What changed in this filing

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Item 1. Financial Statements

2022-08-22 compared with 2022-05-13 · 188 added, 76 removed, 254 unchanged (51% of the section changed)

19 unchanged sentences

Long-term portion of operating lease liabilities

Preferred stock warrant liability

Mezzanine equity:

2 unchanged sentences

Shares issued and outstanding:

123,685 at March 31, 2022 and December 31, 2021

123,685 at June 30, 2022 and December 31, 2021

Stockholders’ deficit:

Common stock, $ 0.001 par value, 150,000,000 shares authorized, shares issued and outstanding:

90,477,798 at March 31, 2022 and December 31, 2021

90,477,798 at June 30, 2022 and December 31, 2021

Additional paid-in capital

1 unchanged sentence

( 20,680,935 )

( 20,903,146 )

Total stockholders’ deficit

( 1,694,219 )

( 1,688,658 )

Total liabilities and stockholders’ deficit

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended March 31,

Three-months ended June 30,

Six-months ended June 30,

COST OF REVENUE

3 unchanged sentences

Software development

OPERATING PROFIT (LOSS)

OPERATING INCOME (LOSS)

OTHER INCOME (EXPENSES)

Foreign exchange gain

Foreign exchange gain (loss)

Interest expense

Other income (Note 9)

INCOME BEFORE INCOME TAXES

NET LOSS BEFORE INCOME TAXES

Income tax expense

EARNINGS PER SHARE

Basic earnings per share

Diluted earnings per share

LOSS PER SHARE

Basic and diluted loss per share

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic and diluted

QUOTEMEDIA, INC.

1 unchanged sentence

PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

Series A Redeemable

Series A Redeemable Convertible

Preferred Stock

Total Stockholders’

Three months ended March 31, 2022:

Three-months ended June 30, 2022:

Number of Shares

Accumulated Deficit

Balance, December 31, 2021

Balance, March 31, 2022

$ ( 20,517,855

1 unchanged sentence

Stock-based compensation

Balance, June 30, 2022

$ ( 20,680,935

$ ( 1,694,219

Series A Redeemable Convertible

Preferred Stock

Total Stockholders’

Three-months ended June 30, 2021:

Number of Shares

Accumulated Deficit

Balance, March 31, 2021

1 unchanged sentence

$ ( 1,902,880

Series A Redeemable

Stock-based compensation

Balance, June 30, 2021

$ ( 20,935,806

$ ( 1,975,566

QUOTEMEDIA, INC.

CONDENSED STATEMENTS OF CHANGES IN SERIES A REDEEMABLE CONVERTIBLE

PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

Series A Redeemable Convertible

Preferred Stock

Stockholders’

Three months ended March 31, 2021:

Total Stockholders’

Six-months ended June 30, 2022:

Number of Shares

Accumulated Deficit

Balance, December 31, 2021

2 unchanged sentences

Stock-based compensation

Balance, March 31, 2021

Balance, June 30, 2022

$ ( 20,680,935 )

$ ( 1,694,219 )

Series A Redeemable Convertible

Preferred Stock

Total Stockholders’

Six-months ended June 30, 2021:

Number of Shares

Accumulated Deficit

Balance, December 31, 2020

$ ( 20,879,268

$ ( 1,932,906

Stock-based compensation

Balance, June 30, 2021

$ ( 20,935,806

$ ( 1,975,566

QUOTEMEDIA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended March 31,

Six-months ended June 30,

OPERATING ACTIVITIES:

14 unchanged sentences

Capitalized application software

( 1,287,716 )

( 1,048,943 )

Net cash used in investing activities

( 1,384,379 )

( 1,094,570 )

FINANCING ACTIVITIES:

11 unchanged sentences

Operating results for any quarter are not necessarily indicative of the results for any other quarter or for a full year.

In connection with the preparation of the condensed consolidated financial statements, the Company evaluated subsequent events after the balance sheet date of March 31, 2022 through the filing of this report.

As of March 31, 2022, the Company has a working capital deficit of $ 2,049,647 .

Our current liabilities include deferred revenue of $ 953,168 .

In connection with the preparation of the condensed consolidated financial statements, the Company evaluated subsequent events after the balance sheet date of June 30, 2022 through the filing of this report.

