What changed in this filing

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Item 1. Financial Statements

2026-01-07 compared with 2025-07-08 · 164 added, 110 removed, 278 unchanged (50% of the section changed)

3 unchanged sentences

(amounts in thousands, except for par value)

November 30, 2025

August 31, 2025

31 unchanged sentences

50,000 shares authorized,

11,088 and 10,253 shares issued and outstanding as of May 31, 2025

and August 31, 2024, respectively

11,111 shares issued and outstanding as of November 30, 2025

and August 31, 2025

Class B common stock, $ 0.001 par value;

10,000 shares authorized,

1,000 shares issued and outstanding as of May 31, 2025

1,000 shares issued and outstanding as of November 30, 2025

and August 31, 2025

1 unchanged sentence

Accumulated deficit

Accumulated other comprehensive loss

Accumulated other comprehensive income (loss)

Total stockholders' equity

2 unchanged sentences

Kura Sushi USA, Inc.

Condensed Statements of Operations and Comprehensive Income (Loss)

Condensed Statements of Operations and Comprehensive Loss

(amounts in thousands, except for per share data)

Three Months Ended May 31,

Nine Months Ended May 31,

Three months ended November 30,

Restaurant operating costs:

11 unchanged sentences

Interest income

Income (loss) before income taxes

Loss before income taxes

Income tax expense

Net income (loss)

Net income (loss) per Class A and Class B shares

Net loss per Class A and Class B shares

Weighted average Class A and Class B shares outstanding

Other comprehensive income (loss):

Unrealized loss on short-term investments

Comprehensive income (loss)

Other comprehensive loss:

Unrealized gain on short-term investments

Comprehensive loss

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

2 unchanged sentences

(amounts in thousands)

Accumulated Other

Comprehensive

Stockholders'

Total Stockholders'

Income/(Loss)

Balances as of August 31, 2025

1 unchanged sentence

Employee stock plan

Issuance of common stock in connection with follow-on public offering, net of underwriter discounts and issuance costs

Other comprehensive income

Balances as of November 30, 2025

Stock-based compensation

Employee stock plan

Balances as of February 28, 2025

Stock-based compensation

Employee stock plan

Other comprehensive loss

Balances as of May 31, 2025

Comprehensive

4 unchanged sentences

Employee stock plan

Other comprehensive income

Issuance of common stock in connection with follow-on public offering, net of underwriter discounts and issuance costs

Balances as of November 30, 2024

Stock-based compensation

Employee stock plan

Other comprehensive income

Balances as of February 29, 2024

Stock-based compensation

Employee stock plan

Other comprehensive loss

Balances as of May 31, 2024

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

2 unchanged sentences

(amounts in thousands)

Nine Months Ended May 31,

Three months ended November 30,

Cash flows from operating activities

24 unchanged sentences

Repayment of principal on finance leases

Taxes paid on vested restricted stock awards

Proceeds from exercise of stock options

2 unchanged sentences

Net cash provided by financing activities

Decrease in cash and cash equivalents

Increase (decrease) in cash and cash equivalents

Cash and cash equivalents, beginning of period

15 unchanged sentences

unless expressly indicated or the context otherwise requires.

Follow-On Offering

On November 13, 2024, the Company completed an underwritten public offering of common stock pursuant to the Company’s universal shelf registration statement on Form S-3, selling an aggregate of 800,328 shares of Class A common stock, including the exercise in full of the underwriters’ option to purchase 104,390 additional shares, at the price of $ 85.00 per share less an underwriting discount of $ 4.25 per share.

The Company received aggregate net proceeds of $ 64.4 million after deducting the underwriting discounts and commissions and offering expenses payable by the Company.

The proceeds are to be used for general corporate purposes, including capital expenditures, working capital, and other business purposes.

No payments were made by the Company to directors, officers, persons owning 10 % or more of the Company’s common stock, their associates, or to the Company’s affiliates.

