What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-04-01 compared with 2025-04-15 · 148 added, 182 removed, 78 unchanged (81% of the section changed)

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consolidated financial condition and results of operations for years ended December 31, 2025 and 2024 should be read in conjunction

with the consolidated financial statements and notes related thereto included elsewhere in this report.

We are a FinTech company that focuses on a suite

of products in the merchant services marketplace that seeks to provide integrated business solutions to merchants throughout the United States.

We seek to accomplish this by providing merchants with a wide range of products and services through our various online platforms, including

financial and transaction processing services.

We also have products that provide support for crowdfunding and other capital raising initiatives.

We supplement our online platforms with certain hardware solutions that are integrated with our online platforms.

Our business functions

primarily through three wholly-owned subsidiaries, eVance, OmniSoft, and CrowdPay, though substantially all of our revenue has been

generated from our eVance business (we began generating revenue from our OmniSoft and CrowdPay businesses in the second half of 2019).

We expect to build out our OmniSoft software business and to rely more on individualized merchant services offerings for revenue so that

we are not dependent on our revenue from our eVance business but there is no guarantee that we will be able to do so.

with the consolidated financial statements and notes related thereto included elsewhere in this Annual Report on Form 10-K.

We are primarily a FinTech company that focuses

on a suite of products in the merchant services marketplace that seeks to provide integrated business solutions to merchants throughout

the United States.

We seek to accomplish this by providing merchants with a wide range of products and services through our various

online platforms, including financial and transaction processing services.

We also have products that provide support for crowdfunding

and other capital raising initiatives.

We supplement our online platforms with certain hardware solutions that are integrated with our

online platforms.

With respect to our eVance business, our merchants

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We have integrated all the applications for OmniSoft

and the ShopFast Omnicommerce solution with the eVance mobile payment gateway, SecurePay.comTM.

SecurePay.comTM, is currently used by

approximately 3,000 merchants processing over 32,000 transactions and approximately $9,000,000 of monthly gross transactions (though our

revenue from these transactions is limited).

In July 2019, we launched a new merchant and ISO boarding system that will be able to onboard

merchants instantly.

This provides the merchant with an automated approval and ISOs will have the ability to see all their merchants and

their residuals as they load to the system.

On May 22, 2020, the Company purchased certain

assets from POSaBIT Inc.

(“POSaBIT”), including its contracts and arrangements with the Doublebeam merchant payment processing

platform (the “POSaBIT Asset Acquisition”).

The assets included, but were not limited to, software source codes, customer

lists, customer contracts, hardware and website domains.

and the ShopFast Omnicommerce solution with the eVance mobile payment gateway, SecurePay.com ™ .

SecurePay.com ™ ,

is currently used by approximately 3,000 merchants processing over 32,000 transactions and approximately $9,000,000 of monthly gross

transactions (though our revenue from these transactions is limited).

In July 2019, we launched a new merchant and ISO boarding system

that will be able to onboard merchants instantly.

This provides the merchant with an automated approval and ISOs will have the ability

to see all their merchants and their residuals as they load to the system.

On May 14, 2021, the Company formed its wholly

owned subsidiary, OLBit, Inc.

The purpose of OLBit is to hold the Company’s assets and operate its business

related to its emerging money transmission and transactional business.

owned subsidiary, OLBit.

The purpose of OLBit is to hold the Company’s assets and operate its business related to its emerging money

transmission and transactional business.

On July 23, 2021, we formed our wholly owned subsidiary,

DMINT, to operate in the Bitcoin mining industry, specifically the mining of Bitcoin.

DMINT initiated the

first phase of its Bitcoin mining operation by placing data centers and ASIC-based Antminer S19J Pro mining computers specifically configured

to mine Bitcoin in Pennsylvania.

DMINT initiated the first phase of its Bitcoin mining

operation by placing data centers and ASIC-based Antminer S19J Pro mining computers specifically configured to mine Bitcoin in Pennsylvania.

As of December 31, 2025, DMINT has 1,000 computers and had 400 computers online and mining for Bitcoin.

In February 2023, it re-deployed all of the computers to its Selmer, Tennessee location.

In February 2023, it re-deployed

all of the computers to its Selmer, Tennessee location.

At December 31, 2025, DMINT had mined 60.01 Bitcoin.

