What changed in this filing

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Item 2. Management’s Discussion and Analysis

2021-11-09 compared with 2021-08-04 · 213 added, 217 removed, 13 unchanged (97% of the section changed)

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

Forward-Looking Statements

Certain statements, other than purely historical information, including

estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon

which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation

Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

forward-looking statements generally are identified by the words “believes,” “project,” “expects,”

“anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,”

“will,” “would,” “will be,” “will continue,” “will likely result,” and similar

We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements

contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those

safe-harbor provisions.

Forward-looking statements are based on current expectations and assumptions that are subject to risks

and uncertainties which may cause actual results to differ materially from the forward-looking statements.

Our ability to predict results

or the actual effect of future plans or strategies is inherently uncertain.

Factors which could have a material adverse effect

on our operations and future prospects on a consolidated basis include, but are not limited to:

changes in economic conditions, legislative/regulatory

changes, availability of capital, interest rates, competition, and generally accepted accounting principles.

These risks and uncertainties

should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events

or otherwise.

Further information concerning our business, including additional factors that could materially affect our financial

results, is included herein and in our other filings with the SEC.

The full extent of the impact of the COVID-19 pandemic on our business,

operations and financial results will depend on numerous evolving factors that we may not be able to accurately predict at the present

In an effort to contain COVID-19 or slow its spread, governments around the world have enacted various measures, including orders

to close all businesses not deemed “essential,” isolate residents to their homes or places of residence, and practice social

distancing when engaging in essential activities.

We anticipate that these actions and the global health crisis caused by COVID-19 will

negatively impact business activity across the globe.

While we have not observed any noticeable impact on our revenue related to these

conditions in the recently completed fiscal year or quarter, or through the date of this filing, we cannot estimate the impact COVID-19

will have in the future if business and consumer activity decelerates across the globe.

In March 2020, we enacted precautionary measures to protect the health

and safety of our employees and partners.

These measures include closing all offices, having employees work from home, and eliminating

virtually all travel.

While having employees work from home may have a negative impact on efficiency and may result in negligible increases

in costs, it does not impact our ability to execute on our contracts or deliver our core services.

We opened our offices on a voluntary

basis in June 2021 and we relaxed certain travel restrictions at the same time.

Our customers provide essential services in the healthcare

industry and we believe that our digital communication technology is more important than ever in this environment.

However, our revenue

often comes from advertising or marketing budgets, and in a sustained economic downturn, those categories of spending may be cut.

We will continue to actively monitor the situation and may take further

actions that alter our business operations as may be required by federal, state, local or foreign authorities, or that we determine are

in the best interests of our employees, customers, partners and stockholders.

It is not clear what the potential effects any such alterations

or modifications may have on our business, including the effects on our customers, partners, or vendors, or on our financial results.

Company Highlights through July 2021

Generated sales of $13.6 million for the quarter ended June 30, 2021, a 55% increase over the same period in 2020.

Generated sales of $24.9 million for the six months ended June 30, 2021, a 52% increase over the same period in 2020.

Achieved positive cash flow from operations of $1.9 million for the six months ended June 30, 2021.

Launched our new Real World Evidence (“RWE”) messaging solution and generated revenue in Q2 from two leading brands.

Raised an additional $70.7 million of capital in a public offering.

Enhanced our leadership team by adding a General Counsel and Chief Compliance Officer as well as elevated the Chief Technology Officer to report directly to the CEO.

Committed to an inclusion and diversity pledge.

Enhanced our patient engagement commercial team to further scale that portion of the business.

Consolidated our technology centers of excellence in Zagreb, Croatia.

Completed all integration work for previous two acquisitions and paid last earnout payment related to acquisitions.

Maintained a no travel, virtual operational plan with a particular focus on training, open communication, and great work culture.

Results of Operations for the Three and Six Months Ended June 30,

2021 and 2020

Our total revenue reported for the three months ended June 30, 2021

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking

statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives,

and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements”

within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E

of the Securities Exchange Act of 1934.

