What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2022-07-28 compared with 2021-08-10 · 19 added, 414 removed, 56 unchanged (89% of the section changed)

MARKET FOR REGISTRANT’S COMMON

EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

On August 10, 2021, our shares of common stock

commenced trading on the Nasdaq Capital Market.

Prior to that, shares of our common stock were quoted on the OTC Link™

platform of OTC Markets Group, Inc.

(“OTCQB”) as a Over-The-Counter Bulletin Board company under the classification of OTCQB

utilizing the trading symbol “PMCB”.

Pursuant to a 1:1500 reverse stock split effective July 12, 2021, our trading symbol

was “PMCBD”

until August 6, 2021.

commenced trading on the Nasdaq Capital Market (“Nasdaq”).

Prior to that, shares of our common stock were quoted on the OTC

Link™ quotation platform of OTC Markets Group, Inc.

(“OTCQB”) as an Over-The-Counter Bulletin Board company under the

classification of OTCQB utilizing the trading symbol “PMCB.” As a result of a 1:1500 reverse stock split effective July 12,

2021, our trading symbol was changed to “PMCBD” until August 6, 2021.

Thereafter, it reverted to “PMCB.”

The following table sets forth the post reverse

stock split (1:1,500) high and low bid quotations reported on the OTCQB for our shares for each quarter during the two fiscal years (“FYs”)

ended April 30, 2021 and 2020.

The prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily

represent actual transactions.

stock split (1:1500) high and low bid quotations reported on the OTCQB through August 9, 2021 and Nasdaq through April 30, 2022 for our

shares for each quarter during the two fiscal years (“FYs”) ended April 30, 2022 and 2021.

The prices reflect inter-dealer

prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.

First Quarter

7 unchanged sentences

As of April 30, 2022, there were 20,721,047 issued

and outstanding shares of common stock.

and outstanding shares of our common stock.

We are informed these shares are held by approximately 1,400 shareholders of record.

8 unchanged sentences

Recent Issuance of Unregistered Securities

We issued Common Stock Purchase Warrants (“Warrants”)

to Aeon (defined below) in connection with our Block Trades (defined below).

3 unchanged sentences

5% of the number of shares of common stock sold at an exercise price equal to the price per share at which the shares were sold in the

They are exercisable by the Holder at any time and from time to time from the Sale Date through and including the expiration

date set forth in the Warrant.

They are exercisable by the holder at any time from the sale date through and including the expiration date set forth in

Each Warrant has a specified exercise price as set forth below.

19 unchanged sentences

August 10, 2020

August 23, 2021

In addition to issuances of unregistered securities

by us to our officers and directors previously disclosed in our Quarterly Reports on Form 10-Q, our Form 8-Ks and this Report, on March

1, 2021, we issued 29,144 post reverse stock split shares of restricted common stock relating to the cashless exercise of 26 warrant agreements

to an investment banker.

1, 2021, we issued 29,144 shares of restricted common stock relating to the cashless exercise of twenty-six (26) warrant agreements to

an investment banker.

The non-cash expense for these share issuances was zero.

4 unchanged sentences

SELECTED FINANCIAL DATA

We are a smaller reporting company.

we are not required to include information called for by this Item 6.

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion may contain forward-looking

statements that involve risks and uncertainties.

As described under the caption “Cautionary Note Regarding Forward-Looking Statements,”

our actual results could differ materially from those discussed here.

Factors that could cause or contribute to such differences include,

but are not limited to, any factors discussed in this section as well as factors described in Part II, Item 1A.

“Risk Factors”

and under the caption “Cautionary Note Regarding Forward-Looking Statements.”

We are a biotechnology company focused on developing

and preparing to commercialize cellular therapies for cancer and diabetes based upon our proprietary cellulose-based live cell encapsulation

technology we refer to as Cell-in-a-Box ®

We are working to advance clinical research and development of new cellular-based

therapies in oncology and diabetes.

We are actively engaged with Austrianova and other

entities in preparation for a Phase 2b clinical trial in LAPC using encapsulated live cells like those used in the previous Phase 1/2

and Phase 2 clinical trials discussed above.

On September 1, 2020, the Company submitted an

IND to the FDA for our planned Phase 2b clinical trial in LAPC.