The Company is currently in the process of spinning off DMINT into a stand-alone entity.

The Company is currently

in the process of spinning off DMINT into a stand-alone entity.

As stated above, we are currently in the process

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the approval by the Nasdaq Capital Market (“NASDAQ”) of the listing of DMINT’s common shares on the NASDAQ.

the consummation of the Spin-Off Distribution, of which there is no guarantee, (i) DMINT will no longer be a wholly owned subsidiary of

the Company and will be a stand-alone entity, (ii) all of DMINT’s outstanding shares of common stock will be owned by the existing

the consummation of the Spin-Off Distribution, of which there is no guarantee, (i) DMINT will no longer be a wholly owned subsidiary

of the Company and will be a stand-alone entity, (ii) all of DMINT’s outstanding shares of common stock will be owned by the existing

stockholders of the Company, and (iii) DMINT Real Estate Holdings, Inc.

(“DREH”) will remain a wholly owned subsidiary of

On January 3, 2022, the Company entered into a

share exchange agreement with all of the stockholders of Crowd Ignition, Inc.

(“Crowd Ignition”) whereby the Company purchased

100% of the equity of Crowd Ignition in exchange for 1,318,408 shares of the common stock, par value $0.0001 of the Company (the “CI

Issued Shares”).

The value of the CI Issued Shares was, for purposes of the Agreement, based on the closing trading price of the

Company on October 1, 2021 (the date on which a third-party fairness opinion was issued), resulting in an aggregate purchase price for

Crowd Ignition of $5.3 million.

The share exchange transaction closed on January 3, 2022.

Prior to the closing of the share exchange transaction,

Ronny Yakov, Chairman and CEO of the Company, and John Herzog, a stockholder of the Company, owned 100% of the outstanding equity of Crowd

Crowd Ignition is a web-based crowdfunding software

The software provides broker-dealer, merchant banks and law firms a platform to market crowdfunding offerings, collect payments

and issue securities.

The software has been developed in response to, and to comply with, recent changes in investment regulations including

Regulation D 506(b) and 506(v), Regulation A+ and Title III of the Jobs Act (Regulation CF), including raising the crowdfunding limit

from $1.07 million to $5.0 million.

Crowd Ignition is one of only about 50 companies registered with the SEC to provide the services permitted

under Regulation CF.

On June 15, 2023, the Company entered into a Membership

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interests of Moola Cloud, LLC, a Florida limited liability company (f/k/a Cuentas SDI, LLC) (the “LLC”).

The LLC will enable

the Company to focus on marketing to the underbanked communities utilizing the LLC’s debit and calling card platform’s ability

The LLC enables the

Company to focus on marketing to the underbanked communities utilizing the LLC’s debit and calling card platform’s ability

for users to reload cash to their account and provide instant access to digital products to their customers’ Mobile App and digital

wallet into its electronic portal.

The Company plans to market to the LLC’s merchant network, which currently has approximately

31,600 locations in the United States, the ability of having one POS system that will allow the retail customer to purchase products using

OLB’s payment processing solutions along with the ability to reload payment cards and their mobile phone minutes.

On May 20, 2024,

the Company entered into a second Membership Interest Purchase Agreement with the minority member of the LLC (the “Agreement”)

whereby it acquired the remaining 19.99% of the membership interests of the LLC for a purchase price of $215,500.

As a result, effective

May 20, 2024, the Company owns 100% of the LLC.

The Company markets to the LLC’s merchant network, which currently has approximately 31,600 locations

in the United States, the ability of having one POS system that allows the retail customer to purchase products using OLB’s payment

processing solutions along with the ability to reload payment cards and their mobile phone minutes.

On May 20, 2024, the Company entered

into a second Membership Interest Purchase Agreement with the minority member of the LLC (the “Agreement”) whereby it acquired

the remaining 19.99% of the membership interests of the LLC for a purchase price of $215,500.

As a result, effective May 20, 2024, the

Company owns 100% of the LLC.

On August 14, 2024, the LLC changed its name to Moola Cloud, LLC.

