What changed in this filing

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Item 2. Management’s Discussion and Analysis

2023-06-13 compared with 2022-12-12 · 92 added, 291 removed, 26 unchanged (94% of the section changed)

9 unchanged sentences

FACTORS INCLUDE, AMONG OTHERS, THOSE LISTED UNDER “FORWARD-LOOKING STATEMENTS” AND “RISK FACTORS” DETAILED IN

PRIOR COMPANY FILINGS AND THOSE INCLUDED ELSEWHERE IN THIS REPORT.

of Operations for the Quarter ended October 31, 2022 and 2021

following table sets forth the summary of the condensed consolidated statements of operations for the quarter ended October 31, 2022

OUR MOST RECENT ANNUAL REPORT ON FORM 10-K, OTHER PRIOR COMPANY FILINGS AND THOSE INCLUDED ELSEWHERE IN THIS REPORT.

of Operations for the Three Months Ended April 30, 2023 and 2022

following table sets forth the summary of the condensed consolidated statements of operations for the three months ended April 30, 2023

For the Three Months Ended

October 31, 2022

October 31, 2021

April 30, 2023

April 30, 2022

Sales - Net of Slotting Fees and Discounts

Operating Expenses

$ (5,065,645 )

$ (2,644,542 )

Other Expenses

1 unchanged sentence

Income from equity method investment in Chef Inspirational

Net Income (Loss)

the quarters ended October 31, 2022 and 2021, the Company reported net income (loss) of $1,097,940 and $(5,455), respectively.

in net income (loss) between the quarter ended October 31, 2022 and 2021 reflects strong sales and same-customer product additions, normalization

of costs for commodities, other materials, freight as well as improvements in manufacturing efficiencies.

Sales, net of slotting fees and discounts increased by approximately 137% to $25,693,913 during the quarter ended October 31, 2022,

from $10,852,682 during the quarter ended October 31, 2021.

Sales included the third full quarter from the acquisition of T&L Creative

and Olive Branch LLC in December 2021.

During the quarter ended October 31, 2022, MamaMancini’s Inc.

and T&L Salads

continued to successfully accelerate product portfolio synergies by adding new T&L products to existing MamaMancini’s customers

in both club stores and retail chains in addition to increasing the average SKU’s carried per location.

The gross profit margin was 26% and 24% for the quarters ended October 31, 2022 and 2021, respectively.

The quarter ended

October 31, 2022 marks the return to normalcy of target margins based on improved pricing and strong sales growth.

The Company continues

to identify procurement efficiencies and cost savings through stronger buying power created through the acquisitions of T&L Creative

Salads and Olive Branch.

Operating expenses increased by 92% during the quarter ended October 31, 2022, as compared to the quarter ended October

Operating expenses decreased as a percentage of sales to 20% in 2022 compared to 24% in 2021.

The $2,421,103 increase in total

operating expenses is primarily attributable to the following:

and Related Expenses rose by $659,941 related to the executive hires, incremental costs associated with the acquisition of T&L

Creative Salads management and office salaries;

Expenses rose $253,144 due to increased sales;

for Doubtful Accounts rose by $245,354 due to our anticipation of increasing macroeconomic risk;

Fees rose $158,448 due to higher third-party accounting and technical expertise and auditing fees related to the additional complexity

of the acquisitions;

charges rose $110,153 due to increased Finished Goods transportation rate increases and fuel surcharges.

Income (Expenses):

Other expenses increased by $178,128 to $186,859 for the quarter ended October 31, 2022 as compared to $8,731

during the quarter ended October 31, 2021.

For the quarter ended October 31, 2022, other income (expenses) consisted of $183,844 in interest

expense on the Company’s financing arrangements and $3,015 in amortization of debt discount.

For the three months ended October

31, 2021, other expenses consisted of $8,731 in interest expense incurred on the Company’s financing arrangements.

of Operations for the Nine Months ended October 31, 2022 and 2021

following table sets forth the summary of the condensed consolidated statements of operations for the nine months ended October 31, 2022

For the Nine Months Ended

October 31, 2022

October 31, 2021

Sales - Net of Slotting Fees and Discounts

Operating Expenses

$ (12,057,775 )

$ (7,785,433 )

Other Income (Expenses)

Income Tax Provision

Income from equity method investment in Chef Inspirational

the nine months ended October 31, 2022 and 2021, the Company reported net income of $458,391 and $1,057,994, respectively.

in net income between the nine months ended October 31, 2022 and 2021 reflects the challenges of cost inflation of commodities, packaging

and freight outpacing price increases from February through July 2022 offset by cost normalization and improved pricing models from August

through October 2022.

