What changed in this filing

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Item 1. Financial Statements

2022-05-10 compared with 2021-11-15 · 187 added, 205 removed, 168 unchanged (70% of the section changed)

2 unchanged sentences

FINANCIAL STATEMENTS

AND SIX MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

CONSOLIDATED UNAUDITED BALANCE SHEETS

MONTHS ENDED MARCH 31, 2022 AND 2021

CONSOLIDATED UNAUDITED BALANCE SHEETS AS OF MARCH 31, 2022 AND DECEMBER 31, 2021

CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS

CONSOLIDATED UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

CONSOLIDATED UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS

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BALANCE SHEETS

September 30, 2021

March 31, 2021

Current Assets

Cash and cash equivalents

Prepaid expenses and other current assets

Prepaid expenses

Total current assets

Liabilities and Stockholders’ Equity

Liabilities and Stockholders’ Deficit

Current Liabilities

Accounts payable and accrued liabilities

Line of credit

Total liabilities

Commitments and contingencies

Stockholders’ Equity (Deficit)

Stockholders’ Deficit

Common stock, par value $ 0.001 per share;

1,000,000,000 shares authorized;

51,200,147 and 50,840,147 shares issued and outstanding, respectively

51,450,147 shares issued and outstanding

Additional paid-in-capital

2 unchanged sentences

( 49,140,678 )

Total stockholders’ equity (deficit)

Total Liabilities and Stockholders’ Equity

Total stockholders’ deficit

Total Liabilities and Stockholders’ Deficit

accompanying notes to the consolidated financial statements.

1 unchanged sentence

STATEMENTS OF OPERATIONS

Three Months Ended

September 30,

Six Months Ended

September 30,

Three Months Ended March 31,

Operating expenses:

3 unchanged sentences

Loss from operations

( 1,116,610 )

( 1,213,836 )

Other income (expense)

Other income (expenses)

Gain on extinguishment of liabilities

Interest income

Interest expense

Total other income (expenses), net

1 unchanged sentence

$ ( 360,631 )

$ ( 1,116,593 )

$ ( 1,213,170 )

Basic and diluted loss per common share:

3 unchanged sentences

INNOVATIONS, INC.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

AND SIX MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

Three months ended September 30, 2021 (Unaudited)

Number of shares

Paid-in Capital

Accumulated Deficit

Balance as of June 30, 2021

$ ( 48,039,944 )

Issuance of common shares

Fair value of vested stock options

Cancellation of common shares

Cancellation of common shares, shares

Balance as of September 30, 2021 (Unaudited)

$ ( 48,544,302 )

Three months ended September 30, 2020 (Unaudited)

Number of shares

Paid-in Capital

Accumulated Deficit

Balance – June 30, 2020

$ ( 47,287,096 )

Fair value of vested stock options

Balance as of September 30, 2020 (Unaudited)

$ ( 47,760,028 )

Six months ended September 30, 2021 (Unaudited)

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

MONTHS ENDED MARCH 31, 2022 AND 2021

Three months ended March 31, 2022 (Unaudited)

Number of shares

1 unchanged sentence

Accumulated Deficit

Balance as of March 31, 2021

Balance – December 31, 2021

$ ( 49,140,678 )

Cancellation of common shares

Issuance of common shares

Fair value of vested stock options

$ ( 381,641 )

Balance as of March 31, 2022 (Unaudited)

$ ( 49,588,652 )

Balance as of September 30, 2021 (Unaudited)

$ ( 829,615 )

Six months ended September 30, 2020 (Unaudited)

Three months ended March 31, 2021 (Unaudited)

Number of shares

1 unchanged sentence

Accumulated Deficit

Balance – March 31, 2020

Balance – December 31, 2020

$ ( 47,067,078 )

Beginning balance, value

$ ( 47,067,078 )

Fair value of vested stock options

( 1,213,170 )

Balance as of March 31, 2021 (Unaudited)

$ ( 47,427,709 )

Balance as of September 30, 2020 (Unaudited)

$ ( 47,427,709 )

accompanying notes to the consolidated financial statements.

INNOVATIONS, INC.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

Three Months Ended March 31,

Cash flows from operating activities

3 unchanged sentences

Fair value of vested stock options

Gain on extinguishment of liabilities

Operating lease expense

4 unchanged sentences

Net cash used in operating activities

( 1,134,773 )

Cash flows from financing activities:

Proceeds from issuance of common shares and warrants

Proceeds from note payable

Proceeds from line of credit

Net cash provided by financing activities

Net decrease in cash

( 1,037,785 )

Net increase (decrease) in cash

Cash and cash equivalents - beginning of period

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TO CONSOLIDATED FINANCIAL STATEMENTS

AND SIX MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

MONTHS ENDED MARCH 31, 2022 AND 2021

BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2 unchanged sentences

of Nevada on June 29, 2007.

