What changed in this filing

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Item 7. Management’s Discussion and Analysis

2025-09-29 compared with 2024-09-30 · 142 added, 125 removed, 172 unchanged (61% of the section changed)

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

should read the following discussion and analysis of our business and results of operations in conjunction with the information set forth

in our consolidated financial statements and notes thereto appearing under Part II, Item 8, “Financial Statements and Supplementary

Data” of this Annual Report on Form 10-K.

Our discussion includes forward-looking statements based upon current expectations that

involve risks and uncertainties, such as our plans, objectives, expectations and intentions.

Actual results and the timing of events

could differ materially from those anticipated in these forward-looking statements as a result of a number of factors.

See “Forward-Looking

Statements” on page 3 of this Annual Report on Form 10-K.

As used herein, references to the “Company,” “Propanc,”

“we,” “our,” and “us” refer to Propanc Biopharma, Inc.

and its consolidated subsidiary, unless otherwise

should read the following discussion and analysis of our business and results of operations in conjunction with the information set

forth in our consolidated financial statements and notes thereto appearing under Part II, Item 8, “Financial Statements and

Supplementary Data” of this Annual Report on Form 10-K.

Our discussion includes forward-looking statements based upon current

expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions.

Actual results and

the timing of events could differ materially from those anticipated in these forward-looking statements because of several factors.

See “Forward-Looking Statements” on page 3 of this Annual Report on Form 10-K.

As used herein, references to the

“Company,” “Propanc,” “we,” “our,” and “us” refer to Propanc Biopharma,

and its consolidated subsidiary, unless otherwise indicated.

Dollars are denoted herein by “USD,” “$” and “dollars”.

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included under “Business,” “Selected Consolidated Financial Data” and our consolidated financial statements and

the accompanying notes included elsewhere in this prospectus.

the accompanying notes included elsewhere in this filing.

The discussion and analysis below are based on comparisons between our

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that could impact our business.

We undertake no obligation to publicly update or revise these statements, whether as a result of new

We undertake no obligation to publicly update or revise these statements, whether because of new

information, future events or otherwise, except to the extent required by the federal securities laws.

information contained in this discussion and elsewhere in this prospectus may include “forward-looking statements” within

information contained in this discussion and elsewhere in this filing may include “forward-looking statements” within

the meaning of the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbor created by that act.

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We caution readers that certain important factors may affect our actual results and could cause such results to differ materially from

any forward-looking statements which may be deemed to have been made in this prospectus or which are otherwise made by or on our behalf.

For this purpose, any statements contained in this prospectus that are not statements of historical fact may be deemed to be forward-looking

any forward-looking statements which may be deemed to have been made in this filing or which are otherwise made by or on our behalf.

For this purpose, any statements contained in this filing that are not statements of historical fact may be deemed to be forward-looking

Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,”

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uncertainties associated with:

ability to raise capital necessary to sustain our anticipated operations and implement our business plan;

ability to raise capital is necessary to sustain our anticipated operations and implement our business plan;

ability to implement our business plan;

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weather conditions.

are also subject to other risks detailed from time to time in our other filings with the SEC and elsewhere in this prospectus.

are also subject to other risks detailed from time to time in our other filings with the SEC and elsewhere in this filing.

or more of these uncertainties, risks and other influences could materially affect our results of operations and whether forward-looking

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statements, whether from new information, future events or otherwise.

are also subject to other risks detailed from time to time in our other filings with SEC and elsewhere in this prospectus.

are also subject to other risks detailed from time to time in our other filings with SEC and elsewhere in this filing.

more of these uncertainties, risks and other influences could materially affect our results of operations and whether forward-looking

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Company was originally formed in Melbourne, Victoria, Australia on October 15, 2007, as Propanc PTY LTD.

On November 23, 2010, Propanc

Health Group Corporation was incorporated in the State of Delaware and in January 2011, to reorganize our Company, we acquired all of

the outstanding shares of Propanc PTY LTD on a one-for-one basis, whereby Propanc PTY LTD became our wholly-owned subsidiary.

April 20, 2017, we changed our name to “Propanc Biopharma, Inc.” to better reflect our current stage of operations and development.

