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Item 1. Financial Statements

2023-07-18 compared with 2022-11-21 · 196 added, 199 removed, 292 unchanged (57% of the section changed)

2 unchanged sentences

Consolidated Balance Sheets

September 30, 2022

March 31, 2023

December 31, 2022

22 unchanged sentences

Shareholders' deficit:

Preferred shares, 25,000,000 shares Series A preferred stock - $ 10.00 stated value;

2,500,000 authorized;

Preferred shares, 25,000,000 shares

Series A preferred stock - $ 10.00

stated value;

shares issued and outstanding

7 unchanged sentences

Shareholders' deficit

( 1,497,777 )

Total liabilities and shareholders' deficit

See accompanying notes

to the unaudited consolidated financial statements

See accompanying notes to the unaudited consolidated financial statements

Magellan Gold Corporation

Consolidated Statements of Operations

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

Operating expenses:

4 unchanged sentences

Interest expense

Gain (loss) on change in derivative liability

Gain on change in derivative liability

Total other expense

$ ( 104,746 )

Series A preferred stock dividend

Net loss attributable to common shareholders

$ ( 461,153 )

$ ( 613,557 )

$ ( 1,948,138 )

Basic net loss per common share

2 unchanged sentences

Diluted weighted average

See accompanying notes

to the unaudited consolidated financial statements

See accompanying notes to the unaudited consolidated financial statements

Magellan Gold Corporation

Statements of Shareholders' Deficit

For the nine months ended September 30, 2022 and 2021

Preferred Stock

Consolidated Statements of Shareholders' Deficit

For the three months ended March 31, 2023 and 2022

Balance, December 31, 2022

1 unchanged sentence

$ ( 1,497,777 )

Shares issued as deferred finance

Shares issued for cash

Shares issued for the acquisition of mineral properties

Stock based compensation

1 unchanged sentence

$ ( 19,560,663 )

Shares issued as deferred finance

Stock based compensation

Balance, June 30, 2022

$ ( 282,383 )

Shares issued as deferred finance

Stock based compensation

Balance, September 30, 2022

$ ( 18,583,370 )

$ ( 670,385 )

Balance, December 31, 2021

1 unchanged sentence

$ ( 266,236 )

Exercise of warrants

Common stock issued for settlement

Shares issued as deferred finance costs

Stock based compensation

Series A preferred stock dividend

Balance, March 31, 2022

$ ( 18,074,559 )

Exercise of warrants

Stock based compensation

Series A preferred stock dividend

Conversion of Series A preferred

stock and accrued dividend

$ ( 304,367 )

Balance, June 30, 2021

( 17,319,954 )

Stock based compensation

Balance, September 30, 2021

$ ( 17,781,107 )

$ ( 106,030 )

See accompanying notes

to the unaudited consolidated financial statements

See accompanying notes to the unaudited consolidated financial statements

Magellan Gold Corporation

Consolidated Statements of Cash Flows

Nine Months ended September 30,

Three Months Ended March 31,

Operating activities:

$ ( 104,746 )

$ ( 1,868,026 )

Adjustments to reconcile net loss to net cash used in operating activities:

1 unchanged sentence

Stock based compensation

Loss on change in derivative liability

Gain on change in derivative liability

Changes in operating assets and liabilities:

1 unchanged sentence

Accounts payable and accrued liabilities

Accounts payable - related party

Accrued interest

4 unchanged sentences

Financing activities:

Proceeds from convertible debt from third parties

Payments on advances from related parties

Payments on advances from third parties

Proceeds from notes payable from third parties

Proceeds from notes payable from related parties

Proceeds from advances from third parties

Proceeds from exercise of warrants

Repayment of convertible debt

Proceeds from sale of common stock

Net cash provided by financing activities

6 unchanged sentences

Non-cash financing and investing activities:

Series A preferred stock dividend

Common stock issued for deferred financing costs

Expenses paid on behalf of the Company

Common stock and warrants issued for settlement liabilities

Debt discount created by derivative liability

Conversion of Series A preferred stock and accrued dividend

See accompanying notes

to the unaudited consolidated financial statements

Shares issued for the acquisition of mineral properties

See accompanying notes to the consolidated financial statements

MAGELLAN GOLD CORPORATION

16 unchanged sentences

opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

results for the nine months ended September 30, 2022 are not necessarily indicative of the results for the full year.