2015, the Company developed a new class of cannabinoids known as cannabosides, which were discovered through application of the Company’s

proprietary enzymatic bioprocessing technologies.

In 2016, the Company received approvals from the U.S.

Drug Enforcement Administration

(the “DEA”) and the State of California to initiate studies and manufacturing scale-up at its research and development facilities

in order to develop cannabosides.

Currently, we do not have any commercial products and have not yet generated any revenues from our

cannabinoid prodrug pharmaceuticals.

October 2021, the Company reorganized its corporate structure and created the following two wholly-owned operating subsidiaries:

Graphium Biosciences, Inc., a Nevada corporation (“Graphium”), into which the Company contributed all of its drug development

founded in 2007 as Legend Mining Inc., the Company began operations as a mineral extraction exploration business.

In 2011, the Company

changed its name to Stevia First Corp.

and pursued a new strategy focused on developing stevia-based additives for the food and

beverage industry.

In 2015, the Company changed its name to Vitality Biopharma, Inc.

and pursued a new strategy focused on developing

cannabinoid-based prodrugs anticipated to treat inflammatory conditions of the gastrointestinal tract by unlocking the therapeutic properties

of cannabinoids but without their unwanted psychoactive side effects.

October 2021, the Company changed its name to Malachite Innovation, Inc.

and reorganized its corporate structure and created the following

two wholly-owned operating subsidiaries:

(i) Graphium Biosciences, Inc., a Nevada corporation (“Graphium”), into which the

Company contributed all of its drug development assets;

and (ii) Daedalus Ecosciences, Inc., a Nevada corporation (“Daedalus”).

Graphium plans to focus its business activities

on the health and wellness of people, with a particular focus on advancing our broad portfolio of over 100 glycosylated cannabinoid prodrugs.

Daedalus plans to focus its business activities on the health and wellness of the planet, with a particular focus on deploying technological

innovations and eco-friendly solutions to remedy difficult environmental situations in economically challenged communities.

Graphium plans to focus its business activities on the health and wellness of people, with a particular focus on advancing our broad

portfolio of over 100 glycosylated cannabinoid prodrugs.

Daedalus plans to focus its business activities on the health and wellness of

the planet through ESG investments, with a particular focus on deploying technological innovations and eco-friendly solutions to remedy

difficult environmental situations in economically challenged communities.

accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement

of liabilities and commitments in the normal course of business.

As reflected in the accompanying financial statements, during the six

months ended September 30, 2021, the Company incurred a net loss of $ 1,116,593 and used $ 945,712 of cash in our operating activities.

These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that

the financial statements are issued.

The financial statements do not include any adjustments that might be necessary should the Company

be unable to continue as a going concern.

The ability to continue as a

going concern is dependent on the Company attaining and maintaining profitable operations in the future and/or raising additional capital

to meet its obligations and repay its liabilities arising from normal business operations when they come due.

We estimate as of September

30, 2021, we had sufficient funds to operate the business for 15 months as $4,881,000 of the $5,000,000 equity line secured in August

2021 with an institutional investor was available for additional equity issuances through December 31, 2022.

Although our existing cash

balances and the availability of funds under our equity line are estimated to be sufficient to fund our currently planned level of operations,

we are actively seeking additional financing and other sources of capital to fund our planned future operations at a lower cost of capital,

including a potential revolving line of credit with a financial institution.

However, these estimates could differ if we encounter

unanticipated difficulties, or if our estimates of the amount of cash necessary to operate our business prove to be wrong, and we use

our available financial resources faster than we currently expect.

No assurance can be given that any future financing or capital, if

needed, will be available or, if available, that it will be on terms that are satisfactory to the Company.

do not presently have, nor do we expect in the near future to have, significant revenue to fund our business from our operations, and

will need to obtain all of our necessary funding from external sources in the near term.

Since inception, the Company has experienced

recurring operating losses and negative operating cash flows, and we have funded our operations primarily through equity and debt financings,

and we expect to continue to rely on these sources of capital in the future.

If we raise additional funds by issuing equity or convertible

debt securities, our existing stockholders’ ownership will be diluted, and obtaining commercial loans would increase our liabilities

and future cash commitments.

