What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-08-06 compared with 2025-05-14 · 226 added, 141 removed, 129 unchanged (74% of the section changed)

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of production which eventually helps us make our surgical robotic system cost effective and relatively affordable.

During the period ended March 31, 2025, we sold

8 surgical robotic systems.

In addition, during the period ended March 31, 2025, we also installed 4 systems on a pay-per-use basis.

During the three months and six months period ended June 30, 2025,

we sold 8 and 25 surgical robotic systems respectively.

In addition, during the three month period ended June 30, 2025, we installed 5

systems on a pay-per-use basis and 1 system on a demonstration basis.

Results of Operations

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ability to continue as a going concern.

The following table provides selected balance sheet data for the Company

The following table provides selected balance

sheet data for the Company as of:

Balance Sheet Data

2 unchanged sentences

Total liabilities and stockholders’ equity

Represents Fixed Deposits held by bank as security for bank facilities and certain performance guarantees.

** Represents Fixed Deposits held

by bank as security for bank facilities and certain performance guarantees.

To date, the Company has mainly relied on debt

and equity raised in private offerings to finance its operations.

During 2025, the Company plans to raise additional capital through further

private or public offerings.

However, if we are unable to do so and if we experience a shortfall in operating capital, we could be faced

with having to limit our expansion plans, research and development and marketing activities.

During 2025, the Company plans to raise additional capital through

further private or public offerings.

However, if we are unable to do so and if we experience a shortfall in operating capital, we could

be faced with having to limit our expansion plans, research and development and marketing activities.

For the three months

June 30, 2025

June 30, 2024

Total Revenue

Cost of revenue

Research & development expense

Stock compensation expense

Depreciation and amortization expense

Selling, general and administrative expense

Income /(Loss) from operations

Other income (expenses)

Income tax expense

Three months ended June 30, 2025, as compared to the three months

ended June 30, 2024

Total Revenue.

For the three months ended June 30, 2025,we had revenues of $10,000,305

(comprised $8,781,038 of system sales, $1,007,830 of instrument sales, $193,359 of warranty sales and lease income $18,078), as compared

to $4,509,126 (comprising $4,258,198 of system sales and $204,121 of instrument sales $28,795 of warranty sales and lease income $18,012)

for the three months ended June 30, 2024.

The increase in revenue is primarily due to an increase in the number of SSI Mantra 3 surgical

robotic systems and instruments during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024.

Gross profit.

For the three months ended

June 30, 2025, we had gross profit of $5,915,058, as compared to $1,437,786 for the three months ended June 30, 2024.

The increase in

gross profit margin was on account of decreases in raw material prices and improvements in manufacturing processes which resulted in less

consumption of raw material from the 2024 quarter to the 2025 quarter.

Research and development expense.

Research and development expenses were $498,600 for the three months

ended June 30, 2025, as compared to $759,004 for the three months ended June 30, 2024.

Research and development expense primarily consists

of salaries paid to engineers, amounting to $411,505 and $431,920 for the three months ended June 30, 2025 and 2024, respectively.

decrease in research and development expenses compared to the prior period is primarily due to the nature of activities undertaken.

the previous quarter, we incurred higher research and development costs while working on the development of Mantra 3.0, whereas in the

current quarter, our research and development efforts were focused on routine product enhancements, which involved relatively lower expenditure.

Stock compensation expense.

We had stock compensation expenses of $1,630,295 and $2,443,792 during

three months ended June 30, 2025 and 2024, respectively.

The substantial decrease in the stock compensation expense is primarily due to

reversal of expenses relating to resigned employees during three months ending June 30, 2025.

Depreciation and amortization expense.

had depreciation and amortization expense of $260,361 for three months ended June 30, 2025, as compared to $90,476 for three months ended

June 30, 2024.

The depreciation and amortization expenses primarily consist of depreciation on fixed assets.

Selling, general and administrative expense.

incurred $3,428,788 in selling, general and administrative (“ SG&A ”) expense during the three months ended June

30, 2025, as compared to $2,244,703 for the three months ended June 30, 2024.