These forward-looking statements generally are identified by the words “believes,”

“project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,”

“plan,” “may,” “will,” “would,” “will be,” “will continue,” “will

likely result,” and similar expressions.

We intend such forward-looking statements to be covered by the safe-harbor

provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement

for purposes of complying with those safe-harbor provisions.

Forward-looking statements are based on current expectations

and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking

Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain.

which could have a material adverse effect on our operations and future prospects on a consolidated basis include, but are not limited

changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally

accepted accounting principles.

These risks and uncertainties should also be considered in evaluating forward-looking statements and

undue reliance should not be placed on such statements.

We undertake no obligation to update or revise publicly any forward-looking

statements, whether as a result of new information, future events or otherwise.

Further information concerning our business,

including additional factors that could materially affect our financial results, is included herein and in our other filings with the

full extent of the impact of the COVID-19 pandemic on our business, operations and financial results will depend on numerous evolving

factors that we may not be able to accurately predict at the present time.

continue to abide by federal, state, and local safety regulations, including having unvaccinated employees work from home, and providing

protective measures for our vaccinated employees who choose to work in our offices, including hygiene best practices as recommended by

the Centers for Disease Control and local authorities.

Our customers provide essential services in the healthcare industry and we believe

that our digital communication technology is more important than ever in this environment.

However, our revenue often comes from advertising

or marketing budgets, and in a sustained economic downturn, those categories of spending may be cut.

will continue to closely monitor the updates regarding the spread of COVID-19 and its variants, the distribution of vaccines developed

to combat COVID-19, and applicable vaccine mandates, and we will adjust our business operations according to guidelines from federal,

state, local or foreign authorities.

In light of the foregoing, we may take actions that alter our business operations, or that we determine

are in the best interests of our employees, customers, partners and stockholders.

Highlights through October 2021

Generated sales of $16.1 million

for the quarter ended September 30, 2021, a 53% increase over the same period in 2020.

Generated sales of $41.0 million

for the nine months ended September 30, 2021, a 52% increase over the same period in 2020.

Achieved positive cash flow

from operations of $2.1 million for the nine months ended September 30, 2021.

Completed all integration

work for previous two acquisitions and paid last earnout payment related to acquisitions in the quarter ended March 31, 2021.

Raised an additional $70.7

million of capital in a public offering during the quarter ended March 31, 2021.

Enhanced our leadership team

by adding a new Chief Operating Officer and Chief Financial Officer in October 2021.

Expanded our pipeline for

our new Real World Evidence (“RWE”) messaging solution that we launched in Q2.

We continued to execute on our omnichannel strategy

by partnering with Demandbase, which leverages the combination of institutional and in-workflow behavioral data at the point-of-care,

and now expands our platform to personalize support and engagement of providers and patients at all care points along the patient

journey and enables our customers to tailor account-based engagement experiences.

We implemented Therapy

Initiation Workflow solution which allows life sciences companies to simplify therapy initiation by presenting healthcare providers

with a fully electronic option to synchronize enrollment, benefits verification, prior authorization, and patient support onboarding.

This new solution continues to expand the breadth of our platform beyond digital communications by enabling patients to obtain the

therapies they need through life sciences’ support which is facilitated through our Therapy Initiation and Persistence Platform .

of Operations for the Three and Nine Months Ended September 30, 2021 and 2020

Our total revenue reported for the three months ended September 30, 2021

was approximately $16.1 million, an increase of 53% over the approximately $10.5 million from the same period in 2020.

Our total revenue

for the six months ended June 30, 2021 was approximately $24.9 million, an increase of 52% over the approximately $16.4 million from the

same period in 2020.

The increased revenue resulted from increases in sales in all our messaging products.

Cost of Revenues

Our cost of revenue percentage, comprised primarily of revenue share

expense, decreased slightly as a percentage of revenue in the quarter ended June 30, 2021, as compared to the same period in 2020, while

for the six month period ended June 30, 2021, it increased as a percentage of revenue.

These changes were the result of solution mix,

both as it relates to solutions itself and the partners through which the solutions are delivered.