While we believe

that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction

with the audited financial statements and the footnotes thereto contained in our annual report on Form 10-K for the year ended December

results for the three months ended March 31, 2023 are not necessarily indicative of the results for the full year.

While we believe that

the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with

the audited financial statements and the footnotes thereto contained in our annual report on Form 10-K for the year ended December 31,

Our consolidated financial statements include

8 unchanged sentences

the weighted-average common shares outstanding, as calculated for basic net loss per share, except for instances in which there is a

For the nine months ended September 30, 2022, 72,000

of stock options, 117,500

of warrants, and 1,916,904

For the three months ended March 31, 2023, 72,000

stock options, 117,500

warrants, and 2,812,471

shares issuable from convertible notes were considered for their dilutive effects.

For the nine months ended September 30,

of stock options, 423,635 of

warrants, and 1,260,338 shares

issuable from convertible notes were considered for their dilutive effects.

For the three months ended March 31, 2022, 72,000

stock options, 423,635

warrants, and 1,916,904 shares issuable from convertible notes were considered for their dilutive effects.

Derivative Financial Instruments

24 unchanged sentences

continue as a going concern.

At September 30, 2022, we had a working capital deficit of $ 1,864,659 , we had not yet generated any significant

At March 31, 2023, we had a working capital deficit of $ 1,576,657 , we had not yet generated any significant

revenues or achieved profitable operations and we have accumulated losses of $ 19,560,663 .

6 unchanged sentences

in the form of additional loans from officers, directors or significant shareholders, or equity financing from the sale of our common

stock but cannot assure than any future financings will occur.

stock but cannot assure that any future financings will occur.

Note 3 – Mineral Rights and Properties

11 unchanged sentences

250,000 shares at the time of closing, 250,000 shares at the time the

Center Mine receives its permit to reopen the main portal of the mine, 250,000 shares at the point the main portal has been reopened and

250,000 shares two-years from closing concurrent the pay-off of the $125,000 convertible note.

As of September 30, 2022 and December 31,

2021, the mineral rights and properties balance totaled $ 1,000,000 .

As of September 30, 2022 and December 31, 2021,

the Company had $ 194,274 and $ 193,505 in capitalized development cost to develop gold resources at Center Star, respectively.

Center Mine receives its permit to reopen the main portal of the mine, 250,000 shares at the point the main portal have been reopened

and 250,000 shares two-years from closing concurrent the pay-off of the $125,000 convertible note.

During the year ended December 31,

2022, the Company issued 250,000 shares for the acquisition of Clearwater valued at $ 37,500 .

During the year ended December 31, 2022,

the Company evaluated the mineral rights and properties for impairment and recorded an impairment expense of $ 1,037,500 .

As of March 31,

2023 and December 31, 2022, the Clearwater mineral rights and properties balance totaled $ 0 .

As of March 31, 2023 and December 31, 2022, the

Company had $ 194,274 in capitalized development cost to develop gold resources at Center Star.

Golden Idaho Project

On January 3, 2023, the Company entered into an

asset purchase agreement with Gold Express Mines, Inc (“Golden Express”).

Pursuant to the agreement, the Seller sell the following

1) Golden, Idaho Project located in Idaho County, Idaho and consisting of seventy-two unpatented mining claims 2) Seafoam District - located

in Custer County, Idaho and consisting of five unpatented mining claims 3) Blacktail District - located in Lemhi County, Idaho and consisting

of eight unpatented mining claims 4) Big-it Project- located in Shoshone County, Idaho consisting of twenty-five unpatented mining claims

and a mineral lease over three unpatented mining claims and 94.86 acres of real property and 5) Terror Gulch (Capparelli Group) located

in Shoshone County, Idaho consisting of twelve unpatented mining claims.

As of March 31, 2023, the total purchase price for the acquisition

was determined to be $ 1,000,000 which consisted of 5,000,000 shares of common stock with a fair value of $ 1,000,000 .

The Company concluded

the transaction qualified as an asset acquisition and all such acquisition costs have been capitalized.

The Company concluded the

purchase of a single set of assets qualified as an asset acquisition and all such acquisition costs have been capitalized as mineral rights

and properties on the balance sheet.