Basis of Presentation

12 unchanged sentences

Significant items subject to such estimates include asset retirement obligations, stock-based compensation, the useful lives of assets, the assessment of the recoverability of long-lived assets, and income taxes.

The Company evaluates its estimates and

assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate.

The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate.

Actual results could differ materially from those estimates and assumptions.

The Company invests in a range of securities, including certificates of deposit, Treasury bills, and U.S.

The Company invests in securities, including certificates of deposit, Treasury notes, and U.S.

Government Agency debt securities.

Investment classification is determined based on the accounting guidance as available for sale or held to maturity.

Certificates of deposit and Treasury bills are classified as available-for-sale debt securities and measured at fair value, with unrealized gains or losses recorded in other comprehensive income (loss).

Certificates of deposit and Treasury notes are classified as available-for-sale debt securities and measured at fair value, with unrealized gains or losses recorded in other comprehensive income (loss).

Government Agency debt securities are classified as held-to-maturity and measured at amortized cost.

The classification of these investments as either short-term or long-term is based on their original maturity dates, with short-term investments having maturities greater than three months but less than one year, and long-term investments having maturities greater than one year.

As of May 31, 2025 and August 31, 2024, short-term investments were $ 13.4 million and no ne, respectively, of which $ 0.5 million consists of cash that is restricted to funding a collateral account relating to a standby letter of credit.

Realized gains or losses are determined on a specific identification basis.

As of May 31, 2025 and August 31, 2024, long-term investments were $ 32.5 million and no ne, respectively.

As of May 31, 2025, the Company’s holds a portfolio of held to maturity debt securities with an amortized cost basis of $ 32.5 million , a fair value of $ 32.4 million and gross unrealized holding gains of $ 0.1 million.

Based on the evaluation of credit risk factors guaranteed by the U.S.

government, the Company has concluded that an allowance for credit losses is unnecessary for its investments.

The classification of these investments as either short-term or long-term is based on their original maturity dates, with short-term

investments having maturities greater than three months but less than one year, and long-term investments having maturities greater than one year.

Recently Issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Disaggregation of Income Statement Expenses”, which requires public companies to disaggregate key expense categories such as inventory purchases, employee compensation and depreciation in their financial statements.

Subsequent to November 30, 2025, in December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-11, Narrow-Scope Improvements (Topic 270):

Interim Reporting.

This update makes targeted, narrow-scope improvements to the interim reporting guidance in Topic 270 to clarify application and improve consistency in practice.

The amendments do not change the underlying principles of interim reporting.

The amendments in this ASU are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027.

Early adoption is permitted.

The Company expects to adopt the guidance in its Form 10-Q for the interim period ending November 30, 2028.

The Company is currently evaluating the effects of this pronouncement on its consolidated financial statements and does not expect the adoption of this ASU to have a material effect on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software, which modernizes guidance for internal-use software costs.

The amendments in this update improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods.

This update is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years, though early adoption is permitted.

The Company expects to adopt the guidance in its annual report on Form 10-K for the fiscal year ending August 31, 2029.

The Company is currently evaluating the effects of this pronouncement on its financial statements and does not expect the update to have a material effect on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”, which requires public companies to disaggregate key expense categories such as inventory purchases, employee compensation and depreciation in their financial statements.

In January 2025, the FASB issued ASU 2025-01 “Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures- Clarifying the Effective Date”, which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.

8 unchanged sentences

The Company is currently evaluating the effects of this pronouncement on its financial statements and expects the update to result in additional disclosures.

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

Improvements to Reportable Segment Disclosures,” which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

The guidance in this update is effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company expects to adopt the guidance in its annual report on Form 10-K for the fiscal year ending August 31, 2025.

The Company is currently evaluating the effects of this pronouncement on its financial statements and expects the update to result in additional disclosures.