Our SG&A expense is comprised of expenses

relating to salaries and benefits, retirement benefits as well as costs related to recruitment, other compensation expenses of sales and

marketing and client management personnel, sales commission, travel and brand building, client events and conferences, training and retention

of senior management and other support personnel in enabling functions, telecommunications, utilities, travel and other miscellaneous

administrative costs.

SG&A expense also includes acquisition-related costs, legal and professional fees (which represent the costs

of third party legal, tax, accounting, immigration and other advisors), investment in product development, digital technology, advanced

automation and robotics, related to grants of our equity awards to members of our board of directors.

The increase in SG&A expenses

compared to the previous period is primarily due to higher legal and underwriting fees, increased expenses associated with the Company’s

uplisting to NASDAQ, and expenses incurred for business events held during the current period, which were not present in the previous

Other income/expenses, net .

other income of $24 for the three months ended June 30, 2025, as compared to $40,381 of other expenses during the three months ended

June 30, 2024.

The decrease in interest expenses of $25,777 is due to the decrease in interest expenses related to notes payable by

$81,983, offset by an increase of $56,206 in interest expenses on overdraft facilities.

Additionally, interest and other income,

net, increased by $14,628 due to the reversal of certain provisions and higher interest income earned on fixed deposits.

Income tax expense.

For the three months

ended June 30, 2025 our income tax expense increased by $353,729 as compared to nil during the three months period ended June 30, 2024,

primarily due to the recognition of income tax expense in our Indian operations for the first time.

Historically, our Indian subsidiary

had incurred tax losses and was not subject to current income tax.

However, during the current period, the Indian operations generated

sufficient taxable profits, resulting in the utilization of previously unrecognized deferred tax assets and recognition of current tax

We incurred net loss of $256,691

for the three months ended June 30, 2025, as compared to a net loss of $4,140,570 for the three months ended June 30, 2024.

in net loss from June 30, 2024 to June 30, 2025 is primarily the result of increases in gross profit by $4,477,272 and reduction in stock

compensation expense by $813,497 offset by increases in SG&A by $1,184,085 and income tax expense of $353,729.

For the six months ended

Total Revenue

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Loss from operations

(13,932,508 )

Other income (expenses)

Income tax expense

Three months ended March 31, 2025, as compared to three months

ended March 31, 2024

(13,982,323 )

Six months ended June 30, 2025, as compared to the Six

months ended June 30, 2024

Total Revenue.

We had revenues of $15,120,915

(comprising $4,502,482 of system sales, $477,208 of instrument sales, $122,504 of warranty sales and lease income $18,416), for the three

months ended March 31, 2025, compared to $3,637,693 (comprising $3,494,759 of system sales and $118,515 of instrument sales $9,407 of

warranty sales and lease income $15,012) for the three months ended March 31, 2024.

The increase in net total is primarily due to sale

of increased 3 units of surgical robotic systems and instruments during the three months ended March 31, 2025, as compared to three months

ended March 31, 2024.

(comprising $13,283,520 of system sales, $1,485,038 of instrument sales, $315,863 of warranty sales and lease income $36,494), for the

six months ended June 30, 2025, compared to $8,146,819 (comprising $7,752,957 of system sales and $322,636 of instrument sales, $38,202

of warranty sales and lease income of $33,024) for the six months ended June 30, 2024.

The increase in revenue is primarily due to sale

of increased number of surgical robotic systems and instruments in the June 2025 period, as compared to the June 2024 period.

Gross profit.

We had gross profit of $7,002,266

for the three months ended March 31, 2025, compared to $728,182 for the three months ended March 31, 2024.

The increase in GP margin by

1.21% is due to reduction in raw material prices as compared to the period ended March 31, 2024.

for the six months ended June 30, 2025, as compared to $2,165,968 for the six months ended June 30, 2024.

The increase in gross profit

margin was on account of decreases in raw material prices and improvements in manufacturing processes which resulted in less consumption

of raw material from the 2024 quarter to the 2025 quarter.

Research and development expense.

and development expenses were $1,010,095 for the three months ended March 31, 2025, as compared to $527,991 for the three months ended

March 31, 2024.

Research and development expense primarily consists of salaries paid to engineers, amounting to $309,147 and $191,487

for the period ended March 31, 2025 and 2024, respectively.