If we cannot raise the money that we need in order to continue to develop our business, we will be forced

to delay, scale back or eliminate some or all of our proposed operations.

Company is subject to risks and uncertainties of the COVID-19 pandemic that could adversely impact our business, our liquidity and access

to capital markets and our business development activities.

The Company has implemented additional health and safety precautions and

protocols in response to the pandemic and government guidelines.

extent of the impact of the COVID-19 pandemic has had and will continue to have on the Company is highly uncertain and difficult to predict

and quantify.

The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results

of operations and financial condition will depend on future developments that are highly uncertain, including as a result of new information

that may emerge concerning COVID-19 and the actions taken to contain or treat it, including vaccination efforts, as well as the economic

impact on local, regional, national and international markets.

As reflected in the accompanying financial statements, during the three

months ended March 31, 2022, the Company incurred a net loss of $ 447,974 and used $ 394,181 of cash in our operating activities.

factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the

financial statements are issued.

The financial statements do not include any adjustments that might be necessary should the Company be

unable to continue as a going concern.

ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future and/or

raising additional capital to meet its obligations and repay its liabilities arising from normal business operations when they come due.

We estimate as of March

31, 2022, we had sufficient funds to operate the business for 15 months as $250,000 of our $1,000,000 revolving line of credit secured

in December 2021 was then available and $4,830,050 of the $5,000,000 equity financing line secured in August 2021 with an institutional

investor was available via equity issuances through December 31, 2022.

Although our existing cash balances and the availability

of funds under our equity financing line are estimated to be sufficient to fund our currently planned level of operations, we are actively

seeking additional financing and other sources of capital to fund our planned future operations at a lower cost of capital.

However, these estimates could differ if we encounter unanticipated

difficulties, or if our estimates of the amount of cash necessary to operate our business prove to be wrong, and we use our available

financial resources faster than we currently expect.

No assurance can be given that any future financing or capital, if needed, will

be available or, if available, that it will be on terms that are satisfactory to the Company.

We do not presently have significant

revenue to fund our business from our operations, and will need to obtain most of our necessary funding from external sources in the

Since inception, the Company has experienced recurring operating losses and negative operating cash flows, and we have funded

our operations primarily through equity and debt financings, and we expect to continue to rely on these sources of capital in the near

term, with longer-term funding expected to come from revenue and profits from the anticipated ESG operations of our Daedalus Ecosciences

Based on the availability of the equity financing line and additional financing available under our revolving

credit facility, the Company believes it will have enough funds to ensure continuing operations as a stand-alone entity for a period

of at least one year from the issuance of these consolidated financial statements.

However, if we raise additional funds by issuing equity

or convertible debt securities, our existing stockholders’ ownership will be diluted, and obtaining commercial loans would increase

our liabilities and future cash commitments.

If we cannot raise the money that we need in order to continue to develop our business,

we will be forced to delay, scale back or eliminate some or all of our proposed operations.

of Presentation

consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Graphium Biosciences,

Inc., Daedalus Ecosciences, Inc., and Vitality Healthtech, Inc.

consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Graphium Biosciences, Inc.,

Daedalus Ecosciences, Inc., and Vitality Healthtech, Inc.

(dissolved in May 2021), and have been prepared in accordance with accounting

5 unchanged sentences

assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period.

results could differ from those estimates.

The more significant estimates and assumptions by management include, among others, assumptions

used in reserves for accounts receivable, assumptions used in valuing equity instruments issued for services, the valuation allowance

more significant estimates and assumptions by management include, among others, assumptions used in valuing assets acquired in business

acquisitions, reserves for accounts receivable, assumptions used in valuing equity instruments issued for services, the valuation allowance

for deferred tax assets, and accruals for potential liabilities.

19 unchanged sentences

The Company had no lease commitments for longer than

one year as of September 30, 2021.

The laboratory space lease in Rocklin, California ends on March 31, 2022.

one year as of March 31, 2022.

The laboratory space lease in Rocklin, California was renewed in March 2022 and ends on March 31, 2023.

Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions

for services.

The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation, whereby the

value of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line basis over

the vesting period.

Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid

cash for the services.

The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation whereby the value

of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line basis over the

vesting period.

Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid cash

for the services.

The Company recognizes the fair value of stock-based compensation within its Statements of Operations with classification

21 unchanged sentences

SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE

September 30,

March 31, 2022

December 31, 2021

and Patent Application Costs

7 unchanged sentences

costs are expensed as incurred.

of September 30, 2021, the Company operates in one segment for the development of pharmaceutical products.