As of March 31, 2023, the Gold Express mineral rights and properties balance totaled $ 1,000,000 .

Note 4 – Fair Value of Financial Instruments

21 unchanged sentences

the Company’s liabilities measured at fair value on a recurring basis and the Company’s estimated level within the fair value

hierarchy of those assets and liabilities as of September 30, 2022 and December 31, 2021:

Schedule of fair value measurements on a recurring basis

hierarchy of those assets and liabilities as of March 31, 2023 and December 31, 2022:

Schedule of fair value assets and liabilities

Fair value at

September 30, 2022

March 31, 2023

Derivative liability

5 unchanged sentences

The table below presents the change in the fair

value of the derivative liability during the nine months ended September 30, 2022:

Schedule of fair value of the derivative liability

value of the derivative liability during the three months ended March 31, 2023:

Schedule of fair value of derivative liability

Fair value as of December 31, 2022

Loss on change in fair value of derivatives

Fair value as of September 30, 2022

Fair value as of March 31, 2023

Note 5 – Notes payable, Convertible Note

1 unchanged sentence

Notes payable

During the nine months

ended September 30, 2022, the Company entered into five unsecured promissory notes totaling $ 63,000 .

The promissory notes bear interest

at 12 % per annum and are payable on demand.

As of September 30, 2022, the notes payable balance was $ 63,000 , with accrued interest of

During the year ended

December 31, 2022, the Company entered into unsecured promissory notes totaling $ 78,000 .

The promissory notes bear interest at 12 % per

annum and are payable on demand.

As of March 31, 2023 and December 31, 2022, the notes payable balance was $ 78,000 , with accrued interest

of $ 8,438 and $ 6,130 , respectively.

Series 2019A 10% Unsecured Convertible Notes

In 2019, the Company sold $ 135,000

of Series 2019A 10 %

In 2019, the Company sold $135,000 of Series 2019A

10% Unsecured Convertible Notes.

1 unchanged sentence

The Series 2019A Notes are

convertible into shares of Common Stock at a conversion price of $ 1.00

during the life of the Note.

The lenders were issued 100,000 common stock warrants with an exercise price of $2.00 per share.

Company evaluated the conversion option and concluded a beneficial conversion feature was present at issuance.

recognized the beneficial conversion feature and relative fair value of the warrants as a debt discount and additional paid in

capital in August and December 2019.

The $ 135,000

debt discount is amortized over the term of the loan.

The Notes will accrue interest at the rate of 10% per annum, payable quarterly

The Notes mature twelve (12) months from the date of issue.

The maturity date can be extended at the option of the

Company for an additional one (1) year.

There are two Series 2019A 10% Unsecured Convertible Notes that were due and payable in

August 2020 and are currently past due and in default.

The default interest rate on the notes is 12%.

As of September 30, 2022 and

December 31, 2021, the balance due under these notes is $ 75,000 ,

with accrued interest of $ 24,213

and $ 17,481 ,

respectively.

convertible into shares of Common Stock at a conversion price of $1.00 during the life of the Note.

The lenders were issued 100,000 common

stock warrants with an exercise price of $2.00 per share.

The Company evaluated the conversion option and concluded a beneficial conversion

feature was present at issuance.

The Company recognized the beneficial conversion feature and relative fair value of the warrants as a

debt discount and additional paid in capital in August and December 2019.

The $135,000 debt discount is amortized over the term of the

The Notes will accrue interest at the rate of 10% per annum, payable quarterly in arrears.

The Notes mature twelve (12) months from

the date of issue.

The maturity date can be extended at the option of the Company for an additional one (1) year.

There are two Series

2019A 10% Unsecured Convertible Notes that were due and payable in August 2020 and are currently past due and in default.

interest rate on the notes is 12%.

As of March 31, 2023 and December 31, 2022, the balance due under these notes is $ 75,000 , with accrued

interest of $ 28,700 and $ 26,481 , respectively.

On October 1, 2019, the Company sold a 10% Unsecured

9 unchanged sentences

10% per annum payable quarterly, accruing from the date of issuance.

