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RAVE · All filings · Read this filing

What changed 10-Q

Item 1. Financial Statements

2023-11-02 compared with 2023-05-04 · 134 added, 215 removed, 271 unchanged (56% of the section changed)

1 unchanged sentence

RAVE RESTAURANT GROUP, INC.

CONDENSED CONSOLIDATED

STATEMENTS OF INCOME

CONSOLIDATED STATEMENTS OF INCOME

(In thousands , except per share amounts)

Three Months Ended

Nine Months Ended

September 24 ,

September 25 ,

COSTS AND EXPENSES:

Cost of sales

General and administrative expenses

10 unchanged sentences

Weighted average common shares outstanding - basic

Weighted average common and potential dilutive common shares outstanding

Weighted average common shares outstanding - diluted

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

2 unchanged sentences

(In thousands , except share amounts)

September 24 ,

CURRENT ASSETS

3 unchanged sentences

Notes receivable, current

Property held for sale

Assets held for sale

Deferred contract charges, current

2 unchanged sentences

LONG-TERM ASSETS

Property, plant and equipment, net

Operating lease right of use asset, net

Property and equipment, net

Operating lease right of use assets, net

Intangible assets definite-lived, net

6 unchanged sentences

Accrued expenses

Other current liabilities

Operating lease liability, current

Short term loan

Operating lease liabilities, current

Deferred revenues, current

1 unchanged sentence

LONG-TERM LIABILITIES

Operating lease liability, net of current portion

Operating lease liabilities, net of current portion

Deferred revenues, net of current portion

Total liabilities

COMMITMENTS AND CONTINGENCIES (SEE NOTE D)

COMMITMENTS AND CONTINGENCIES (SEE NOTE C)

SHAREHOLDERS’ EQUITY

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RAVE RESTAURANT GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF

SHAREHOLDERS’

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In thousands )

2 unchanged sentences

Stock-based compensation expense

Purchase of treasury stock

Balance, September 25, 2022

Stock-based compensation expense

Balance, December 26, 2021

Stock-based compensation expense

Balance, March 27 , 2022

Treasury Stock

1 unchanged sentence

Stock-based compensation expense

Purchase of treasury stock

Balance, September 24, 2023

Stock-based compensation expense

Purchase of treasury stock

Balance, December 25, 2022

Stock-based compensation expense

Balance, March 26, 2023

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

2 unchanged sentences

(In thousands )

Nine Months Ended

Three Months Ended

September 24 ,

September 25 ,

CASH FLOWS FROM OPERATING ACTIVITIES:

5 unchanged sentences

Amortization of intangible assets definite-lived

Amortization of debt issue costs

Allowance for bad debts

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Deferred contract charges

Prepaid expenses and other

Prepaid expenses and other assets

Accounts payable - trade

Accrued expenses

Operating lease liability

Operating lease liabilities

Deferred revenues

2 unchanged sentences

Payments received on notes receivable

Proceeds from sale of assets

Purchase of intangible assets definite-lived

Purchase of property, plant and equipment

Cash (used in)/provided by investing activities

Purchase of property and equipment

Cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

Purchase of treasury stock

Payment of convertible notes

Payments on short term loan

Cash used in financing activities

Net decrease in cash and cash equivalents

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents, beginning of period

1 unchanged sentence

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

CASH PAID FOR:

CASH (REFUNDED)/PAID FOR:

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

RAVE RESTAURANT GROUP, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Rave Restaurant Group, Inc., through its subsidiaries (collectively, the “Company” or “we,” “us” or “our”), franchises pizza buffet (“Buffet

Units”), delivery/carry-out (“Delco Units”) and express (“Express Units”) restaurants under the trademark “Pizza Inn” and franchises fast casual pizza restaurants (“Pie Five Units”) under the trademarks “Pie Five Pizza Company” or “Pie Five”.

The Company also licenses Pizza Inn Express, or PIE, kiosks (“PIE Units”) under the trademark “Pizza Inn”.

