What changed in this filing

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Item 7. Management’s Discussion and Analysis

2024-04-22 compared with 2023-03-27 · 147 added, 214 removed, 267 unchanged (57% of the section changed)

MANAGEMENT’S DISCUSSION

AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

following discussion of the Company’s historical performance and financial condition should be read together with the consolidated

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MD&A is organized as follows:

Plan of Operations .

of Operations .

Summary of the Company’s plan of operations for the next 12 months.

Sources of Revenue .

Summary of the main sources of Company revenue during the reported periods.

Results of Operations .

An analysis of our financial results comparing the twelve months ended December 31, 2022, and 2021.

Liquidity and Capital

of Operations .

An analysis of our financial results comparing the years ended December 31, 2023, and 2022.

and Capital Resources .

An analysis of changes in our balance sheets and cash flows and discussion of our financial condition.

Critical Accounting

Policies and Estimates .

Accounting policies and estimates that we believe are important to understanding the assumptions and

judgments incorporated in our reported financial results and forecasts.

Recently Issued Accounting

Accounting Policies and Estimates .

Accounting policies and estimates that we believe are important to understanding the assumptions

and judgments incorporated in our reported financial results and forecasts.

Issued Accounting Standards .

A summary of recently issued accounting standards affecting the Company, if any.

of Operations

had negative working capital of $53,668 as of December 31, 2022, compared to working capital of $3,448,218 as of December 31, 2021.

decrease in working capital of $3,501,886 is related to decreases in cash and increases in liabilities.

Below are reasons

for the decrease in working capital.

Cash decreased

approximately $2.0 million for the periods ending December 31, 2022 and December 31, 2021.

The reasons for the decrease are as follows:

$275,000 cash

investment into SOSRx joint venture in February of 2022;

$225,000 settlement paid

related to the legal matter of Jain et.

in February of 2022;

$875,000 cash paid for

COVID-19 Test Kits in May of 2022,

$315,464 paid

for interest expense related to the sale of future accounts receivable in June of 2022 and again in September of 2022

current liabilities of approximately $1.2 million from the periods ending December 31, 2021 to 2022 were driven by the

following main factors:

$588,533 warrant

liability related to Private Placement Warrants;

$108,036 balance due at

December 31, 2022 on the sale of future accounts receivable which was paid in full in January 2023;

$166,667 note payable balance

due to Exchange Health related to the SOSRx joint venture, and a

$252,125 increase in accounts

payable balance at December 31, 2022 compared to the comparable period.

had a working capital deficit of $8,803,293 as of December 31, 2023, compared to working capital deficit of $53,668 as of December

The decrease in working capital of $8,749,625 is related to decreases in cash and increases in liabilities.

reasons for the decrease in working capital.

decreased approximately $943,000 from December 31, 2022 to December 31, 2023.

The reasons for the

decrease are as follows:

repayments of debt, net of new debt issuances;

paid for interest expense related to the sale of future accounts receivable.

in current liabilities of approximately $9,409,564 from December 31, 2022 to December 31, 2023 were driven by the following main

increase in accounts payable balance as of December 31, 2023 compared to the comparable period;

increase in the balance due on the sale of future accounts receivable as of December 31, 2023 compared to the comparable period;

increase in the current portion of notes payable balance;

increase in purchase price payable balance as of December 31, 2023 compared to the comparable period.

our current cash on hand, expected revenues, and based on our current average monthly expenses, we anticipate the need for additional

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We may require additional funding in the future to expand or complete acquisitions.

The sources of this capital are

expected to be equity investments and notes payable.

Our plan for the next twelve months is to continue development of the information

technology used in the Company subsidiaries.

As our business continues to grow, customer feedback will be integral in making small adjustments

to improve the product and overall customer experience.

We will require additional funding, we plan to raise that through the sale of

debt or equity, which may not be available on favorable terms, if at all, and may, if sold, cause significant dilution to existing stockholders.

If we are unable to access additional capital moving forward, it may hurt our ability to grow and to generate future revenues.

Coronavirus (COVID-19)

December 2019, a novel strain of coronavirus, which causes the infectious disease known as COVID-19, was reported in Wuhan, China.