As of September 30, 2022 and December 31, 2021, the balance due under

As of March 31, 2023 and December 31, 2022, the balance due under

this note is $ 145,978 , with accrued interest of $ 51,032 and $ 47,433 , respectively.

15 unchanged sentences

50,000 shares of common stock at a conversion price of $0.50 per share.

As of September 30, 2022 and December 31,2021, the balance due

to a third party under these notes is $ 200,000 , with accrued interest of $ 36,264 and $ 24,297 , respectively.

The Series 2020A 8% Unsecured Convertible Notes that were due

and payable in November 2020 and are currently past due.

If a default notice is received the interest rate will be 12%.

As of March 31,

2023 and December 31, 2022, the balance due to a third party under these notes is $ 200,000 , with accrued interest of $ 44,242 and $ 40,297 ,

respectively.

3% Secured Convertible Note

10 unchanged sentences

Amortization expense of $21,815 was recognized during

the nine months ended September 30, 2022.

As of September 30, 2022, the balance due to a related party under this note net of unamortized

discount of $ 0 , is $ 125,000 , with accrued interest of $ 8,435 .

As of December 31, 2021, the balance due to a related party under this note

net of unamortized discount of $ 21,815 , is $ 103,185 , with accrued interest of $ 5,630 .

the year ended December 31, 2022.

As of March 31, 2023 and December 31, 2022, the balance due to a related party under this note was $ 125,000 ,

with accrued interest of $ 10,305 and $ 9,380 , respectively.

AJB Convertible Note

1 unchanged sentence

into a debt agreement to borrow $ 200,000 .

The secured note has an original issuance discount of $ 16,000

along with $ 9,000

in legal and finder fees recorded as a discount, which will be amortized over the life of the note.

The loan is secured by common

stock of the Company, bears interest at a rate of 10 %

and has a six-month maturity.

In August 2021, the note was extended six months and the interest rate was increase to 15%.

principal is convertible into shares of the Company’s common stock at the conversion price.

The conversion price shall be the

less of 90% of the lowest trading price during the previous twenty (20) trading day period ending on the issuance date, or during

the previous twenty (20) trading day period ending on date of conversion of this note.

The Company issued the debtholder 266,667

common shares as a commitment fee.

Due to the variable conversion feature the note conversion feature was bifurcated from the note

and recorded as a derivative liability.

The secured note has an original issuance discount of $ 16,000 along with $ 9,000 in legal

and finder fees recorded as a discount, which will be amortized over the life of the note.

The loan is secured by common stock of

the Company, bears interest at a rate of 10% and has a six-month maturity.

In August 2021, the note was extended six months and the

interest rate was increase to 15%.

The unpaid principal is convertible into shares of the Company’s common stock at the

conversion price.

The conversion price shall be the less of 90% of the lowest trading price during the previous twenty (20) trading

day period ending on the issuance date, or during the previous twenty (20) trading day period ending on date of conversion of this

The Company issued the debt holder 266,667 common shares as a commitment fee.

Due to the variable conversion feature the note

conversion feature was bifurcated from the note and recorded as a derivative liability.

The day one derivative liability was $ 95,715

1 unchanged sentence

On February 9, 2022, the Company extended the maturity to May 10, 2022.

In consideration of the extension, the Company issued the debtholder 180,000

shares of common stock valued at $ 54,000 .

The incremental value of the debt modification of $54,000 will be recorded over the remaining life of the note ending May 10, 2022.

On May 11, 2022, the Company agreed to a second amendment to extend the maturity of the AJB note to August 10, 2022.

consideration for the extension, the Company issued 233,334

shares of common stock at a price of $0.30 per

share for a total value of $ 70,000 .

The incremental value of the debt modification of $ 70,000

will be recorded over the remaining life of the note ending August 10, 2022.

On August 9, 2022, the Company agreed to a third

amendment to extend the maturity of the AJB note to November 9, 2022.

In consideration for the extension, the Company issued 233,334

shares of common stock at a price of $0.24

per share for a total value of $ 56,000 .

The incremental value of the debt modification of $ 56,000

will be recorded over the remaining life of the note ending November 9, 2022.

During the nine months ended September 30, 2022, the

Company recognized $ 161,333

of expense related to the debt modification.

As of September 30, 2022, the balance on the loan, net of unamortized discount of

is $ 181,333 ,

with accrued interest of $ 1,400 .

