What changed in this filing

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Item 1. Business

2021-03-19 compared with 2020-03-26 · 73 added, 63 removed, 571 unchanged (19% of the section changed)

2 unchanged sentences

We currently sell our products in three regions:

(i) the Americas (the United States, Canada, Colombia and Mexico);

(i) the Americas (the United States, Canada and Mexico);

(ii) Europe/the Middle East/Africa (“EMEA”) (Austria, the Czech Republic, Denmark, Estonia, Finland, Germany, the Republic of Ireland, Namibia, the Netherlands, Norway, South Africa, Spain, Sweden and the United Kingdom);

and (iii) Asia/Pacific (Australia, Japan, New Zealand, the Republic of Korea, Singapore, Taiwan, Hong Kong, and China).

We primarily sell our products through network marketing via our associates ( "independent associate" or "associates") and directly to our "preferred customers," which we believe is the most cost-effective way to quickly and effectively introduce our products and communicate information about our business to the global marketplace.

We sell our products through network marketing distribution channels via our active associates ( "independent associate" or "associates" or "distributors") and to our "preferred customers," which we believe is the most cost-effective way to quickly and effectively introduce our products and communicate information about our business to the global marketplace.

Network marketing minimizes upfront costs, as compared to conventional marketing methods, and allows us to be more responsive to the ever-changing overall market conditions, as well as continue to research and develop high quality products and focus on controlled successful international expansion.

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Unlike Mannatech’s business operations in other markets, Meitai operates under a cross-border e-commerce model, where consumers in China can buy Mannatech products manufactured overseas via Meitai's website.

Meitai is currently not a direct selling company in China nor will it operate under a multi-level marketing model in China.

Meitai is currently not a direct selling company in China nor can it operate under a multi-level marketing model in China.

Products purchased on Meitai's website are for personal use and not for resale.

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Business Segment.

The Company's sole reporting segment is one where we sell proprietary nutritional supplements, skin care and anti-aging products, and weight-management and fitness products through network marketing distribution channels operating in twenty-five countries.

Mannatech’s subsidiary in China, Meitai, operates under a cross-border e-commerce model, where consumers in China can buy Mannatech products directly from Meitai via the internet.

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• In 1996, we enhanced our products based on the study of glycoproteins and our scientists developed our own proprietary compound, Ambrotose ® complex, which we patented.

Our Ambrotose ® complex is a blend of polysaccharides (composed of monosaccharides) that helps provide support for the immune system.

In 2001, we broadened our proprietary ingredients by developing the Ambroglycin ® blend, a balanced food-mineral matrix which helps deliver nutrients to the body and which is used in our proprietary Catalyst™ and Glycentials ® vitamin/mineral supplements.

Our Ambrotose ® complex is a blend of polysaccharides (composed of monosaccharides) designed to help provide support for the immune system.

• In 2001, we broadened our proprietary ingredients by developing the Ambroglycin ® blend, a balanced food-mineral matrix designed to help deliver nutrients to the body and which is used in our proprietary Catalyst™ and Glycentials ® vitamin/mineral supplements.

• In 2004, we introduced our proprietary blend of antioxidant nutrients, MTech AO Blend ® ingredient, which is used in our proprietary antioxidant Ambrotose AO ® product.

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This compound allows a more potent concentration of the full range of mannose-containing polysaccharides occurring naturally in aloe to be produced in a stable powdered form.

In 2007, we introduced into the United States market our skin care and anti-aging line of products that supports skin’s natural texture, beauty, and elasticity.

• In 2007, we introduced into the United States market our skin care and anti-aging line of products designed to support skin’s natural texture, beauty, and elasticity.

We also launched our PhytoMatrix ® caplets, Advanced Ambrotose ® capsules and Manna•Bears ™ supplement into international markets.

In 2008, we introduced a proprietary proteolytic enzyme and phytosterol dietary supplement that supports the body’s natural recovery processes associated with physical activity in our BounceBack ® capsules.

We also introduced a proprietary version of whey protein peptide technology that assists targeted fat loss when combined with exercise and a healthy diet in our OsoLean ® powder.

• In 2008, we introduced a proprietary proteolytic enzyme and phytosterol dietary supplement designed to support the body’s natural recovery processes associated with physical activity in our BounceBack ® capsules.