Sales, net of slotting fees and discounts increased by approximately 112% to $70,370,967 during the nine months ended October 31,

2022, from $33,230,666 during the nine months ended October 31, 2021.

Sales included the first full nine months from the acquisition

of T&L Creative Salads, Inc.

and Olive Branch LLC in December 2021.

Sales for MamaMancini’s, Inc.

grew moderately across all

channels during the nine months ended October 31, 2022 versus the prior year comparative period.

During the nine months ended October

31, 2022, MamaMancini’s Inc.

and T&L Salads continued to gain product portfolio synergies by adding new products to existing

customers in both club stores and retail chains.

The gross profit margin was 18% for the nine months ended October 31, 2022 compared to 28% for the quarter ended October

The T&L Creative Salads and Olive Branch LLC acquisition created a different financial model with lower gross margin percentage

yet comparable Operating Income margins.

In addition, for the first six months inflation of raw materials, packaging and freight costs

temporarily out-paced price increases which dissipated in the final 3 months of the quarter.

Operating expenses increased by 55% during the nine months ended October 31, 2022, as compared to the nine months ended

October 31, 2021.

Operating expenses decreased as a percentage of sales to 17% in 2022 compared to 23% in 2021.

The $4,272,342 increase

in total operating expenses is primarily attributable to the following:

and Related Expenses rose by $1,198,146 related to the acquisition of T&L Creative Salads management and office salaries, newly

hired executives, additional accounting staff at MamaMancini’s and severance pay;

charges rose $611,733 due to increased Finished Goods transportation rate increases and fuel surcharges;

Fees rose $571,496 due to one-time legal fees associated with investment in Chef Inspirational Foods, higher Auditing Fees and third-party

accounting/technical expertise related to the additional complexity of the acquisitions;

Expenses rose $480,986 due to increased sales;

Expenses rose $310,627 to account for the acquisition of T&L Creative Salads and Olive Branch LLC.

the three months ended April 30, 2023 and 2022, the Company reported net income of $1,400,926 and $103,697, respectively.

in net income between the three months ended April 30, 2023 and 2022 reflects strong sales, successful pricing actions, same-customer

cross-selling, product additions, normalization of costs for commodities, as well as other materials, and freight efficiencies and other

improvements in manufacturing execution.

Sales, net of slotting fees and discounts increased by approximately 6% to $23,120,816 during the three months ended April 30, 2023,

from $21,830,580 during the three months ended April 30, 2022.

The increase in sales is due to successful pricing actions, same-customer

cross-selling and product additions.

The gross profit margin was 28% and 18% for the three months ended April 30, 2023 and 2022, respectively.

The change in between

the three months ended April 30, 2023 and 2022 is due to successful pricing actions, improvements in manufacturing efficiencies and normalization

of costs for commodities.

Operating expenses increased by 23% during the three months ended April 30, 2023, as compared to the three months ended

April 30, 2022.

Operating expenses increased as a percentage of sales to 19% in 2023 compared to 16% in 2022.

The $830,926 increase in

total operating expenses is primarily attributable to the following:

and Related Expenses rose by approximately $760,000 related to the executive and office hires.

Expenses rose by approximately $222,000 due to increased sales;

related expenses decreased by approximately $354,000 due to the addition of dedicated logistics employees;

Income (Expenses):

Other expenses changed by $465,227 to $(454,233) for the nine months ended October 31, 2022 as compared to income

of $10,994 during the nine months ended October 31, 2021.

For the nine months ended October 31, 2022, other income (expenses) consisted

of $447,259 in interest expense on the Company’s financing arrangements, $9,670 in amortization of debt discount and $2,596 of

other income.

