What changed in this filing

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Item 1. Financial Statements

2022-11-02 compared with 2022-08-10 · 100 added, 78 removed, 243 unchanged (42% of the section changed)

3 unchanged sentences

(in thousands of U.S.

December 31 ,

September 30,

except share and per share amounts)

17 unchanged sentences

Shareholders’ equity:

Preferred stock, $ 0.01 par value, authorized 10,000,000 shares (none issued and outstanding at June 30, 2022 and December 31, 2021)

Common stock, $ 0.01 par value, authorized 100,000,000 shares ( 64,768,873 and 62,036,399 shares, respectively, issued and outstanding at June 30, 2022 and December 31, 2021)

Preferred stock, $ 0.01 par value, authorized 10,000,000 shares (none issued and outstanding at September 30, 2022 and December 31, 2021)

Common stock, $ 0.01 par value, authorized 100,000,000 shares ( 64,768,873 and 62,036,399 shares, respectively, issued and outstanding at September 30, 2022 and December 31, 2021)

Additional paid-in capital

8 unchanged sentences

Three months ended

Six months ended

Nine months ended

Costs, expenses and other:

1 unchanged sentence

General and administrative

Property abandonment and impairment

Total costs, expenses and other

Other (loss) income

Other income (loss)

Interest income

1 unchanged sentence

Unrealized loss on short-term investments

(Loss) gain on sale of marketable equity securities

Unrealized loss on marketable equity securities

Total other (loss) income

Net (loss) income

(Loss) income per common share:

Loss on sale of marketable equity securities

Unrealized gain (loss) on marketable equity securities

Total other income (loss)

Loss per common share:

Basic and diluted

5 unchanged sentences

(in thousands of U.S.

Six months ended

Nine months ended

September 30,

Operating activities:

4 unchanged sentences

Employee stock option expense

(Loss) gain on sale of marketable equity securities

Gain on sale of marketable equity securities

Loss on derivative instruments

Property abandonment and impairment

Changes in operating assets and liabilities:

3 unchanged sentences

Investing activities:

(Purchase) sale of short-term investments, net

Sale of short-term investments, net

Purchase of mineral property

12 unchanged sentences

Accrued mineral property acquisition costs included in accounts payable

Accrued common stock acquisition costs included in accounts payable

Acquisition of right to use asset

21 unchanged sentences

The fluctuations in precious metal and other commodity prices contribute to a challenging environment for mineral exploration and development, which has created opportunities as well as challenges for the potential acquisition of early-stage and advanced mineral exploration projects or other related assets at potentially attractive terms.

The accompanying interim condensed consolidated financial statements of Solitario for the three and six months ended June 30, 2022 are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”).

The accompanying interim condensed consolidated financial statements of Solitario for the three and nine months ended September 30, 2022 are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”).

They do not include all disclosures required by generally accepted accounting principles for annual financial statements, but in the opinion of management, include all adjustments necessary for a fair presentation.

1 unchanged sentence

These financial statements should be read in conjunction with the financial statements and notes thereto which are included in Solitario’s Annual Report on Form 10-K for the year ended December 31, 2021.

The accounting policies set forth in those annual financial statements are the same as the accounting policies utilized in the preparation of these financial statements, except as modified for appropriate interim financial statement presentation.

The accounting policies set forth in those annual financial statements are the same as the accounting policies utilized in the preparation of these financial statements, except as modified for an appropriate interim financial statement presentation.

Risks and Uncertainties

1 unchanged sentence

Solitario’s business still could be adversely impacted by the effects of the coronavirus (“COVID-19”) or other epidemics or pandemics.

Solitario has recommended all of its employees and contractors follow government guidelines for health and safety policies for employees and contractors, including encouraging tele-commuting and working from home where possible.

Solitario has evaluated the effects of COVID-19 on its operations and taken pro-active steps to address the impacts on its operations, including at times reducing costs, in response to the economic uncertainty associated with potential risks from COVID-19.

Solitario continues to evaluate the effects of COVID-19 on its operations and at times during the pandemic has taken pro-active steps to address the impacts on its operations, including at times reducing costs, in response to the economic uncertainty associated with potential risks from COVID-19.

