What changed in this filing

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Item 1. Financial Statements

2023-11-08 compared with 2023-08-09 · 138 added, 135 removed, 293 unchanged (48% of the section changed)

6 unchanged sentences

It is suggested that these condensed interim financial statements and notes thereto be read in conjunction with the financial statements and the notes thereto included in the Trusts latest annual report on Form 10-K.

In the opinion of the Trustee, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the assets, liabilities and trust corpus of the Trust as of June 30, 2023, and

the distributable income and the changes in trust corpus for the three-month and six-month periods ended June 30, 2023 and 2022, have been included.

The distributable income for such interim periods is

not necessarily indicative of the distributable income for the full year.

and the distributable income and the changes in trust corpus for the three-month and nine-month periods ended September 30, 2023 and 2022, have been included.

The distributable income for such interim periods is not necessarily indicative of

the distributable income for the full year.

Unless specified otherwise, all amounts included herein are presented in US dollars.

The condensed interim financial statements as of June 30, 2023 and for the three-month and six-month periods

ended June 30, 2023 and 2022, included herein, have been reviewed by Weaver and Tidwell, L.L.P., an independent registered public accounting firm, as stated in their report appearing herein.

The condensed interim

financial statements as of September 30, 2023 and for the three-month and nine-month periods ended September 30, 2023 and 2022, included herein, have been reviewed by Weaver and Tidwell, L.L.P., an independent registered public accounting

firm, as stated in their report appearing herein.

Report of Independent Registered Public Accounting Firm (PCAOB ID Number 410)

Condensed Statement of Assets, Liabilities and Trust Corpus

Condensed Statement of Distributable Income (Unaudited)

Condensed Statements of Changes in Trust Corpus (Unaudited)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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We have reviewed the accompanying condensed statements of assets, liabilities and trust corpus of Permian Basin

Royalty Trust (the Trust) as of June 30, 2023, and the related condensed statements of distributable income and changes in trust corpus for the three-month and six-month periods ended

June 30, 2023 and 2022, and the related notes (collectively referred to as the condensed interim financial statements or interim financial information).

Based on our reviews, we are not aware of any material modifications that

should be made to the accompanying condensed interim financial statements for them to be in conformity with the modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in

the United States of America.

As described in Note 2 to the condensed interim financial statements, these condensed interim financial statements were

prepared on a modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the

statement of assets, liabilities, and trust corpus as of December 31, 2022, and the related statements of distributable income and changes in trust corpus for the year then ended (not presented herein);

and in our report dated March 1,

2023 we expressed an unqualified opinion on those financial statements.

In our opinion, the information set forth in the accompanying condensed statement of assets, liabilities and trust corpus as of December 31, 2022, is fairly stated, in all

material respects, in relation to the statement of assets, liabilities, and trust corpus from which it has been derived.

Royalty Trust (the Trust) as of September 30, 2023, and the related condensed statements of distributable income and changes in trust corpus for the three-month and nine-month periods ended September 30, 2023 and 2022, and the

related notes (collectively referred to as the condensed interim financial statements or interim financial information).

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying

condensed interim financial statements for them to be in conformity with the modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

As described in Note 2 to the condensed interim financial statements, these condensed interim financial statements were prepared on a modified cash basis of

accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statement of assets, liabilities, and trust corpus as of December 31, 2022, and the related

statements of distributable income and changes in trust corpus for the year then ended (not presented herein);

and in our report dated March 1, 2023 we expressed an unqualified opinion on those financial statements.

In our opinion, the

information set forth in the accompanying condensed statement of assets, liabilities and trust corpus as of December 31, 2022, is fairly stated, in all material respects, in relation to the statement of assets, liabilities, and trust corpus

from which it has been derived.

Basis for Review Results

These condensed interim financial statements are the responsibility of the Trustee.

We conducted our reviews in accordance with the standards of the

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.