For the nine months ended October 31, 2021, other income (expenses) consisted of $(26,710) in interest expense incurred

on the Company’s financing arrangements which was offset by the net insurance proceeds relating to the property damage claim of

Other expenses increased by $35,033 to $162,924 for the three months ended April 30, 2023 as compared to $127,891

for the three months ended April 30, 2022.

For the three months ended April 30, 2023, other income (expenses) consisted of $177,394 in

interest expense on the Company’s financing arrangements and $5,530 in amortization of debt discount offset by $20,000 in other

For the three months ended April 30, 2022, other expenses consisted of $124,251 in interest expense incurred on the Company’s

financing arrangements and $3,640 in amortization of debt discount.

and Capital Resources

following table summarizes total current assets, liabilities and working capital at October 31, 2022 compared to January 31, 2022:

finance our operations with internally generated funds, supplemented by credit arrangements with third parties and, potentially, capital

market financing.

following table summarizes total current assets, liabilities and working capital at April 30, 2023 compared to January 31, 2023:

April 30, 2023

January 31, 2023

Current Assets

1 unchanged sentence

Working Capital

of October 31, 2022, we had working capital of $3,164,855 as compared to working capital of $2,653,189 as of January 31, 2022, an increase

The increase in working capital is primarily attributable to an increase in cash of $2,628,689, an increase of inventories

of $673,166 based on robust sales increases, an increase in prepaid expenses of $110,926 and a decreases in the short term portion of

finance lease payable of $37,954 offset by better cash management and a decrease in accounts receivable of $735,018, an increase in accounts

payable and accrued liabilities of $1,586,609, an increase in the term loan of $267,665, an increase in the short term portion of the

operating lease payable of $85,524, an increase in the related party promissory note of $79,253 and the receipt of proceeds from the

Series B Preferred Stock to be issued of $185,000.

cash provided by operating activities for the nine months ended October 31, 2022 was $3,184,020 compared to net cash provided by operating

activities for the nine months ended October 31, 2021 of $2,132,797.

The net income for the nine months ended October 31, 2022 and 2021

of April 30, 2023, we had working capital of $5,023,424 as compared to working capital of $3,795,610 as of April 30, 2022, an increase

of $1,227,814.

The increase in working capital is primarily attributable to an increase in cash of $881,065, an increase of accounts

recivables of $1,557,062, and an increase in prepaid expenses and other current assets of $299,240 partially offset a decrease in inventory

of $1,632,860 and an increase in accounts payable and accrued liabilities of $1,903,312.

Term Requirements

discussed above, as of April 30, 2023, we have $750,000 outstanding under our Credit Agreement and $6,206,905 outstanding under our Term

Loan Agreement, each with M&T Bank.

The Credit Agreement and Term Loan Agreement have maturity dates of June 30, 2024 and January

17, 2027, respectively.

following table summarizes the key components of our cash flows for the three months ended April 30, 2023 and 2022.

For the Three Months Ended April 30,

Net cash provided by operating activities

Net cash used in investing activities

Net cash used in financing activities

Net changes in cash

Cash, beginning of period

Cash, end of period

cash provided by operating activities for the three months ended April 30, 2023 was $1,611,690 compared to net cash used in operating

activities for the three months ended April 30, 2022 of $1,343,013.

The net income for the three months ended April 30, 2023 and 2022

was $1,400,926 and $103,697, respectively.

During the nine months ended October 31, 2022, net income was affected by adjustments to net

income of $1,371,694 and by changes in operating activities which provided cash of $1,353,935.

During the nine months ended October 31,

2021, net income was affected by adjustments to net income of $1,139,159 offset by changes in operating activities which used cash of

cash used in investing activities for the nine months ended October 31, 2022 was $1,007,547 as compared to $657,607 for the nine months

ended October 31, 2021, respectively.

For the nine months ended October 31, 2022, the Company used cash of $507,547 to purchase new machinery

During the three months ended April 30, 2023, net income was affected by non-cash adjustments

of $616,457 and by changes in operating activities which used cash of $401,693.

During the three months ended April 30, 2022, net income

was affected by adjustments to net income of $424,368 offset by changes in operating activities which used cash of $1,871,078

cash used in investing activities for three months ended April 30, 2023 was $145,015 as compared to $174,007 for the three months ended

April 30, 2022, respectively.