We facilitate food, equipment and supply distribution to our domestic and international system of restaurants through agreements with

third party distributors.

The Company also

licenses Pizza Inn Express, or PIE, kiosks (“PIE Units”) under the trademark “Pizza Inn”.

We facilitate food, equipment, and supply distribution to our domestic and international system of restaurants through agreements with third party

distributors.

The accompanying condensed consolidated financial statements of Rave Restaurant Group, Inc.

have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

Certain information and footnote disclosures normally included in the financial statements have been omitted pursuant to such rules and regulations.

The unaudited condensed consolidated financial statements should be read in conjunction with

the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 26, 2022.

information and footnote disclosures normally included in the financial statements have been omitted pursuant to such rules and regulations.

The unaudited condensed consolidated financial statements should be read in conjunction with the

Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 25, 2023.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the

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Fiscal Quarters

The three and nine month periods ended March 26, 2023 and March 27, 2022 each contained 13 weeks and 39 weeks, respectively.

The three month periods ended September 24, 2023 and September 25, 2022 each contained 13 weeks.

Use of Management Estimates

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Franchise license fees are typically billed upon execution of the franchise agreement and amortized over the term of the franchise agreement

which can range from five to 20

which typically range from five to 20 years .

Fees received for renewal periods are amortized over the life of the renewal period.

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Area development exclusivity fees are included in deferred revenue in the accompanying Condensed Consolidated Balance Sheets and allocated on a pro rata basis to all stores opened under that specific development

agreement as the stores are opened.

Area development exclusivity fees that include rights to sub-franchise are amortized as revenue over the term of the contract.

Advertising fund contributions for Pie Five and Pizza Inn units represent contributions collected where we have control over the activities

Advertising fund contributions for Pizza Inn and Pie Five units represent contributions collected where we have control over the activities

Contributions are based on a percentage of net retail sales.

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Our obligation related to these funds is to develop and conduct advertising activities.

Pizza Inn and Pie Five marketing fund contributions are billed and collected weekly or monthly.

Supplier convention funds are deferred until the obligations of the agreement are met and the event takes place.

7 unchanged sentences

Three Months Ended

March 26, 2023

March 27, 2022

Franchise royalties

Supplier and distributor incentive revenues

Franchise license fees

Area development exclusivity fees and foreign master license fees

Advertising funds contributions

Rental income

Nine Months Ended

March 26, 2023

March 27, 2022

September 24, 2023

September 25, 2022

Franchise royalties

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guidance also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow.

Restricted stock units (“RSUs”) represent the right to receive shares of common stock upon the satisfaction of vesting requirements,

performance criteria and other terms and conditions.

Compensation cost for RSUs is measured as an amount equal to the fair value of the RSUs on the date of grant and is expensed over the vesting period if achievement of the performance

criteria is deemed probable, with the amount of the expense recognized based on the best estimate of the ultimate achievement level.

stock units (“RSUs”) represent the right to receive shares of common stock upon the satisfaction of vesting requirements, performance criteria and other terms and conditions.

Compensation cost for RSUs is measured as an amount equal to the

fair value of the RSUs on the date of grant and is expensed over the vesting period if achievement of the performance criteria is deemed probable, with the amount of the expense recognized based on the best estimate of the ultimate

achievement level.

Note B - Leases

The Company determines if an arrangement is a lease at inception of the arrangement.

To the extent that it can be determined that an

arrangement represents a lease, it is classified as either an operating lease or a finance lease.

To the extent that it can be determined that an arrangement represents a

lease, it is classified as either an operating lease or a finance lease.

The Company does not currently have any finance leases.

The Company capitalizes operating leases on the Condensed Consolidated Balance Sheets

through a right of use asset and a corresponding lease liability.

Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease

payments arising from the lease.

The Company capitalizes operating leases on the Condensed Consolidated Balance Sheets through a right of use

asset and a corresponding lease liability.

Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the

Short-term leases that have an initial term of one year or less are not capitalized.