The increase in research and development expenses as compared to the previous

period is in line with the Company’s continued focus on improving the design and technological capabilities of its SSi Mantra surgical

robotic system and further expanding its product offerings.

and development expenses were $1,508,695 during the six months ended June 30, 2025 as compared to $1,286,995 for the six months ended

June 30, 2024.

Research and development expense primarily consists of salaries paid to engineers, amounting to $720,652 and $618,471 for

the six months period ended June 30, 2025 and June 30, 2024, respectively.

The increase in research and development expenses as compared

to the prior period is in line with the Company’s continued focus on improving the design and technological capabilities of its

existing SSi Mantra system and further expanding its product offerings till the previous quarter.

Stock compensation expense.

We had compensation

expenses of $2,379,212 and $7,108,750 during three months ended March 31, 2025 and March 31, 2024, respectively.

The substantial decrease

in the stock compensation expense in the 2025 quarter is primarily the result of the award of stock options to executive officers of the

Company in February 2024 under our 2016 Incentive Stock Plan, in recognition of their efforts in developing and commercializing our SSi

Mantra system.

compensation expense of $4,009,507 and $9,552,542 during six months ended June 30, 2025 and June 30, 2024, respectively.

The substantial

decrease in the stock compensation expense is primarily due to reversal of expenses relating to resigned employees during the current

Depreciation and amortization expense.

had depreciation and amortization expense of $208,882 for the period ended March 31, 2025, as compared to $80,101 for the period ended

March 31, 2024.

The depreciation and amortization expenses primarily consist of depreciation on fixed assets.

had depreciation and amortization expense of $469,243 for the period ended June 30, 2025, as compared to $170,577 for the period ended

June 30, 2024.

The depreciation and amortization expenses primarily consist of depreciation on fixed assets only.

Selling, general and administrative expense.

We incurred $3,410,872 in selling, general and administrative (“ SG&A ”) expense during the three months ended

March 31, 2025, as compared to $2,843,659 for the three months ended March 31, 2024.

Our SG&A expense comprise of expense relating to salaries and benefits,

retirement benefits as well as costs related to recruitment, other compensation expenses of sales and marketing and client management

personnel, sales commission, travel and brand building, client events and conferences, training and retention of senior management and

other support personnel in enabling functions, telecommunications, utilities, travel and other miscellaneous administrative costs.

expense also include acquisition-related costs, legal and professional fees (which represent the costs of third party legal, tax, accounting,

immigration and other advisors), investment in product development, digital technology, advanced automation and robotics, related to grant

of our equity awards to members of our board of directors.

We expect our SG&A expense to increase as we continue to strengthen our

support and enabling functions and invest in leadership development, performance management and training programs.

The increase in selling,

general and administrative expense is majorly due to marketing event SMRSC 2025 held during the quarter which contributed to approximately

Other income/expenses, net .

We earned other income of $240,500 for the three months ended March

31, 2025, as compared to $9,434 of other expenses during the three months ended March 31, 2024.

The increase is due to reversal in amount

of credit loss reserve by $422,711 offset by increase in interest expense on notes amounting to $189,216 in three months ended March 31,

2025 as compared to March 31, 2024.

We incurred a net loss of $5,681,353

for the three months ended March 31, 2025, as compared to a net loss of $9,841,753 for the three months ended March 31, 2024.

in net loss from March 31, 2024 to March 31, 2025 is primarily the result of the reduction in stock compensation expense by $4,729,538

offset by increase in SG&A by $567,213.

We incurred $6,638,587 in general and administrative expenses during the six months ended June 30, 2025, as compared to $5,088,362

in June 30, 2024, respectively.

Our SG&A expense is comprised of expense relating

to salaries and benefits, retirement benefits as well as costs related to recruitment, other compensation expenses of sales and marketing

and client management personnel, sales commission, travel and brand building, client events and conferences, training and retention of

senior management and other support personnel in enabling functions, telecommunications, utilities, travel and other miscellaneous administrative

SG&A expense also includes acquisition-related costs, legal and professional fees (which represent the costs of third party

legal, tax, accounting, immigration and other advisors), investment in product development, digital technology, advanced automation and

robotics, related to grants of our equity awards to members of our board of directors.