On November 23, 2010,

Propanc Health Group Corporation was incorporated in the State of Delaware and in January 2011;

to reorganize our Company, we

acquired all the outstanding shares of Propanc PTY LTD on a one-for-one basis, whereby Propanc PTY LTD became our wholly owned

Effective April 20, 2017, we changed our name to “Propanc Biopharma, Inc.” to better reflect our current

stage of operations and development.

are a development-stage healthcare company that is currently focused on developing new cancer treatments for patients suffering from

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Utilizing our scientific and oncology consultants, we have developed a rational, composite

formulation of anti-cancer compounds, which together exert a number of effects designed to control or prevent tumors from recurring and

formulation of anti-cancer compounds, which together exert several effects designed to control or prevent tumors from recurring and

spreading through the body.

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inactive precursors of enzymes.

August 7, 2024, we received written consent in lieu of a meeting by the holders of a majority of the voting power of our outstanding

capital stock as of August 7, 2024 and our Board of Directors approving such actions as are necessary for us to proceed to, and accordingly

intends to, effectuate and execute a reverse stock split of our issued and outstanding shares of common stock at a ratio somewhere between

one post-split share per ten thousand pre-split shares (1:10,000) and one post-split share per one hundred thousand pre-split shares

(1:100,000) (the “Reverse Stock Split”).

Proportional adjustments for the Reverse Stock Split will be made to our outstanding

stock options, warrants and equity incentive plans.

We are awaiting the approval of Financial Industry Regulatory Authority (“FINRA”)

for the market effectiveness of the Reverse Stock Split.

of Operations

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the years ended June 30, 2025 and 2024, we generated no revenue because we are currently undertaking research and development activities

for market approval and no sales were generated in this period.

for market approval and no sales were generated during these periods.

Administration

expense decreased to $1,253,797 for the year ended June 30, 2024 as compared to $1,499,885 for the year ended June 30, 2023.

This decrease

of approximately $246,000 is primarily attributable to a decrease of approximately $156,000 in general consulting, legal and investor

relation fees and decrease in stock-based expenses of approximately $136,000, decrease of approximately $40,000 in employee remuneration

expense and decrease in accounting fees of approximately $11,000 offset by increase in marketing expenses of approximately $91,000 and

increase in other general and administrative expenses of approximately $5,000.

expenses increased to $57,027,850 for the year ended June 30, 2025, as compared to $1,253,797 for the year ended June 30, 2024.

This increase

increase of approximately $55,774,000 is primarily attributable to the increase in stock-based compensation expenses of

approximately $37,800,000 to our officers and an employee, stock based consulting and legal services of approximately $18,169,000,

increase of approximately $1,000 in employee remuneration expense, and increase in other general and administrative expenses of

approximately $1,000 offset by decrease of approximately $103,000 in general consulting, legal and investor relation fees, decrease

in accounting fees of approximately $4,000, and decrease in marketing expense of approximately $90,000.

expenses decreased to $26,560 for the year ended June 30, 2025, as compared to $34,150 for the year ended June 30, 2024.

This decrease

of approximately $8,000 is primarily attributable to exchange rate movements over the period when compared to the same period in 2024.

and Development Expenses

and development expenses were increased to $248,102 for the year ended June 30, 2024 as compared to $247,919 for the year ended June

30, 2023, an increase in research and development expenses of approximately $180.

and development expenses decreased to $223,721 for the year ended June 30, 2025 as compared to $248,102 for the year ended June

30, 2024, a decrease in research and development expenses of approximately $24,000.

research and development expenses are related to the two-year collaboration agreement with University of Jaén, which was executed

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effects of pancreatic proenzymes against the tumor microenvironment.

expense increased to $665,841 for the year ended June 30, 2024, as compared to $532,821 for the year ended June 30, 2023.

Additionally, we also allocate a portion of the management’s

salary to research and development expenses.

The overall decrease in research and development expenses is primarily related to our cost-cutting

measures due to lack of working capital funding.

Further research and development collaborations are currently under negotiation with

the University of Jaén and other contract research organizations in preparation for upcoming available working capital for future

research and development expenses.

expense decreased to $563,757 for the year ended June 30, 2025, as compared to $665,841 for the year ended June 30, 2024.

Interest expense

is primarily comprised of approximately $574,000 of debt discount amortization and accretion of put premium and $79,000 of interest expense

from accrual of interest expense and other financing fees for the year ended June 30, 2024.