On October 1, 2020, the Company received notice from the FDA that it had

placed our IND on clinical hold.

On October 30, 2020, the FDA sent a letter to us setting forth the reasons for the clinical hold and

specific guidance on what we must do to have the clinical hold lifted.

For the purpose of addressing the clinical hold,

the Company has assembled a team of regulatory and scientific experts to respond to the items requested by the FDA.

That team has been

working to complete the list of items requested by the FDA.

For a complete discussion of what the FDA requires of the Company

and the efforts undertaken to lift the clinical hold, see Item 1.

Business under the Section entitled, “Our Investigational New

Drug Application and the Clinical Hold”

of this Report.

We have also been

considering ways to exploit the benefits of the Cell-in-a-Box ®

technology to

develop therapies for cancer that involve prodrugs based upon certain constituents of the Cannabis plant.

constituents are of the class of compounds known as “cannabinoids”.

In addition, we have been exploring

ways to delay the production and accumulation of malignant ascites fluid that results from many types of abdominal cancerous tumors.

Malignant ascites fluid is secreted by abdominal cancerous tumors into the abdomen after the tumors have reached a certain stage of growth.

This fluid contains cancer cells that can seed and form new tumors throughout the abdomen.

This fluid accumulates in the abdominal cavity,

causing swelling of the abdomen, severe breathing difficulties and extreme pain.

We have also been developing a potential

therapy for Type 1 diabetes and insulin-dependent Type 2 diabetes Our product candidate for the treatment of diabetes consists of

encapsulated genetically modified insulin-producing cells.

The encapsulation will be done using the Cell-in-a-Box ®

Implanting these cells in the body is designed to function as a bio-artificial pancreas for purposes of insulin

However, with respect to our programs involving

cannabinoids, malignant ascites fluid and diabetes, until:

(i) the FDA allows us to commence a clinical trial in LAPC described in our

IND for which the FDA has placed a clinical hold;

(ii) we validate our Cell-in-a-Box ®

encapsulation technology in our planned

Phase 2b clinical trial in LAPC and (iii) the availability of sufficient additional funding, we are not spending any further resources

developing these programs.

Reverse stock split

Effective July 12, 2021, the Company filed a

Certificate of Change with the Nevada Secretary of State that authorized a 1-for-1,500 reverse stock split.

The reverse stock split

resulted in the Company reducing the authorized number of shares of common stock to 33,333,334 and the issued shares of common stock

to 1,611,671 (subject to adjustment based on issuances of additional shares as

applicable due to the rounding up of fractional shares resulting from the 1:1,500 reverse stock split).

All warrants, option, share

and per share information in this Report gives retroactive effect to such one-for-fifteen hundred reverse stock split.

COVID-19 Potential Impact on the Financial

Condition and Results of Operations

COVID-19 is causing significant,

industry-wide delays in clinical trials.

Although we are not yet in a clinical trial, we have filed an IND with the FDA to commence a

clinical trial in LAPC.

While the IND has been placed on clinical hold by the FDA, we have assessed the impact of COVID-19 on our operations.

As of the date of this Report, we believe the COVID-19 pandemic has had an impact upon our operations, primarily relating to delays in

tasks associated with the preparation of the Company’s responses to the FDA’s clinical hold, including all requested preclinical

studies and assays.

There may be further delays in generating responses to the requests from the FDA related to the clinical hold.

of these delays are due to the impact of the COVID-19 pandemic in foreign countries where we are conducting these preclinical studies

and assays, including India, Europe, Singapore and Thailand.

There have also been supply chain interruptions due to the COVID-19 pandemic.

Further, many clinical trials

have been delayed due to COVID-19.

There are numerous reasons for these delays.

For example, patients have shown a reluctance to enroll

or continue in a clinical trial due to fear of exposure to COVID-19 when they are in a hospital or doctor’s office.

There are local,

regional and state-wide orders and regulations restricting usual normal activity by people.

These discourage and interfere with patient

visits to a doctor’s office if the visit is not COVID-19 related.

Healthcare providers and health systems have shifted their resources

away from clinical trials toward the care of COVID-19 patients.

The FDA and other healthcare providers are making product candidates for

the treatment of COVID-19 a priority over product candidates unrelated to COVID-19.

