What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2020-12-17 compared with 2020-10-16 · 171 added, 167 removed, 151 unchanged (69% of the section changed)

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial

Condition and Results of Operations

The following discussion of the Company's

21 unchanged sentences

States and worldwide economies or our business.

Results of Operations

For the Three Months Ended January

31, 2019 and January 31, 2018

of Operations

For the Three Months Ended April

30, 2020 and April 30, 2019

Our revenues for the three months ended

January 31, 2019 were $175,953, compared with revenues of $417,630 for the three months ended January 31, 2018.

The decrease in

revenues during the three months ended January 31, 2019 of $241,677 (57.9%) was primarily the result of the reduction of approximately

74.1% (approximately $503,209) in unit sales of its products during the three months ended January 31, 2019 compared with the three

months ended January 31, 2018, partially offset from increases of approximately 62.2% (approximately $261,532) in the average sales

prices for the products sold during the three months ended January 31, 2019 compared with the average sales prices realized on

products sold during the three months ended January 31, 2018.

The decrease in the units sold was the result of the Company’s

completion of the Sale in February 2018 which required the Company to re-build and develop a new customer base which was still

developing and expanding from the time of the Sale up through the three months ended January 31, 2019, particularly as it related

to establishing greater market awareness, less discounting of product prices to new customers, the introduction of new and more

advanced product offerings and increased research and development efforts which provided customers with greater comfort in the

Company’s products and ability to better address potential market uncertainty regarding anticipated FDA regulations.

April 30, 2020 were $608,230, compared with revenues of $361,969 for the three months ended April 30, 2019.

The increase in revenues

during the three months ended April 30, 2020 of $246,261 (68.0%) was primarily the result of the Company being able to realize

an increase of approximately 83.8% (approximately $277,346) in unit sales of its products during the three months ended April 30,

2020 compared with the three months ended April 30, 2019, partially offset from a decrease of approximately 8.6% (approximately

$31,085) in the average sales prices for the products sold during the three months ended April 30, 2020 compared with the average

sales prices realized on products sold during the three months ended April 30, 2019.

The increase in the units sold was partly

attributable to favorable responses to the Company’s sales and marketing efforts establishing greater market awareness, less

discounting of product prices to new customers, the introduction of new and more advanced product offerings and increased research

and development efforts which provided customers with greater comfort in the company’s products and ability to better address

potential market uncertainty regarding anticipated FDA regulations.

The decrease in the average sales prices realized on products

sold during the three months ended April 30, 2020 compared with the three months ended April 30, 2019 was due to an increase in

the sales of the Company’s aesthetic product offerings which are sold at lower prices than the Company’s medical grade

product offerings.

Cost of Revenues

Our cost of revenues for the three months

ended January 31, 2019 were $45,419 compared with cost of revenues of $78,817 for the three months ended January 31, 2018.

decrease in cost of revenues of $33,398 (42.3%) during the three months ended January 31, 2019 compared with the three months ended

January 31, 2018 was due to the decrease in the amount of units sold of 74.1% (approximately $129,894) during the three months

ended January 31, 2019 compared with the three months ended January 31, 2018, partially offset from the increase in the cost of

units sold of 122.4% (approximately ($96,496) during the three months ended January 31, 2019 compared to costs of units sold during

the three months ended January 31, 2018, which as described above, was primarily the result of the Company having to re-build and

develop its customer base after the Sale and source its supply of inventory through more costly third party manufacturers for the

three months ended January 31, 2019 while during the three months ended January 31, 2018, the Company’s supply of inventory

supply was obtained through lower costing inventory manufactured by the Company.

ended April 30, 2020 were $97,278, compared with cost of revenues of $68,591 for the three months ended April 30, 2019.

in the cost of revenues during the three months ended April 30, 2020 compared with the three months ended April 30, 2019 was due

to an increase in the amount of units sold of 83.8% (approximately $44,358) during the three months ended April 30, 2020 compared

with the three months ended April 30, 2019, partially offset from the reduction in the cost of units sold of 22.9% (approximately

($15,671) during the three months ended April 30, 2020 compared to costs of units sold during the three months ended April 30,

2019, which as described above was primarily the result of the Company’s increase in the sales of the Company’s aesthetic

product offerings during the three months ended April 30, 2020 compared to the three months ended April 30, 2019 which have a lower

cost of revenue than the Company’s medical grade product offerings and also from the Company’s ability to supply inventory

through lower costing inventory manufactured by the Company beginning in May 2019 rather than from more costly third party manufacturers

for the three months ended April 30, 2019.