As of June 30, 2022, the Company has a working capital deficit of $ 2,324,203 .

Our current liabilities include deferred revenue of $ 1,482,540 and a $ 233,000 nonrefundable customer deposit.

The costs expected to be incurred to realize the deferred revenue in the next 12 months are minimal.

27 unchanged sentences

If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required.

The allowance for doubtful accounts was $ 150,000 as of March 31, 2022 and December 31, 2021.

Bad debt expense was $ 5,558 and $ 19,822 for the three months ended March 31, 2022 and 2021, respectively.

The allowance for doubtful accounts was $ 150,000 as of June 30, 2022 and December 31, 2021.

Bad debt expense was $ 30,633 and $ 58,502 for the three ended June 30, 2022 and 2021, respectively.

Bad debt expense was $ 36,191 and $ 78,324 for the six-months ended June 30, 2022 and 2021, respectively.

QUOTEMEDIA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

e) Accounting Pronouncements

The Company generates substantially all of its revenue from subscriptions for access to its software products and related support.

We license financial market data information on a monthly, quarterly, or annual basis.

Our products and services are divided into two main categories:

Interactive Content and Data Applications and Portfolio Management and Real-Time Quote Systems.

Subscriptions are sold for a fixed fee and revenue is recognized ratably over the term of the subscription.

The Company does not provide the customer with the right to take possession of its software products at any time.

The Company determines revenue recognition through the following steps:

Identification of the contract, or contracts, with a customer

Identification of the performance obligations in the contract

Determination of the transaction price

Allocation of the transaction price to the performance obligations in the contract

Recognition of revenue when, or as, the Company satisfies a performance obligation

The Company executes a signed contract with the customer that specifies services to be provided, the payment amounts and terms, and the period of service, among other terms.

f) Accounting Pronouncements

Recently Adopted

There are no new recently adopted accounting pronouncements for the three months ended March 31, 2022.

There are no new recently adopted accounting pronouncements for the three-months ended June 30, 2022.

Not Yet Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), which changes the impairment model for most financial assets, including accounts receivable, and replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses.

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326) , which changes the impairment model for most financial assets, including accounts receivable, and replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses.

The guidance is effective for the Company for interim and annual periods beginning after December 15, 2022.

Early adoption is permitted.

The Company is currently assessing the timing and impact of adopting ASU 2016-13 on the Company’s consolidated financial statements.

The Company does not expect that the adoption of ASU 2016-13 will have a significant impact on the Company’s consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) :

1 unchanged sentence

ASU 2020-06 simplifies the complexity associated with applying U.S.

GAAP for certain financial instruments with characteristics of liabilities and equity.

Generally Accepted Accounting Principles (“GAAP”) for certain financial instruments with characteristics of liabilities and equity.

More specifically, the amendments focus on the guidance for convertible instruments and derivative scope exception for contracts in an entity's own equity.

The new standard is effective for the Company for fiscal years beginning after December 15, 2023.

The Company is currently assessing the timing and impact of adopting ASU 2020-06 on the Company’s consolidated financial statements.

The Company does not expect that the adoption of ASU 2020-06 will have a significant impact on the Company’s consolidated financial statements.

Other accounting standards that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

PRIOR PERIOD ERROR

Subsequent to the filing of its Quarterly Report for the quarterly period ended March 31, 2022, the Company reassessed its classification of warrants to purchase shares of Series A Redeemable Convertible Preferred Stock (“Compensation Preferred Stock Warrants” – see Financial Statement Note 7 “ Redeemable Convertible Preferred Stock and S tockholders ’ Deficit” ).

The Company concluded that its original classification of the Preferred Stock Warrants as equity was incorrect and that the Preferred Stock Warrants should have been classified as a liability in accordance with Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities From Equity .

The error was not material and resulted in the following revision for the comparative December 31, 2021 Balance Sheet:

· Additional Paid-in Capital was reduced by $ 750,000

· Preferred Stock Warrant Liability was increased by $ 513,750

· Accumulated Deficit was reduced by $ 236,250

In addition, Additional Paid-in Capital was reduced by $ 750,000 and Accumulated Deficit was reduced by $ 513,750 for the comparative stockholders’ equity balances as of December 31, 2020, March 31, 2021, and June 30, 2021.