The increase in SG&A expenses compared to the

previous period is primarily due to higher legal and underwriting fees, increased expenses associated with the Company’s uplisting

to NASDAQ, and expenses incurred for business events held during the current period, which were not present in the previous period.

Other income/expenses .

We earned other income of $39,451 for the six months ended June 30,

2025, as compared to $49,815 of other expenses during the six months ended June 30, 2024.

The increase in interest income by $253,306

relating to fixed deposits which is offset by increase in interest expense by $164,040 related to interest on bank overdraft facility

and convertible notes.

Income tax expense .

For the six months

ended June 30, 2025 our income tax expense increased by $353,729 as compared to nil during the six months period ended June 30, 2024,

primarily due to the recognition of income tax expense in our Indian operations for the first time.

Historically, our Indian subsidiary

had incurred tax losses and was not subject to current income tax.

However, during the current period, the Indian operations generated

sufficient taxable profits, resulting in the utilization of previously unrecognized deferred tax assets and recognition of current tax

We incurred a net loss of $5,938,044 for the six months ended June 30,

2025, as compared to a net loss of $13,982,323 for the six months ended June 30, 2024.

The decrease in net loss from June 30, 2024 to

June 30, 2025 is primarily the result of the increase in gross profit by $4,836,298, decrease in stock compensation expense by $5,543,035

offset by increase in selling, general and administrative expenses of $1,550,225 and income tax expense of $353,729.

Liquidity and Capital Resources

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to finance its research and development work in the field of surgical robotics.

In February 2024, the Company raised $2,450,000

through a private offering of 7% One-Year Convertible Promissory Notes (“Notes”) from two affiliates of $1,000,000 each and

$450,000 from three other investors to finance its ongoing working capital requirements.

These notes are payable in full after 12 months

from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity

date at a per share price of $4.45.

Effective February 14, 2024, the Company sold

$2,450,000 in principal amount of 7% Convertible One-Year Promissory Notes (the “ Bridge Notes ”) to five investors in

a private transaction, one of whom was Sushruta Pvt Ltd.

(“ Sushruta ” ), Sushruta, the Bahamian holding company

Sudhir Srivastava, our founder, Chairman, Chief Executive Officer and controlling shareholder, who subscribed for a $1,000,000

Interest on the Bridge Notes accrued at the rate of 7% per annum and was payable together with the principal amount upon

maturity, which was one year from issuance.

The Bridge Notes were convertible at the option of the noteholders, at any time prior to maturity

into shares of our common stock at a conversion price of $4.45 per share.

Sushruta’s Bridge Note, together with accrued interest

thereon, was repaid upon maturity in February 2025.

In April 2024, the Company raised $2,000,000 from

its affiliate by issuance of two One-Year 7% Promissory Notes of $1,000,000 each, to meet certain working capital requirements.

Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In July 2024, the Company raised $500,000 from

its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements.

These Notes are payable

in full after 12 months from the respective date of issuance of these Notes.

In October and November 2024, the Company raised

$500,000 from its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements.

are payable in full after 12 months from the respective date of issuance of these Notes.

In December 2024, the Company raised $2,000,000

from its affiliate by issuance of One-Year 7% Convertible Promissory Notes to finance its ongoing working capital requirements.

Notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder

at any time through the maturity date at a per share price of $1.38.

In January 2025, the Company raised $28,000,000

from its affiliate by issuance of One-Year 7% Convertible Promissory Notes to finance its ongoing working capital requirements.

Notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder

at any time through the maturity date at a per share price of $1.38.

In February 2025, the Company paid $4,212,637 towards repayment of

five 7% One-Year Promissory Notes totaling to $4,000,000 raised from Sushruta Pvt Ltd., on various dates during the year 2024, along with

interest due thereon.

In February 2025, the Company paid $1,068,849

towards repayment of one 7% One-Year Convertible Promissory Notes of $1,000,000 raised from Andrew Economos along with the interest due

In February 2025, the Company converted three

7% One Year Convertible Promissory Notes totaling to $450,000 along with the interest accrued thereon, into 108,048 common shares of the

Company as per the conversion rights exercised by the note holders.

In February 2025, the Company converted Convertible Notes worth $22,000,000,

along with the interest accrued thereon, issued to Sushruta Pvt Ltd.

into 16,046,814 common shares of the Company.