World Health Organization declared COVID-19 a “Public Health Emergency of International Concern” on January 30, 2020, and

a global pandemic on March 11, 2020.

In March and April 2020, many U.S.

states and local jurisdictions began issuing ‘stay-at-home’

For example, the state of Florida, where the Company’s principal business operations are, issued a ‘stay-at-home’

order effective on April 1, 2020, which remained in place, subject to certain exceptions, through June 2020, when the order was gradually

lifted until September 2020, when the order was completely lifted.

in general and Florida specifically, has recently seen decreases

in total new COVID-19 infections (after sharp increases in infections in mid-to-late January 2022), as vaccines and boosters are now

widely available and the number of individuals who have received vaccines has increased, and the pool of persons who do not have natural

or vaccine immunity has declined;

however, it is unknown whether such decreases will continue, new strains of the virus will cause current

vaccines to be less effective or whether infection numbers will increase, and/or whether the state of Florida, or other jurisdictions

in which we operate, will issue new or expanded ‘stay-at-home’ orders, or how those orders, or others, may affect our operations

or whether such locations will see increases in infection rates, hospitalizations and deaths.

date, we have been deemed an essential healthcare technology provider under applicable governmental orders based on the critical nature

of the products we offer and the community we serve.

As such, our business operations were not materially impacted by the prior restrictions

put in place by the State of Florida to slow the spread of COVID-19, which have since expired.

Additionally, as shown in our results

of operations below, we have to date, not experienced any significant material negative impact to our operations, revenues or gross profit

due to COVID-19.

We have however been adversely affected by reductions to, and interruptions in, the delivery of supply chain pharmaceuticals

that have had a negative impact on our wholesalers, certain technology outsourcing in India and the Philippines and finding qualified

staff due to the pandemic, which may become more frequent or material in the future.

We are carefully managing our inventory supply network

while we work to overcome these hopefully temporary challenges.

As a result of the above, the full extent of the impact of COVID-19 on

our business and operations currently cannot be estimated and will depend on a number of factors including the continued scope and duration

of the global pandemic.

the start of the pandemic, we have taken steps to prioritize the health and safety of our employees.

The Company’s employees started

working remotely around March 17, 2020, and our corporate office was closed through December 31, 2021.

The office reopened for our management

team on January 3, 2022, while our remaining employees will continue to work remotely until further notice.

currently have three main revenue streams:

The sources of this capital are expected to be equity

investments and notes payable.

Our plan for the next twelve months is to continue development of the information technology used in the

Company subsidiaries.

As our business continues to grow, customer feedback will be integral in making small adjustments to improve the

product and overall customer experience.

We will require additional funding, we may seek to raise that through the sale of debt or equity,

which may not be available on favorable terms, if at all, and may, if sold, cause significant dilution to existing stockholders.

are unable to access additional capital moving forward, it may hurt our ability to grow and to generate future revenues.

2023 we had four main revenue streams:

Trxade, Inc., our wholly-owned subsidiary, provides an online web-based buying and selling platform for licensed pharmaceutical wholesalers

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The Company considers itself an agent for this revenue stream and as such, reports revenue as net.

Subsequent to December 31,

2023, we divested substantially all of our assets previously owned and operated by Trxade, Inc.

Integra Pharma Solutions, LLC, our wholly-owned subsidiary, is a licensed wholesaler of brand, generic and non-drug products to Customers.

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have not been material.

In August 2023 we sold our entire interest in Community Specialty Pharmacy, LLC.

The Urgent Company, Inc., our wholly-owned subsidiary, is a retail and distribution provider of prepackaged, prepared foods.

Subsequent to December 31, 2023, we divested our interest in The Urgent

Company, LLC.

of Operations

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of discontinued operations information, unless otherwise noted.

Fiscal Year Ended December 31,

Fiscal Year Ended

Cost of sales

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Loss on inventory investment

Impairment of intangible asset

Technology, research & development

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Interest, net

Goodwill impairment

Gain on disposal of asset

Income from operations

Net loss from operations

$ (13,720,546 )

$ (2,403,442 )

$ (11,317,104 )

Loss on discontinued operations

Net loss attributable to TRxADE Health, Inc.