QUOTEMEDIA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Disaggregated Revenue

1 unchanged sentence

Our revenue by type of service consists of the following:

Three months ended March 31,

Three-months ended June 30,

Six-months ended June 30,

Portfolio Management Systems

9 unchanged sentences

Effects of foreign currency translation

Balance at March 31, 2022

Balance at June 30, 2022

Practical Expedients

As permitted under ASU 2014-09 (and related ASUs), unsatisfied performance obligations are not disclosed, as the original expected duration of substantially all of our contracts is one year or less.

QUOTEMEDIA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

RELATED PARTIES

2 unchanged sentences

Shworan is a control person of 410734 B.C.

At March 31, 2022 and December 31, 2021, there were no amounts due to 410734 B.C.

At June 30, 2022 and December 31, 2021, there were no amounts due to 410734 B.C.

The Company entered into a marketing agreement with Bravenet Web Services, Inc.

1 unchanged sentence

Shworan is a control person of Bravenet.

At March 31, 2022 and December 31, 2021, there was $ 12,383 and $ 11,970 , respectively, due to Bravenet related to this agreement.

At June 30, 2022 and December 31, 2021, there was $ 5,000 and $ 11,970 , respectively, due to Bravenet related to this agreement.

As a matter of policy all related party transactions are subject to review and approval by the Company’s Board of Directors.

10 unchanged sentences

For certain leases we account for the lease and non-lease components as a single lease component.

QUOTEMEDIA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Supplemental balance sheet information related to leases was as follows:

17 unchanged sentences

Finance leases

QUOTEMEDIA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Maturities of lease liabilities were as follows:

Year ending December 31,

2022 (excluding the three months ended March 31, 2022)

2022 (excluding the six-months ended June 30, 2022)

Total lease payments

Less imputed interest

The components of lease expense for the three months ended March 31, 2022 and 2021 were as follows:

The components of lease expense for the three and six-months ended June 30, 2022 and 2021 were as follows:

Three-months ended June 30,

Six-months ended June 30,

Operating lease costs:

3 unchanged sentences

Finance lease costs:

Total finance lease cost

Supplemental cash flow information for the three months ended March 31, 2022 and 2021 related to leases was as follows:

Total finance lease costs

QUOTEMEDIA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Supplemental cash flow information for the six-months ended June 30, 2022 and 2021 related to leases was as follows:

Cash paid for amounts included in the measurement of lease liabilities:

2 unchanged sentences

Financing cash flows from finance leases

There were no additional right of use assets obtained in exchange for lease obligations for the three months ended March 31, 2022 and 2021.

Right-of-use assets obtained in exchange for lease obligations:

Operating leases

REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

2 unchanged sentences

A total of 550,000 shares of the Company’s Preferred Stock are designated as “Series A Redeemable Convertible Preferred Stock.” The Series A Redeemable Convertible Preferred Stock has no dividend or voting rights.

At March 31, 2022, 123,685 shares of Series A Redeemable Convertible Preferred Stock were outstanding.

No shares of Series A Redeemable Convertible Preferred Stock were issued or redeemed during the three months ended March 31, 2022 and 2021.

At June 30, 2022, 123,685 shares of Series A Redeemable Convertible Preferred Stock were outstanding.

No shares of Series A Redeemable Convertible Preferred Stock were issued or redeemed during the three and six-months ended June 30, 2022 and 2021.

Redemption Rights

2 unchanged sentences

In addition, 1,000 Series A Redeemable Convertible Preferred Stock may be redeemed at the holder’s option at the liquidation value of $ 25 per share if the cash balance of the Company as reported at the end of each fiscal quarter exceeds $ 400,000 .

QUOTEMEDIA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

In accordance with ASC 480-10-S99, because a limited number of Series A Redeemable Convertible Preferred Stock may be redeemed at the holder’s option if the above criteria are met, it was classified as mezzanine equity and not permanent equity.

In accordance with Accounting Standards Update (“ASU”) 480-10-S99, because a limited number of Series A Redeemable Convertible Preferred Stock may be redeemed at the holder’s option if the above criteria are met, it was classified as mezzanine equity and not permanent equity.

