30, 2025, the Company holds 37 % of Buckskin’s outstanding shares.

Idaho Strategic Resources, Inc

2 unchanged sentences

Stock Issuance Activity

In the first quarter of 2025 the Company issued common stock as follows:

In the first six months of 2025 the Company issued common stock as follows:

Sold 380,000 shares of common stock at an average price of $ 16.95 per share for net proceeds of $ 6,246,713 .

Issued 13,281 shares of common stock for outstanding stock options via cashless exercises by employees.

Stock Purchase Warrants Outstanding

There was no activity in the Company’s stock purchase warrants since December 31, 2024, therefore there were no stock purchase warrants outstanding at March 31, 2025.

There was no activity in the Company’s stock purchase warrants since December 31, 2024, therefore there were no stock purchase warrants outstanding at June 30, 2025.

Activity in stock purchase warrants is as follows:

Number of Warrants

Exercise Prices

Balance December 31, 2023

2 unchanged sentences

$ 5.60 - 7.00

Balance June 30, 2024

$ 5.60 - 7.00

Balance December 31, 2024 and March 31, 2025

$ 5.60 - 7.00

Balance December 31, 2024 and June 30, 2025

Stock Options

On January 15, 2025, the Company granted 400,000 stock options to employees with an exercise price of $ 11.50 .

These options expire on January 15, 2028, and vest equally on June 30, 2025, December 31, 2025, June 30, 2026 and December 31, 2026 (Exhibit 10.1) The stock-based compensation expense for these options in the current period was $ 495,146 .

The fair value of stock option awards granted, and the key assumptions used in the Black-Scholes valuation model to calculate the fair value of the options are as follow:

These options expire on January 15, 2028, and vest equally on June 30, 2025, December 31, 2025, June 30, 2026 and December 31, 2026.

The stock-based compensation expense recognized for these options for the three and six-month periods ended June 30, 2025 was $ 495,146 and $ 990,292 , respectively.

Future expense for this stock option grant will be $ 257,476 for Q3 and Q4 2025 each, $ 138,641 for Q1 and Q2 2026 each, and $ 59,418 for Q3 and Q4 2026 each.

The fair value of stock option awards granted, and the key assumptions used in the Black-Scholes valuation model to calculate the fair value of the options are as follows:

Options issued

3 unchanged sentences

Activity in the Company’s stock options is as follows:

Exercise Prices

Balance December 31, 2023

Balance March 31, 2024

Number of Options

Weighted Average Exercise Prices

Balance December 31, 2024

Outstanding at March 31, 2025

In the first quarter of 2025, 6,000 options were exchanged for 3,722 shares in cashless exercises by employees.

The intrinsic value of these options was $ 51,476 .

At March 31, 2025, outstanding stock options have a weighted average remaining term of approximately 2.44 years and have an intrinsic value of $ 1,773,200 .

Outstanding at June 30, 2025

In the three and six-month periods ended June 30, 2025, 14,000 options were exchanged for 9,559 shares, and 20,000 options were exchanged for 13,281 shares, respectively, in cashless exercises by employees.

The intrinsic value of these options was $ 160,355 and $ 211,831 for the three and six-month periods ended June 30, 2025, respectively.

At June 30, 2025, outstanding stock options have a weighted average remaining term of approximately 2.25 years and have an intrinsic value of $ 1,084,250 .

Subsequent Events

Subsequent to March 31, 2025:

Subsequent to June 30, 2025:

399,687 shares of common stock have been issued for net proceeds of $ 7,045,108 .

11,000 stock options were exchanged for 7,658 shares of common stock in cashless exercises by employees.

Issued 9,500 shares of common stock upon the exercise of outstanding stock options for $ 56,750 .

Issued 37,866 shares of common stock upon the exercise of 68,250 outstanding stock options in cashless exercises by employees.

Forward-Looking Statements

9 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 1. Financial Statements