For the three months ended April 30, 2023, the Company used cash of $145,015 to purchase new machinery

and equipment.

In addition, the Company paid cash of $500,000 for the acquisition of a 24% minority interest in Chef Inspirational Foods,

For the nine months ended October 31, 2021, the cash used in investing activities was to purchase new machinery and equipment.

cash provided by all financing activities for the nine months ended October 31, 2022 was $452,216 as compared to $125,830 used in financing

activities for the nine ended October 31, 2021.

During the nine months ended October 31, 2022, the Company received net proceeds of $225,000

from borrowings pursuant to the line of credit which were offset by payments of the acquisition related term loan and finance lease payments

of $905,172 and $190,349, respectively, and payment of offering costs of $57,200.

In addition, during the nine months ended October 31,

2022, the Company received proceeds of $26,250 for the exercise of options and $1,365,000 from the first and second tranches of the sale

of Series B Convertible Preferred Stock, of which $185,000 was received in advance of share issuance.

During the nine months ended October

31, 2022, the Company paid dividends on the Series B Preferred stock of $11,313.

During the nine months ended October 31, 2021, the Company

received proceeds of $19,080 from the exercise of options.

These cash in-flows were offset by payments of $144,910 paid for finance lease

For the three months ended April 30, 2022, the cash used in investing activities of $174,007 was to purchase new machinery

and equipment.

cash used in financing activities for the three months ended April 30, 2023 was $585,610 as compared to $1,587,682 provided by financing

activities for the three months ended April 30, 2022.

During the three months ended April 30, 2023, the Company had repayments of $140,000

from borrowings pursuant to the line of credit, payments of the term loan and finance lease payments of $387,931, and $49,879, respectively.

In addition, during the three months ended April 30, 2023, the Company received proceeds of $19,500 for the exercise of options.

the three months ended April 30, 2023, the Company paid dividends on the Series B Preferred stock of $27,300.

During the three months

ended April 30, 2022, the Company received proceeds of $1,775,000 from borrowings from a line of credit.

These cash in-flows were offset

by payments of $129,310 paid for repayment of a term loan and $58,008 paid in repayment of financing lease obligation.

the expected revenue growth and control of expenses lead management to believe that it is probable that the Company’s cash resources

will be sufficient to meet its cash requirements through December 12, 2023, based on current and projected levels of operations, the

Company may require additional funding to finance growth and achieve its strategic objectives.

If such financing is required, there can

be no assurance that financing will be available in amounts or terms acceptable to the Company, if at all.

In the event funding is not

available on reasonable terms, the Company might be required to change its growth strategy and/or seek funding on an alternative basis,

but there is no guarantee it will be able to do so.

will be sufficient to meet its cash requirements through at least the next twelve months, based on current and projected levels of operations,

the Company may require additional funding to finance growth or achieve its strategic objectives.

If such financing is required, there

can be no assurance that financing will be available in amounts or terms acceptable to the Company, if at all.

In the event funding is

not available on reasonable terms, the Company might be required to change its growth strategy and/or seek funding on an alternative

basis, but there is no guarantee it will be able to do so.

Accounting Pronouncements

May 2021, the FASB issued accounting standards update ASU 2021-04, “ Earnings Per Share (Topic 260), Debt— Modifications

and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts

in Entity’s Own Equity (Subtopic 815-40):

Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified

Written Call Options ”, to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding

equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange.

The amendments

in this ASU are effective for public and nonpublic entities for fiscal years beginning after December 15, 2021, and interim periods with

fiscal years beginning after December 15, 2021.

Early adoption is permitted, including adoption in an interim period.

The Company adopted

the new standard on February 1, 2022 and the adoption of the new standard did not have a significant impact on the Company’s condensed

consolidated financial statements.

August 2020, the FASB issued ASU No.

2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

(“ASU 2020-06”), which simplifies an issuer’s accounting for convertible instruments by reducing the number of

accounting models that require separate accounting for embedded conversion features.

ASU 2020-06 also simplifies the settlement assessment

that entities are required to perform to determine whether a contract qualifies for equity classification and makes targeted improvements

to the disclosures for convertible instruments and earnings-per-share (EPS) guidance.