In the event of any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary, before any distribution or payment is made to any holders of any shares of common stock, the holders of shares of Series A Redeemable Convertible Preferred Stock shall be entitled to be paid first out of the assets of the Corporation available for distribution to holders of the Company’s capital stock whether such assets are capital, surplus, or earnings, an amount equal to $25.00 per share of Series A Redeemable Convertible Preferred Stock.

b) Common stock

No shares of common stock were issued during the three months ended March 31, 2022 and 2021.

No shares of common stock were issued during the three and six-months ended June 30, 2022 and 2021.

c) Stock Options and Warrants

1 unchanged sentence

The impact of forfeitures that may occur prior to vesting is also estimated and considered in the amount recognized.

Total stock-based compensation expense, related to all of the Company’s stock-based awards, recognized for the three months ended March 31, 2022 and 2021 was comprised as follows:

Three months ended March 31,

QUOTEMEDIA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Total stock-based compensation expense, related to all of the Company’s stock-based awards, recognized for the three and six-months ended June 30, 2022 and 2021 was comprised as follows:

Three-months ended June 30,

Six-months ended June 30,

Sales and marketing

2 unchanged sentences

Common Stock Options and Warrants

There were 25,772,803 common stock warrants and options outstanding at March 31, 2022 at a weighted-average grant date exercise price of $ 0.06 .

No stock options or warrants to purchase common stock were granted or exercised during the three months ended March 31, 2022 and 2021.

The following table summarizes our non-vested common stock option and warrant activity for the three months ended March 31, 2022:

Average Grant

Date Exercise

There were 25,772,803 common stock warrants and options outstanding at June 30, 2022 at a weighted-average grant date exercise price of $ 0.06 .

No stock options or warrants to purchase common stock were granted or exercised during the six-months ended June 30, 2022 and 2021.

In the comparative six-month ended period ending June 30, 2021, 600,000 stock options were forfeited.

The following table summarizes our non-vested common stock option and warrant activity for the six-months ended June 30, 2022:

Common Stock Options

Weighted-Average Grant Date Exercise Price

Non-vested at January 1, 2022

Vested during the period

Non-vested at March 31, 2022

The following table summarizes the weighted average remaining contractual life and exercise price of common stock options and warrants outstanding at March 31, 2022:

Non-vested at June 30, 2022

The following table summarizes the weighted average remaining contractual life and exercise price of common stock options and warrants outstanding at June 30, 2022:

Common Stock Options and Warrants Outstanding

Common Stock Options and Warrants Exercisable

$ 0.03 - 0.11

QUOTEMEDIA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At March 31, 2022, there was $ 11,274 of unrecognized compensation cost related to non-vested options and warrants granted to purchase common stock which is expected to be recognized over a weighted-average period of 0.7 years.

Common Stock Options

and Warrants Exercisable

At June 30, 2022, there was $ 7,035 of unrecognized compensation cost related to non-vested options and warrants granted to purchase common stock which is expected to be recognized over a weighted-average period of 0.5 years.

All stock options and warrants to purchase common stock have been granted with exercise prices equal to or greater than the market value of the underlying common shares on the date of grant.

At March 31, 2022, the aggregate intrinsic value of options and warrants outstanding was 4,178,750 .

At June 30, 2022, the aggregate intrinsic value of options and warrants outstanding was $ 3,921,022 .

The aggregate intrinsic value of options and warrants exercisable was $ 3,756,022 .

10 unchanged sentences

The probability of the liquidity event performance condition is not currently determinable or probable;

therefore, no compensation expense has been recognized as of March 31, 2022.

therefore, no compensation expense has been recognized as of June 30, 2022.

The probability is re-evaluated each reporting period.

As of March 31, 2022, there was $ 9,173,832 in unrecognized stock-based compensation expense related to these Liquidity Preferred Stock Warrants.

As of June 30, 2022, there was $ 7,185,430 in unrecognized stock-based compensation expense related to these Liquidity Preferred Stock Warrants.

Since the Liquidity Preferred Stock Warrants only vest and become exercisable on the consummation of a Liquidity Event which is currently determined not to be probable, we are also unable to determine the weighted-average period over which the unrecognized compensation cost will be recognized.

As of March 31, 2022, there were a total of 413,493 preferred stock warrants outstanding with a weighted average remaining contractual life of 25.8 years.