We also introduced a proprietary version of whey protein peptide technology designed to assist targeted fat loss when combined with exercise and a healthy diet in our OsoLean ® powder.

• In 2009, we introduced our Omega-3, which features EPA/DHA essential acids, PhytoBurst ™ Nutritional Chews formulated with vitamins, minerals, and phytonutrients from food-sourced ingredients, and GI-ProBalance ™ Slimstick, which is a symbiotic digestive product containing probiotics, prebiotics, and digestive enzymes.

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We expanded several previously launched products from our domestic line to our international markets.

In 2012, we launched our NutriVerus ™ powder, a single product that features all of our core scientific technologies at a very affordable price.

• In 2012, we launched our NutriVerus ™ powder, a single product that features all of our core scientific technologies at an affordable price.

This unique, ground-breaking product combines our core glyconutrient technologies with vitamins, minerals, antioxidants and stabilized rice bran, all based on Real Food Technology solutions.

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• In 2014, we launched GlycoBOOM™ Advanced Immune Support Supplement (now known as MannaBoom®), packed with nutrients that are designed to support the body’s natural defenses.

In 2015, Mannatech introduced a new brain supplement, Cognitate ® , featuring a proprietary blend of natural ingredients to aid memory, recall and cognition.

• In 2015, Mannatech introduced a new brain supplement, Cognitate ® , featuring a proprietary blend of natural ingredients designed to aid memory, recall and cognition.

• In 2016, Mannatech rebranded the Company, including all new packaging and labels, introduced a line of Essential Oils, along with an innovative, natural fat-loss system, TruHealth TM .

Comprised in the system is the TruPLENISH TM Nutritional Shake, TruPURE ® Cleanse Slimsticks and TruSHAPE TM Fat-Loss Capsules.

Included in the system is the TruPLENISH TM Nutritional Shake, TruPURE ® Cleanse Slimsticks and TruSHAPE TM Fat-Loss Capsules.

• In 2017, Mannatech launched several new products, including:

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• In 2018, Mannatech launched a unique fitness drink, Empact+ ® , combining fueling, hydration and recovery in one product.

Mannatech also introduced significant enhancements to its signature Ambrotose ® product with the launch of Ambrotose Life ® , with more than double the Manapol ® of its Advanced Ambrotose ® formula along with healthy additions of modified citrus pectin, and stabilized rice bran.

Mannatech also introduced significant enhancements to its signature Ambrotose ® product with the launch of Ambrotose Life ® , with more than double the Manapol ® of its Advanced Ambrotose ® formula along with additions of modified citrus pectin, and stabilized rice bran.

Ambrotose Life ® is available in a bulk canister (unflavored), along with flavored single serving sachets.

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Eye Health, TruPlenish Chocolate and Vanilla sachets, New Catalyst, Women’s Health, reformulated TruShape, Liver Support, Hangover Support and Sleep Support products into various markets.

• In 2020, Mannatech’s key product launches included a product suite to address microbiome health:

new GI-Defense intestinal support product, improved GI-ProBalance pre/pro-biotic product and improved GI-Zyme digestive enzyme product, reformulated ImmunoStart and MannaBOOM products, an innovative new Joint Support product in Japan, an innovative new immune support product named MannaGel in Hong Kong and a re-launch of its MannaBears gummies.

Mannatech offers products that include glyconutrients, a unique category of nutrients sourced from plants and designed to provide a variety of health benefits.

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Skin Care , which offers several products formulated with more than 30 botanical ingredients that are designed to give the skin a more natural, youthful appearance by moisturizing, hydrating and reducing the appearance of fine lines and wrinkles.

Essentials , which is a sub-category of Targeted Health, offers a variety of dietary supplements that are formulated with a simpler ingredient profile, at a price point that is intended to be a value-add for Preferred Customers and Associates.

Essentials , a sub-category of Targeted Health, offers a variety of dietary supplements that are formulated with a simpler ingredient profile, at a price point that is intended to be a value-add for Preferred Customers and Associates.

Home Living, a category of products designed to make homes a peaceful haven that supplement wellness.

Currently, products in this category are only offered in Korea.