Balance Sheet Components

Accounts and Other Receivables

November 30, 2025

August 31, 2025

4 unchanged sentences

Property and Equipment - net

November 30, 2025

August 31, 2025

7 unchanged sentences

Total property and equipment – net

Depreciation and amortization expense for property and equipment was $ 3.6 million and $ 3.2 million for the three months ended May 31, 2025 and May 31, 2024 , respectively, and was $ 10.2 milli on and $ 8.6 million for the nine months ended May 31, 2025 and May 31, 2024 , respectively.

The Company has operating and finance leases for its corporate offices, restaurant locations, office equipment, kitchen equipment and automobiles.

The Company’s finance leases are not considered material.

Depreciation and amortization expense for property and equipment was $ 4.1 million and $ 3.2 million for the three months ended November 30, 2025 and November 30, 2024 , respectively.

The Company has operating and finance leases for its corporate offices, restaurant locations, warehouse, office equipment, kitchen equipment and automobiles.

The Company’s finance leases are immaterial.

The Company’s leases have remaining lease terms of less than 1 year to 20 years, some of which include options to extend the leases.

Lease related costs recognized in the condensed statements of operations and comprehensive income (loss) are as follows:

Three Months Ended May 31,

Nine Months Ended May 31,

Lease related costs recognized in the condensed statements of operations and comprehensive loss are as follows:

Three months ended November 30,

(amounts in thousands)

7 unchanged sentences

Supplemental disclosures of cash flow information related to leases are as follows:

Nine Months Ended May 31,

Three months ended November 30,

(amounts in thousands)

1 unchanged sentence

Operating right-of-use assets obtained in exchange for new operating lease liabilities

As of May 31, 2025, the Company had an additional $ 44.4 million of operating lease liabilities related to restaurants for which the Company had not yet taken possession.

Subsequent to May 31, 2025, the Company entered into one additional operating lease related to a restaurant for which the Company has not yet taken possession.

The lease liabilities associated with the lease are $ 5.8 million and are expected to commence in fiscal year 2026 with lease terms of up to 20 years.

As of November 30, 2025, the Company had an additional $ 54.9 million o f operating lease liabilities related to restaurants for which the Company had not yet taken possession.

Related Party Transactions

6 unchanged sentences

however, from time to time, either party will net settle transactions as needed.

Purchases of administrative supplies, expatriate salaries and travel and other administrative expenses payable to Kura Japan are included in general and administrative expenses in the accompanying statements of operations and comprehensive income (loss).

Purchases of equipment from Kura Japan are included in property and equipment in the accompanying balance sheets.

7 unchanged sentences

Balances with Kura Japan are as follows:

November 30, 2025

August 31, 2025

3 unchanged sentences

Reimbursements and other payments by the Company to Kura Japan were as follows:

Three Months Ended May 31,

Nine Months Ended May 31

Three months ended November 30,

(amounts in thousands)

5 unchanged sentences

Total related party transactions

Reimbursements by Kura Japan to the Company were $ 60 thousand and $ 42 thousand for the three months ended May 31, 2025 and May 31, 2024, respectively and were $ 290 thousand and $ 264 tho usand for the nine months ended May 31, 2025 and May 31, 2024, respectively.

Reimbursements by Kura Japan to the Company were $ 209 thousand and $ 187 thousand for the three months ended November 30, 2025 and November 30, 2024, respectively.

The reimbursements were primarily fo r travel, professional fees and other administrative expenses.

9 unchanged sentences

Outstanding — November 30, 2025

Cancelled/forfeited

Outstanding — February 28, 2025

Cancelled/forfeited

Outstanding — May 31, 2025

The following table summarizes the restricted stock unit (“RSU”) activity under the Stock Incentive Plan:

5 unchanged sentences

Outstanding — November 30, 2025

Cancelled/forfeited

Outstanding — February 28, 2025

Cancelled/forfeited

Outstanding — May 31, 2025

In the second quarter of fiscal 2025, the Company granted 8,724 performance restricted stock units (“PSUs”) with a three-year performance vesting period and a weighted average grant date fair value of $ 80.00 .