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Office agreements are typically structured with non-cancelable

terms of one to ten years .

terms of one to 10

The Company has concluded that its office agreements represent operating leases with a lease term that equals the primary non-cancelable contract term.

Upon completion of the primary term, both parties have substantive rights to terminate the

Upon completion of the primary term, both parties have substantive rights to

terminate the lease.

As a result, enforceable rights and obligations do not exist under the rental agreement subsequent to the primary term.

4 unchanged sentences

The Company has concluded that its restaurant agreements represent operating leases with a lease term that equals the primary non-cancelable contract term.

Upon completion of

the primary term, both parties have substantive rights to terminate the lease.

Upon completion of the primary term, both

parties have substantive rights to terminate the lease.

As a result, enforceable rights and obligations do not exist under the rental agreements subsequent to the primary term.

1 unchanged sentence

The Company’s two subleases have terms that end in 2023 and 2025.

The sublease agreements are noncancelable through the end of the term and both parties have substantive rights to terminate the

lease when the term is complete.

The sublease agreements are noncancelable through the end of the term and both parties have substantive rights to

terminate the lease when the term is complete.

Sublease agreements are not capitalized and are recorded as rental income in the period that rent is received.

As of March 26, 2023 , the Company had no

As of September 24, 2023 and June 25, 2023, the Company had no

Company-owned restaurants.

22 unchanged sentences

Accordingly, the Company accounts for the lease and non-lease components in an arrangement as a single lease component.

In addition, for all existing asset classes, the Company has made an accounting policy election not to apply the lease recognition requirements to

short-term leases (that is, leases that, at commencement, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise).

Accordingly, we recognize

lease payments related to short-term leases in our income statements on a straight-line basis over the lease term.

To the extent that there are variable lease payments, we recognize those payments in our Condensed Consolidated Statements

of Income the period in which the obligation for those payments is incurred.

The components of total lease expense for the nine months ended March 26, 2023, the majority

of which is included in general and administrative expense in the accompanying Condensed Consolidated Statements of Income, are as follows (in thousands):

Nine Months Ended

March 26, 2023

In addition, for all existing asset classes, the Company has made an accounting policy election not to apply the lease recognition requirements to short-term

leases (that is, a lease that, at commencement, have a lease term of 12 months or less and does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise).

Accordingly, we recognize lease

payments related to our short-term leases in our income statements on a straight-line basis over the lease term which has not changed from our prior recognition.

To the extent that there are variable lease payments, we recognize those

payments in our income statements in the period in which the obligation for those payments is incurred.

The components of total lease expense for the three months ended September 24, 2023 and September 25, 2022, the majority of which is

included in general and administrative expense in the accompanying Condensed Consolidated Statements of Income, are as follows (in thousands ):

Three Months Ended

Three Months Ended

September 24, 2023

September 25, 2022

Operating lease cost

Rental income

Sublease income

Total lease expense, net of sublease income

Supplemental cash flow information related to operating leases is included in the table below (in thousands):

Nine Months Ended

March 26, 2023

Cash paid for amounts included in the measurement of lease liabilities

Weighted average remaining lease term and weighted average discount rate for operating leases are as follows:

March 26, 2023

September 24, 2023

September 25, 2022

Weighted average remaining lease term

5 unchanged sentences

Total operating lease liability

Note C - Stock Purchase Plan

On May 23, 2007, the Company’s board of directors approved a stock purchase plan (the “2007 Stock Purchase Plan”) authorizing the purchase

on our behalf of up to 1,016,000 shares of our common stock in the open market or in privately negotiated transactions.

2, 2008, the Company’s board of directors amended the 2007 Stock Purchase Plan to increase the number of shares of common stock the Company may repurchase by 1,000,000 shares to a total of 2,016,000 shares.

On April 22, 2009, the Company’s board of

directors amended the 2007 Stock Purchase Plan again to increase the number of shares of common stock the Company may repurchase by 1,000,000

shares to a total of 3,016,000 shares.