We conducted our reviews in accordance with the standards of the PCAOB.

are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange

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Dallas, Texas

August 9, 2023

November 8, 2023

PERMIAN BASIN ROYALTY TRUST

CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS

September 30,

Cash and short-term investments

Net overriding royalty interests in producing oil and gas properties (net of accumulated

amortization of $10,775,783 and $10,695,783 at June 30, 2023 and December 31, 2022, respectively)

amortization of $10,815,783 and $10,695,783 at September 30, 2023 and December 31, 2022, respectively)

LIABILITIES AND TRUST CORPUS

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THREE MONTHS ENDED

June 30, 2023

September 30, 2023

THREE MONTHS ENDED

June 30, 2022

September 30, 2022

Royalty income

Interest income

Reserve for expenses

General and administrative expenditures

4 unchanged sentences

CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)

SIX MONTHS ENDED

June 30, 2023

SIX MONTHS ENDED

June 30, 2022

NINE MONTHS ENDED

September 30, 2023

NINE MONTHS ENDED

September 30, 2022

Royalty income

Interest income

Reserve for expenses

Reserved for Expenses

General and administrative expenditures

5 unchanged sentences

THREE MONTHS ENDED

June 30, 2023

September 30, 2023

THREE MONTHS ENDED

June 30, 2022

September 30, 2022

Trust corpus, beginning of period

7 unchanged sentences

CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)

SIX MONTHS ENDED

June 30, 2023

SIX MONTHS ENDED

June 30, 2022

NINE MONTHS ENDED

September 30, 2023

NINE MONTHS ENDED

September 30, 2022

Trust corpus, beginning of period

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comprehensive basis of accounting other than GAAP corresponds to the accounting permitted for royalty trusts by the U.S.

Securities and Exchange Commission as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty Trusts.

Securities and Exchange Commission as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty

Use of Estimates

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SUBSEQUENT EVENTS

Subsequent to June 30, 2023, the Trust declared a distribution on July 21, 2023, of $0.021749 per Unit payable on August 14,

2023, to unitholders of record on July 31, 2023.

Subsequent to September 30, 2023, the Trust declared a distribution on October 20, 2023, of $0.042862 per Unit payable on

November 14, 2023 to unitholders of record on October 31, 2023.

Trustees Discussion and Analysis

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variety of additional factors that are beyond the Trustees control.

Recently, there has been volatility in oil and natural gas prices due in part to significantly decreased demand as a result of the novel

coronavirus (COVID-19) pandemic beginning in 2020, followed by increasing prices in 2021, and the first half of 2022.

A combination of these factors resulted in the price of oil falling

below zero to $(37.63) per barrel of oil on April 20, 2020, recovering the following day to $10.01 per barrel of oil.

As of July 31, 2023, the price of oil was $81.80.

It is uncertain how the war in Ukraine, resulting sanctions

against Russia, and OPEC production will affect oil prices in the coming months.

Recently, there has been volatility in oil and natural gas prices due in part to significantly decreased demand as a result of the novel coronavirus (COVID-19) pandemic beginning in 2020, followed by increasing prices in 2021, and the first half of 2022.

A combination of these factors resulted in the price of oil falling below zero to $(37.63) per

barrel of oil on April 20, 2020, recovering the following day to $10.01 per barrel of oil.

As of October 30, 2023, the price of oil was $83.03 per barrel.

It is uncertain how the war in Ukraine, resulting sanctions against Russia, conflict

between Israel and Hamas, and OPEC production will affect oil prices in the coming months.

Factors that may impact future commodity prices, including the price of oil and natural gas, include but are not limited to:

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this reduces the predictability of future cash distributions to Unit holders.

Three Months Ended June 30, 2023 Compared to Three Months Ended

June 30, 2022

For the quarter ended June 30, 2023, royalty income received by the Trust amounted to $6,074,170 compared to royalty income of

$7,630,221 during the second quarter of 2022.

The decrease in royalty income is primarily attributable to a decrease in oil and gas production and pricing for the quarter ending June 30, 2023, as compared to the quarter ended June 30,

Average oil and gas prices were $73.73 and $2.11, respectively, for the quarter ending June 30, 2023, compared to $101.24 and $5.33 for the quarter ended June 30, 2022.