The following table summarizes our global product offerings, by category:

Product Category

Representative Products

Integrative Health

Ambrotose ® Complex, Ambrotose AO ® , Advanced Ambrotose ® , Ambrotose Life ®

Catalyst ™ , Cognitate ® , GinMAX ® , Manapol ® Powder, MannaBears ™ , Nutriverus ™ , Optimal Support Packets, PhytoMatrix ® and PLUS ™, GlycoCafè ® , Glycentials ® , MannaTea ™ , and TruCoffee ®

Targeted Health

BounceBack ® , CardioBALANCE ® , GI Pro Balance ® Slimstick, GI-Zyme ® , GlycoCafe ® , ImmunoSTART ® , Manna-C ™ , MannaBOOM ® Slimsticks, MannaCLEANSE ™ , Omega-3 with Vitamin D 3, and PhytAloe ® , Mannatech Men's PRIME 7™, Mannatech Women's PREMIER 7™, I-Start, MannaAloe™ with AloePrime, and Tru-C ®

Weight and Fitness

OsoLean ® , SPORT ™ , TruHealth Fat Loss System, including:

TruPLENISH™, TruPURE®, TruSHAPE™, Tru-C ™ , EMPACT+ ™ , Mannashake, and TruCoffee ™

Emprizone ® , FIRM with Ambrotose ® , Uth ® Facial Cleanser, Uth ® Skin Rejuvenation Crème, Uth ® Moisturizer, FreshDen ® , Organt ® Luminovation ™ , and MannaDent

Catalyst™ Multivitamin, Eye Support, Sleep Support, Liver Support

Serenity Home Diffuser, Essential Oils:

Eucalyptus, Fractionated Coconut and Aloe, Frankincense, Lavender, Lemon, No.

1 Protective Blend, Orange, Peppermint, and Sweet Almond and Aloe

A significant portion of our revenue is derived from our Ambrotose Life ® , Advanced Ambrotose ® , TruHealth ™ , Manapol ® Powder, and GI-Pro products.

Product Category Representative Products

Integrative Health Ambrotose® Complex, Ambrotose AO®, Advanced Ambrotose®, Ambrotose Life®

Catalyst™, Cognitate®, Manapol® Powder, MannaBears™, MultiKids, Nutriverus™, Optimal Support Packets, PhytoMatrix®, PLUS™, GlycoCafè®, Chaga Cafe, Glycentials®, MannaTea™, PhytoCleanse, and TruCoffee®

Targeted Health BounceBack®, CardioBALANCE®, GI ProBalance® Slimstick, GI-Zyme®, GI-Defense™, Blood Sugar ProBalance, ImmunoSTART®, Manna-C ™, MannaBOOM® Slimsticks, MannaCLEANSE™, Omega-3 with Vitamin D3, PhytAloe®, Mannatech Men's PRIME 7™, Mannatech Women's PREMIER 7™, I-Start, MannaAloe™ with AloePrime, Chlorophyll, MANNAGEL™, MegaKids, and Jumping Hi Kids.

Weight and Fitness OsoLean®, SPORT™, TruHealth Fat Loss System, including:

TruPLENISH™, TruPURE®, TruSHAPE™, Tru-C™, EMPACT+™, EM∙PACT, Mannashake, and TruCoffee™

Skin Care Emprizone ®, FIRM with Ambrotose ®, Uth® Facial Cleanser, Uth® Skin Rejuvenation Crème, Uth® Moisturizer, FreshDen®, Organt®, Luminovation™, and MannaDent

Essentials Catalyst™ Multivitamin, Eye Support, Sleep Support, Liver Support, Joint Support, and SUPERFOOD

Home Living SERENITY Oils and Blends and PURO

A significant portion of our revenue is derived from our Ambrotose Life ® , TruHealth ™ , Advanced Ambrotose ® , Optimal Support Packets, and GI-Pro products.

Revenue from these products were as follows for the years ended December 31, 2020 and 2019 (in thousands, except percentages) :

product % of total

net sales Sales by

product % of total

Ambrotose Life ®

$ 36,066 23.8 % $ 34,975 22.2 %

16,263 10.7 % 16,193 14.2 %

Advanced Ambrotose ®

Manapol ® Powder

GI-Pro Balance

14,662 9.7 % 22,390 10.3 %

Optimal Support Packets 7,996 5.3 % 4,110 2.6 %

GI-Pro (MicroBiome) 7,513 5.0 % 6,559 4.2 %

Total $ 82,500 54.5 % $ 84,227 53.5 %

Product Development .