These prior cost reductions included implementing salary reductions and evaluating and reducing certain planned 2021 exploration programs through its joint venture partners at the Florida Canyon and Lik exploration projects.

1 unchanged sentence

Solitario will continue to monitor the effects of COVID-19 on its operations, financial condition, and liquidity.

However, the extent to which COVID-19 impacts Solitario’s business, including our exploration and other activities and the market for our securities, will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of any new outbreak and the actions taken to contain or treat the COVID-19 pandemic.

However, the extent to which COVID-19 ultimately impacts Solitario’s business, including our exploration and other activities and the market for our securities, will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of any new outbreak and the actions taken to contain or treat the COVID-19 pandemic.

Financial reporting

4 unchanged sentences

Cash equivalents include investments in highly liquid money-market securities with original maturities of three months or less when purchased.

As of June 30, 2022, $ 267,000 of Solitario’s cash is held in brokerage accounts and foreign banks, which are not covered under the Federal Deposit Insurance Corporation (“FDIC”) rules for the United States.

As of September 30, 2022, $ 225,000 of Solitario’s cash is held in brokerage accounts and foreign banks, which are not covered under the Federal Deposit Insurance Corporation (“FDIC”) rules for the United States.

Short-term investments

As of June 30, 2022, Solitario has $ 5,622,000 of its current assets in United States Treasury Securities (“USTS”) with maturities of 15 days to 18 months .

In addition, at June 30, 2022, Solitario has one bank certificate of deposit (“CD”) with a face value of $ 250,000 recorded at its fair value of $ 248,000 .

The CD has a maturity of six months.

As of September 30, 2022, Solitario has $ 4,650,000 of its current assets in United States Treasury Securities (“USTS”) with maturities of 15 days to 15 months .

In addition, at September 30, 2022, Solitario has one bank certificate of deposit (“CD”) with a face value of $ 250,000 recorded at its fair value of $ 248,000 .

The CD has a maturity of three months.

The USTS and CD are recorded at their fair value, based upon quoted market prices.

3 unchanged sentences

Solitario separately shows its classification of changes in the fair value of its short-term investment in USTS and CDs as unrealized gain or loss on short-term investments in the statement of operations rather than a portion of interest and dividend income (net).

During the three and six months ended June 30, 2022 the non-cash decrease in the fair value of Solitario’s short-term investments, due primarily to changes in interest rates on held securities, was $ 47,000 and $ 98,000 , respectively.

During the three and six months ended June 30, 2021 the non-cash decrease in the fair value of its short-term investments, due primarily to changes in interest rates on held securities, was $ 32,000 and $ 56,000 , respectively.

During the three and nine months ended September 30, 2022 the non-cash decrease in the fair value of Solitario’s short-term investments, due primarily to changes in interest rates on held securities, was $ 22,000 and $ 120,000 , respectively.

During the three and nine months ended September 30, 2021 the non-cash decrease in the fair value of its short-term investments, due primarily to changes in interest rates on held securities, was $ 21,000 and $ 77,000 , respectively.

The 2021 income statement and cash flows have been reclassified for comparability to the 2022 presentation.

1 unchanged sentence

Earnings per share

The calculation of basic and diluted earnings (loss) per share is based on the weighted average number of shares of common stock outstanding during the three and six months ended June 30, 2022 and 2021.

Potentially dilutive shares related to outstanding common stock options of 5,431,250 and 5,513,000 , respectively, for the six months ended June 30, 2022 and 2021 were excluded from the calculation of diluted loss per share because the effects were anti-dilutive.

The calculation of basic and diluted earnings (loss) per share is based on the weighted average number of shares of common stock outstanding during the three and nine months ended September 30, 2022 and 2021.

Potentially dilutive shares related to outstanding common stock options of 5,431,250 and 5,513,000 , respectively, for the nine months ended September 30, 2022 and 2021 were excluded from the calculation of diluted loss per share because the effects were anti-dilutive.

Mineral Properties

1 unchanged sentence

(in thousands)

September 30,

Lik project (Alaska – US)

6 unchanged sentences

Three months ended

Six months ended

September 30,

Nine months ended

September 30,

Geologic and field expenses

11 unchanged sentences

Changes in market value are recorded in the condensed consolidated statement of operations.