Additional discussion is included in

the gross margin section below.

Three Months Ended

Six Months Ended

for the nine months ended September 30, 2021 was approximately $41.0 million, an increase of 52% over the approximately $26.9 million

from the same period in 2020.

The increased revenue resulted from increases in sales throughout our solutions.

cost of revenue, comprised primarily of revenue share expense, increased slightly as a percentage of revenue in the quarter and nine

months ended September 30, 2021, as compared to the same periods in 2020.

These changes were the result of solution mix, both as it relates

to solutions itself and the partners through which the solutions are delivered.

Additional discussion is included in the gross margin

section below.

Cost of Revenues %

Gross Margin %

As reflected in the table above, our gross margin increased slightly

in the quarter ended June 30, 2021 compared with the prior year, but decreased slightly for the six month period then ended.

result of solution mix.

In general, there has been an increase in the percentage of activity flowing through our higher cost channels

compared with a year ago.

In the second quarter, this was offset by the launch of our RWE solution.

Our RWE solution includes a much higher

percentage of program design, which carries a higher margin than the delivery of the actual messages.

We expect our gross margin to improve

on a quarter over quarter basis for the balance of the year as our RWE solution expands and we continue to launch new solutions that have

higher margins.

Operating Expenses

Operating expenses increased from approximately $6.2 million for the

three months ended June 30, 2020 to approximately $7.7 million for the same period in 2021.

Operating expenses increased from approximately

$12.8 million for the six months ended June 30, 2020 to approximately $14.5 million for the same period in 2021.

Overall, this increase

results from our efforts to expand our product line and build out our organization to establish a strong base for current and future growth.

Our expenses increased at a substantially lower rate than our revenues as a result of the operating leverage of our model.

of expenditures by major category is reflected in the table below.

Three Months Ended

Six Months Ended

Salaries, Wages, & Benefits

reflected in the table above, our gross margin decreased slightly in both the three and nine months ended September 30, 2021 compared

with the prior year.

This is the result of solution mix.

In general, there has been an increase in the percentage of activity flowing

through our higher cost channels compared with a year ago.

This was offset by the launch of our RWE solution.

Our RWE solution includes

a much higher percentage of program design, which carries a higher margin than the delivery of the actual messages.

We expect our gross

margin to remain relatively constant for the balance of the year.

expenses increased from approximately $6.2 million for the three months ended September 30, 2020 to approximately $9.0 million for the

same period in 2021.

Operating expenses increased from approximately $19.0 million for the nine months ended September 30, 2020 to approximately

$23.5 million for the same period in 2021.

Overall, this increase results from our efforts to expand our product line and build out our

organization to establish a strong base for current and future growth.

Our expenses increased at a lower rate than our revenues as a

result of the operating leverage of our model.

The detail of expenditures by major category is reflected in the table below.

September 30,

Salaries, Wages,

Stock-Based Compensation

4 unchanged sentences

Advertising and Promotion

Technology Infrastructure Costs

Integration and Exclusivity Costs

Technology Infrastructure

Integration and Exclusivity

Office, Facility, and Other

Depreciation and Amortization

Total Operating Expense

The increase in operating expenses related to salaries, wages, and

benefits and other human resource related costs is due to the expansion of our team to support additional growth.

This increase is partly

offset by the decrease in contractors and consultants, as we have brought functions in house that were previously performed by outsiders.

We expect salaries, wages, and benefits to continue to increase on

a quarter over quarter basis for the balance of the year due to the full impact of new hires already in place, as well as new hires in

the pipeline.

Travel expense is down significantly on a year to date basis as a result

of travel restrictions due to the pandemic.

We expect travel expense to increase significantly starting in the third quarter of the year

due to relaxed travel restrictions and pent up demand for meetings and visits.

Professional fees increased significantly in the second quarter of

2021 compared with the prior year.

With the assistance of an outside legal firm, we undertook a comprehensive governance review of our

bylaws, board charters, equity compensation plan, and overall corporate policies.