Interest income for the quarter ended June 30, 2023, was $22,964 compared to $1,785 during the second

Three Months Ended September 30, 2023 Compared to Three Months

Ended September 30, 2022

For the quarter ended September 30, 2023, royalty income received by the Trust amounted to $3,317,431 compared to

royalty income of $27,323,759 during the third quarter of 2022.

The decrease in royalty income is primarily attributable to no net profits interest income being received from the Waddell Ranch properties due to an excess in working interest costs.

Additionally, a decrease in oil and gas pricing, somewhat offset by an increase in oil and gas production for the quarter ended September 30, 2023 contributed to the decrease in royalty income.

Average oil and gas prices were $70.82 and $2.06,

respectively, for the quarter ending September 30, 2023 compared to $108.75 and $6.60 for the quarter ended September 30, 2022.

Interest income for the quarter ended September 30, 2023 was $24,119 compared to $11,452 during the

third quarter of 2022.

The increase in interest income is primarily attributable to increased amounts of funds available for investment.

Total expenses during the third quarter of 2023 amounted to $139,520 compared to $136,712 during the third

quarter of 2022.

The increase in interest income is primarily attributable to a substantial increase in the amounts of funds available for investment.

Total expenses during the second quarter of 2023 amounted to $335,992 compared to $273,698 during

the second quarter of 2022.

The increase in total expenses can be primarily attributed to increase expenses for professional services, printing costs and the timing of payment of expenses.

These transactions resulted in distributable income for the quarter ended June 30, 2023, of $5,761,142 or $.12 per Unit of beneficial interest.

Distributions of $0.026846, $0.044388, and $0.052371 per Unit were made to Unit holders of record as of April 28, 2023, May 31, 2023, and June 30, 2023, respectively.

For the second quarter of 2022, distributable income was $7,358,308

The slight increase in total exenses can be primarily attributed to increased expense for professional services, printing expenses and the timing of payment of expenses.

These transactions resulted in distributable income for the quarter ended September 30, 2023 of $3,202,030 or $0.07 per Unit of beneficial interest.

Distributions of $0.021749, $0.024535 and $0.022414 per Unit were made to Unit holders of record as of July 31, 2023, August 31, 2023, and September 29, 2023, respectively.

For the third quarter of 2022, distributable income was

$27,198,499 or $0.58 per Unit of beneficial interest.

Royalty income for the Trust for the second quarter of the calendar year is associated with actual oil and gas

production for the period of February, March and April 2023 from the properties from which the Trusts net overriding royalty interests (Royalties) were carved.

Oil and gas sales attributable to the Royalties and the properties from

which the Royalties were carved are as follows:

Royalty income for the Trust for the third quarter of the calendar year is associated with actual

oil and gas production for the period of May, June and July 2023 from the properties from which the Trusts net overriding royalty interests (Royalties) were carved.

Oil and gas sales attributable to the Royalties and the properties

from which the Royalties were carved are as follows:

Three Months Ended

September 30,

Oil sales (Bbls)

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Average price per Mcf

The average received price of oil decreased to an average price per barrel of $73.73 per Bbl in the second quarter of 2023,

compared to $101.24 per Bbl in the second quarter of 2022 due to worldwide market variables.

The average price of gas (including natural gas liquids) decreased from $5.33 per Mcf in the second quarter of 2022 to $2.11 per Mcf in the second quarter

of 2023 due to change in overall market variables.

Since the oil and gas sales attributable to the Royalties are based on an allocation formula that is

dependent on such factors as price and cost (including capital expenditures), the production amounts in the Royalties section of the above table do not provide a meaningful comparison.

Oil sales volumes increased and gas sales volumes increased from

the Underlying Properties (as defined in the Trusts Annual Report on Form 10-K for the year ended December 31, 2022) for the applicable period in 2023 compared to 2022.

Capital expenditures for drilling, remedial and maintenance activities on the Waddell Ranch properties during the second quarter of 2023 totaled

$29.7 million (gross) as compared to about $32 million (gross) for the second quarter of 2022.