As of March 31, 2022, 31,250 preferred stock warrants were exercisable.

No preferred stock warrants were granted or exercised for the three months ended March 31, 2022 and 2021.

EARNINGS PER SHARE

QUOTEMEDIA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of June 30, 2022, there were a total of 413,493 preferred stock warrants outstanding with a weighted average remaining contractual life of 25.5 years.

As of June 30, 2022, 31,250 preferred stock warrants were exercisable.

No preferred stock warrants were granted or exercised for the three and six-months ended June 30, 2022 and 2021.

Fair Value Measurement of Compensation Preferred Stock Warrants

The Company adheres to ASC 820, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements;

accordingly, the standard does not require any new fair value measurements of reported balances.

ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement.

Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability.

As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

· Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company could access.

· Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals.

· Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity.

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

The estimated fair value of the Preferred Stock Warrant liability is determined using Level 3 inputs.

As of June 30, 2022 and December 31, 2021, the fair value of the Preferred Stock Warrant Liability was $ 587,440 and $ 513,750 , respectively.

The Preferred Stock Warrants were valued using a bond plus option framework reflecting the cash flow of the Preferred Stock Warrants and used a probability weighted sum of the value in each potential year before expiration to estimate the fair value of the Preferred Stock Warrants.

Volatility was based on public peer companies, adjusted for size and leverage.

Risk-free rate was selected based on term matched Treasury securities.

Bond repayment depends on the Company’s timely access to the required cash and as such, is discounted at the Company’s assumed borrowing rate.

This model was run based on the Management's expected term and probabilities of a liquidity event.

The key inputs for the framework were as follows as of June 30, 2022 and December 31, 2021:

Valuation Inputs

June 30, 2022

December 31, 2021

Expected Time to Expiration

Stock Price on Valuation Date

5-Year Peer Volatility

Cash Flow Discount Rate

The following table sets forth a summary of the changes in the fair value of the Level 3 Preferred Stock Warrant Liability for the three and six-months ended June 30, 2022:

Preferred Stock Warrant Liability

Fair value as of December 31, 2021

Change in fair value

Fair value as of March 31, 2022

Change in fair value

Fair value as of June 30, 2022

The changes in fair value attributable to the Preferred Stock Warrants are recorded as an adjustment to stock compensation expense and reported in Sales and Marketing expense on the Statements of Operations.

The changes in fair value for the Preferred Stock Warrant Liability in the comparative three and six-months periods ended June 30, 2021 were insignificant.

LOSS PER SHARE

Basic net income per share is computed by dividing net income during the period by the weighted-average number of common shares outstanding, excluding the dilutive effects of common stock equivalents.

4 unchanged sentences

Therefore, in periods when a loss is reported, the calculation of basic and dilutive loss per share results in the same value.

The calculations for basic and diluted net income per share for the three months ended March 31, 2022 and 2021 are as follows:

Three months ended March 31,

The calculations for basic and diluted net income per share for the three and six-months ended June 30, 2022 and 2021 are as follows:

QUOTEMEDIA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three-months ended June 30,

Six-months ended June 30,

Weighted average common shares used to calculate net income per share

3 unchanged sentences

Weighted average common shares used to calculate diluted net income per share

Net income per share – basic

Net income per share – diluted

QUOTEMEDIA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Net loss per share – basic and diluted

The number of shares of potentially dilutive common stock related to options, warrants and redeemable convertible preferred stock that were excluded from the calculation of dilutive shares since the inclusion of such shares would be anti-dilutive for the three and six-month periods ended June 30, 2022 and 2021 are shown below:

Three-months ended June 30,

Six-months ended June 30,

Stock options and warrants to purchase common stock

Warrants to purchase redeemable convertible preferred stock

Redeemable convertible preferred stock

Total potential common shares excluded

PAYCHECK PROTECTION PROGRAM

3 unchanged sentences

The PPP loan was forgiven in its entirety on February 19, 2021.

In accordance with ASC 470, Debt, the forgiveness of the loan was recognized as other income on our consolidated statements of operations in the comparative 2021 period.

In accordance with ASC 470, Debt, the forgiveness of the loan was recognized as other income on our consolidated statements of operations in the comparative six-months ended June 30, 2021 period.

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