This review resulted in approximately $300,000 of expense

in the second quarter.

In the six month period ended June 30, 2021, this was partially offset by reduced audit fees as a result of our

change in auditors, as well as a change in SEC rules that eliminated the need for a third-party opinion on our internal controls.

expect professional fees to decrease from the second quarter level for the balance of the year.

Investor relations expense increased due to the expansion of our communication

efforts to reach retail investors and expand our shareholder base.

Technology infrastructure costs increased due to continued investment

in our operating systems to facilitate new products as well as the implementation of additional software products to increase efficiency

and information dissemination.

Data costs increased as we have purchased more data, primarily to

aid in our selling effort and allow customers to target their messages more appropriately, thereby increasing our ability to charge

premium prices for more highly targeted messages.

Integration and exclusivity costs represent payments to partners for access and/or

exclusivity and increased because of new agreements signed after the first quarter of 2020.

These payments are usually made in lump

sums and expensed over the term of the contracts.

These expenses are an important part of our ability to expand our network.

Our office, facility and other expense increased primarily because

of increased activity.

The largest single increase related to hiring expenses associated with expanding our team, both for new additions

so far, as well as new hires scheduled for the future, including recruiter fees in some instances.

All other variances in the table above are the result of normal fluctuations

We expect our overall operating expenses to increase on a quarterly

basis for the balance of the year as we further implement our business plan and expand our operations to grow the business in a very dynamic

and active marketplace.

However, we have established a strong team as a base to support growth and we are seeing the results of the investment

in our team last year in our strong revenue growth this year.

We do not expect human resource costs to increase as quickly as revenues,

however we do expect to continue to add people to accelerate our growth and invest in future growth.

Net Income (Loss)

We had net income of $0.4 million for the three months ended June 30,

2021, as compared to a net loss of $1.1 million during the same period in 2020.

We had a loss of approximately $0.3 million for the six

months ended June 30, 2021, as compared to net loss of approximately $3.3 million during the same period in 2020.

The reasons and specific

components associated with the change are discussed above.

Overall, the net income for second quarter of 2021 and decreased loss for the

six month period resulted from the increased margin generated by our higher revenues, partially offset by the increased operating expenses.

Liquidity and Capital Resources

As of June 30, 2021, we had total current assets of $105.0 million,

compared with current liabilities of $6.7 million, resulting in working capital of approximately $98.3 million and a current ratio of

This represents an increase from our working capital of approximately $23 million and current ratio of 3 to 1 at December 31,

Our operating activities provided approximately $1.9 in cash flow during

the six months ended June 30, 2021, compared with cash used of approximately $3.6 million in the same period in 2020.

The cash provided

in the 2021 period was the result of our net loss increased by noncash expenses, partially offset by working capital used in the reduction

of liabilities.

The cash used in the 2020 period was primarily the result of increased investment in working capital;

in particular, we

made a $2.0 million prepayment to a partner that was expensed over the balance of the year.

We used insignificant amounts in investing activities in both the six

months ended June 30, 2021 and 2020.

These investments related to purchases of equipment as well as investments related to the expansion

of our network capabilities in our patient engagement solution.

Our financing activities provided $71.8 million in the six months ended

June 30, 2021, compared with cash used of approximately $1.1 million in the same period in 2020.

We raised $70.7 million in a public offering

of our common stock as well as generated $2.7 million from the issuance of shares related to the exercise of stock options.

partially offset by the payment of $1.6 in earnout payments from a previous acquisition.

We have no remaining earnout payments due in

Financing activities used approximately $1.3 million related to earnout payments from a previous acquisition, offset by $0.3

million from the issuance of shares related to the exercise of stock options.

We do not anticipate the need to raise additional capital in the short

or long term for operating purposes or to fund our growth plans.

We are focused on growing our revenue, channel and partner network.

as a company in a market that is active with merger and acquisition activity, we may have opportunities, such as for acquisitions or strategic

partner relationships, which may require additional capital.

We will assess these opportunities as they arise with the view of maximizing

shareholder value.