The total stock-based compensation recognized under the Stock Incentive Plan in the condensed statements of operations and comprehensive income (loss) is as follows:

Three Months Ended May 31,

Nine Months Ended May 31,

As of November 30, 2025, the Company has 8,724 performance restricted stock units (“PSUs”) outstanding with a three-year performance vesting period and a weighted average grant date fair value of $ 80.00 .

The total stock-based compensation recognized under the Stock Incentive Plan in the condensed statements of operations and comprehensive loss is as follows:

Three months ended November 30,

(amounts in thousands)

10 unchanged sentences

In connection with the Third Amendment, the Revolving Credit Note under the Revolving Credit Agreement was also amended by incorporating the same amendments as provided under the Third Amendment.

As of May 31, 2025 and August 31, 2024, the Company had no o utstanding balance and $ 45.0 million of availability remaining under the Revolving Credit Agreement.

As of November 30, 2025 and August 31, 2025, the Company had no o utstanding balance and $ 45.0 million of availability remaining under the Revolving Credit Agreement.

For additional information, see “Note 4.

Related Party Transactions.”

Income (Loss) Per Share

Loss Per Share

The net loss per share attributable to common stockholders is allocated based on the contractual participation rights of the Class A common stock and Class B common stock as if the loss for the year had been distributed.

As the liquidation and dividend rights for Class A and Class B common stock are identical, the net loss attributable to all common stockholders is allocated on a proportionate basis.

The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share:

Three Months Ended May 31,

Nine Months Ended May 31,

The following table sets forth the computation of the Company’s basic and diluted net loss per share:

Three months ended November 30,

(amounts in thousands, except per share data)

Net income (loss) attributable to common stockholders

Net loss attributable to common stockholders

Weighted average common shares outstanding – basic

1 unchanged sentence

Weighted average common shares outstanding – diluted

Net income (loss) per share attributable to common stockholders – basic

Net income (loss) per share attributable to common stockholders – diluted

The Company computes basic income (loss) per common share using net income (loss) and the weighted average number of common shares outstanding during the period, and computes diluted income (loss) per common share using net income (loss) and the weighted average number of common shares and potentially dilutive common shares outstanding during the period.

Net loss per share attributable to common stockholders – basic

Net loss per share attributable to common stockholders – diluted

The Company computes basic loss per common share using net loss and the weighted average number of common shares outstanding during the period, and computes diluted loss per common share using net loss and the weighted average number of common shares and potentially dilutive common shares outstanding during the period.

Potentially dilutive common shares include dilutive outstanding employee stock options, RSUs and PSUs.

For the three months ended May 31, 2025, there were 286 thousand shares of common stock subject to outstanding employee stock options, RSUs and PSUs that were excluded from the calculation of diluted income per share because their inclusion would have been anti-dilutive.

For the nine months ended May 31, 2025, there were 677 thousand shares of common stock subject to outstanding employee stock options, RSUs and PSUs that were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive.

For the three and nine months ended May 31, 2024 , there were 662 thousand shares of common stock subject to outstanding employee stock options and RSUs that were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive.

For the three months ended November 30, 2025 and November 30, 2024, there were 651 thousand and 631 thousand , respectively, shares of common stock subject to outstanding employee stock options, RSUs and PSUs that were excluded from the calculation of diluted income per share because their inclusion would have been anti-dilutive.

Commitments and Contingencies

On January 19, 2024, two former employees initiated arbitration against the Company.

Subsequently, on February 26, 2024, three additional former employees initiated a separate arbitration against the Company.

Both sets of claimants allege violations of the Fair Labor Standards Act (“FLSA”) and violations of certain Washington, D.C.

In both arbitrations, claimants purported to raise collective claims on behalf of other similarly situated employees and former employees.

In August 2024, the Company settled the claims with these five former employees, as well as 58 other current and former employees asserting similar claims (some under the laws of Pennsylvania, Virginia and Massachusetts), for approximately $ 3.9 million.

Since that time, other current and former employees have asserted claims under the FLSA and applicable state laws (including Pennsylvania, New Jersey and Massachusetts) through counsel.