This increase in interest expense of approximately

$133,000 is primarily attributable to the increase in amortization of debt discount of approximately $91,000 and increase of approximately

$47,000 in accretion of put.

expense were increased to $141,012 for the year ended June 30, 2024 as compared to $0 for the year ended June 30, 2023.

increase is primarily attributable to the issuance of convertible notes in August 2023, October 2023 and April 2024 to GS Capital which

initial value was bifurcated from the embedded conversion option and was recorded as derivative expense.

is primarily comprised of approximately $304,000 of debt discount amortization and $255,000 of interest expense from accrual of interest

expense and other financing fees for the year ended June 30, 2025.

This decrease in interest expense of approximately $102,000 is primarily

attributable to the increase decrease of approximately $280,000 in accretion of put offset by increase in amortization of debt discount

of approximately $10,000 and increase in accrual of interest expense of approximately $176,000.

expenses were increased to $333,596 for the year ended June 30, 2025, as compared to expense of $141,012 for the year ended June 30,

This increase is primarily attributable to the increase in the issuance of convertible notes which initial value was

bifurcated from the embedded conversion option and was recorded as derivative expense

in Fair Value of Derivative Liabilities

in fair value of derivative liabilities were increased to a gain of $316,537 for the year ended June 30, 2024 as compared to a loss of

in fair value of derivative liabilities decreased to a gain of $212,450 for the year ended June 30, 2025, as compared to a gain of

$316,537 for the year ended June 30, 2024.

This increase in gain of approximately $847,000 is primarily attributable to the decrease

in fair value of the principal amount of convertible notes with bifurcated embedded conversion option derivatives as a result of the

This decrease of approximately $104,000 is primarily attributable to the decrease

in fair value of the principal amount of convertible notes with bifurcated embedded conversion option derivatives because of the

decrease in stock prices during the year ended June 30, 2025.

from Settlement of accounts payable

from settlement of accounts payable was $0 for the year ended June 30, 2024 as compared to $17,499 for the year ended June 30, 2023.

On August 16, 2022, the Company and a third-party investor relations consultant agreed to settle an outstanding payable of $23,050 in

exchange for 2,305,000 warrants to purchase the Company’s common stock at $0.01 per share with an expiry date of August 16, 2025

and fair market value of $5,551.

Accordingly, the Company recognized gain from settlement of accounts payable of $17,499 during the year

ended June 30, 2023.

on Extinguishment of Debt, net

(Loss) on Extinguishment of Debt, net

the year ended June 30, 2025, convertible notes containing bifurcated embedded conversion option derivatives with principal aggregate

amount of $54,850, accrued interest of $4,365 and conversion fees of $3,770 containing bifurcated embedded conversion option derivatives

which were converted into common stock.

Accordingly, the fair market value of the shares issued upon conversion was $154,154, resulting

in a loss on extinguishment at the time of conversion of $91,169 and $73,640 of derivative liability fair value and was recorded as a

gain on extinguishment at the time of conversion, resulting in a net loss of $17,529 which is included in gain (loss) on extinguishment

of debt in the accompanying consolidated statements of operations.

January 5, 2025 and March 5, 2025, the Company issued an aggregate of 51,000 shares of common stock to certain vendors in exchange for

payment of outstanding balance of accounts payable of $129,354 pursuant to debt exchange agreements.

Those shares were valued at an average

price of $8.58 or $437,500, being the closing prices of the stock on the date of grants.

Common stock issuable of 7,750 shares shall

be issued due to the reduced offering price provision as defined in the debt exchange agreement to such vendor.

Accordingly, the fair

market value of the shares issued and issuable was $468,500, resulting in a loss on extinguishment of debt at the time of exchange of

$339,146 during the year ended June 30, 2025.

January 23, 2025, the Company entered into a debt exchange agreement with the former director and issued 30,000 shares of common stock

in exchange for the total outstanding loan of $74,395.

Accordingly, the fair market value of the shares issued was $375,000, resulting

in a loss on extinguishment of debt at the time of exchange of $300,605 during the year ended June 30, 2025.

February 5, 2025, the Company entered into debt exchange agreements with the two investors and issued an aggregate of 30,000 shares of

common stock in exchange for the total outstanding loan including accrued interest of $86,248.