Critical Accounting Policies

In December 2001, the SEC requested that all registrants list their

most “critical accounting polices” in the Management Discussion and Analysis.

The SEC indicated that a “critical accounting

policy” is one which is both important to the portrayal of a company’s financial condition and results, and requires management’s

most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are

inherently uncertain.

Our accounting policies are discussed in the footnotes to our financial statements included in our annual report

on Form 10-K for the year ended December 31, 2020;

however, we consider our critical accounting policies to be those related to determining

the amount of revenue to be billed, the timing of revenue recognition, calculation of revenue share expense, stock-based compensation,

capitalization and related amortization of intangible assets, impairment of assets, and the fair value of liabilities.

Recently Issued Accounting Pronouncements

In December 2019, the FASB issued ASU No.

2019-12, Income Taxes

and Amortization

Operating Expense

increase in operating expenses related to salaries, wages, and benefits and other human resource related costs is due to the expansion

of our team to support additional growth.

Through the end of September, we have hired 32 new people this year, largely in areas focused

on increasing revenue.

This increase is partly offset by the decrease in contractors and consultants, as we have brought functions in

house that were previously outsourced.

expect salaries, wages, and benefits to continue to increase in the fourth quarter due to the full impact of new hires already in place,

as well as new hires in the pipeline.

expense remains down on a year to date basis as a result of pandemic-related travel restrictions, We reopened travel at the end of the

second quarter and incurred significantly more travel expenses in the quarter ended September 30, 2021 than in the prior year due relaxed

travel restrictions.

Professional fees increased in both the three and nine months ended

September 30, 2021 compared with the prior year.

With the assistance of an outside legal firm, we undertook a comprehensive governance

review of our bylaws, board charters, equity compensation plan, and overall corporate policies to enhance and improve our overall governance.

This review accounts for the majority of the year to date increase.

In addition, due to the increase in our market cap, our outside auditors

are now required to render an opinion on our internal controls.

Our expenditures on professional fees in connection with the preparation

for and work related to that audit in 2021 increased in the quarter ended September 30, 2021.

We would expect professional fees to remain

at a similar level for the balance of the year.

relations expense increased due to the expansion of our communication efforts to reach retail investors and expand our shareholder base.

infrastructure costs increased due to continued investment in our operating systems to facilitate new products as well as the implementation

of additional software products to increase efficiency and information dissemination.

costs increased as we have purchased more data, primarily to aid in our selling effort and allow customers to target their messages more

appropriately, thereby increasing our ability to charge premium prices for more highly targeted messages.

and exclusivity costs represent payments to partners for access and/or exclusivity and increased because of new agreements signed.

payments are usually made in lump sums and expensed over the term of the contracts.

These expenses are an important part of our ability

to expand our network.

Our office, facility and other expenses increased primarily because

of the addition of new employees, including recruiter fees, as well as the reopening of our offices.

other variances in the table above are the result of fluctuations in the ordinary course of business.

expect our overall operating expenses to increase on a quarterly basis for the balance of the year as we further implement our business

We do not expect human resource costs to increase as quickly as revenues, however we do expect to hire additional employees to

support and accelerate our anticipated growth.

Income (Loss)

had net income of $.04 million for the three months ended September 30, 2021, as compared to a net loss of $0.3 million during the same

period in 2020.

We had a loss of approximately $0.2 million for the nine months ended September 30, 2021, as compared to net loss of

approximately $3.6 million during the same period in 2020.

The reasons and specific components associated with the change are discussed

Overall, the net income for three months ended September 30, 2021 and decreased loss for the nine month period ended September

30, 2021 resulted from the increased margin generated by our higher revenues, partially offset by the increased operating expenses.

and Capital Resources

of September 30, 2021, we had total current assets of $108.4 million, compared with current liabilities of $7.6 million, resulting in

working capital of approximately $100.8 million and a current ratio of 14.8 to 1.

This represents an increase from our working capital

of approximately $23 million and current ratio of 3 to 1 at December 31, 2020.

operating activities provided approximately $2.1 million in cash flow during the nine months ended September 30, 2021, compared with

cash used of approximately $3.7 million in the same period in 2020.