In October 2024, the Company agreed to settle those claims for approximately $ 1.2 million.

The Company expensed $ 5.1 million related to these matters within general and administrative expenses in the condensed statements of operations and comprehensive income (loss) and paid $ 3.9 million during the fiscal year ended August 31, 2024.

The Company paid the remaining accrued liability of $ 1.2 million related to these matters in October 2024.

In February 2025, the Company agreed to settle additional claims for approximately $ 2.1 million, which was paid in March 2025.

Purchase Obligations

We enter into various purchase obligations in the ordinary course of business, generally of a short-term nature.

As of November 30, 2025 , we had an aggregate of approximately $ 25.7 million in contractual obligations which consisted of $ 13.5 million in purchase commitments for food related to restaurant operations and $ 12.2 million related to the construction of new restaurants.

Legal Matters

On December 9, 2024, a former employee filed a putative class action complaint in the Superior Court of California in Los Angeles, individually and on behalf of others similarly situated, against the Company alleging certain violations of California labor laws.

5 unchanged sentences

In the opinion of management, the Company does not believe that such litigation, claims, and administrative proceedings will have a material adverse effect on its business, financial position, results of operations or cash flows.

However, a significant increase in the number of these claims or an increase in amounts owing under successful claims, including the putative class action referenced above, could materially and adversely affect its business, financial condition, results of operations or cash flows.

However, a significant increase in the number of these claims or an increase in amounts owing under successful claims, including the putative class action referenced

above, could materially and adversely affect its business, financial condition, results of operations or cash flows.

The Company records a liability when a loss is considered probable, and the amount can be reasonably estimated.

The Company recorded an income tax expense of $ 55 thousand and $ 60 thousand for the three months ended May 31, 2025 and May 31, 2024, respectively and income tax expense of $ 132 thousand and $ 148 thousand for the nine months ended May 31, 2025 and May 31, 2024, respectively.

The Company’s effective tax rates for the three and nine months ended May 31, 2025 substantially differed from the federal statutory tax rate of 21 % primarily due to a valuation allowance for the Company’s deferred tax assets and permanent differences related to the tax credit for a portion of the Social Security and Medicare taxes (FICA taxes) paid on employer tips.

The Company recorded an income tax expense of $ 36 thousand and $ 39 thousand for the three months ended November 30, 2025 and November 30, 2024, respectively.

The Company’s effective tax rates for the three months ended November 30, 2025 substantially differed from the federal statutory tax rate of 21 % primarily due to a valuation allowance for the Company’s deferred tax assets and permanent differences related to the tax credit for a portion of the Social Security and Medicare taxes (FICA taxes) paid on employer tips.

The Company continually monitors and performs an assessment of the realizability of its deferred tax assets, including an analysis of factors such as future taxable income, reversal of existing taxable temporary differences, and tax planning strategies.

1 unchanged sentence

In making such assessment, more weight was given to evidence that could be objectively verified, including recent cumulative losses.

Based on the Company’s review of this evidence, management determined that a full valuation allowance against all of the Company’s net deferred tax assets at May 31, 2025 was appropriate.

Based on the Company’s review of this evidence, management determined that a full valuation allowance against all of the Company’s net deferred tax assets at November 30, 2025 was appropriate.

On July 4, 2025, the President signed into law, the reconciliation tax bill, commonly known as the "One Big Beautiful Bill Act" (OBBA).

Notable corporate provisions include the restoration of 100% bonus depreciation;

the creation of Section 174A, which reinstates expensing for domestic research and experimental (R&E) expenditures;

modifications to Section 163(j) interest limitations;

updates to the rules for global intangible low-taxed income (GILTI) and foreign-derived intangible income (FDII);

amendments to the rules for energy credits;

and the expansion of Section 162(m) aggregation requirements.

OBBA did not have a material impact on the Company’s effective t ax rate or income tax expense for the three months ended November 30, 2025.

Fair Value Measurements

The following table sets forth the Company’s assets measured at fair value on a recurring basis as of May 31, 2025.