Accordingly, the fair market value of

the shares issued was $300,000, resulting in a loss on extinguishment of debt at the time of exchange of $213,752 during the year ended

June 30, 2025.

the year ended June 30, 2024, convertible notes with principal aggregate amount of convertible notes of $130,800, accrued interest of

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of $209,233 and $263,798 of derivative liability fair value was recorded as a gain on extinguishment at the time of conversion, resulting

in a net gain of $54,565 which is included in gain on extinguishment of debt in the accompanying consolidated statements of operations.

the year ended June 30, 2023, the principal aggregate amount of convertible notes of $168,200, accrued interest of $16,632 and conversion

fees of $1,838 containing bifurcated embedded conversion option derivatives were converted into common stock.

Accordingly, the fair market

value of the shares issued upon conversion was $556,272, resulting in a loss on extinguishment at the time of conversion of $369,602

and $352,051 of derivative liability fair value was recorded as a gain on extinguishment at the time of conversion, resulting in a net

loss of $17,551 which is included in gain on extinguishment of debt in the accompanying consolidated statements of operations.

Additionally,

during the year ended June 30, 2023, the Company recognized the remaining put premium of $43,520 related to a convertible note into gain

on extinguishment of debt.

The holder of such convertible note agreed to surrender all conversion rights in its currently held convertible

notes due to violation of Section 15(a)(1) of the Exchange Act, which resulted in a net gain on extinguishment of debt of $25,969 for

the year ended June 30, 2023.

in a net loss of $54,565 which is included in gain on extinguishment of debt in the accompanying consolidated statements of operations.

Currency Transaction Gain

currency transaction gain increased to a gain of $22,080 for the year ended June 30, 2024 as compared to a gain of $5,885 for the year

ended June 30, 2023.

This increase of approximately $16,000 is partially attributable to the increase in exchange rates during the year

ended June 30, 2024.

loss decreased to $1,820,528 for the year ended June 30, 2024 as compared to a net loss of $2,660,566 for the year ended June 30, 2023.

currency transaction gain (loss) decreased to a loss of $(89,243) for the year ended June 30, 2025, as compared to a gain of $22,080

for the year ended June 30, 2024.

This decrease of approximately $111,000 is partially attributable to the decrease in exchange

rates during the year ended June 30, 2025.

loss increased to $58,923,300 for the year ended June 30, 2025, as compared to a net loss of $1,820,528 for the year ended June 30,

The change relates to the factors discussed above.

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fair value of the warrants with a strike price corresponding to the reduced strike price upon the down round feature being triggered.

Accordingly, the Company recognized deemed dividend of $192,960 and $466,273 during the year ended June 30, 2024 and 2023, respectively,

with a corresponding reduction of income available to common stockholders upon the alternate cashless exercise of these warrants during

the years ended June 30, 2024 and 2023, respectively.

the Company recognized deemed dividends of $0 and $192,960 during the year ended June 30, 2025, and 2024, respectively, with a

corresponding reduction of income available to common stockholders upon the alternate cashless exercise of these warrants during the

year ended June 30, 2024.

loss available to common stockholders

loss available to common stockholders decreased to $2,013,488 for the year ended June 30, 2024 as compared to a net loss available to

common stockholders of $3,126,839 for the year ended June 30, 2023.

This decrease of approximately $1,067,000 is primarily attributable

to the change relates to the factors discussed above.

loss available to common stockholders increased to $58,923,300 for the year ended June 30, 2025, as compared to a net loss available

to common stockholders of $2,013,488 for the year ended June 30, 2024.

This increase of approximately $56,910,000 is primarily

attributable to the change relates to the factors discussed above.

and Capital Resources

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of June 30, 2025, we had total assets of $19,631,808, comprised primarily of cash of $12,088, GST tax receivable of $5,302, prepaid expenses

and other current assets of $1,406, deferred offering cost of $27,117, security deposit of $2,008, and operating lease ROU asset, net

As compared to June 30, 2023, we had total assets of $60,328, comprised primarily of cash of $10,047, GST tax receivable

of $2,867, prepaid expenses and other current assets of $6,125, property and equipment, net, of $302, operating lease ROU asset, net

of $38,988, and security deposit of $1,999.

had current liabilities of $3,792,782, primarily comprised of net convertible debt of $399,325, accounts payable and accrued expenses

of $2,100,137, employee benefit liability of $639,371, loans payable of $145,091, loans payable – related party of $71,629, note

payable, net of $204,694 and embedded conversion option liabilities of $133,886 as of June 30, 2024.