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Certain of our supply agreements contain exclusivity clauses for the supply of certain raw materials and products, some of which are conditioned upon compliance with minimum purchase requirements.

In the event we become unable to source any products or ingredients from our suppliers, we believe that we would be able to replace those products with alternate suppliers.

In the event we become unable to source any products or ingredients from our suppliers, we believe that we would be able to replace those products with alternate suppliers, except Arabinogalactan and Manapol.

Due to the unique nature of each ingredient, important components used in the formulation of our Ambrotose ® complex, we are unable to identify an alternative supplier at this time for these ingredients.

Industry Overview

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Businesses are able to quickly communicate and develop strong relationships with their customers, bypass expensive ad campaigns, and introduce products and services that would otherwise be difficult to promote through traditional distribution channels such as retail stores.

Direct selling is a channel of distribution with healthy cash flow, high return on invested capital, and long-term prospects for global expansion.

We believe direct selling is a channel of distribution with healthy cash flow, high return on invested capital, and long-term prospects for global expansion.

According to the worldwide direct sales data published by the World Federation of Direct Selling Association, in 2019, approximately 119 million global direct sellers collectively generated annual retail sales of $180.5 billion.

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High-Quality, Innovative, Proprietary Products .

We base our product concept on the scientific belief that certain glyconutrients, also known as monosaccharides, are essential for maintaining a healthy immune system.

We base our product concept on the scientific belief that certain glyconutrients, also known as glycans, monosaccharides and polysaccharides, are essential for maintaining a healthy immune system.

We believe the addition of effective nutritional supplements to a well-balanced diet, coupled with an effective exercise program, will enhance and help maintain optimal health and wellness.

We focus on producing products that are from natural sources with limited synthetic or chemically derived additives.

We formulate our products with predominately naturally-occurring, plant-derived, carbohydrate-based, safe ingredients that are designed to use nutrients working through normal physiology to help achieve and maintain optimal health and wellness.

We focus on producing products by developing scientifically sound, and innovative wellness solutions, with safe ingredients that are designed to use nutrients working through normal physiology to help achieve and maintain optimal health and wellness.

We believe that our proprietary blends and formulas distinguish us as a leader in the global nutritional supplements industry.

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We are steadfast in our commitment to quality-driven research and development.

We use systematic processes for the research and development of our unique proprietary product formulas, as well as the identification of quality suppliers and manufacturers.

We use systematic processes for the research and development of our unique proprietary product formulas, as well as

the identification of quality suppliers and manufacturers.

Our research and quality assurance programs are outlined on our corporate websites www.mannatechscience.org , www.mannatech.com , and www.allaboutmannatech.com .

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Certifications and guidelines that our contract manufacturers are required to carry and/or follow include:

the FDA’s current Good Manufacturing Practices for manufacturing, packaging, labeling, and holding of dietary supplements;

• the FDA’s current Good Manufacturing Practices (as defined below) for manufacturing, packaging, labeling, and holding of dietary supplements;

• the FDA’s Good Manufacturing Practices for human food;

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All of Mannatech's dietary supplements have been confirmed to be gluten-free.

Global Scientific Advisory Board .

G lobal Scientific Advisory Board .

A charter for an advisory board has been established and the board is filled by a combination of independent scientists and doctors from multiple disciplines, along with one member of Mannatech staff.

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Our global team of independent associates is comprised of dedicated, hard-working, high-caliber individuals, many of whom have been associated with the network marketing industry for decades and have been loyal to us since our beginning in 1993.

To capitalize on their wealth of knowledge and experience, we sponsor panels of independent associates in councils based around the world which help identify and effectively relay the needs of our independent business-building associates to us.

To capitalize on their wealth of knowledge and experience, we sponsor panels of independent associates in councils and forums based around the world which help identify and effectively relay the needs of our independent business-building associates to us.

These advisory councils meet periodically with our team of senior management to recommend changes, discuss issues, and provide new ideas or concepts, including a full spectrum of innovative ideas for additional quality-driven nutritional supplements aimed at maintaining optimal health and wellness.

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We pursue registrations for various trademarks associated with our key products and branding initiatives.

As of December 31, 2019, we had 44 registered trademarks in the United States and two trademark applications pending with the United States Patent and Trademark Office.