(17,843,574 )

(14,371,475 )

Net loss attributable to non-controlling interests

revenues during the years ended December 31, 2023, and 2022 were mainly from the Trxade Inc.

platform, Community Specialty Pharmacy and

platform, Integra Pharma Solutions, and The Urgent Company.

Revenues decreased $1,977,954 for fiscal year 2023, compared to the prior year’s

revenue of $10,250,168.

Trxade, Inc., revenue increased by $852,933 or 16% to $6,200,334, compared to $5,347,401, for the years ended

December 31, 2023, and 2022, which is attributable to a 16% increase in sales volume on the platform in 2023.

Integra Pharma Solutions’

Revenues increased by $1,558,832 for the 2022 year, compared to the prior year’s revenue of $9,889,433.

Trxade, Inc., revenue increased by $511,799 or 10% to $5,435,814, compared to $4,924,015, for the years ended December 31, 2022, and

2021, which is attributable to a 21% increase in sales volume on the platform in 2022.

Integra Pharma Solutions’ revenue increased

by $1,503,506, or 46%, which is attributable to increased sales volume and pricing changes.

revenue decreased by $3,390,237, or 71%, which is attributable to decreased sales volume and pricing changes.

The Trxade, Inc.

platform is a secondary

marketplace for pharmaceuticals and medical supplies with consistent growth year over year.

We see a trend that whenever there is a supply

shortage on the primary market, the platform being a secondary market, will see an increase in traffic or sales.

is a secondary marketplace for pharmaceuticals and medical supplies with consistent growth year over year.

of sales was $5,673,957 and gross profit was $2,598,257, for the year ended December 31, 2023, compared to $4,730,897 and

for the year ended December 31, 2021.

The increase in cost of sales is attributed to the increased sales volume of Integra Pharma Solutions,

Trxade, Inc does not have cost of sales as it is a software platform.

However, our Integra Pharma Solutions is a wholesale business with

variable cost of sales that will increase as sales volume increases.

$5,519,271, respectively, for the year ended December 31, 2022.

The increase in cost of sales is attributed to the inventory costs

and inventory write-downs associated with The Urgent Company.

profit as a percentage of sales was 31.4% for the year ended December 31, 2023, compared to 53.8% for the year ended December 31, 2022.

The reason for the decrease in gross profit as a percentage of sales was a result of increased sales volume of Integra Pharma Solutions

and the cost of sales associated with this line of business compared to our Trxade, Inc platform revenue that does not have cost of sales.

research and development expenditures decreased to $1,160,856 for 2022, compared to $1,367,895 for 2021, as the Company continued to develop

apps for customers and make improvements to our platform technology.

fees decreased for Fiscal 2022 by $575,275 to $519,642 compared to $1,094,917 for Fiscal 2021.

in professional fees for the year ended December 31, 2022 related to lower board fee expenses, research and development consulting, and

contractor expense.

and administrative expenses (less stock-based compensation expense) decreased for the year ended December 31, 2022, to $1,422,149 compared

to $1,904,427 for the comparable period in 2021.

The decrease is largely driven by approximately $247,000 of bad debt expense related

to other receivables from GSG.

In June 2022, the Company received a $100,000 payment from GSG and recorded a credit to Bad Debt Expense,

additional monthly payments made by GSG were also recorded as a credit to the Bad Debt Expense less applicable interest and recovered

In the three-month period ended September 30,2021 there was $630,000 of bad debt expense recorded related to the same GSG

These events decreased general and administrative expenses in 2022 and significantly increased these expenses in 2021.

The reason for the decrease in gross profit as a percentage of sales was a result of increased inventory and cost of sales associated

with The Urgent Company.

research and development expenditures increased to $1,376,908 for the year ended December 31, 2023, compared to $993,185 for the

year ended December 31, 2022, as the Company continued to develop apps for customers and make improvements to our platform

fees increased for the year ended December 31, 2023 by $999,832 to $1,466,567 compared to $466,735 for the year ended December 31,

The increase in professional fees for the year ended December 31, 2023 related to the merger with Superlatus and purchase of

The Urgent Company.

administrative expenses (less stock-based compensation expense) increased for the year ended December 31, 2023 to $2,498,123

compared to $1,355,946 for the year ended December 31, 2022.