The cash provided in the 2021 period was the result of our net loss

increased by noncash expenses, which resulted in positive cash flow.

This was partially offset by working capital used in the reduction

of liabilities and to support growth in accounts receivable due to our increased revenue levels.

The cash used in the 2020 period was

primarily the result of increased investment in working capital;

in particular, we made a $2.0 million prepayment to a partner that was

expensed over the balance of the year.

used insignificant amounts in investing activities in both the nine months ended September 30, 2021 and 2020.

These investments related

to purchases of equipment as well as investments related to the expansion of our network capabilities in our adherence solution.

financing activities provided $72.9 million in the nine months ended September 30, 2021, compared with cash used of approximately $3.1

million in the same period in 2020.

We raised $70.7 million in a public offering of our common stock as well as generated $3.8 million

from the issuance of shares related to the exercise of stock options.

These were partially offset by the payment of $1.6 million in earnout

payments from a previous acquisition.

We have no remaining earnout payments due in the future.

In the 2020 period, financing activities

used approximately $4.4 million related to earnout payments from a previous acquisition, offset by $1.3 million from the issuance of

shares related to the exercise of stock options.

main source of liquidity has historically been from the issuance of common stock.

We do not anticipate the need to raise additional capital

in the short or long term for operating purposes or to fund our growth plans.

We are focused on growing our revenue, channel and partner

However, as a company in a market that is active with merger and acquisition activity, we may have opportunities, such as for

acquisitions or strategic partner relationships, which may require additional capital.

We will assess these opportunities as they arise

with the view of maximizing shareholder value.

Party Transaction

Lang, one of our Board Members, is the CEO of Eversana, a leading global provider of services to the life sciences industry.

is similar to other customers we generate revenue from, such as agencies or resellers.

In 2021 we have recognized revenue of $150,000

from Eversana and have open contracts as of September 30, 2021 that will result in an additional $160,000.

These contracts were sourced

by Eversana on behalf of life science customers of theirs.

The contracts are at market rates and were generated in the normal course

Accounting Policies

December 2001, the SEC requested that all registrants list their most “critical accounting polices” in the Management Discussion

and Analysis.

The SEC indicated that a “critical accounting policy” is one which is both important to the portrayal of a

company’s financial condition and results, and requires management’s most difficult, subjective or complex judgments, often

as a result of the need to make estimates about the effect of matters that are inherently uncertain.

There have been no material changes

to our critical accounting policies as described in the footnotes to our financial statements included in our annual report on Form 10-K

for the year ended December 31, 2020;

however, we consider our critical accounting policies to be those related to determining the amount

of revenue to be billed, the timing of revenue recognition, calculation of revenue share expense, stock-based compensation, capitalization

and related amortization of intangible assets, impairment of assets, and the fair value of liabilities.

Issued Accounting Pronouncements

December 2019, the FASB issued ASU No.

2019-12, Income Taxes (Topic 740):

Simplifying the Accounting for Income Taxes .

ASU 2019-12 is intended to improve consistent application and simplify the

accounting for income taxes.

ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing

ASU 2019-12 was effective for annual and interim reporting periods beginning after December 12, 2020, with early adoption permitted.

The adoption of this standard did not have a material effect on our financial position, results of operations, or cash flows.

Off Balance Sheet Arrangements

As of June 30, 2021, there were no off-balance sheet arrangements.

is intended to improve consistent application and simplify the accounting for income taxes.

ASU 2019-12 removes certain exceptions to

the general principles in Topic 740 and clarifies and amends existing guidance.

ASU 2019-12 was effective for annual and interim reporting

periods beginning after December 12, 2020, with early adoption permitted.

The adoption of this standard did not have a material effect

on our financial position, results of operations, or cash flows.

Balance Sheet Arrangements

of September 30, 2021, there were no off-balance sheet arrangements.

Quantitative and Qualitative Disclosures about Market Risk

We 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