The average received price of oil decreased to an average price of $70.82 per Bbl in the third quarter of 2023, compared to

$108.75 per Bbl in the third quarter of 2022 due to worldwide market variables.

The average price of gas (including natural gas liquids) decreased from $6.60 per Mcf in the third quarter of 2022 to $2.06 (including pricing for gas liquids) per Mcf

in the third quarter of 2023 due to change in overall market variables.

Since the oil and gas sales attributable to the Royalties are based on an

allocation formula that is dependent on such factors as price and cost (including capital expenditures), the production amounts in the Royalties section of the above table do not provide a meaningful comparison.

Oil sales volumes increased and gas

sales volumes increased from the Underlying Properties (as defined in the Trusts Annual Report on Form 10-K for the year ended December 31, 2022) for the applicable period in 2023 compared to 2022.

Capital expenditures for drilling, remedial and maintenance activities on the Waddell Ranch properties during the third quarter of 2023 totaled

$31.8 million (gross) as compared to $34.7 million (gross) for the third quarter of 2022.

Blackbeard has previously informed the Trustee that the 2023 capital expenditures budget has been approved at $96.8 million (gross) for the

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The total amount of capital expenditures for 2022 with regard to the Waddell Ranch Properties totaled $124 million (gross).

The Trustee has been advised that there were 7.6 workover wells completed, 4.9 new wells completed, 2.3 new wells in progress and 4.8 workover wells in

progress during the three months ended June 30, 2023, as compared to 12 workover wells (gross) completed, 11.6 new wells (gross) completed, 11.3 new wells (gross) in progress and 12 workover wells (gross) in progress for the three months ended

June 30, 2022, on the Waddell Ranch properties.

There were various facility projects in progress for the second quarter of 2023.

Lease operating

expenses and property taxes totaled $16.5 million (gross) for the second quarter of 2023, compared to $10.3 million (gross) for the same period in 2022 on the Waddell Ranch properties due to increased maintenance work.

Six Months Ended June 30, 2023 Compared to Six Months Ended June 30, 2022

For the six months ended June 30, 2023, royalty income received by the Trust amounted to $11,280,772 compared to royalty income of $11,708,866 for the six

months ended June 30, 2022.

The decrease in royalty income is primarily attributable to a decrease in oil and gas pricing for the six months ending June 30, 2023, as compared to the six months ended June 30, 2022.

Average oil and gas

prices were $75.61 and $2.65, respectively, for the six months ending June 30, 2023 compared to $89.15 and $4.89 for the six months ended June 30, 2022.

Interest income for the six months ended June 30, 2023, was $37,071 compared to $3,018 during the six

months ended June 30, 2022.

The increase in interest income is primarily attributable to a substantial increase in the amounts of funds available for investment.

Total expenses during the six months ending June 30, 2023, amounted to

$816,086 compared to $618,882 during the six months ended June 30, 2022.

The increase in total expenses can be primarily attributed to increased expenses for professional services, printing costs and the timing of payment of expenses.

These transactions resulted in distributable income for the six months ended June 30, 2023 of $10,501,757, or $0.23 per Unit.

For the six months

ended June 30, 2022, distributable income was $11,093,002 or $0.24 per Unit.

Royalty income for the Trust for the six months ended June 30,

2023, is associated with actual oil and gas production for the period November 2022 through April 2023 from the properties from which the Royalties were carved.

Oil and gas sales attributable to the Royalties and the properties from which the

Royalties were carved are as follows:

Six Months Ended

The Trustee has been advised that there were 13.6 workover wells completed, 7.9 new wells completed, 7.2 new

wells in progress and 15.4 workover wells in progress during the three months ended September 30, 2023, as compared to 10.1 (net to the Trust) workover wells completed and 12.4 (net to the Trust) new wells completed, 4.5 (net to the Trust) new

wells in progress, and 2.6 (net to the Trust) workover wells in progress for the three months ended September 30, 2022, on the Waddell Ranch properties.

Lease operating expenses and property taxes totaled $20.2 million (gross) for the third quarter of 2023, compared to $11.5 million (gross) for the

same period in 2022 on the Waddell Ranch properties due to increased maintenance work.