The Agreement contains

a restrictive covenant whereby for a period of three (3) years from the closing, none of Seller, including its any of its principals,

executives, officers, directors, managers, employees, salespersons, or entities in which such principal has any interest, will directly

or indirectly (i) induce, attempt to induce, interfere with, disrupt or attempt to disrupt any past, present or prospective business relationship,

solicit, market to, endeavor to obtain as a customer, or contract with any merchant in order to provide services to such Merchant in competition

The Agreement contains a restrictive covenant

whereby for a period of three (3) years from the closing, none of Seller, including its any of its principals, executives, officers, directors,

managers, employees, salespersons, or entities in which such principal has any interest, will directly or indirectly (i) induce, attempt

to induce, interfere with, disrupt or attempt to disrupt any past, present or prospective business relationship, solicit, market to, endeavor

to obtain as a customer, or contract with any merchant in order to provide services to such Merchant in competition with the Company;

or (ii) solicit or interfere with, disrupt or attempt to disrupt any past, present or prospective business relationship, contractual or

otherwise any person or entity that is a party to any contract assigned to the Company to terminate its contractual or business relationship

with the Company.

or (ii) solicit or interfere with, disrupt or attempt to disrupt any past, present or prospective business relationship,

contractual or otherwise any person or entity that is a party to any contract assigned to the Company to terminate its contractual or

business relationship with the Company

On April 26, 2024, the Company filed with the

State of Delaware a Certificate of Amendment to Certificate of Incorporation (the “Certificate of Amendment”) which became

effective on April 26, 2024, to effect a one-for-ten (1:10) reverse stock split (the “Reverse Stock Split”) of the shares

of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) The Reverse Stock Split was approved

by the Company’s stockholders at a special meeting on April 26, 2024.

As a result of the Reverse Stock Split, every

ten (10) shares of issued and outstanding Common Stock was automatically combined into one (1) issued and outstanding share of Common

Stock, without any change in the par value per share.

No fractional shares were issued as a result of the Reverse Stock Split and any

fractional shares resulting from the reverse stock split were rounded down to the nearest number of whole shares so that we will issue

cash in lieu of any fractional shares that such stockholder would have received as a result of the Reverse Stock Split.

Immediately following

the Reverse Stock Split, the number of shares of Common Stock outstanding was reduced from 18,103,462 shares to 1,810,346 shares.

shares of Common Stock underlying the Company’s outstanding stock options and warrants were similarly adjusted along with corresponding

adjustments to their exercise prices.

The number of authorized shares of Common Stock under the Certificate of Incorporation will remain

unchanged at 50,000,000 shares.

Results of Operations

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the Year Ended December 31, 2024

For the year ended December 31, 2024, we had total revenue of $12,838,988

compared to $30,571,637 of revenue for the year ended December 31, 2023, a decrease of $17,732,649 or 58%.

We earned $9,684,152 in transaction

and processing fees, $75,575 in merchant equipment sales, $521,268 in revenue from monthly recurring subscriptions, $413,332 of revenue

from the Bitcoin Mining segment, and $2,144,661 of digital product revenue;

compared to $27,096,245 in transaction and processing fees,

$89,532 in merchant equipment sales, $312,565 in revenue from monthly recurring subscriptions, $538,718 of revenue from the Bitcoin Mining

Segment and $2,534,577 of digital product revenue.

We had a decrease of revenue for our transaction and processing fees of $17,412,093,

a decrease of $125,386 of bitcoin mining revenue, a decrease of $208,703 from the monthly recurring subscriptions, a decrease in merchant

equipment sales of $13,957 and a decrease of $389,916 of digital product revenue.

Transaction and processing revenue decreased as

a result of the loss of the CBD portfolio.

Bitcoin revenue decreased due to the price of bitcoin dropping in 2024 compared to 2023.

recurring subscription revenue decreased due to less subscriptions.

For the year ended December 31, 2025, we had total

revenue of $8,676,907 compared to $12,838,988 of revenue for the year ended December 31, 2024, a decrease of $4,162,081 or 32.4%.

$7,936,768 in transaction and processing fees, $28,720 in merchant equipment sales, $210,256 of revenue from the Bitcoin Mining segment,

$302,241 in revenue from monthly recurring subscriptions and $198,922 of digital product revenue;

compared to $9,684,152 in transaction

and processing fees, $75,575 in merchant equipment sales, $413,332 of revenue from the Bitcoin Mining segment, $521,268 in revenue from

monthly recurring subscriptions and $2,144,661 of digital product revenue.