The increase is largely driven by amortization expense related to

intangible assets acquired through the Sapientia Technologies acquisition.

stock-based compensation expense decreased by 13.7% or $45,774 to $287,510 from $333,284 for the year ended December 31, 2023, compared

to the prior year’s period.

The decrease was due to no stock options being issued in 2022.

had $875,520 of loss on inventory investment for the year ended December 31, 2022, in connection with COVID-19 test kits that were purchased

and could not be resold due to issues with the FDA.

We had a loss on inventory investment of $1,225,141 in 2021 in connection with inventory

deposits made to vendors that were not refunded to us when the suppliers could not fulfill our purchase orders, as described in greater

detail under NOTE - 8 OTHER RECEIVABLES .

At June 30, 2021 the Company recorded a loss on inventory investments in the amount of $1,081,250

for Integra Pharma Solutions and $143,891 for Bonum Health related to the Bonum Health Hubs after we determined that the Hubs could be

assembled and placed into service due to the COVID-19 pandemic.

had $792,000 of loss on impairment of intangible assets for the year ended December 31, 2022, in connection with the SOSRx, LLC joint

venture agreement.

In 2022, we performed a qualitative and quantitative assessment to determine the impairment of the intangible asset

contributed in the JV agreement for SOSRx and found that due to the lack of revenue generated from these assets that they were determined

to be impaired and that the company needed to write the asset down to zero.

had interest expense, net, of $315,217 for the year ended December 31, 2022, compared to interest expense of $23,590 for the year ended

December 31, 2021, increased interest expense is driven by two funding agreements where the Company agreed to sell future receivables.

As part of the agreement the Company paid weekly interest.

in warrant liability due to fair value remeasurement at December 31, 2022 is recorded as a positive adjustment in the amount of $825,544.

loss decreased by $1,406,015, to a net loss of $3,909,868 for the year ended December 31, 2022, compared to net loss of $5,315,883 for

the year ended December 31, 2021, this variance is driven by several key factors, as listed below.

revenue of approximately $1.6 million,

Increased gross profit

of approximately $0.7 million,

Decreased year over year

loses on inventory investments of approximately $0.4 million,

Decreased general and administrative

expenses of approximately $0.5 million,

Decreased professional

fees of approximately $0.6 million;

A positive adjustment related

to the remeasurement of the fair value of warrant liability – approximately $0.8 million,

The decrease was due to less common stock issued for services during the year ended December 31, 2023 compared to the year ended December

Company recognized a loss on inventory investment of $875,520 for the year ended December 31, 2022, in connection with COVID-19 test

kits that were purchased and could not be resold due to issues with the FDA.

Company had interest expense, net, of $1,194,148 for the year ended December 31, 2023, compared to interest expense of $315,217 for the

year ended December 31, 2022.

The increased interest expense is driven by the increases in the contingent funding liability due to additional

accounts receivable advances during the year ended December 31, 2023.

the year ended December 31, 2023, the Company recognized a loss from the change in the fair value of warrants of $148,420.

the year ended December 31, 2022, the Company recognized a gain from the change in the fair value of warrants of $825,544.

The Company recognized a goodwill impairment loss of $5,129,115 for the year ended December 31, 2023.

The goodwill resulted from the

acquisition of Superlatus and was subsequently determined to be impaired based on the facts and circumstances surrounding the sale of

Superlatus on March 5, 2024.

loss from operations increased $11,317,104 to a net loss of $13,720,546 for the year ended December 31, 2023, compared to a net loss

of $2,403,442 for the year ended December 31, 2022.

The increase in net loss is mainly due to the write-down of inventory due to

spoilage, increases in spending related to the merger transaction with Superlatus and purchase of TUC and goodwill impairment charges.

loss from discontinued operations increased $2,616,602 to a net loss of $4,123,028 for the year ended December 31, 2023, compared to

a net loss from discontinued operations of $1,506,426 for the year ended December 31, 2022.

and Capital Resources

and Cash Equivalents

and cash equivalents were $1,133,633 at December 31, 2022.

and cash equivalents were $151,908 as of December 31, 2023.