Nine Months Ended September 30, 2023 Compared to Nine

Months Ended September 30, 2022

For the nine months ended September 30, 2023, royalty income received by the Trust amounted to $14,598,202

compared to royalty income of $39,032,624 for the nine months ended September 30, 2022.

The decrease in royalty income is primarily attributable to increased capital expenditures for the Waddell Ranch properties resulting in net profits

interest income not being received in March 2023 through April 2023 and from July 2023 through the end of the nine month period in addition to a decrease in oil and gas pricing as compared to the nine months ended September 30, 2022.

oil and gas prices were $74.06 and $2.45 for the nine months ended September 30, 2023 compared to $96.49 and $5.56 for the nine months ended September 30, 2022.

Interest income for the nine months ended September 30, 2023, was $61,191 compared to $14,470 during the nine months ended September 30,

The increase in interest income is primarily attributable to a substantial increase in the amount of funds available for investment.

Total expenses during the nine months ended September 30, 2023, amounted to $955,607 compared to $755,594

during the nine months ended September 30, 2022.

The increase in total expenses can be primarily attributed to increased expenses for professional services, printing expenses and the timing expenses.

These transactions resulted in distributable income for the nine months ended September 30, 2022 of $13,703,786 or $0.29 per Unit.

months ended September 30, 2022, distributable income was $38,291,500, or $0.82 per Unit.

Royalty income for the Trust for the nine months

ended September 30, 2023, is associated with actual oil and gas production for the period November 2022 through July 2023 from the properties from which the Royalties were carved.

Oil and gas sales attributable to the Royalties and the

properties from which the Royalties were carved are as follows:

Nine Months Ended

Oil sales (Bbls)

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Average price per Mcf

The average received price of oil decreased during the six months ended June 30, 2023 to $75.61 per barrel compared to

$89.15 per barrel for the same period in 2022 due to worldwide market variables.

The decrease in the average price of gas (including natural gas liquids) from $4.89 per Mcf for the six months ended June 30, 2022, to $2.65 per Mcf for the six

months ended June 30, 2023 is due to change in overall market variables.

Since the oil and gas sales attributable to the Royalties are based on an allocation formula that is

dependent on such factors as price and cost (including capital expenditures), the production amounts in the Royalties section of the above table do not provide a meaningful comparison.

Both oil and gas sales volumes from the properties from which

the Royalties are carved have decreased for the applicable period of 2023 compared to 2022.

Capital expenditures for drilling, remedial and maintenance

activities on the Waddell Ranch properties for the six months ended June 30, 2023 totaled $64.9 million (gross) compared to $52.5 million (gross) to the Trust for the same period in 2022.

Blackbeard has previously advised the Trust

that the 2023 capital expenditures budget for the Waddell Ranch properties is $96.8 million (gross).

The Trustee has been advised that 22.2 workover

wells were completed and 13.2 new wells were completed on the Waddell Ranch properties during the six months ended June 30, 2023, as compared to 22.9 workover wells (gross) completed and 21 new wells (gross) in process on the Waddell Ranch

properties during the six months ended June 30, 2022.

There were various facility projects in progress for the first six months of 2023.

operating expenses and property taxes totaled $32.8 million (gross) for the six months ended June 30, 2023, compared to $19.8 million (gross) for the same period in 2022.

The increase in lease operating expense is primarily

attributable to increased spending on facilities and maintenance.

The average received price of oil decreased during the nine months ended September 30, 2023 to $74.06 per barrel compared

to $96.49 per barrel for the same period in 2022 due to worldwide market variables.

The decrease in the average price of gas (including natural gas liquids) from $5.56 per Mcf for the nine months ended September 30, 2022, to $2.45 per

Mcf for the nine months ended September 30, 2023 was due to change in overall market variables.

Since the oil and gas sales attributable to the

Royalties are based on an allocation formula that is dependent on such factors as price and cost (including capital expenditures), the production amounts in the Royalties section of the above table do not provide a meaningful comparison.

increased and gas sales volumes increased from the properties from which the Royalties are carved for the applicable period of 2023 compared to 2022.