On June 28, 2022, the Company’s board of directors amended the 2007 Stock Purchase Plan

again to increase the number of shares of common stock the Company may repurchase by 5,000,000 shares to a total of 8,016,000 shares.

The 2007 Stock Purchase Plan does not have an expiration date.

The following table furnishes

information for purchases made pursuant to the 2007 Stock Purchase Plan during fiscal 2023:

Average Price

Paid Per Share

Total Number of

Shares Purchased

as Part of Publicly

Announced Plan

Maximum Number

of Shares that May

Yet Be Purchased

Under the Plan

June 27, 2022 - July 31, 2022

August 1, 2022 - August 28, 2022

August 29, 2022 - September 25, 2022

September 26, 2022 - October 30, 2022

October 31, 2022 - November 27, 2022

November 28, 2022 - December 25, 2022

December 26, 2022 - January 29, 2023

January 30, 2023 - February 26, 2023

February 27, 2023 - March 26, 2023

The Company’s

ability to purchase shares of our common stock is subject to various laws, regulations and policies as well as the rules and regulations of the Securities and Exchange Commission (the “SEC”).

The Company may also purchase shares of our

common stock other than pursuant to the 2007 Stock Purchase Plan or other publicly announced plans or programs.

21, 2022, the Company entered into a Stock Purchase Agreement with Hallmark Financial Services, Inc.

(“Hallmark”) pursuant to which the Company purchased from certain direct or indirect subsidiaries of Hallmark an aggregate of 2,246,086 shares of the Company’s common stock at a price of $ 1.60 per share, resulting in an aggregate purchase price of $ 3,593,738 .

The price per share

represented the average closing price of the Company’s common stock on the Nasdaq Capital Market for the preceding 15 trading

The transaction was approved by the Audit Committee of the Company, which consists of all of the independent directors of the Company.

The Chairman of the Company, Mark E.

Schwarz, who is also the Executive Chairman and Chief

Executive Officer of Hallmark, recused himself from all deliberations with respect to the Stock Purchase Agreement with Hallmark.

Note D - Commitments and Contingencies

On January 6,

2020, the Company’s former Chief Executive Officer, Scott Crane, filed suit in the U.S.

District Court for the Eastern District of Texas alleging various claims in connection with the Company’s termination of his employment in July 2019.

In general, the suit asserted that the Company terminated Mr.

Crane for the purpose of depriving him of certain equity compensation that would otherwise have become due to him on October 15, 2019.

The case proceeded to a jury trial, which

resulted in a verdict in favor of Crane on his breach of contract claim.

On February 9, 2022, the Court entered a $ 1.9 million

judgment against the Company inclusive of attorney fees, court costs and pre-judgment interest.

The Company has filed an appeal of the judgment to the Fifth Circuit Court of Appeals.

There are three possibilities upon decision by the Fifth Circuit Court of Appeals:

the judgment could be affirmed;

the judgment could be reversed and the matter sent for a

or, the judgment could be reversed and judgment entered in favor of the Company.

Due to the range of possible decisions by the Fifth Circuit Court of Appeals, it is impossible to predict the ultimate outcome at this time.

The Company is subject to other various claims and contingencies related to employment agreements, franchise disputes, lawsuits, taxes,

food product purchase contracts and other matters arising out of the normal course of business.

Management believes that any such claims and actions currently pending are either covered by insurance or would not have a material adverse

effect on the Company’s annual results of operations or financial condition if decided in a manner that is unfavorable to the Company.

Note E - Stock-Based Compensation

Note C - Commitments and Contingencies

The Company is subject to various claims and contingencies related to employment agreements, franchise disputes, lawsuits, taxes, food

product purchase contracts and other matters arising out of the normal course of business.

Management believes that any such claims and actions currently pending are either covered by insurance or would not have a material adverse effect

on the Company’s results of operations or financial condition if decided in a manner that is unfavorable to the Company.