As of December 31, 2019, we had 563 registered trademarks in 37 countries and 40 trademark applications pending in 11 foreign jurisdictions.

As of December 31, 2020, we had 40 registered trademarks in the United States and one trademark applications pending with the United States Patent and Trademark Office.

As of December 31, 2020, we had 442 registered trademarks in 30 countries and 22 trademark applications pending in seven foreign jurisdictions.

Globally, the protection available in foreign jurisdictions may not be as extensive as the protection available to us in the United States.

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The Company applies for patent protection in various countries for the technology related to our product formulations.

As of December 31, 2019 , we had nine patents for technology related to our Ambrotose ® formulation, all of which are in eight foreign jurisdictions.

Overall, as of December 31, 2019 , 91 patents have been assigned, issued, granted or validated to Mannatech in major global markets for the technology relating to our Ambrotose ® , Ambrotose AO ® , Ambrotose Life ® , GI‑ProBalance™, ImmunoSTART ® , PhytoMatrix ® , and NutriVerus™ product formulations, as well as in the field of biomarker assays.

Currently, we have 12 patent applications pending in various jurisdictions relating to the technology supporting many of the above listed products.

As of December 31, 2020, we had 11 patents for technology related to our Ambrotose ® formulation, all of which are in 10 foreign jurisdictions.

Overall, as of December 31, 2020, 94 patents have been assigned, issued, granted or validated to Mannatech in major global markets for the technology relating to our Ambrotose ® , Ambrotose AO ® , Ambrotose Life ® , GI‑ProBalance™, PhytoMatrix ® , and NutriVerus™ product formulations, as well as in the field of biomarker assays.

Currently, we have seven patent applications pending in various jurisdictions relating to the technology supporting many of the above listed products.

Patent protection means that the patented invention cannot be commercially made, used, distributed or sold without the patent owner's consent.

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We remain actively committed to expanding the number of our independent associates through recruitment, support, motivation, and incentives.

We had approximately 169,000 active independent associate and preferred customer positions held by individuals purchasing our products or packs during the 12 months ended December 31, 2019 , and we had approximately 200,000 active independent associate and preferred customer positions held by individuals purchasing our products or packs during the 12 months ended December 31, 2018 .

We had approximately 183,000 active associate and preferred customer positions held by individuals that purchased our products and/or packs or paid associate fees during the 12 months ended December 31, 2020, and we had approximately 169,000 active associate and preferred customer positions held by individuals that purchased our products and/or packs or paid associate fees during the 12 months ended December 31, 2019.

We have a loyalty program through which consumers earn loyalty points from qualified automatic orders, which can be applied to future purchases.

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Product Return Policy.

We stand behind our packs and products and believe we offer a reasonable and industry-standard product return policy to all of our customers.

We stand behind our products and believe we offer a reasonable and industry-standard product return policy to all of our customers.

We do not resell returned products.

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This policy allows a retail customer to return any of our products to the original associate who sold the product and receive a full cash refund from the associate for the first 180 days following the product’s purchase if located in the United States and Canada, and for the first 90 days following the product’s purchase in other countries where we sell our products.

The associate may return or exchange the product based on the associate product return policy.

In China, where we sell our products under a cross-border e-commerce model, we have a 14-day return policy.

The associate may then return or exchange the product based on the associate product return policy.

• Associate and Preferred Customer Product Return Policy.

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Although we maintain an extensive business continuity plan, a long-term failure or impairment of any of our information technology systems could adversely affect our ability to conduct day-to-day business.

Please see “Risk Factors - If our information technology system fails or if implementation of new information technology systems is not executed efficiently and effectively, our business, financial position and operating results could be adversely affected."

For information regarding technology-related risks, see the information in "Item 1A:

Risk Factors -Risks Affecting Our Business and Industry- If our information technology system fails or if the implementation of new information technology systems is not executed efficiently and effectively, our business, financial position and operating results could be adversely affected."

We continue to enhance our information technology, websites, and e-commerce platforms to remain competitive, efficient and secure.

9 unchanged sentences

• product claims;

• income claims;

• marketing and advertising;

1 unchanged sentence

The following governmental agencies regulate various aspects of our business and our products in the United States:

the Food and Drug Administration (the “FDA”);

• the Food and Drug Administration;

• the Federal Trade Commission (the “FTC”);

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In the rule and its preamble, the FDA distinguished between permitted claims under the Federal Food, Drug and Cosmetic Act (the “FFDC Act”) relating to the effect of dietary supplements on the structure or functions of the body, and impermissible direct or implied claims of the effect of dietary supplements on any disease.