Capital expenditures for drilling, remedial and maintenance activities on the Waddell Ranch properties for the nine months ended September 30, 2023

totaled $96.7 million (gross) compared to $87.3 million (gross) to the Trust for the same period in 2022.

Blackbeard has previously advised the Trust that the 2023 capital expenditures budget for the Waddell Ranch properties is

$96.8 million (gross).

The Trustee has been advised that 35.8 (net to the Trust) workover wells were completed and 38.3 (net to the

Trust) workover wells were in progress, along with 21.1 (net to the Trust) new drill wells completed and 28.2 (net to the Trust) waiting on completion on the Waddell Ranch properties during the nine months ended September 30, 2023, as compared

to 30.4 (net to the Trust) workover wells completed and 2.6 (net to the Trust) workover wells in progress, along with 30 (net to the Trust) new wells completed and 4.5 (net to the Trust) waiting on completion, on the Waddell Ranch properties during

the nine months ended September 30, 2022.

Lease operating expenses and property taxes totaled $53.0 million for the nine months ended

September 30, 2023, compared to $31.3 million for the same period in 2022.

The increase in lease operating expense is primarily attributable to increased spending on facilities and maintenance.

Calculation of Royalty Income

The Trusts royalty income is computed as a percentage of the net profit from the operation of the properties in which the Trust owns net overriding

royalty interests.

The Trusts royalty

income is computed as a percentage of the net profit from the operation of the properties in which the Trust owns net overriding royalty interests.

The royalty income received and recorded by the Trust was determined by the operator as noted below.

These percentages of net profits are 75% and 95% in the case of the Waddell Ranch properties and the Texas Royalty properties,

respectively.

Royalty income received by the Trust for the three months ended June 30, 2023 and 2022, respectively, were computed as shown in the table below:

THREE MONTHS ENDED JUNE 30

These percentages of net profits are 75% and 95% in the case of the Waddell Ranch properties and the Texas Royalty properties, respectively.

Royalty income received by the Trust for the three months ended September 30, 2023 and 2022,

respectively, were computed as shown in the table below:

THREE MONTHS ENDED SEPTEMBER 30

Gross proceeds of sales from the Underlying Properties

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Royalty income

Due to the NPI deficit, the Waddell Ranch properties did not contribute to Royalty income for a portion of the

three months ended June 30, 2022.

Beginning on May 1, 2022, the NPI deficit was fully recovered, therefore the Waddell Ranch properties began contributing Royalty income from that time until March 2023 when it once again returned to a

deficit position.

As of June 30, 2023, the NPI deficit for the underlying property (at 75%) was recovered from future proceeds of the Waddell Ranch properties.

Due to the NPI deficit, the Waddell Ranch properties did not contribute to royalty income for the three months

ended September 30, 2023.

As of September 3, 2023, the cumulative NPI deficit is $213,227 for the underlying property (at 75%).

The NPI deficit must be recovered from future proceeds of the Waddell Ranch properties prior to any other

proceeds being paid to the Trust.

Critical Accounting Policies and Estimates

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is included in Item 7 of the Trusts Annual Report on Form 10-K for the year ended December 31, 2022.

There have been no significant changes to the critical accounting policies during the six months

ended June 30, 2023.

There have been no significant changes to the critical accounting policies during the nine months

ended September 30, 2023.

Distributable Income Per Unit

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Qualitative and Quantitative Disclosures About Market Risk

The Trust is a passive entity and other than the Trusts ability to periodically borrow money as necessary to pay expenses, liabilities and obligations

of the Trust that cannot be paid out of cash held by the Trust, the Trust is prohibited from engaging in borrowing transactions.

The Trust is a passive entity and other than the Trusts ability to periodically borrow money as necessary to pay expenses, liabilities and obligations of

the Trust that cannot be paid out of cash held by the Trust, the Trust is prohibited from engaging in borrowing transactions.

The amount of any such borrowings is unlikely to be material to the Trust.

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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-Q

Item 1. Financial Statements