We had a decrease of revenue for our transaction and processing

fees of $1,747,384, a decrease in merchant equipment sales of $46,855, a decrease of $203,076 of bitcoin mining revenue, a decrease of

$219,027 from the monthly recurring subscriptions, and a decrease of $1,945,739 of digital product revenue.

We had a decrease in revenue primarily due to a decrease in revenue

related to Moola Cloud, LLC, as the Company transitions to new vendors to obtain better pricing and is working to acquire new vendors

to replace others that have gone out of business.

The majority of the transitions have been completed, and vendors will be in use

For the year ended December 31, 2025, we had processing

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of $3,140,823 or 29.4%.

Processing and servicing costs decreased in conjunction with the decreased revenue.

Amortization expense for the year ended December

31, 2024 was $533,805 compared to $4,172,117 for the year ended December 31, 2023, a decrease of $3,638,312 or 87.2%.

We record amortization

expense on our merchant portfolio, trademarks and natural gas purchase rights.

The decrease in the current period is due to the

write off of the CBD portfolio as of December 31, 2023, therefore no amortization was recorded for the asset during the year ended December

Processing and servicing costs decreased in conjunction with the decreased revenue and merchant attrition.

Amortization expense for the year ended

December 31, 2025 was $0 compared to $533,805 for the year ended December 31, 2024.

We recorded amortization expense on our merchant

portfolio, trademarks and natural gas purchase rights in 2024 and none in 2025.

The decrease in the current period is due to

most of the assets being fully amortized in 2024.

Depreciation expense for our Bitcoin Mining Segment

was $2,616,137 for the year ended December 31, 2024 compared to $2,560,015 for the year ended December 31, 2023, an increase of $56,122

was $507,393 for the year ended December 31, 2025 compared to $2,616,137 for the year ended December 31, 2024, a decrease of $2,108,744

The decrease in the current period is due to assets being impaired in 2024.

Salary and wage expense for the year ended December

31, 2024 was $2,932,948 compared to $3,817,508 for the year ended December 31, 2023, a decrease of $884,560 or 23.2%.

The decrease is

due to a decrease in headcount.

31, 2025 was $2,993,692 compared to $2,932,948 for the year ended December 31, 2024, an increase of only $60,744 or 2.1%.

Professional fees for the year ended December

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consist mainly of audit and legal fees.

The decrease in the current period is due to a decrease in legal fees.

The decrease in the current period is due to a decrease in legal fees as the Company’s legal

related activity for ongoing litigation was much less in the current year.

General and Administrative (“G&A”)

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$983,607 or 34.4%.

The decrease was mainly due to a $788,700 decrease in banking fees, a decrease of $295,500 in Computer & Software

Expenses, a $353,700 decrease in Utility Expense and a $550,450 decrease in contracted services.

For the year ended December 31, 2024, we had total impairment expense

of $2,962,469 related to Dmint’s exclusive agreement to purchase natural gas.

The decrease was mainly due to an approximately $324,000 decrease in bank fees.

During the current year the Company

closed its risk portfolio account which resulting in a large decrease to the bank fees.

We had a decrease of $116,000 for outside services

due to fewer service providers used for Dmint.

We had a $112,000 decrease in compliance related fees.

In the prior year we incurred fees

for money transition licenses for OLBit.

We did not have these expenses in 2025.

We had a $64,000 decrease in rent expense as a

result of the new lease in 2025 and we had a decrease of $230,000 in insurance expense due to the renewal of policies in the 2025.

For the year ended December 31, 2024, we had total

impairment expense of $12,902,788.

$12,642,857 was for the write down of the Acquired Merchant Portfolio.

There was also an impairment

of $259,931 related to the Bitcoin miners owned by DMINT.

For the year ended December 31, 2024, we recognized

a realized gain from the sale of bitcoin of $222,751 and an unrealized gain on investment of $274,731.

We also had interest expense of

For the year ended December 31, 2023, we recognized a realized gain from the sale of bitcoin of $288,584 and an unrealized gain

on investment of $23,662.

We also had other income of $40,320 and interest expense of $148,483.

impairment expense of $2,962,469 related to DMINT’s exclusive agreement to purchase natural gas.

For the year ended December 31, 2025, we incurred

interest expense for related parties of $395,926 and other expense of $85,000.