In June 2007, the FDA issued a rule, as authorized under the FFDC Act, that defined current Good Manufacturing Practices in the manufacture and holding of dietary supplements.

In June 2007, the FDA issued a rule, as authorized under the FFDC Act, that defined current Good Manufacturing Practices in the manufacture and holding of dietary supplements (the “Good Manufacturing Practices”).

Effective January 1, 2006, legislation required specific disclosures in labeling where a food, including a dietary supplement, contains an ingredient derived from any of eight named allergens.

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Currently we sell our products in three regions:

(i) the Americas (the United States, Canada, Colombia and Mexico);

(i) the Americas (the United States, Canada and Mexico);

(ii) EMEA (Austria, the Czech Republic, Denmark, Estonia, Finland, Germany, the Republic of Ireland, Namibia, the Netherlands, Norway, South Africa, Spain, Sweden and the United Kingdom);

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• the German Unfair Competition Act, German Regulation on food supplements, and German Law on food and feed;

The Vitamins and Dietary Supplement industry in South Africa falls under the legislation covering Complementary and Alternative Medicines (CAMS), which is currently regulated under the Medicines and Related Substances Act, 1965 (Act No.

• The Vitamins and Dietary Supplement industry in South Africa falls under the legislation covering Complementary and Alternative Medicines, which is currently regulated under the Medicines and Related Substances Act, 1965 (Act No.

101 of 1965);

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To help ensure regulatory compliance, we rely on the advice of our outside legal counsel and regulatory consultants in each specific country.

As a network marketing company, we are also subject to regulatory oversight, including routine inquiries and enforcement actions, from various United States state attorneys general offices.

In the United States, the FTC has jurisdiction to regulate direct selling companies under the Federal Trade Commission Act (the “FTC Act”).

The FTC’s interpretation of the applicable direct selling laws and regulations has evolved over the last several years as represented in various consent orders between the FTC and certain direct selling companies, informal guidance issued by the FTC to the direct selling channel, and informal communications from the FTC to the channel.

The FTC, through these consent orders, guidance and communications, has addressed a variety of consumer protection issues, including misleading earnings representations by a company’s independent distributors, as well as the fairness and legal validity of a company’s business model and distributor compensation plan.

The consent orders, guidance and communication from the FTC have also created ambiguity and uncertainty regarding the proper interpretation of the laws, regulations and judicial precedent applicable to direct selling, and more specifically network marketing, in the United States.

Additionally, in the United States, we are also subject to regulatory oversight, including routine inquiries and enforcement actions, from various state attorneys general offices.

Each state has specific acts referred to as Little FTC Acts.

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Some other Canadian provinces require that both we and our independent associates be licensed as direct sellers.

In Colombia, our network marketing system is governed by the Regulation Act of 1700 of 2013 on Activities of Network Marketing or Multilevel Marketing.

It specifies requirements for our compensation plan, contracts, corporate governance and penalties for violations.

Data processing is regulated by Act No.

1581 of 2012 and Regulatory Decree No.

1377 of 2013 which protects personal data and requires that Mannatech to obtain authorization from the owner to collect personal data.

The distribution of nutritional supplement products is governed by Invima, which is in charge of inspecting and monitoring the marketing and manufacturing of health products.

In Mexico, as in many other markets, there are no specific regulations directly related to the direct selling or network marketing industry.

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• goods and services taxes;

• sales taxes;

• consumption taxes;

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• our 27 year track record in the business of selling nutritional products;

our model which does not require our independent associates to carry inventory or accounts receivable;

our unique and financially rewarding global associate career and compensation plan;

• our business model which does not require our independent associates to carry inventory or accounts receivable;

• our unique and financially rewarding global associate compensation plan;

• our innovative marketing and educational tools;

1 unchanged sentence

At December 31, 2020 and 2019, we employed 226 and 215 people, respectively, as set forth below:

Americas 127 123

Asia/Pacific 87 81

Total 226 215

Full-time employees 225 214

Part-time employees 1 1

Total 226 215

These numbers do not include our independent associates, who are independent contractors and are not employees.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business