As a result of COVID-19

and the mitigation efforts to address it, we may experience additional disruptions that could adversely impact our business and

clinical trial, if allowed to proceed, including:

(i) delays or difficulties in enrolling patients in our Phase 2b clinical trial if the FDA

allows us to go forward with the trial;

(ii) delays or difficulties in clinical site activation, including difficulties in

recruiting clinical site investigators and clinical site personnel;

(iii) delays in clinical sites receiving the supplies and

materials needed to conduct our clinical trial, including interruption in global shipping that may affect the transport of our

clinical trial product;

(iv) changes in local regulations as part of a response to the COVID-19 pandemic which may require us to

change the ways in which our clinical trial is to be conducted, which may result in unexpected costs, or to discontinue the clinical

trial altogether;

(v) diversion of healthcare resources away from the conduct of clinical trials, including the diversion of

hospitals serving as our clinical trial sites and hospital staff supporting the conduct of our clinical trial;

(vi) interruption of

key clinical trial activities, such as clinical trial site monitoring, due to limitations on travel imposed or recommended by

federal or state governments, employers and others, or interruption of clinical trial subject visits and study procedures, the

occurrence of which could affect the integrity of clinical trial data;

(vii) risk that participants enrolled in our clinical trials

will acquire COVID-19 while the clinical trial is ongoing, which could impact the results of the clinical trial, including by

increasing the number of observed adverse events;

(viii) delays in necessary interactions with local regulators, ethics committees,

and other important agencies and contractors due to limitations in employee resources or forced furlough of government employees;

(ix) limitations in employee resources that would otherwise be focused on the conduct of our clinical trial because of sickness of

employees or their families or the desire of employees to avoid contact with large groups of people;

(x) refusal of the FDA to

accept data from clinical trials in affected geographies;

and (xi) interruption or delays to our clinical trial activities.

As a result of the COVID-19

pandemic, commencement of our planned clinical trial to treat LAPC may be delayed beyond the lifting of the clinical hold by the FDA should

Also, enrollment may be difficult for the reasons discussed above.

In addition, after enrollment in the trial, if patients

contract COVID-19 during their participation in the trial or are subject to isolation or shelter in place restrictions, this may cause

them to drop out of our clinical trial, miss scheduled therapy appointments or follow-up visits or otherwise fail to follow the clinical

trial protocol.

If patients are unable to follow the clinical trial protocol or if the trial results are otherwise affected by the consequences

of the COVID-19 pandemic on patient participation or actions taken to mitigate COVID-19 spread, the integrity of data from the clinical

trial may be compromised or not be accepted by the FDA.

This could further adversely impact or delay our clinical development program

if the FDA allows it to proceed.

It is highly speculative in

projecting the effects of COVID-19 on our proposed clinical development program and the Company generally.

Moreover, the various precautionary

measures taken by many governmental authorities around the world in order to limit the spread of COVID-19 has had and may continue to

have an adverse effect on the global markets and global economy, including on the availability and pricing of employees, resources, materials,

manufacturing and delivery efforts and other aspects of the global economy.

The continuation of the COVID-19 pandemic could materially

disrupt our business and operations, hamper our ability to raise additional funds or sell or securities, continue to slow down the overall

economy, curtail consumer spending, interrupt our sources of supply, and make it hard to adequately staff our operations.

of COVID-19 quickly and dramatically change over time.

Its evolution is difficult to predict, and no one is able to say with certainty

when the pandemic will cease to have an impact on our operations.

Performance Indicators

Non-financial performance indicators used by management

to manage and assess how the business is progressing will include, but are not limited to, the ability to:

(i) acquire appropriate funding

for all aspects of our operations;

(ii) acquire and complete necessary contracts;

(iii) complete activities for producing genetically

modified human cells and having them encapsulated for our preclinical studies and the planned Phase 2b clinical trial in LAPC;

regulatory work completed to enable studies and trials to be submitted to regulatory agencies;

(v) complete all required tests and studies

on the cells and capsules we plan to use in our clinical trial in patients with LAPC;

(vi) ensure completion of the production of encapsulated

cells according to cGMP regulations to use in our planned clinical trial;

(vii) complete

all of the tasked the FDA requires of us in order to have the clinical hold lifted;

and (viii) obtain approval from the FDA to lift the

clinical hold on our IND that we may commence our planned Phase 2b clinical trial in LAPC.