This update will be effective for the Company’s

fiscal years beginning after December 15, 2023, and interim periods within those fiscal years.

Early adoption is permitted, but no earlier

than fiscal years beginning after December 15, 2020, and interim periods within those fiscal years.

Entities can elect to adopt the new

guidance through either a modified retrospective method of transition or a fully retrospective method of transition.

The Company is currently

evaluating the impact of the pending adoption of the new standard on its financial statements and intends to adopt the standard as of

January 1, 2024.

does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect

on the accompanying condensed consolidated financial statements.

Accounting Policies

condensed consolidated financial statements and related public financial information are based on the application of accounting principles

generally accepted in the United States (“GAAP”).

GAAP requires the use of estimates;

assumptions, judgments and subjective

interpretations of accounting principles that have an impact on the assets, liabilities, revenues and expense amounts reported.

estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies,

risk and financial condition.

We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently

and conservatively applied.

We base our estimates on historical experience and on various other assumptions that we believe to be reasonable

under the circumstances.

Actual results may differ materially from these estimates under different assumptions or conditions.

to monitor significant estimates made during the preparation of our financial statements.

significant accounting policies are summarized in Note 3 of our condensed consolidated financial statements.

While all these significant

accounting policies impact our financial condition and results of operations, we view certain of these policies as critical.

determined to be critical are those policies that have the most significant impact on our financial statements and require management

to use a greater degree of judgment and estimates.

Actual results may differ from those estimates.

Our management believes that given

current facts and circumstances, it is unlikely that applying any other reasonable judgments or estimate methodologies would cause effect

on our consolidated results of operations, financial position or liquidity for the periods presented in this report.

believe the following critical accounting policies and procedures, among others, affect our more significant judgments and estimates

used in the preparation of our condensed consolidated financial statements:

preparation of condensed consolidated financial statements in conformity with U.S.

generally accepted accounting principles requires

management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and

accompanying notes.

Such estimates and assumptions impact, among others, the following:

allowance for doubtful accounts, inventory obsolescence

and the fair value of share-based payments.

estimates requires management to exercise significant judgment.

It is at least reasonably possible that the estimate of the effect of

a condition, situation or set of circumstances that existed at the date of the condensed consolidated financial statements, which management

considered in formulating its estimate could change in the near term due to one or more future confirming events.

Accordingly, the actual

results could differ significantly from our estimates.

Company accounts for acquired internal-use software licenses and certain costs within the scope of ASC 350-40, Intangibles - Goodwill

and Other - Internal-Use Software as intangible assets.

The Company capitalized $87,639 of costs incurred in the nine months ended

October 31, 2022 to implement cloud computing arrangements.

Acquired internal-use software licenses are amortized over the term of the

arrangement on a straight-line basis to the line item within the condensed consolidated statements of operations that reflects the nature

of the license.

Additionally,

the Company evaluates its accounting for fees paid in an agreement to determine whether it includes a license to internal-use software.

If the agreement includes a software license, the Company accounts for the software license as an intangible asset.

Acquired software

licenses are recognized and measured at cost, which includes the present value of the license obligation if the license is to be paid

for over time.

If the agreement does not include a software license, the Company accounts for the arrangement as a service contract (hosting

arrangement) and hosting costs are generally expensed as incurred.

Company does not amortize goodwill or indefinite-lived intangible assets.

The Company tests goodwill for impairment annually as of April

30 or if an event occurs or circumstances change that indicate that the fair value of the entity, or the reporting unit, may be below

its carrying amount (a “triggering event”).

Whenever events or circumstances change, entities have the option to first make

a qualitative evaluation about the likelihood of goodwill impairment.

If impairment is deemed more likely than not, management would

perform the two-step goodwill impairment test.

Otherwise, the two-step impairment test is not required.

In assessing the qualitative

factors, the Company assessed relevant events and circumstances that may impact the fair value and the carrying amount of the reporting

The identification of the relevant events and circumstances and how these may impact a reporting unit’s fair value or carrying

amount involve significant judgements and assumptions.