We expect that our future available capital resources will consist primarily

of cash generated from operations, remaining cash balances, borrowings, and any additional funds raised through sales of debt and/or

of cash generated from operations, remaining cash balances, proceeds from potential asset divestitures or strategic transactions, borrowings,

and any additional funds raised through sales of debt and/or equity.

current assets, current liabilities, short term debt and working capital at the end of each period were as follows:

December 31, 2022

December 31, 2021

Current assets (excluding cash)

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Working deficit

Short term notes payable – related parties.

principal sources of liquidity during Fiscal 2022 and Fiscal 2021 have been cash provided by operations (internal source).

During Fiscal

2022, equity capital and borrowings under various debt arrangements (external source) and a stock placement deal of 920,000

Our principal uses of cash have been for operating expenses and research and development of our newer business units.

We anticipate

these uses will continue to be our principal uses of cash in the future in addition to any necessary business acquisitions.

do not have any material unused sources of liquid assets.

and other current assets decreased by $1,988,945 and $292,176 respectively.

The decrease in cash was primarily due to amounts

spent on research and development expenses related to our newer business units.

The decrease in our current assets was primarily due

to the write-off of $875,000 related to inventory deposits to suppliers that we did not get refunded when the inventory could not be

liabilities increased by $1,220,765 from $926,026 to $2,146,791 for the year ended December 31, 2022.

The increase is primarily due

to an increase in notes payable that was related to the joint venture with SOSRx, two accounts receivable advances with Agile that

will be repaid by the end of January 2023, and $588,533 warrant liability related to Private Placement Warrants.

principal sources of liquidity during the years ended December 31, 2023 and 2022 have been cash provided by operations (internal source).

the year ended December 31, 2023, sales of future receivables provided a principal source of liquidity.

During the year ended December 31, 2022, equity capital and borrowings

under various debt arrangements (external source) and a stock placement deal of 920,000 shares.

Our principal uses of cash have been

for operating expenses and research and development of our newer business units.

We anticipate these uses will continue to be our

principal uses of cash in the future in addition to any necessary business acquisitions.

We currently do not have any material

unused sources of liquid assets.

decreased by $942,986 and other current assets increased by $1,602,925.

The decrease in cash was primarily due to interest expense

associated with the sale of future receivables and net repayments of debt as well as the professional fees and accounting and legal expenses associated with the merger with Superlatus and

the acquisition of The Urgent Company.

The increase in other current assets was primarily due

to a note receivable and other receivables from the sale of APS and CSP.

Current liabilities

(excluding short term debt) increased by $3,046,231 from $1,980,124 to $5,026,355 for the year ended December 31, 2023.

increase is primarily due to an increase in accounts payable and contingent

funding liabilities from the sale of future receivables.

Outlook cash explanation

primary objectives for 2023 are to continue the development of the Trxade Platform, Integra Pharma Solutions, and Bonum Health and work

to increase our client base and operational revenue.

We have limited financial resources and we will need to raise additional capital

or secure debt funding to support ongoing operations.

There can be no assurance that our operations will generate significant positive

cash flow, or that additional funds will be available to us, through borrowings or otherwise, on favorable terms if required in the future,

primary objectives for 2024 are to continue the development and operational expansion of Integra Pharma Solutions and to explore

strategic transactions, relationships or acquisitions to grow or operations whether in our legacy industry or outside of that

general industry.

There can be no assurance that our operations will generate significant positive cash flow, or that additional

funds will be available to us, through borrowings or otherwise, on favorable terms if required in the future, or at all.

estimate our operating expenses and working capital requirements for the next 12 months to be approximately as follows:

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General and administrative (1)

Includes wages and payroll,

legal and accounting, marketing, rent and technology development.

have historically funded our operations primarily through debt and equity capital raises and operational revenue.

In 2022, common stock

was sold for net proceeds of approximately $1.3 million in connection with the exercise of warrants and the stock placement of 920,000

shares with a purchase price of $1.15 per share.

wages and payroll, legal and accounting, marketing, rent and technology development.

may require additional funding in the future to expand or complete acquisitions.

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Our plan for the next twelve months is to continue using the same marketing and management strategies

and continue providing a quality product with excellent customer service while also seeking to expand our operations organically or through

acquisitions, as funding and opportunities arise.