There are numerous items required to be completed

successfully to ensure our final product candidate is ready for use in our planned clinical trial in LAPC.

The effects of material transactions

with related parties, and certain other parties to the extent necessary for such an undertaking, may have substantial effects on both

the timeliness and success of our current and prospective financial position and operating results.

Nonetheless, we are actively working

to ensure strong ties and interactions to minimize the inherent risks regarding success.

We do not believe there are factors which will

cause materially different amounts to be reported than those presented in this Report.

We aim to assess this regularly to provide accurate

information to our shareholders.

Liquidity and Capital Resources

Our Consolidated Financial statements and related

Notes have been prepared on a going-concern basis;

however, the following conditions raise substantial doubt about the Company's ability

We have not generated any revenues and have not yet achieved profitable operations.

There is no assurance that profitable operations,

if ever achieved, could be sustained on a continuing basis.

The Consolidated Financial Statements do not include any adjustments that

might be necessary should we be unable to continue in existence.

We have not generated any revenues and have not yet achieved profitable

Also, development activities, preclinical studies, clinical trials and commercialization of our product candidates will require

significant additional capital resources.

Our deficit accumulated through April 30, 2021 was $107,409,493.

We expect to incur substantial

and increasing losses in future periods.

Our total cash in the bank was $2,202,106 and $894,861 as of April 30, 2021 and 2020, respectively.

Our net loss was $3,551,236 and $3,826,888 for the years ended April 30, 2021 and 2020, respectively.

Cash flows from investing activities

were $0 for the years ended April 30, 2021 and 2020.

Net cash provided by financing activities was $4,636,807 and $2,725,848 for the years

ended April 30, 2021 and 2020, respectively.

For more information, see the discussion under the caption “—Discussion of Operating,

Investing and Financing Activities”

in this Item 7.

Our ability to successfully pursue our business

is subject to certain risks and uncertainties, including, among other things, uncertainty of product development, uncertainty that the

FDA will lift the clinical hold, uncertainty that the FDA will approve our IND after we have submitted our responses to the FDA’s

clinical hold, need to raise additional capital to fund our various studies and FDA submissions, competition from third parties, uncertainty

of capital availability, in particular, when we lose the ability to utilize our currently active S-3 registration statement upon the filing

of this Report, uncertainty in our ability to enter agreements with collaborative partners, dependence on third parties and dependence

on key personnel.

We plan to finance future operations with a combination of proceeds from the issuance of equity, debt, licensing fees

and revenues from future product sales, if any.

We have not generated positive cash flows from operations.

There are no assurances that

we will be successful in obtaining an adequate level of funding for the development and commercialization of our product candidates.

We do not believe there are trends, events or

uncertainties that have, or are reasonably likely to have, a material effect on our short-term or long-term liquidity.

Our R&D activities

are scalable.

This means that we can increase or decrease the expenses associated with our planned preclinical studies and clinical trials

based on our available cash.

We have no contractual obligations to perform preclinical studies or clinical trials.

For the time being,

the principal source of our cash is the sale of our common stock in registered offerings and private placements.

However, there are no

assurances that such sales will be sufficient to fund our planned clinical trial and other R&D costs.

The Statement of Cash Flow is the focal point

for our liquidity, although the exercising of warrants and/or options at appropriate times by our investors, consultants, officers and

directors will have potentially important positive effects on our liquidity.

We also believe that the relationship between changes in

operating results may induce changes in liquidity.

For example, we may experience material changes in working capital components due to

the acquisition of new capital through the sale of our common stock and the conversion of warrants and/or options by our investors, consultants,

officers and directors.

We rely solely on working capital as our liquidity indicator, since we do not presently have any open credit lines;

however, we may try to obtain credit lines or other credit facility in the future.

Further, as has often been a part of our mechanism

to maintain overall liquidity, internal sources of liquidity from others associated with us may be utilized when needed.

We do not utilize any advanced methodology of

cash management beyond paying our normal expenses.

On February 22, 2018, we entered into a financial

advisory offering and an “at the market offering”

engagement agreement (“Aeon Agreement”) with Aeon Capital, Inc.