In March 2025, the Company converted Convertible

Notes worth $8,000,000, along with the interest accrued thereon, issued to Sushruta Pvt Ltd into 5,811,554 common shares of the Company.

While we have been successful in raising funds to meet our working

capital needs to date, believe that we have the resources to do so for the balance, we do not have any committed sources of funding and

there are no assurances that we will be able to secure additional funding if and when needed.

The condensed consolidated financial statements

included in this report have been prepared assuming that the Company will continue as a going concern.

If we cannot obtain financing,

then we may be forced to further curtail our operations or consider other strategic alternatives.

Even if we are successful in raising

the additional financing, there is no assurance regarding the terms of any additional investment and any such investment or other strategic

alternative would likely substantially dilute our current shareholders.

These factors raise a substantial doubt about the Company’s

ability to continue as a going concern

For the three months ended

Sushruta by the issuance of two One-Year 7% Promissory Notes (the “ 7% Notes ”) of $1,000,000 each, to meet certain working

capital requirements.

In July 2024, the Company raised $500,000 from Sushruta by the issuance of an additional 7% Note to finance its

ongoing working capital requirements.

In October and November 2024, the Company raised $500,000 from Sushruta by issuance of 7% Notes

to finance its ongoing working capital requirements.

All of the 7% Notes are payable in full together with accrued interest, after 12

months from their respective date of issuance.

All of the 7% Notes were repaid in full together with accrued interest thereon, upon maturity

in February 2025.

Sudhir Srivastava, through Sushruta, provided

the Company with $2,000,000 in financing on December 4, 2024, $5,000,000 in financing on January 3, 2025, $10,000,000 in financing on

January 20, 2025, $5,000,000 in financing on January 30, 2025 and $8,000,000 in financing on March 19.

Each tranche of financing provided by Dr.

was evidenced by a one-year convertible promissory note (collectively, the “ One-Year Notes ”).

The One-Year Notes bore

interest at the rate of seven percent (7%) per annum, which accrued and was due at maturity.

The One-Year Notes were convertible at the

option of the holder into shares of our common stock at a conversion price of $1.38 per share, subject to adjustment for stock splits,

stock dividends and similar recapitalization events.

As of March 31, 2025, all $30,000,000 in principal amount of One-Year Notes, together

with $164,548 in interest thereon, were converted by Sushruta into 21,858,368 shares of our common stock.

While we have been successful in raising funds

to meet our working capital needs to date, believe that we have the resources to do so for the balance, we do not have any committed sources

of funding and there are no assurances that we will be able to secure additional funding if and when needed.

The condensed consolidated

financial statements included in this report have been prepared assuming that the Company will continue as a going concern.

obtain financing, then we may be forced to further curtail our operations or consider other strategic alternatives.

Even if we are successful

in raising the additional financing, there is no assurance regarding the terms of any additional investment and any such investment or

other strategic alternative would likely substantially dilute our current shareholders.

These factors raise a substantial doubt about

the Company’s ability to continue as a going concern.

For the six months ended

Net cash provided by operating activities:

(13,982,323 )

Non-cash adjustments

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Effect of exchange rate on cash

Cash at the beginning of the period

Cash at the end of period

Cash at beginning of year

Cash at period end

Cash Flows from Operating Activities

During the three months ended March 31, 2025,

net cash used in operating activities was $6,103,374 resulting from our net loss of $5,681,353 partially offset by non-cash charges of

During the six months ended June 30, 2025, net

cash used in operating activities was $9,555,703 resulting from our net loss of $5,938,044 partially offset by non-cash charges of $4,149,120

primarily driven by depreciation charges, operating lease expense and stock compensation expense.

We had cash used in our operating

assets and liabilities of $2,806,766 primarily driven by increases in inventory, prepaid and other assets offset by decrease in accounts

receivables and increase in deferred revenue.

During the three months ended March 31, 2024, net cash used in operating

We had cash used in our operating assets

and liabilities of $7,766,779 primarily driven by increase in inventory, prepaid and other assets and accounts receivables offset by increase

in deferred revenue, accounts payable, accrued expenses and other liabilities.