We also recognized a loss on the extinguishment of accounts

payable of $52,000 and a loss on conversion of accrued salaries and loans payable to related party of $175,763.

For the year ended December

31, 2024, we recognized a realized gain from the sale of bitcoin of $222,751 and an realized gain on investment of $274,731.

interest expense of $45,942.

Our net loss for year ended December 31, 2025,

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discussed above.

In addition, we recognized a $775,000 deemed dividend for preferred

stock and a $30,630 for preferred dividends for a net loss applicable to common shareholders of $6,679,681.

Liquidity and Capital Resources

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For the year ended December 31, 2025, we used

$1,330,383 of cash in operating activities, which included our net loss offset by $507,392 for depreciation expense, $800,040 for stock-based

compensation, loss on conversion related party debt of $175,763, Loss on settlement of accounts payable and debt of $52,000, other expense

of $25,250 and net changes in operating assets and liabilities of $2,983,365.

For the year ended December 31, 2024, we used

$2,600,036 of cash in operating activities, which included our net loss offset by $3,149,942 for amortization and depreciation expense,

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gain on investment of $274,731 and net changes in operating assets and liabilities of $2,598,309.

For the year ended December 31, 2023, we received $2,046,922 of cash

in operating activities, which included our net loss offset by $6,732,132 for amortization and depreciation expense, $727,758 for stock-based

compensation, impairment expense of $12,902,788, a realized gain of $288,584 from the sale of bitcoin and an unrealized gain on investment

of $23,662 and net changes in operating assets and liabilities of $5,274,238.

Investing Activities

For the year ended December 31, 2025, we had no

investing activities.

For the year ended December 31, 2024, we received

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remaining 19.99% interest in the LLC.

For the year ended December 31, 2023, we used

$2,080,113 of cash used for investing activities.

We used $1,225,148 for property and equipment, $4,965 for purchase of intangible assets

and $850,000 the purchase of an 80.01% interest in Cuentas SDI, LLC.

Financing Activities

For the year ended December 31, 2025, we received

net cash of $1,318,724 from financing activities as a result of receiving $560,832 from our CEO and $887,786 from the sale of common

stock, and a decrease in our cash overdraft of $4,731.

We made repayments on our note payable of $38,838 and to our CEO of $86,325.

For the year ended December 31, 2024, we received

net cash of $2,115,843 from financing activities as a result of receiving $1,191,282 from our CEO, $1,090,890 from the sale of common

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on our note payable of $204,919.

For the year ended December 31, 2023, we used

net cash of $221,829 in financing activities as a result of a cash overdraft obtained in an acquisition of $8,050 and payments on a note

payable of $226,457 along with $12,678 in advances from related parties.

Liquidity and Capital Resources

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$15,777 and negative working capital of $6,640,236.

On February 16, 2024, the Company entered into

an Equity Distribution Agreement (the “Agreement”) with Maxim Group LLC (“Maxim”) to create an at-the-market equity

Under the Agreement, the Company may offer and sell its common stock, par value $0.0001 per share, from time to time having an

aggregate offering amount of up to $15,000,000 (the “Shares”) during the term of the Agreement through Maxim, as sales agent

(the “ATM Offering”).

The Company has agreed to pay Maxim a commission equal to 3.0% of the gross sales price from the sales

of Shares pursuant to the Agreement.

In addition, the Company agreed to reimburse Maxim for its costs and out-of-pocket expenses incurred

in connection with its services, including the fees and out-of-pocket expenses of its legal counsel.

As of December 31, 2024, the ATM

Offering has resulted in net proceeds of $1,090,890.

On February 16, 2024, the Company entered into an Equity Distribution

Agreement (the “Agreement”) with Maxim Group LLC (“Maxim”) to create an at-the-market equity program.

Agreement, the Company may offer and sell its common stock, par value $0.0001 per share, from time to time having an aggregate offering

amount of up to $15,000,000 (the “Shares”) during the term of the Agreement through Maxim, as sales agent (the “ATM

The Company has agreed to pay Maxim a commission equal to 3.0% of the gross sales price from the sales of Shares pursuant

to the Agreement.

In addition, the Company agreed to reimburse Maxim for its costs and out-of-pocket expenses incurred in connection with

its services, including the fees and out-of-pocket expenses of its legal counsel.