(“Aeon”) pursuant to which Aeon agreed to use its reasonable best efforts to act as our agent for the sale of up to $25,000,000

of our common stock in “at-the-market,”

or privately negotiated transactions, or transactions structured as a public offering

of a distinct block or blocks of the shares of our common stock (“Block Trades”).

In connection with a transaction deemed

to be an “at the market offering”, we agreed to pay Aeon a cash fee of 3% of the aggregate sales price from the sale of shares

of our common stock.

In connection with a transaction structured as a Block Trade, we agreed to pay Aeon a cash fee of 7% of the aggregate

sales price of any Block Trade sold under the Aeon Agreement unless the Company introduced the investor to Aeon, in which event the fee

is 4%, plus five-year warrants representing 5% of the number of shares of common stock sold at an exercise price equal to the price per

share at which the shares were sold in the Block Trade.

We also agreed to reimburse certain expenses of Aeon in an amount not to exceed

In addition, we agreed to provide Aeon with customary indemnification rights.

On February 4, 2021, the Aeon Agreement was terminated.

From May 1, 2020 to April 30, 2021, the Company

sold approximately 462,000 shares of our common stock structured as a Block Trade.

The issuance of these shares resulted in gross proceeds

of approximately $4.7 million.

Pursuant to the Aeon Agreement, we incurred fees of approximately $472,000 and provided warrant coverage

of 5% of the number of shares sold with a five-year term of approximately 23,000 warrant shares.

On April 26, 2021 we entered into an engagement

letter with H.C.

Wainwright & Co., LLC, as underwriter, with respect to the securities to be offered in a proposed public offering

We require substantial additional capital to finance

our planned business operations and expect to incur operating losses in the future due to the expenses related to our core businesses.

We have not realized material revenue since we commenced doing business as a biotechnology company, and there can be no assurance that

we will be successful in generating revenues in the future in this sector.

As of April 30, 2021, we had approximately $2,202,000

in cash in our bank account at that time the cash expenditures were approximately $200,000 per month.

We believe our cash on hand, potential future

sales of registered and unregistered shares of our common stock and the proceeds of the offering led by H.C.

Wainwright & Co., LLC

will provide sufficient capital to meet our capital requirements and to fund our operations through August 31, 2022.

We will continue to be dependent on outside capital

to fund our research and operating expenditures for the foreseeable future.

If we fail to generate positive cash flows or fail to obtain

additional capital when required, we may need to modify, delay or abandon some or all our business plans.

Subsequent Events

On August 9, 2021, we entered into an underwriting

agreement with H.C.

Wainwright & Co., LLC with respect to a public offering of 2,630,385 shares of our common stock, 899,027 prefunded

warrants and 3,529,412 accompanying common warrants.

The total gross proceeds of the offering before deduction of underwriting discounts,

commissions and estimated offering expenses are expected to be $15 million.

In such offering, we granted the underwriter an

option for a period of 30 days commencing on August 9, 2021 to purchase additional shares of our common stock and/or accompanying warrants.

If the underwriter exercises such option in full, the total gross proceeds of the offering before deduction of underwriting discounts,

commissions and estimated offering expenses are expected to be $17,249,998.

Year ended April 30, 2021 compared to year

ended April 30, 2020

We had no revenues in the fiscal years ended April

30, 2021 and 2020.

Operating Expenses

The total operating expenses during the year ended

April 30, 2021 decreased by $203,414 to $3,622,981 from $3,826,395 in the year ended April 30, 2020.

The decrease is mainly attributable

to a decrease in compensation expense and in consulting expense as we awarded less stock-based consulting fees and compensation in 2021

than in 2020, net of increases in R&D costs and legal and professional expense.

Operating expenses:

Compensation expense

Director fees

General and administrative, legal and professional

Loss from Operations

Loss from operations during the year ended April

30, 2021 decreased by $203,414 to $3,622,981 from $3,826,395 in the year ended April 30, 2020.

The decrease is mainly attributable to

decreases in compensation expense, director fees and in consulting expense net of increases in R&D costs and legal and professional

Other Income (Expenses), Net

Other income, net for the year ended April 30,

2021 was $71,745 as compared to other expense, net of $493 in the year ended April 30, 2020.