At June 30, 2022 and December 31, 2021 Solitario owns the following marketable equity securities:

At September 30, 2022 and December 31, 2021 Solitario owns the following marketable equity securities:

September 30, 2022

December 31, 2021

2 unchanged sentences

Vox Royalty Corp.

Highland Silver Corp.

The following tables summarize Solitario’s marketable equity securities and adjustments to fair value:

(in thousands)

September 30,

Marketable equity securities at cost

4 unchanged sentences

Three months ended

Six months ended

September 30,

Nine months ended

September 30,

Cost of marketable equity securities sold

Realized (loss) gain on marketable equity securities sold

Realized loss on marketable equity securities sold

Proceeds from the sale of marketable equity securities sold

Net loss on marketable equity securities

Net (gain) loss on marketable equity securities

Change in marketable equity securities at fair value

2 unchanged sentences

Three months ended

Six months ended

Unrealized (loss) gain on marketable securities

Realized (loss) gain on marketable equity securities sold

Net loss on marketable securities

During the three months ended June 30, 2022, Solitario sold 500,000 shares of Vendetta Mining Corp.

September 30,

Nine months ended

September 30,

Unrealized gain (loss) on marketable securities

Realized loss on marketable equity securities sold

Net (gain) loss on marketable securities

During the nine months ended September 30, 2022, Solitario sold 1,000,000 shares of Vendetta Mining Corp.

(“Vendetta”) common stock for proceeds of $ 53,000 and recorded a loss on sale of $ 159,000 on the date of sale.

During the six months ended June 30, 2022, Solitario sold 1,000,000 shares of Vendetta common stock for proceeds of $ 53,000 and recorded a loss on sale of $ 159,000 on the date of sale.

During the three months ended June 30, 2021, Solitario sold 143,000 shares of TNR Gold Corp (“TNR”).

common stock for proceeds of $ 10,000 and recorded a gain on sale of $ 6,000 .

During the six months ended June 30, 2021, Solitario sold (i) 1,010,000 shares of Vendetta common stock for proceeds of $ 51,000 and recorded a loss on sale of $ 2,000 ;

(ii) 430,000 shares of TNR.

Solitario did not sell any marketable equity securities during the three months ended September 30, 2022.

During the three months ended September 30, 2021, Solitario sold 500,000 shares of Vendetta common stock for proceeds of $ 16,000 and recorded a loss on sale of $ 89,000 .

During the nine months ended September 30, 2021, Solitario sold (i) 1,510,000 shares of Vendetta common stock for proceeds of $ 69,000 and recorded a loss on sale of $ 91,000 ;

430,000 shares of TNR Gold Corp.

common stock for proceeds of $ 26,000 and recorded a gain on sale of $ 19,000 , and (iii) 3,200 shares of Vox Royalty Corp.

(“Vox”) for proceeds of $ 9,000 and recorded a gain on sale of $ 2,000 .

Other Income:

During the three months ended September 30, 2022, Solitario sold rights to certain exploration data on a non-owned mineral property upon which Solitario had previously done exploration activities.

The data was sold to Highland Silver Corp., a Canadian exploration company (“Highland”) for $ 20,000 cash and 200,000 shares of Highland common stock.

The Highland common stock carried a restrictive legend and was not available for trade on the date of the sale and no value was assigned to the common stock.

Solitario recorded $ 20,000 of other income on the date of the sale.

Any future changes to the value of the Highland common stock owned by Solitario will be recorded as changes in value of marketable equity securities.

Solitario accounts for its leases in accordance with ASC 842.

1 unchanged sentence

Solitario has no other material operating lease costs.

During the six months ended June 30, 2021, Solitario entered into a new lease for the same facility (both the prior lease and new lease are referred to as the “WR Lease”) and recorded a net increase in the related asset and liability of $ 99,000 .

The WR Lease is classified as an operating lease and has a term of 14 months at June 30, 2022, with no renewal option.

At June 30, 2022 and December 31, 2021, the right-of-use office lease asset for the WR Lease is classified as other long-term assets and the related liability as current and long-term operating lease liabilities in the condensed consolidated balance sheet.

During the nine months ended September 30, 2021, Solitario entered into a new lease for the same facility (both the prior lease and new lease are referred to as the “WR Lease”) and recorded a net increase in the related asset and liability of $ 99,000 .