The following table sets forth the Company’s assets measured at fair value on a recurring basis as of November 30, 2025.

(amounts in thousands)

3 unchanged sentences

Total assets at fair value

The Company’s cash and cash equivalents include cash on hand, deposits in banks, certificates of deposits and money market funds.

Due to their short-term nature, the carrying amounts reported in the accompanying balance sheets approximate the fair value of cash and cash equivalents.

The Company’s financial statements include cash and cash equivalents, accounts and other receivables, accounts payable, accrued expenses and other current liabilities, and salaries and wages payable for which the carrying amounts approximate fair value due to their short-term maturity.

The fair value of our Treasury notes are valued using Level 1 inputs of the fair value hierarchy.

The fair value of our Certificate of Deposit and U.S.

1 unchanged sentence

Level 2 inputs are based on market data that include factors such as interest rates, market and pricing activity and other market-based valuation techniques.

The fair value of payments due to or from Kura Japan is not determinable due to its related-party nature.

Note 11—Segment Information

The Company operates as one reportable segment:

company-owned restaurants and in one geographic area:

the United States of America.

The Company does not have intra-entity sales or transfers.

Sales represent sales of food and beverages in restaurants.

The Chief Executive Officer , who serves as the Chief Operating Decision Maker (“CODM”), evaluates performance and allocates resources based on sales and operating income (loss).

The CODM does not review segment assets at a level different than what is reported in the Company’s Consolidated Balance Sheet.

Reported segment sales and expenses are presented below:

Three months ended November 30,

(amounts in thousands)

Restaurant operating costs:

Food and beverage costs

Labor and related costs

Occupancy and related expenses

Depreciation and amortization expenses

Total restaurant operating costs

General and administrative expenses

Depreciation and amortization expenses

Total operating expenses

Operating loss

Reconciliation to net loss:

Other expense (income):

Interest expense

Interest income

Loss before income taxes

Income tax expense

Note 12—Investments

As of November 30, 2025 and August 31, 2025 , the Company’s investments are summarized below.

The Company has one c ertificate of deposit of $ 0.5 million, which is restricted to funding a collateral account relating to a standby letter of credit.

Based on the evaluation of credit risk factors guaranteed by the U.S.

government, the Company has concluded that an allowance for credit losses is unnecessary for its investments.

November 30, 2025

Amortized cost

Unrealized holding gains

Unrealized holding losses

Aggregate fair value

(amounts in thousands)

Available-for-sale:

Treasury notes

Certificate of deposit

Total Current

Available-for-sale:

Treasury notes

Held to maturity:

Government Agency debt securities

Total Non-Current

August 31, 2025

Amortized cost

Unrealized holding gains

Unrealized holding losses

Aggregate fair value

(amounts in thousands)

Available-for-sale:

Treasury notes

Certificate of deposit

Total Current

Available-for-sale:

Treasury notes

Held to maturity:

Government Agency debt securities

Total Non-Current

The following table sets forth the maturities of the Company’s investments as of November 30, 2025 and August 31, 2025.

November 30, 2025

August 31, 2025

Carrying amount

(amounts in thousands)

Available-for-sale:

Due within one year

Due within one year through five years

Held to maturity:

Due within one year through five years

Note 13—Subsequent Event

On December 29, 2025, the Company filed a universal shelf registration statement on Form S-3 (the “Registration Statement”) with the SEC in accordance with the Securities Act of 1933, as amended (the “Securities Act”).

The Registration Statement registers Class A common stock, preferred stock, depositary shares, warrants, subscription rights, share purchase contracts, share purchase units, and any combination of the foregoing, for a maximum aggregate offering price of up to $ 100.0 million, which may be sold from time to time, subject to the Registration Statement being declared effective by the SEC.

The terms of any securities offered under the Registration Statement and intended use of proceeds will be established at the times of the offerings and will be described in prospectus supplements filed with the SEC at the times of the offerings.

The Registration Statement has a three-year term once declared effective by the SEC.

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