As compared to June 30, 2023, we

had current liabilities of $3,158,229, primarily comprised of net convertible debt of $390,539, loans payable of $65,280, accounts payable

and accrued expenses of $1,546,425, employee benefit liability of $587,618, and embedded conversion option liabilities of $423,209.

– current portion of $8,334,046, other current assets of $1,380, security deposit of $1,971, deferred offering cost of $291,773,

operating lease ROU asset, net of $59,413 and prepaid expenses – long-term of $10,925,835.

As of June 30, 2024, we had total assets

of $72,365, comprised primarily of cash of $21,085, GST tax receivable of $2,950, prepaid expenses and other current assets of $1,406,

deferred offering cost of $27,117, security deposit of $2,008, and operating lease ROU asset, net of $17,799.

had current liabilities of $5,578,240, primarily comprised of net convertible debt of $537,921, accounts payable and accrued

expenses of $2,926,941, employee benefit liability of $667,901, loans payable of $65,280, loans payable – related party of

$415,329, note payable, net of $543,312, embedded conversion option liabilities of $403,892 and operating lease liability of $17,664

as of June 30, 2025.

As compared to June 30, 2024, we had current liabilities of $3,792,780, primarily comprised of net convertible

debt of $399,325, accounts payable and accrued expenses of $2,100,135, employee benefit liability of $639,371, loans payable of

$145,091, loans payable – related party of $71,629, note payable, net of $204,694 and embedded conversion option liabilities

have funded our operations primarily through the issuance of equity and/or convertible securities for cash.

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for payments for research and development, administration expenses, occupancy expenses, professional fees, consultants and travel.

the year ended June 30, 2024 we received proceeds from issuance of note of $190,000, proceeds from issuance of convertible notes of $567,050,

proceeds from sale of common stock of $23,057, and total proceeds from issuance of loans payable including from a related party of $304,696.

the year ended June 30, 2025, we received proceeds from issuance of notes of $320,000, proceeds from convertible notes of $222,500,

proceeds from issuance of loans payable from related parties of $343,700 and repaid convertible note and notes payable for a total

During the year ended June 30, 2024, we received proceeds from sale of common stock of $23,057, proceeds from issuance of notes of $190,000,

proceeds from convertible notes of $567,050, proceeds from issuance of loans payable including to related parties for a total of $304,696,

and repaid convertible note of $142,909.

have substantial capital resource requirements and have incurred significant losses since inception.

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Net cash used in operating activities

$ (1,105,251 )

Net cash provided by financing activities

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cash used in operating activities was $405,168 for the year ended June 30, 2025, due to our net loss of $58,923,300 offset primarily

by non-cash charges of amortization of debt discount of $294,005, non-cash interest expense of $3,832, accretion of put premium of $279,711,

by non-cash charges of amortization of debt discount of $303,563, non-cash interest expense of $5,519, total stock-based expenses of

$55,969,230, derivative expense of $333,596, foreign currency transaction loss of $89,243, and loss from extinguishment of debt of $871,032

addback change in fair value of derivatives of $212,450.

Net changes in operating assets and liabilities totaled $1,138,212, which is

primarily attributable to an increase in accrued interest of $255,115, increase in accounts payable of $187,732 and increase in accrued

expenses and other payables of $677,889.

cash used in operating activities was $935,118 for the year ended June 30, 2024, due to our net loss of $1,820,528 offset primarily by

non-cash charges of amortization of debt discount of $294,005, non-cash interest expense of $3,832, accretion of put premium of $279,711,

derivative expense of $141,012, addback change in fair value of derivatives of $316,537, foreign currency transaction gain of $22,080,

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other payables of $209,962.

cash used in operating activities was $1,105,251 for the year ended June 30, 2023, due to our net loss of $2,660,566 offset primarily

by non-cash charges of amortization of debt discount of $202,952, total stock-based compensation of $141,356, non-cash interest expense

of $1,838, accretion of put premium of $232,674, change in fair value of derivatives of $530,330, foreign currency transaction gain of

$5,885, and $25,969 gain on extinguishment of debt.