The WR Lease is classified as an operating lease and has a term of 13 months through October 31,2023at September 30, 2022, with no renewal option.

At September 30, 2022 and December 31, 2021, the right-of-use office lease asset for the WR Lease is classified as other long-term assets and the related liability as current and long-term operating lease liabilities in the condensed consolidated balance sheet.

The amortization of right of use lease asset expense is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred.

During the three and six months ended June 30, 2022, cash lease payments of $ 8,000 and $ 18,000 , respectively, were made on the WR Lease.

During the three and six months ended June 30, 2021, cash lease payments of $ 10,000 and $ 17,000 , respectively, were made on the WR Lease.

During the three and six months ended June 30, 2022, Solitario recognized $ 10,000 and $ 20,000 , respectively, of non-cash amortization of right of use lease asset expense for the WR Lease included in general and administrative expense.

During the three and six months ended June 30, 2021, Solitario recognized $ 10,000 and $ 20,000 , respectively, of non-cash amortization of right of use lease asset expense for the WR Lease included in general and administrative expense.

During the three and nine months ended September 30, 2022, cash lease payments of $ 11,000 and $ 29,000 , respectively, were made on the WR Lease.

During the three and nine months ended September 30, 2021, cash lease payments of $ 11,000 and $ 28,000 , respectively, were made on the WR Lease.

During the three and nine months ended September 30, 2022, Solitario recognized $ 10,000 and $ 30,000 , respectively, of non-cash amortization of right of use lease asset expense for the WR Lease included in general and administrative expense.

During the three and nine months ended September 30, 2021, Solitario recognized $ 10,000 and $ 30,000 , respectively, of non-cash amortization of right of use lease asset expense for the WR Lease included in general and administrative expense.

These cash payments, less imputed interest for each period, reduced the related liability on the WR Lease.

The discount rate within the WR Lease is not determinable and Solitario has applied a discount rate of 5 % based upon Solitario’s estimate of its cost of capital.

The maturities of Solitario’s lease liability for its WR Lease are as follows at June 30, 2022:

The maturities of Solitario’s lease liability for its WR Lease are as follows at September 30, 2022:

Future lease payments (in thousands)

2 unchanged sentences

Present value of lease payments

Supplemental cash flow information related to our operating lease was as follows for the three and six months ended June 30, 2022 and 2021:

Supplemental cash flow information related to our operating lease was as follows for the three and nine months ended September 30, 2022 and 2021:

(in thousands)

Three months ended

Six months ended

September 30,

Nine months ended

September 30,

Cash paid for amounts included in the measurement of lease liabilities

5 unchanged sentences

(in thousands)

September 30,

Furniture and fixtures, net of accumulated depreciation

7 unchanged sentences

Each Vendetta unit consisted of one share of Vendetta common stock and one Vendetta warrant (the “Vendetta Warrants”).

Each Vendetta Warrant entitles the holder to purchase one additional share of Vendetta common stock for a purchase price of Cdn$ 0.13 per share for a period of three years.

Each Vendetta Warrant entitled the holder to purchase one additional share of Vendetta common stock for a purchase price of Cdn$ 0.13 per share for a period of three years.

The Vendetta Warrants expired unexercised on July 31, 2022.

On the purchase date Solitario recorded marketable equity securities of $ 165,000 for the Vendetta shares acquired and $ 68,000 for the Vendetta Warrants based upon an allocation of the purchase price of the Vendetta units, determined by (i) the fair value of the Vendetta common shares received based upon the quoted market price for Vendetta common shares.

and (ii) the fair value of Vendetta Warrants based upon a Black Scholes model.

During the three and six months ended June 30, 2022, Solitario charged loss on derivative instruments of $ 3,000 and $ 4,000 , respectively, for the change in the fair value of the Vendetta Warrants based on a Black Scholes model.

During the three and six months ended June 30, 2021, Solitario charged loss on derivative instruments of $ 37,000 and $ 40,000 , respectively, for the change in the fair value of the Vendetta Warrants based on a Black Scholes model.