Other income, net for the year ended April

30, 2021, is attributable to the forgiveness of the Paycheck Protection Program (“PPP”) loan and accrued interest of $75,979

net of interest and other expenses of $4,234.

Discussion of Operating, Investing and Financing

The following table presents a summary of our

sources and uses of cash for the years ended April 30, 2021 and 2020.

Net cash used in operating activities:

$ (3,330,889 )

$ (2,338,373 )

Net cash used in investing activities:

Net cash provided by financing activities:

Effect of currency rate exchange

Increase in cash

Operating Activities:

The cash used in operating activities for the

years ended April 30, 2021 and 2020 is a result of our net losses offset by securities issued for services and compensation, changes

to prepaid expenses, accounts payable and accrued expenses.

Investing Activities :

investing activities for the years ended April 30, 2021 and 2020.

Financing Activities :

The cash provided from financing activities for

the years ended April 30, 2021 and 2020 is mainly attributable to the proceeds from the sale of our common stock.

Off-Balance Sheet Arrangements

Except as described below, we have no off-balance

sheet arrangements that could have a material current effect or that are reasonably likely to have a material adverse effect on our financial

condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

On May 14, 2018, we entered into amendments to

all of the material agreements with SG Austria and Austrianova.

See Section entitled, History of the Business”

above for a description of these amendments.

Critical Accounting Estimates and Policies

Our Consolidated Financial Statements are prepared

in accordance with U.S.

generally accepted accounting principles (“U.S.

GAAP”).

We are required to make assumptions and estimates

about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue and expenses and the related

We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management

believes to be relevant at the time our Consolidated Financial Statements are prepared.

On a regular basis, management reviews the accounting

policies, assumptions, estimates and judgments to ensure that our Consolidated Financial Statements are presented fairly and in accordance

However, because future events and their effects cannot be determined with certainty, actual results could differ from

our assumptions and estimates, and such differences could be material.

Our significant accounting policies are discussed

in Note 2 of the Notes to our Consolidated Financial Statements included in Item 8, “Financial Statements and Supplementary Data”

of this Report.

Management believes that the following accounting estimates are the most critical to aid in fully understanding and evaluating

our reported financial results and require management’s most difficult, subjective or complex judgments resulting from the need

to make estimates about the effects of matters that are inherently uncertain.

Management has reviewed these critical accounting estimates

and related disclosures with our Board.

Research and Development Expenses

R&D expenses consist of costs incurred for

direct and overhead-related research expenses and are expensed as incurred.

Costs to acquire technologies, including licenses, that are

utilized in R&D and that have no alternative future use are expensed when incurred.

Technology developed for use in our product candidates

is expensed as incurred until technological feasibility has been established.

Stock-Based Compensation

Our stock-based compensation plans are described

in Note 4 and 5 of the Notes of the Consolidated Financial Statements to this Report.

We follow the provisions of ASC 718, Compensation

- Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all stock-based

awards made to employees.

Effective August 1, 2018, we adopted ASU 2018-07 Compensation - Stock Compensation (Topic 718):

- Improvements

to Nonemployee Share-Based Payment Accounting, which simplified the guidance for accounting for nonemployee share-based payment transactions

for acquiring goods and services from nonemployees.

Net Income (Loss) Per Share

Basic net income (loss) per share of common stock

is computed using the weighted-average number of common stock shares outstanding.

Diluted net income (loss) per share of common stock

is computed using the weighted-average number of shares of common stock and shares of common stock equivalents outstanding.

dilutive stock options and warrants to purchase 44,314 and 76,727 post reverse stock split shares of common stock at April 30, 2021 and

2020, respectively, were excluded from the computation of diluted net income (loss) per share because the effect would be anti-dilutive.

New Accounting Pronouncements

For a discussion of all recently adopted and recently

issued but not yet adopted accounting pronouncements, see “Recent Accounting Pronouncements”

in Note 2 of our Notes to our

Consolidated Financial Statements included in Item 8, “Financial Statements and Supplementary Data”

of this Report.

QUANTITATIVE AND QUALITATIVE DISCLOSURES

ABOUT MARKET RISK

We are a smaller reporting company and are not

required to include information called for by this Item 7A.

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 5. Market for Registrant’s Common Equity