Net changes in operating assets and liabilities totaled $472,587, which is primarily

attributable to increase in accounts payable of $80,975, increase in accrued expenses and other payables of $130,511, employee benefit

liability of $186,912, and accrued interest of $92,474.

Cash Flow from Financing Activities

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During the year ended June 30, 2024 we received net proceeds from issuance of convertible notes of $222,500, proceeds from

issuance of note of $190,000, total proceeds from issuance of loans including from a related party of $304,696, proceeds from the sale

of shares of our common stock of $23,057 offset by repayment of convertible note of $142,909.

a note of $320,000 and proceeds from issuance of loan from related parties of $343,700 offset by repayment of notes of $122,788 and

convertible note of $8,000 and deferred offering cost of $264,656.

cash provided by financing activities for the year ended June 30, 2024 was $941,894.

During the year ended June 30, 2024 we received

proceeds from the exercise of warrants of $475,000, proceeds from sale of common stock of $24,711, collections of subscription receivables

of $23,758 and proceeds from issuance of convertible notes of $590,250.

net proceeds from issuance of convertible notes of $567,050, proceeds from issuance of note of $190,000, total proceeds from issuance

of loans including from a related party of $304,696, proceeds from the sale of shares of our common stock of $23,057 offset by repayment

of convertible note of $142,909.

of Exchange Rate

effect of the exchange rate on cash resulted in a $4,262 positive adjustment to cash flows in the year ended June 30, 2024 as compared

to a $2,488 negative adjustment to cash flows in the year ended June 30, 2023.

effect of the exchange rate on cash resulted in a $94,585 negative adjustment to cash flows in the year ended June 30, 2025 as compared

to a $4,262 positive adjustment to cash flows in the year ended June 30, 2024.

The reason for the fluctuation is due to the application

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topic may be followed with a two-digit subtopic, a two-digit section or a two-or-three-digit paragraph.

ASC 815, “ Derivatives and Hedging, ” establishes accounting and reporting standards for derivative

instruments and for hedging activities by requiring that all derivatives be recognized in the balance sheet and measured at fair value.

Gains or losses resulting from changes in the fair value of derivatives are recognized in earnings.

On the date of conversion, or payoff,

of debt, we record the fair value of the conversion shares, remove the fair value of the related derivative liability, remove any discounts

and record a net gain or loss on debt extinguishment.

ASC 815, “Derivatives and Hedging,” establishes accounting and reporting standards for derivative instruments

and for hedging activities by requiring that all derivatives be recognized in the balance sheet and measured at fair value.

losses resulting from changes in the fair value of derivatives are recognized in earnings.

On the date of conversion, or payoff, of debt,

we record the fair value of the conversion shares, remove the fair value of the related derivative liability, remove any discounts and

record a net gain or loss on debt extinguishment.

Prepaid expenses – current portion and long-term portion of $8,334,046 and $10,925,835, respectively, at June 30, 2025, consist

primarily of costs paid for future services which will occur between 6 months to three years.

Prepaid expenses principally include prepayments

in fully vested, non-forfeitable equity instruments for general consulting, investor relations, and business advisory services, which

are being amortized over the terms of their respective agreements.

Accounting Pronouncements

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used in operations of $405,168.

Additionally, as of June 30, 2024, the Company had a working capital deficit, stockholders’ deficit

and accumulated deficit of $3,767,341, $3,779,059, and $66,698,220, respectively.

Additionally, as of June 30, 2025, the Company had accumulated deficit of $125,621,520.

independent registered public accounting firm has included a “Going Concern Qualification” in their audit report for each

of the fiscal years ended June 30, 2025 and 2024.

In addition, we have negative working capital and convertible debt that is past maturity

In addition, we have convertible debt that is past maturity

that we are currently negotiating with lenders in order to amend the maturity dates.

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However, there can be no assurances that any or all of these endeavors will be successful.

August 18, 2025, the Company sold 1,000,000 shares of common stock for total gross proceeds of $4,000,000.

After deducting the underwriting

commissions and offering expenses, the Company received net proceeds of $3,340,000.

Sheet Arrangements

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

What changed 10-K

Item 7. Management’s Discussion and Analysis