During the three and nine months ended September 30, 2022, Solitario charged loss on derivative instruments of $ 0 and $ 4,000 , respectively, for the change in the fair value of the Vendetta Warrants based on a Black Scholes model.

During the three and nine months ended September 30, 2021, Solitario charged loss on derivative instruments of $ 2,000 and $ 42,000 , respectively, for the change in the fair value of the Vendetta Warrants based on a Black Scholes model.

Covered call options

1 unchanged sentence

The business purpose of selling covered calls is to provide additional income on a limited portion of shares of Kinross that Solitario may sell in the near term, which is generally defined as less than one year, and any changes in the fair value of its covered calls are recognized in the statement of operations in the period of the change.

Solitario did not sell any covered calls during the three and six months ended June 30, 2022.

During the three months ended June 30, 2021, Solitario sold covered calls against its holdings of Kinross for cash proceeds of $ 8,000 and recorded a gain on derivative instruments related to those covered calls of $ 7,000 .

Solitario did not sell any covered calls during the three and nine months ended September 30, 2022.

During the nine months ended September 30, 2021, Solitario sold covered calls against its holdings of Kinross for cash proceeds of $ 8,000 and recorded a gain on derivative instruments related to those covered calls of $ 1,000 and $ 8,000 , respectively.

Solitario accounts for its financial instruments under ASC 820 Fair Value Measurement .

During the six months ended June 30, 2022, there were no reclassifications in financial assets or liabilities between Level 1, 2 or 3 categories.

The following is a listing of Solitario’s financial assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of June 30, 2022:

During the nine months ended September 30, 2022, there were no reclassifications in financial assets or liabilities between Level 1, 2 or 3 categories.

(in thousands)

11 unchanged sentences

A valuation allowance is provided if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

At both June 30, 2022 and December 31, 2021, a valuation allowance has been recorded, which fully offsets Solitario’s net deferred tax assets, because it is more likely than not that the Company will not realize some portion or all of its deferred tax assets.

At both September 30, 2022 and December 31, 2021, a valuation allowance has been recorded, which fully offsets Solitario’s net deferred tax assets, because it is more likely than not that the Company will not realize some portion or all of its deferred tax assets.

The Company continually assesses both positive and negative evidence to determine whether it is more likely than not that the deferred tax assets can be realized prior to their expiration.

During the three and six months ended June 30, 2022 and 2021, Solitario recorded no deferred tax expense.

During the three and nine months ended September 30, 2022 and 2021, Solitario recorded no deferred tax expense.

Commitments and contingencies

1 unchanged sentence

See Note 2, “Mineral Properties,” above.

Solitario leases office space under a non-cancelable operating lease for the Wheat Ridge, Colorado office which provides for future total minimum rent payments as of June 30, 2022 of $ 58,000 through October of 2023 .

Employee Stock Compensation Plans

4 unchanged sentences

The terms and conditions of the awards are pursuant to the 2013 Plan and are granted by the Board of Directors of the Company (the “Board of Directors”) or a committee appointed by the Board of Directors.

As of June 30, 2022, and December 31, 2021 there were options outstanding that are exercisable to acquire 5,431,250 and 5,513,000 , respectively, shares of Solitario common stock, with exercise prices between $ 0.20 and $ 0.77 per share.

During the three and six months ended June 30, 2022, Solitario did not grant any options.

During the three months ended June 30, 2022, options for 8,750 shares were exercised with an average exercise price of $ 0.20 per share for proceeds of $ 2,000 .

During the six months ended June 30, 2022, options for 81,750 shares were exercised with an average exercise price of $ 0.25 per share for proceeds of $ 20,000 .

During the three and six months ended June 30, 2021, Solitario granted 140,000 options with an average exercise price of $ 0.68 per share, a five-year term and a grant date fair value of $ 58,000 based upon a Black-Scholes model, with a 76 % volatility and a 0.9 % risk-free interest rate.

During the three and six months ended June 30, 2021, options for 64,750 and 185,000 shares, respectively, were exercised with an average exercise price of $ 0.25 and $ 0.45 per share, respectively, for proceeds of $ 16,000 and $ 83,000 , respectively.

During the three and six months ended June 30, 2022, Solitario recorded stock option compensation expense of $ 13,000 and $ 26,000 , respectively.