In accordance with the “Segment

Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer,

who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company.

guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information

quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the

entity holds material assets and reports revenue.

All material operating units qualify for aggregation under “Segment Reporting”

due to their similar customer base and similarities in:

Value of Financial Instruments

ASC 825, “Financial Instruments” requires that the Company disclose estimated fair values of financial instruments.

instruments held by the Company include, among others, accounts payable.

The carrying amounts reported in the balance sheets for assets

and liabilities qualifying as financial instruments are a reasonable estimate of fair value.

of October 1, 2021, we began operating under two segments:

(i) Graphium Biosciences, Inc., a wholly-owned subsidiary of the Company,

will report the operating results of our health and wellness innovations serving people, with a particular focus on advancing our broad

portfolio of over 100 glycosylated cannabinoid prodrugs, and (ii) Daedalus Ecosciences, Inc., a wholly-owned subsidiary of the Company,

will report the operating results of our health and wellness innovations serving the planet, with a particular focus on deploying technological

innovations and eco-friendly solutions to remedy difficult environmental situations in economically challenged communities.

accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified

as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance

for the entire Company.

Existing guidance, which is based on a management approach to segment reporting, establishes requirements to

report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers,

and the countries in which the entity holds material assets and reports revenue.

All material operating units qualify for aggregation

under “Segment Reporting” due to their similar customer base and similarities in:

economic characteristics;

nature of products and services;

and procurement, manufacturing,

and distribution processes.

Since the Company currently operates in one segment, all financial information required by “Segment

Reporting” can be found in the accompanying financial statements.

As of October 1, 2021, we began

operating under two segments:

(i) Graphium Biosciences, Inc., a wholly-owned subsidiary of the Company, will report the

operating results of our health and wellness innovations serving people, with a particular focus on advancing our broad portfolio of

over 100 glycosylated cannabinoid prodrugs, and (ii) Daedalus Ecosciences, Inc., a wholly-owned subsidiary of the Company,

will report the operating results of our health and wellness innovations serving the planet, with a particular focus on deploying

technological innovations and eco-friendly solutions to remedy difficult environmental situations in economically challenged

nature of products

and services;

and procurement, manufacturing, and distribution processes..

Accounting Pronouncements

12 unchanged sentences

STOCK OPTIONS

summary of the Company’s stock option activity during the six months ended September 30, 2021 is as follows:

summary of the Company’s stock option activity during the three months ended March 31, 2022 is as follows:

SUMMARY OF STOCK OPTION ACTIVITY

Exercise Price

Balance outstanding at December 31, 2021

Balance outstanding at March 31, 2022

Balance outstanding at September 30, 2021

Balance exercisable at September 30, 2021

summary of the Company’s stock options outstanding and exercisable as of September 30, 2021 is as follows:

Balance exercisable at March 31, 2022

summary of the Company’s stock options outstanding and exercisable as of March 31, 2022 is as follows:

SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE

Number of Options

Weighted Average Exercise Price

Weighted Average Grant- date Stock Price

Options Outstanding, September 30, 2021

$ 1.50 - 1.95

$ 2.00 - 2.79

$ 3.10 - 3.80

$ 4.00 - 4.70

Options Exercisable, September 30, 2021

$ 1.50 - 1.95

$ 2.00 - 2.79

$ 3.10 - 3.80

$ 4.00 - 4.70

the six months ended September 30, 2021, we expensed total stock-based compensation related to stock options of $ 46,539 .

remaining unamortized cost of the outstanding stock-based awards at September 30, 2021.

At September 30, 2021, the 5,997,544 outstanding

Outstanding, March 31, 2022

Exercisable, March 31, 2022

is no remaining unamortized cost of the outstanding stock-based awards at March 31, 2022.

At March 31, 2022, the 6,752,544 outstanding

stock options had no intrinsic value.

STOCKHOLDERS’ EQUITY (DEFICIT)

of Common Stock and Warrants

September 28, 2021, pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission, the Company

sold 500,000 shares

of its common stock and warrants to purchase 500,000

shares of the Company’s common stock, resulting

in proceeds to the Company of $ 119,000 .

The common stock and warrants were sold under an equity line to a single investor, at a price of $ 0.238

per share and the exercise price for the warrants

Company has issued warrants to purchase common stock in conjunction with financing arrangements.