As our business continues to grow, customer feedback will be integral in making small

adjustments to improve our products and overall customer experience.

In the event we require additional funding, we plan to raise that

through the sale of debt or equity, which may not be available on favorable terms, if at all, and may, if sold, cause significant dilution

to existing stockholders.

If we are unable to access additional capital moving forward, it may hurt our ability to grow and to generate

future revenues.

to promote our Integra Pharma Solutions assets and operations, exploring strategic transactions involving our corporate assets, while

also seeking to expand our operations organically or through acquisitions, as funding and opportunities arise.

As our business continues

to grow, customer feedback will be integral in making small adjustments to improve our products and overall customer experience.

event we require additional funding, we plan to raise that through the sale of debt or equity, which may not be available on favorable

terms, if at all, and may, if sold, cause significant dilution to existing stockholders.

If we are unable to access additional capital

moving forward, it may hurt our ability to grow and to generate future revenues.

believe that we have adequate cash to implement our plan to operate a business-to-business web-based marketplace focused on the United

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following table summarizes our Consolidated Statements of Cash Flows for the fiscal years ended December 31, 2023, and 2022:

December 31, 2022

December 31, 2021

Percent Change

Net loss from continuing operations

$ (13,720,546 )

$ (2,403,442 )

$ (11,317,104 )

Net cash provided by (used in):

Net cash (used in) operating activities from continuing operations

Net cash (used in) operating activities from discontinued operations

Operating activities

Net cash (used in) investing activities from continuing operations

Net cash provided by (used in) investing activities from discontinued operations

Investing activities

Net cash provided by (used in) financing activities from continuing operations

Net cash provided by (used in) financing activities from discontinued operations

Financing activities

Net increase (decrease) in cash

$ (1,988,945 )

Net change in cash

$ (2,027,684 )

used by operations for the fiscal year ended December 31, 2022, was $1,525,929.

This compared to $2,566,226 of cash used by operating

activities for the fiscal year ended December 31, 2021.

The decrease was due to various things that include the recovery of bad debt

related to the GSG settlement of approximately $0.25 million and a $1.4 million decrease in net losses for December 31, 2022 compared

used by investing activities for the fiscal year ended December 31, 2022, was $427,845.

used in operations for the fiscal year ended December 31, 2023 was $2,073,601.

This compared to $1,564,668 of cash used in

operating activities for the fiscal year ended December 31, 2022.

The increase in cash used in operations was mainly due to

increased professional fees and accounting and legal expense for the comparable period as a result of the merger with Superlatus and

the purchase of The Urgent Company, partially offset by decreased wages and salary expense due to the departure of two members of

management during 2023.

used in investing activities for the year ended December 31, 2023 was $275,717.

This compared to $427,845 of cash used in investing

activities for the fiscal year ended 2021.

In 2022, the cash was used for an investment in capitalized software for Delivmeds.

the cash was used to purchase a single delivery vehicle for Community Specialty Pharmacy, LLC.

used by financing activities for the fiscal year ended December 31, 2022, was $35,171, which $716,964 was used to repay two accounts

receivable advances and $1,545,855 was received from the exercise of warrants and a stock placement.

This compared to $208,178

of cash used by operating activities for the fiscal year ended December 31, 2021.

In 2021, the cash was used to repay a short-term related

party promissory note of $225,000 offset by exercise of stock warrants and options of $16,822.

activities for the year ended December 31, 2022.

In 2023, the net cash used mainly related to net cash exchanged in acquisition and

During the year ended December 31, 2022, the cash was used for an investment in capitalized software for

provided by financing activities for the year ended December 31, 2023 was $1,406,332 and cash used in financing activities

for the year ended December 31, 2022, was $35,171.

The increase was mainly due to proceeds from the sale of future receivables.

Contractual and Other Obligations & Commitments

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Contractual Obligations

Less than 1 year

More than 5 years

Operating lease obligations

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quarterly and updated if unusual circumstances or trends are present.

We believe the reserves maintained and expenses recorded in 2022

We believe the reserves maintained and expenses recorded during the year ended December 31, 2023

are appropriate and consistent in the context of historical methodologies employed, as well as assessment of trends currently available.

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Financial Statements and Supplemental Data ”.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET

AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as

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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