During the three and six months ended June 30, 2021, Solitario recorded stock option compensation expense of $ 44,000 and $ 72,000 , respectively.

At June 30, 2022, the total unrecognized stock option compensation cost related to non-vested options was $ 54,000 and is expected to be recognized over a weighted average period of 16 months.

As of September 30, 2022 there were options outstanding that are exercisable to acquire 5,431,250 shares of Solitario common stock, with exercise prices between $ 0.20 and $ 0.60 per share.

As of December 31, 2021 there were options outstanding that are exercisable to acquire 5,513,000 shares of Solitario common stock, with exercise prices between $ 0.20 and $ 0.77 per share.

During the three and nine months ended September 30, 2022, Solitario granted options to acquire 2,360,000 shares of Solitario common stock.

The options have an exercise price of $ 0.60 per share, a five-year term and a grant date fair value of $ 876,000 based upon a Black-Scholes model, with a 73 % volatility and a 3.4 % risk-free interest rate.

During the nine months ended September 30, 2022, options for 81,750 shares were exercised with an average exercise price of $ 0.24 per share for proceeds of $ 20,000 .

No options were exercised during the three months ended September 30, 2022.

During the nine months ended September 30, 2021, Solitario granted 140,000 options with an average exercise price of $ 0.68 per share, a five-year term and a grant date fair value of $ 58,000 based upon a Black-Scholes model, with a 76 % volatility and a 0.9 % risk-free interest rate.

During the nine months ended September 30, 2021, options for 185,000 shares were exercised with an average exercise price of $ 0.45 per share for proceeds of $ 83,000 .

There were no options granted or exercised during the three months ended September 30, 2021.

During the three and nine months ended September 30, 2022, Solitario recorded stock option compensation expense of $ 245,000 and $ 271,000 , respectively.

During the three and nine months ended September 30, 2021, Solitario recorded stock option compensation expense of $ 32,000 and $ 104,000 , respectively.

At September 30, 2022, the total unrecognized stock option compensation cost related to non-vested options was $ 685,000 and is expected to be recognized over a weighted average period of 34 months.

Shareholders’ Equity

Shareholders’ Equity for the six months ended June 30, 2022:

Shareholders’ Equity for the nine months ended September 30, 2022:

(in thousands, except

5 unchanged sentences

Issuance of shares - option exercises

Balance at June 30, 2022

Shareholders’ Equity for the six months ended June 30, 2021:

Balance at September 30, 2022

Shareholders’ Equity for the nine months ended September 30, 2021:

(in thousands, except

5 unchanged sentences

Issuance of shares - option exercises

Balance at June 30, 2021

Balance at September 30, 2021

At the Market Offering Agreement

4 unchanged sentences

The ATM Agreement provides that Wainwright is entitled to compensation for its services at a commission rate of 3.0 % of the gross sales price per share of common stock sold.

During the six months ended June 30, 2021, Solitario recorded $ 144,000 as a charge to additional paid-in-capital for one-time expenses related to entering into the ATM Agreement.

During the six months ended June 30, 2022, Solitario sold an aggregate of 2,650,724 shares of common stock under the ATM Agreement at an average price of $ 0.79 per share for net proceeds of $ 2,023,000 after commissions and sale expenses.

During the six months ended June 30, 2021, Solitario sold an aggregate of 150,400 shares of common stock under the ATM Program at an average price of $ 1.21 per share for net proceeds of $ 177,000 after commissions and sale expenses.

During the nine months ended September 30, 2021, Solitario recorded $ 144,000 as a charge to additional paid-in-capital for one-time expenses related to entering into the ATM Agreement.

During the nine months ended September 30, 2022, Solitario sold an aggregate of 2,650,724 shares of common stock under the ATM Agreement at an average price of $ 0.79 per share for net proceeds of $ 2,023,000 after commissions and sale expenses.

Solitario did not sell any shares under the ATM Agreement during the three months ended September 30, 2022.

During the three and nine months ended September 30, 2021, Solitario sold an aggregate of 190,000 and 340,400 shares of common stock, respectively, under the ATM Program at an average price of $ 0.55 and $ 0.82 per share, respectively, for net proceeds of $ 104,000 and $ 137,000 , respectively, after commissions, sale and one-time expenses.

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