As of December 31, 2025, the ATM Offering has resulted

in net proceeds of $1,978,676.

During the twelve months ended December 31, 2025,

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As of December 31, 2025, the Company owes Mr.

Yakov $1,203,960.

On August 12, 2024, the Company entered into an agreement with Yakov

Holdings LLC, an entity controlled by Mr.

Yakov (the “Yakov LLC”) whereby the Yakov LLC committed to loan to the Company up

to Five Million Dollars ($5,000,000) (the “Yakov LLC Loan”).

The Yakov LLC Loan is revolving in nature, allowing the Company

to borrow, repay, and re-borrow amounts under the terms and conditions set forth herein, provided that the total outstanding amount shall

not exceed Five Million Dollars ($5,000,000).

The interest rate of the Yakov LLC Loan is twelve percent (12%) and it matures on March

In addition, the Yakov LLC Loan is secured by a first priority security interest for the benefit of the Yakov LLC over all of

the assets of the Company.

The Company has reviewed its cash flow activity during 2024 and projected

cash flow forecast for 2025 and performed an overall analysis of market trends to determine whether or not it has sufficient liquidity

to continue as a going concern for a period of at least twelve months from the date of this Annual Report.

Based on projected cash to

be used in operations to be offset by expected proceeds from the ATM program and loan proceeds from Ronny Yakov under the loan agreement,

the Company believes it has sufficient liquidity in order to sustain operations for at least the twelve months following the filing of

this Annual Report.

However, management recognizes that it may be required to obtain additional resources to successfully execute its

business plans.

No assurances can be given that management will be successful in raising additional capital, if needed, or on acceptable

Without raising additional capital, either via additional advances made pursuant to the ATM, related party loan or from other sources,

there is substantial doubt about the Company’s ability to continue as a going concern through March 31, 2026.

The accompanying consolidated

financial statements have been prepared assuming that the Company will continue as a going concern.

This basis of presentation contemplates

the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business.

On August 12, 2024, the Company entered into an

agreement with Yakov Holdings LLC, an entity controlled by Mr.

Yakov (the “Yakov LLC”) whereby the Yakov LLC committed to

loan to the Company up to Five Million Dollars ($5,000,000) (the “Yakov LLC Loan”).

The Yakov LLC Loan is revolving in nature,

allowing the Company to borrow, repay, and re-borrow amounts under the terms and conditions set forth herein, provided that the total

outstanding amount shall not exceed Five Million Dollars ($5,000,000).

The interest rate of the Yakov LLC Loan is twelve percent (12%)

and it matures on March 31, 2026.

In addition, the Yakov LLC Loan is secured by a first priority security interest for the benefit of

the Yakov LLC over all of the assets of the Company.

During the six months ended June 30, 2025, all

amounts owed to Mr.

Yakov at that time were converted into shares of common stock.

The Company has reviewed its cash flow activity

during 2025 and projected cash flow forecast for 2026 and performed an overall analysis of market trends to determine whether or

not it has sufficient liquidity to continue as a going concern for a period of at least twelve months from the date of this Annual Report.

Based on projected cash to be used in operations to be offset by expected proceeds from capital raises, the ATM program and loan proceeds

from Ronny Yakov under the loan agreement, the Company believes it has sufficient liquidity in order to sustain operations for at least

the twelve months following the filing of this Annual Report.

During the first quarter of 2026, the Company raised capital through a direct

offering and a PIPE.

The total cash to the Company from these transactions totaled over $3.7M.

The Company believes this is sufficient

to cover operations for the next 12 months.

However, management recognizes that it may be required to obtain additional resources

to successfully execute its business plans.

No assurances can be given that management will be successful in raising additional capital,

if needed, or on acceptable terms.

Management believes that the Company’s existing cash resources, together with expected capital raises,

potential advances under the ATM program, related party financing, and other available funding sources, will be sufficient to support

operations through March 31, 2027.

Significant Accounting Policies

Refer to Note 2 of our financial statements contained

elsewhere in this Form 10-K for a summary of our significant accounting policies and recently adopting and issued accounting standards.

Refer to Note 2 of our consolidated financial

statements contained elsewhere in this Annual Report on Form 10-K for a summary of our significant accounting policies and recently adopting

and issued accounting standards.

Quantitative and Qualitative

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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 7. Management’s Discussion and Analysis