A summary of the warrant activity during the six months ended September 30, 2021 is as follows:

summary of warrants to purchase common stock during the three months ended March 31, 2022 is as follows:

SUMMARY OF WARRANTS ACTIVITY

Exercise Price

Balance outstanding at March 31, 2021

Balance outstanding at December 31, 2021

Expired/Cancelled

Balance outstanding and exercisable at September 30, 2021

September 30, 2021, the 646,668 outstanding stock warrants had no intrinsic value.

Balance outstanding and exercisable at March 31, 2022

March 31, 2022, the 646,668 outstanding stock warrants had no intrinsic value.

LINE OF CREDIT

November 2021, the Company secured a revolving line of credit with a bank with a limit of $ 1,000,000 .

The line of credit has a maturity date of November

30, 2022 , and bears interest at one percent

above the prime rate.

As of March 31, 2022, the balance due under the line of credit was $ 750,000 .

GAIN ON EXTINGUISHMENT OF ADVANCE

July 2018, the Company received a payment from a third party in the amount of $ 296,653 .

Since the Company has not been able to confirm

the nature of this payment, it had previously recorded this payment as an advance that was included in current liabilities.

31, 2021, the Company, after consultation with outside legal counsel, determined that any claim to recover that advance was time barred

by the statute of limitations and the Company recorded relief of this liability and a gain from debt extinguishment of $ 296,653 during

the three months ended March 31, 2021.

COMMITMENTS AND CONTINGENCIES

Company received a letter in February 2021 from counsel for the Company’s previous director and officer insurance carrier (the

“insurer”) demanding that the Company reimburse the insurer for sums advanced by the insurer without the Company’s

knowledge or consent to a former director of the Company as defense costs in connection with a claim purportedly arising under a previous

director and officer liability insurance policy.

The Company believes it has no liability for this claim on the basis of, among other

things, Nevada law, the Company’s governing documents and the language of the policy.

Accordingly, as of September 30, 2021, no

contingent liability has been recorded in the Company’s consolidated statements of financial condition for this matter.

Company received a letter in February 2021 from counsel for the Company’s director’s and officer’s insurance carrier

(the “insurer”) demanding that the Company reimburse the insurer for sums advanced by the insurer to a former director of

the Company as defense costs in connection with a claim purportedly arising under a previous directors and officers insurance policy.

The Company believes it has no liability for this claim on the basis of, among other things, Nevada law, the Company’s governing

documents and the language of the policy.

Accordingly, as of March 31, 2022, no contingent liability has been recorded in the Company’s

consolidated statements of financial condition for this matter.

SEGMENT INFORMATION

280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with

the Company’s internal organizational structure as well as information about services, categories, business segments and

major customers in financial statements.

The Company has two reportable segments that are based on the following business units:

Prodrug Operations and ESG Operations.

In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief

operating decision maker has been identified as the Chief Executive Officer, who reviews operating results to make decisions about allocating

resources and assessing performance for the entire Company.

Existing guidance, which is based on a management approach to segment reporting,

establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products

and services, major customers and the countries in which the entity holds material assets and reports revenue.

All material operating

units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in:

characteristics;

nature of products and services;

and procurement, manufacturing and distribution processes.

The Company operates two

reportable business segments:

Prodrug Operations – research and development primarily related to the Company’s cannabinoid pharmaceuticals

Environmental,

Social and Governance (ESG) Operations – development of innovations addressing the health and wellness of the planet, with

a particular focus on deploying technological innovations and eco-friendly solutions to remedy difficult environmental situations

in economically challenged communities

Company had no inter-segment sales for the periods presented.

financial information concerning the Company’s reportable segments is shown as below:

SUMMARY OF REPORTABLE SEGMENT TABLE TEXT BLOCK

For the three months ended March 31, 2022

Cannabinoid Prodrug Operations

$ ( 125,730 )

$ ( 301,527 )

$ ( 447,974 )

Capital expenditures for long-lived assets

For the three months ended March 31, 2021

Cannabinoid Prodrug Operations

$ ( 289,994 )

$ ( 360,631 )

Capital expenditures for long-lived assets

SUBSEQUENT EVENTS

October 2021, the Company, pursuant to the registration statement on Form S-1 filed with the Securities and Exchange Commission,

shares of its common stock to a single investor

in connection with the equity line.

to an agreement between the Company and the investor, no warrants were issued as part of this transaction.

April 2022, the Company drew a total of $ 100,000 on the line of credit described in Note 4 to fund ordinary course operations.

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