Note D - Stock-Based Compensation

Stock Options:

For the three

and nine months ended March 26, 2023, the Company recognized stock-based compensation expense related to stock options of $ 4 thousand and $ 11 thousand, respectively.

three and nine months ended March 27, 2022, the Company recognized stock-based compensation expense related to stock options of zero

and zero , respectively.

As of March 26, 2023, there was $ 4 thousand unamortized stock-based compensation expense related to stock options.

months ended September 24, 2023 and September 25, 2022, the Company recognized stock-based compensation expense related to stock options of zero

and $ 4 thousand, respectively.

As of September 24, 2023, there was no unamortized stock-based compensation expense related to stock options.

The following table summarizes the number of shares of the Company’s common stock subject to outstanding stock options:

Nine Months Ended

March 26, 2023

March 27, 2022

Three Months Ended

September 24,

September 25,

Outstanding at beginning of year

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Restricted Stock Units:

For the three and nine months ended March 26, 2023, the Company had stock-based compensation expense of $ 82 thousand and $ 248 thousand,

respectively, related to RSUs.

For the three and nine months ended March 27, 2022, the Company had stock-based compensation expense of $ 42

thousand and $ 127 thousand, respectively, related to RSUs.

As of March 26, 2023, there was $ 330 thousand unamortized stock-based compensation expense related to RSUs.

A summary of the status of restricted stock units as of March 26, 2023, and changes during the nine months then ended is presented below:

Unvested at June 26 ,

Unvested at March 26 ,

Note F - Earnings per Share (EPS)

The following table shows the reconciliation of the numerator and denominator of the basic EPS calculation to the numerator and denominator of the

diluted EPS calculation (in thousands, except per share amounts):

For the three months ended September 24, 2023 and September 25, 2022, the Company had stock-based compensation expense related to RSUs of

$ 79 thousand and $ 82

thousand, respectively.

As of September 24, 2023, there was $ 138 thousand unamortized stock-based compensation expense related to

As of September 24, 2023 and September 25, 2022, the RSUs will be amortized during the next one and 13 months, respectively.

A summary of the status

of restricted stock units as of September 24, 2023, and changes during the three months then ended is presented below:

Three Months Ended

Nine Months Ended

March 26, 2023

March 27, 2022

March 26, 2023

March 27, 2022

Net income available to common stockholders

September 24,

September 25 ,

Unvested at beginning of year

Performance Adjustment

Unvested at end of period

Note E - Earnings per Share (EPS)

The following table shows the reconciliation of the numerator and denominator of the basic EPS calculation to the numerator and

denominator of the diluted EPS calculation (in thousands, except per share amounts):

Three Months Ended

September 24, 2023

September 25, 2022

Net income available to common shareholders

Weighted average common shares

1 unchanged sentence

Weighted average common shares

Convertible notes

Dilutive stock options

1 unchanged sentence

Net income per common share

For the three and nine months ended March 26, 2023, exercisable options to purchase 111,750 shares of common stock at exercise prices from $ 3.95

to $ 13.11 were excluded from the computation of diluted EPS because they had an intrinsic value of zero .

For the three and nine months ended March 27, 2022, exercisable options to purchase 166,750 shares of common stock at exercise prices ranging from $ 3.11

For the three months ended September 24, 2023, exercisable options to purchase 103,086 shares of common stock at exercise prices from $ 3.95

to $ 13.11 were excluded from the computation of diluted EPS because they had an intrinsic value of zero .

Note G - Income Taxes

three and nine months ended March 26, 2023, the Company recorded an income tax expense of $ 115 thousand and $ 347 thousand, respectively.

For the three and nine months ended March 27, 2022, the Company recorded an income tax expense of $ 3 thousand and $ 10

thousand, respectively.

For the three months ended March 26, 2023, the federal and state tax expense were $ 91 thousand and

$ 24 thousand, respectively.

For the nine months ended March 26, 2023, the federal and state tax expense were $ 272 thousand and $ 75

thousand, respectively.

For the three months ended September 24, 2023, 90,625 RSUs were excluded from the computation of diluted EPS because performance criteria is not probable at period end.