As of December 31, 2021, the balance on the loan, net of unamortized discount of $ 0

is $ 200,000 ,

with accrued interest of $ 0 .

As of September 30, 2022, the total derivative

liability on the above note was adjusted to a fair value of $ 389,593 .

The fair value of the conversion option was estimated using the

Black-Scholes option pricing model and the following assumptions during the period:

fair value of stock $ 0.21 , volatility of 314.77 % based

on a comparable company peer group, expected term of 0.50 years, risk-free rate of 3.92 % and a dividend yield of 0 %.

In consideration of the extension, the Company issued the debt holder 180,000 shares of common stock valued at $ 54,000 .

incremental value of the debt modification of $54,000 will be recorded over the remaining life of the note ending May 10, 2022.

May 11, 2022, the Company agreed to a second amendment to extend the maturity of the AJB note to August 10, 2022.

In consideration

for the extension, the Company issued 233,334 shares of common stock at a price of $0.30 per share for a total value of $ 70,000 .

incremental value of the debt modification of $ 70,000 will be recorded over the remaining life of the note ending August 10, 2022.

On August 9, 2022, the Company agreed to a third amendment to extend the maturity of the AJB note to November 9, 2022.

consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.24 per share for a total value

of $ 56,000 .

The incremental value of the debt modification of $56,000 will be recorded over the remaining life of the note ending

November 9, 2022.

Th AJB Convertible Note is due and payable in November 2023.

In January 2023, the Note was extended to June 30,

During the year ended December 31, 2022, the Company recognized $ 180,000 of expense related to the debt modification.

the three months ended March 31, 2023, the Company repaid $ 100,000 of principal on this note.

As of March 31, 2023 and December 31,

2022, the balance on the loan was $ 100,000 and $ 200,000 , with accrued interest of $ 10,400 and $ 7,400 , respectively.

As of March 31, 2023, the total derivative liability

on the above note was adjusted to a fair value of $ 126,393 .

The fair value of the conversion option was estimated using the Black-Scholes

option pricing model and the following assumptions during the period:

fair value of stock $0.10, volatility of 237.73% based on a comparable

company peer group, expected term of 0.50 years, risk-free rate of 4.94% and a dividend yield of 0%.

Note 6 – Stockholders’ Deficit

On February 9, 2022, the Company extended

the maturity of a convertible note to May

In consideration of the extension, the Company issued the debtholder 180,000

shares of common stock valued at $ 54,000 .

On May 11, 2022, the Company agreed to a second

amendment to extend the maturity of the AJB note to August 10, 2022.

In consideration for the extension, the Company issued 233,334 shares

of common stock at a price of $ 0.30 per share for a total value of $ 70,000 .

On August 9, 2022, the Company agreed to a third

amendment to extend the maturity of the AJB note to November 9, 2022.

In consideration for the extension, the Company issued 233,334 shares

of common stock at a price of $ 0.24 per share for a total value of $ 56,000 .

On January 12, 2023, the Company entered

into a subscription agreement with a related party to issue 714,286 shares of common stock at $0.14 per share for total cash proceeds

of $ 100,000 .

On March 24, 2023, the Company entered into

a subscription agreement with Gold Express Mines, Inc.

to issue 1,000,000 shares of common stock at $0.14 for total cash proceeds of $ 140,000 .

Stock Warrants, Stock Options and the 2017

4 unchanged sentences

both incentive and nonstatutory stock options, (2) stock bonuses, (3) rights to purchase restricted stock and (4) stock appreciation rights.

As of September 30, 2022, the Company had 128,000 shares available for future grant.

Stock option activity within the 2017 Equity

Incentive Plan and warrant activity outside the plan, for the nine months ended September 30, 2022 is as follows:

Schedule of stock option and warrant activity

As of March 31, 2023, the Company had 128,000 shares available for future grant.