The judgement and assumptions include the identification of macroeconomic conditions,

industry and market considerations, overall financial performance, Company specific events and share price trends, an assessment of whether

each relevant factor will impact the impairment test positively or negatively, and the magnitude of an such impact.

a quantitative assessment is performed, a reporting unit’s fair value is compared to its carrying value.

A reporting unit’s

fair value is determined based upon consideration of various valuation methodologies, including the income approach, which utilizes projected

future cash flows discounted at rates commensurate with the risks involved and multiples of current and future earnings.

value of a reporting unit is less than its carrying amount, an impairment charge is recognized for the amount by which the carrying amount

exceeds the reporting unit’s fair value;

however, the loss recognized cannot exceed the total amount of goodwill allocated to that

reporting unit.

evaluates the remaining useful life of an intangible asset that is not being amortized each reporting period to determine whether events

and circumstances continue to support an indefinite useful life.

If an intangible asset that is not being amortized is subsequently determined

to have a finite useful life, it is amortized prospectively over its estimated remaining useful life.

intangible assets, including tradenames and trademarks, are amortized on a straight-line basis over 3 years.

Customer relationships are

amortized on a straight-line basis over 4 to 5 years.

Company recognizes revenue in accordance with FASB Topic 606, Revenue from Contracts with Customers (Topic 606) .

Company’s sales predominantly are generated from the sale of finished products to customers, contain a single performance obligation

and revenue is recognized at a single point in time when ownership, risks and rewards transfer.

Typically, this occurs when the goods

are shipped to the customer.

Revenues are recognized in an amount that reflects the net consideration the Company expects to receive

in exchange for the goods.

The Company reports all amounts billed to a customer in a sale transaction as revenue.

Under the new revenue

guidance, the Company elected to treat shipping and handling activities as fulfilment activities, and the related costs are recorded

as selling expenses in general and administrative expenses on the condensed consolidated statement of operations.

Company accounts for stock-based compensation in accordance with ASC Topic 718, “ Compensation – Stock Compensation”

(“ASC 718”) which establishes financial accounting and reporting standards for stock-based employee compensation.

defines a fair value-based method of accounting for an employee stock option or similar equity instrument.

The Company accounts for compensation

cost for stock option plans in accordance with ASC 718.

Company recognizes all forms of share-based payments, including stock option grants, warrants and restricted stock grants, at their fair

value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest.

payments, excluding restricted stock, are valued using a Black-Scholes option pricing model.

Grants of share-based payment awards issued

to non-employees for services rendered have been recorded at the fair value of the share-based payment, which is the more readily determinable

The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period.

an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the

termination of service.

Stock-based compensation expenses are included in cost of goods sold or selling, general and administrative expenses,

depending on the nature of the services provided, in the condensed consolidated statement of operations.

Share-based payments issued

to placement agents are classified as a direct cost of a stock offering and are recorded as a reduction in additional paid in capital.

computing fair value of share-based payments, the Company has considered the following variables:

risk-free interest rate assumption is based on the U.S.

Treasury yield for a period consistent with the expected term of the option

in effect at the time of the grant.

Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on its common stock

in the foreseeable future.

expected option term is computed using the “simplified” method as permitted under the provisions of Staff Accounting

Bulletin (“SAB”) 110.

term is the life of the grant.

expected volatility was estimated using the historical volatilities of the Company’s common stock.

forfeiture rate is based on the historical forfeiture rate for the Company’s unvested stock options, which was 0%.

incurred for producing and communicating advertising for the Company are charged to operations as incurred.

of the filing date of this report, there were no significant changes in our critical accounting estimates from those discussed in our

2023 Form 10-K.

See Note 2 of Notes to Unaudited Condensed Consolidated Financial Statements for accounting pronouncements issued but

not yet adopted that may impact the Company’s consolidated financial position, earnings, cash flows or disclosures.”

Accounting Estimates and Policies

of the filing date of this report, there were no significant changes in our critical accounting estimates from those discussed in our

2023 Form 10-K.

See Note 2 of Notes to Unaudited Condensed Consolidated Financial Statements for accounting pronouncements issued but

not yet adopted that may impact the Company’s consolidated financial position, earnings, cash flows or

Quantitative and Qualitative Disclosures About Market Risk.

reporting companies are not required to provide the information required by this item.

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 2. Management’s Discussion and Analysis