For the three months ended September 25, 2022, exercisable options to purchase 111,750 shares of common stock at exercise prices ranging from $ 3.95 to

$ 13.11 were excluded from the computation of diluted EPS because they had an intrinsic value of zero .

For the three months ended September 25, 2022, zero RSUs were excluded from the computation of diluted EPS .

Note F - Income Taxes

three months ended September 24, 2023, the Company recorded an income tax expense of $ 132 thousand.

For the three months

ended September 25, 2022, the Company recorded an income tax expense of $ 92 thousand.

For the three months ended September

24, 2023, the federal and state tax expense were $ 108 thousand and $ 24 thousand, respectively.

For the three months ended September 25, 2022, the federal and state tax expense were $ 82 thousand and $ 10 thousand, respectively.

The Company continually reviews the realizability of its deferred tax assets, including an analysis of factors such as future taxable

2 unchanged sentences

of deferred tax assets.

Note H - Segment Reporting

The Company has three

Note G - Segment Reporting

The Company has two

reportable operating segments as determined by management using the “management approach” as defined by ASC 280 Disclosures about Segments of an Enterprise and Related Information:

(1) Pizza Inn Franchising, (2) Pie Five Franchising and

(3) Company-Owned Restaurants.

(1) Pizza Inn

Franchising and (2) Pie Five Franchising.

These segments are a result of differences in the nature of the products and services sold.

Corporate administration costs, which include, but are not limited to, general accounting, human resources, legal

and credit and collections, are partially allocated to the three operating segments.

Other revenue consists of nonrecurring

The Pizza Inn and Pie Five Franchising segments establish franchisees, licensees and territorial rights.

Revenue for these segments are

derived from franchise royalties, franchise fees, sale of area development and foreign master license rights, incentive payments from third party suppliers and distributors, advertising funds, and supplier convention funds.

these segments include equipment, furniture and fixtures.

The Company-Owned Restaurants segment includes sales and operating results for all Company-owned restaurants.

Assets for this segment

include equipment, furniture and fixtures for the Company-owned restaurants.

As of March 26, 2023, the Company did not operate any Company-owned restaurants.

Corporate administration and other assets primarily include cash and short-term investments, as well as furniture and fixtures located

at the corporate office and trademarks and other intangible assets.

Corporate administration costs, which include, but are not limited to, general accounting, human

resources, legal and credit and collections, are partially allocated to the three operating segments.

Other revenue consists of

nonrecurring items.

The Pizza Inn and Pie Five Franchising segments establish franchisees,

licensees and territorial rights.

Revenue for these segments are derived from franchise royalties, franchise fees, sale of area development and foreign master license rights and incentive payments from third party suppliers and

distributors.

Assets for these segments include equipment, furniture and fixtures.

The Company-Owned Restaurants segment includes sales and operating results for all Company-owned

Assets for this segment include equipment, furniture and fixtures for the Company-owned restaurants.

As of September 24, 2023, the Company did not operate any Company-owned restaurants.

Corporate administration and other assets primarily include cash and short-term investments, as

well as furniture and fixtures located at the corporate office and trademarks and other intangible assets.

All assets are located within the United States.

Summarized in the following tables are net sales and operating revenues, depreciation and amortization expense, income from continuing

operations before taxes, capital expenditures and assets for the Company’s reportable segments as of the three and nine months ended March 26, 2023 and March 27, 2022 (in thousands):

Summarized in the following tables are net operating revenues, depreciation and amortization expense, and income before taxes for the Company’s reportable segments as of the three months ended

September 24, 2023 and September 25, 2022 (in thousands) :

Three Months Ended

Nine Months Ended

March 26, 2023

March 27, 2022

March 26, 2023

March 27, 2022

September 24, 2023

September 25, 2022

Net sales and operating revenues:

1 unchanged sentence

Pie Five Franchising

Company-Owned Restaurants

Corporate administration and other

6 unchanged sentences

Pie Five Franchising

Company-Owned Restaurants

Corporate administration and other

5 unchanged sentences

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.