Stock option activity within the 2017 Equity Incentive

Plan and warrant activity outside the plan, for the three months ended March 31, 2023 is as follows:

Schedule of options and warrant activity

Stock Options

5 unchanged sentences

Outstanding at December 31, 2022

Outstanding at September 30, 2022

Exercisable at September 30, 2022

As of September 30, 2022, the outstanding stock options have a weighted

Outstanding at March 31, 2023

Exercisable at March 31, 2023

As of March 31, 2023, the outstanding stock options have a weighted

average remaining term of 4.58 years and have no intrinsic value, and the outstanding stock warrants have a weighted average remaining

6 unchanged sentences

In order to maintain the BLM lode \ claims, annual payments are required before the end of August of each

As of September 30, 2022, all of these claims are in good standing.

As of March 31, 2023, all of these claims are in good standing.

Note 8 – Executive Employment Agreement

5 unchanged sentences

31, 2020 or (b) following the termination date, whichever occurs first.

As of September 30, 2022, 390,000 restricted stock units may be

settled in shares of common stock.

During the nine months ended September 30, 2022, the Company recognized $ 29,408 of stock-based compensation

related to the agreement.

As of March 31, 2023, 480,000 restricted stock units may be settled

in shares of common stock.

During the three months ended March 31, 2023, the Company recognized $ 6,315 of stock-based compensation related

to the agreement.

Note 9 – Related Party Transactions

Notes Payable - Related Parties

During the year ended

December 31, 2022, the Company entered into unsecured promissory notes with related parties totaling $ 53,000 with accrued interest of

The promissory notes bear interest at 12% per annum and are payable on demand.

As of March 31, 2023 and December 31, 2022 the

notes payable – related parties balance was $ 53,000 .

Advances- Related Parties

During the nine months ended September 30, 2022,

the CEO paid $ 938 of expenses on behalf of the Company.

As of September 30, 2022 and December 31, 2021, the advances related party balance

totaled $ 21,190 and $ 20,252 , respectively.

During the year ended December 31, 2022, the CEO

paid $ 938 of expenses on behalf of the Company.

As of March 31, 2023 and December 31, 2022, the advances related party balance totaled

Accrued Interest - Related Parties

1 unchanged sentence

in our consolidated balance sheets as follows:

Schedule of related party transactions (accrued interest)

September 30,

Schedule of related party interest payable

Accrued interest payable – Mr.

2 unchanged sentences

Accrued interest payable – Mr.

Notes Payable - Related Parties

During the nine months

ended September 30, 2022, the Company entered into four unsecured promissory notes with related parties totaling $ 53,000 with accrued

interest of $ 1,446 .

The promissory notes bear interest at 12% per annum and are payable on demand.

Consulting Agreement

December 29, 2022, the Company entered into a two-year consulting agreement with Rock Creek Mining Company commencing on December 1, 2022,

to provide consulting and advisory services.

Michael Lavigne, the Company’s CEO, is an officer and a Director of Rock Creek Mining

The consulting agreement provides for compensation of $6,000 per month, payable on demand.

During the three months ended March

31, 2023, the Company incurred consulting fees of $ 18,000 related to this agreement.

Note 10 – Subsequent Events

On June 6, 2023, the Company entered into

a memorandum of understanding for earn-in agreement(“MOU”) with Gold Express Mines, Inc.

Per the MOU, the Company agreed to

earn-in for up to 50% working interest in Kris Project, which has 69 unpatented mining claims located in Plumus County, CA.

In March 2023,

the Company paid Gold Express Mines, Inc.

$100,000, which was recorded as a deposit and shall spend $400,000 on the Kris Project in allowable

expenditures over the next thirty-six months, assuming permitting for the work is obtained.

In the event that permitting delays the exploration

and other work programs, the earn-in period shall be extended accordingly.

Allowable expenditures are sampling, drilling, assaying, geologic

mapping and mine site improvements made or performed directly on the existing mine site or expanded mine site.

Consulting fees for work

directly benefiting the Project are also allowed including management of work, preparation of reports, and planning for Future work.

maintenance fees on the existing claims are also allowable expenditures, as are the costs of future land acquisitions which are deemed

to benefit the Kris Project and which are approved by both parties beforehand.

As part of the agreement, the Company shall make the Bureau

of Land Management claim maintenance fees on the existing claims no later than August 15, 2023, and by August 15th in ensuing years during

the earn-in period.

MAG shall pay for the annual Plumus County "notice of intent to hold" recording costs and any other Plumus

County fees or taxes which accrue during the earn-in period.

These shall all be allowable expenses under the earn-in agreement.

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