During the six months ended June 30, 2024, net cash used in operating

activities was $3,694,486 resulting from our net loss of $13,982,323 partially offset by non-cash charges of $10,661,083 primarily driven

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We had cash used in our operating assets and liabilities

of $702,339 primarily driven by increases in inventory, accounts payable and decrease in prepaid and other assets.

of $373,246 primarily driven by increases in inventory, accounts payable and prepaid expenses.

Cash Flows from Investing Activities

During the three months ended March 31, 2025,

we had net cash used in investing activities of $872,804 in purchase of property and equipment.

During the three months ended March 31, 2024,

we had net cash used in investing activities of $127,255 in purchase of property and equipment.

During the six months ended June 30, 2025, we

had net cash used in investing activities of $1,189,452 in purchase of property and equipment.

During the six months ended June 30, 2024, we

had net cash used in investing activities of $2,239,139 in purchase of property and equipment.

Cash Flows from Financing Activities

During the three months ended March 31, 2025, we had net cash provided

by financing activities of $22,406,019, which comprised of proceeds from $28,000,000 from issuance of convertible notes to our principal

shareholder offset by repayment of convertible notes to principal shareholder and other investors amounting to $4,212,637 and $1,068,849

respectively.

During the three months ended March 31, 2024,

we had net cash, provided by financing activities of $2,638,259, which comprised of $2,450,000 in proceeds from issuance of the convertible

notes to our principal shareholder and other investors as set forth above.

During the six months ended June 30, 2025, we had net cash provided

by financing activities of $21,703,921, which comprised of proceeds of $28,000,000 from issuance of convertible notes to our principal

shareholder offset by repayment of convertible notes to our principal shareholder and other investors amounting to $4,212,637 and $1,068,849

respectively and repayment of bank overdraft by $1,014,593.

During the six months ended June 30, 2024,

we had net cash, provided by financing activities of $5,292,610, which comprised of $842,610 in proceeds from our bank overdraft

facility (net), $4,450,000 in proceeds from issuance of convertible notes to our principal shareholder and other investors as set

While we have been successful in raising funds

to finance our operations since inception and we believe that we will be successful in obtaining the necessary financing to fund our operations

going forward, we do not have any committed sources of funding and there are no assurance that we will be able to secure additional funding.

going forward, we do not have any committed sources of funding and there are no assurances that we will be able to secure additional funding.

The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern;

4 unchanged sentences

Use of Estimates

The discussion and analysis of our financial condition

and results of operations are based upon the unaudited interim condensed consolidated financial statements included in this Report on

Form 10-Q, which have been prepared in accordance with U.S.

The discussion and analysis of our financial

condition and results of operations is based upon the unaudited interim condensed consolidated financial statements included in this

Report on Form 10-Q, which have been prepared in accordance with U.S.

generally accepted accounting principles (“U.S.

of our significant accounting policies is included in Note 2 - Summary of Significant Accounting Policies to our unaudited interim condensed

consolidated financial statements under Part I, Item 1, “Financial Statements.”

A summary of our significant accounting policies is included in Note 2 - Summary of Significant Accounting Policies to

our unaudited interim condensed consolidated financial statements under Part I, Item 1, “Financial Statements.”

We consider the policies discussed below to be

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before they are exercised and the expected volatility of our stock.

As of March 31, 2025, the Company has issued two

As of June 30, 2025, the Company has issued two

types of equity incentives:

Stock Options:

These provide employees with the

right, but not the obligation, to purchase shares of the Company’s stock at a specified price, within a defined period, as per the

terms of the stock option agreement.

Stock-based compensation expense associated with AVRA 2016 Stock Incentive Plan is measured at fair

value using a Black-Scholes option-pricing model at commencement of each offering period and recognized over that offering period.

These provide employees with

the right, but not the obligation, to purchase shares of the Company’s stock at a specified price, within a defined period, as

per the terms of the stock option agreement.

Stock-based compensation expense associated with the AVRA 2016 Stock Incentive Plan is

measured at fair value using a Black-Scholes option-pricing model at commencement of each offering period and recognized over that

offering period.

Stock Units (Restricted Stock Units, or RSUs):

26 unchanged sentences

have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues

or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Quantitative and Qualitative Disclosures About Market Risk.

1 unchanged sentence

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 2. Management’s Discussion and Analysis