Our gross profit for the three months ended

January 31, 2019 was $130,534, compared with gross profit of $338,813 for the three months ended January 31, 2018.

in gross profit during the three months ended January 31, 2019 of $208,279 was the result of a lower amount of units sold and a

higher cost of revenues which as described above, was primarily the result of the Company having to re-build and develop its customer

base after the Sale and source its supply of inventory through more costly third party manufacturers for the three months ended

January 31, 2019 while during the three months ended January 31, 2018, the Company’s supply of inventory supply was obtained

through lower costing inventory manufactured by the Company.

April 30, 2020 was $510,952, compared with gross profit of $293,378 for the three months ended April 30, 2019.

The increase in

gross profit during the three months ended April 30, 2020 was the result of higher amount of units sold and lower cost of units

sold during the three months ended April 30, 2020 compared to the three months ended April 30, 2019.

The increase in the units

sold was partly attributable to favorable responses to the Company’s sales and marketing efforts establishing greater market

awareness and the introduction of new and more advanced product offerings.

The lower cost of units sold was due to the Company’s

increase in the sales of the Company’s aesthetic product offerings during the three months ended April 30, 2020 compared

to the three months ended April 30, 2019 which have a lower cost of revenue than the Company’s medical grade product offerings

and also from the Company’s ability to supply inventory through lower costing inventory manufactured by the Company beginning

in May 2019 rather than from more costly third party manufacturers for the three months ended April 30, 2019.

General and Administrative Expenses

General and administrative expenses for

the three months ended January 31, 2019 were $419,877, compared with $753,434 for the three months ended January 31, 2018, a decrease

the three months ended April 30, 2020 were $1,866,830, compared with $730,640 for the three months ended April 30, 2019, an increase

of $1,136,190.

The decrease in the general and administrative expenses for the three months ended January 31, 2019 was primarily

the result of reduced salaries of approximately $297,000 attributable to the resignation of certain executives in connection with

the Sale and Taddeo settlement and reduced salaries under the remaining executives employment agreements which occurred subsequent

to the three months ended January 31, 2018 and decreases in bad debt reserves of $34,265 during the three months ended January

31, 2019 compared to the three months ended January 31, 2018, partially and a decrease in laboratory related expenses of $51,578

during the three months ended January 31, 2019 compared with the three months ended January 31, 2018, partially offset from increased

marketing related costs of $48,515.

The increase in the general and administrative expenses for the three months ended April 30, 2020 compared with

the three months ended April 30, 2019 was primarily the result of increased stock-based compensation costs to advisors, consultants

and administrative staff totaling $581,663, increased commissions due on sales of the Company’s products of $70,436, increased

payroll costs and consulting costs of approximately $417,131 and approximately $54,909 of increased laboratory related expenses.

Other Income (Expense)

income, net, for the three months ended January 31, 2019 was $44,806, compared with other income, net, of $258,458 for the three

months ended January 31, 2018, an decrease of $213,652.

The net decrease in the other income was the result of reduced income realized

on the reduction of derivative liabilities of $452,487, partially offset by increased income from the settlement of obligations

of $52,781 and reduced interest costs and amortization of discounts associated with the SPA and other interest-bearing obligations

totaling $186,054 during the three months ended January 31, 2019 compared with the three months ended January 31, 2018.

Other expense, net, for the three months

ended April 30, 2020 was $107,085, compared with other income, net, of $16,174 for the three months ended April 30, 2019.

net decrease in the other income, net, was principally the result of reduced income realized from the settlement of obligations

during the three months ended April 30, 2020 and $94,170 of increased interest costs recorded in connection with the discount

to the fair value of the Converted Stock associated with the conversion of the Funding Facility.

For the Six Months Ended April 30,

2020 and April 30, 2019

Our revenues for the six months ended April

30, 2020 were $1,305,178, compared with revenues of $537,922 for the six months ended April 30, 2019.

The increase in revenues

during the six months ended April 30, 2020 of $767,256 (142.6.6%) was primarily the result of the Company’s ability to increase

unit sales of its products by 179.8% (approximately $838,701) during the six months ended April 30, 2020 compared with the six

months ended April 30, 2019, partially offset from the reduction of approximately 13.3% (approximately $71,445) in the average

sales prices for the products sold during the six months ended April 30, 2020 compared with the average sales prices realized on

products sold during the six months ended April 30, 2019.

The increase in the units sold was partly attributable to favorable responses

to the Company’s sales and marketing efforts establishing greater market awareness, less discounting of product prices to

new customers, the introduction of new and more advanced product offerings and increased research and development efforts which

provided customers with greater comfort in the Company’s products and ability to better address potential market uncertainty

regarding anticipated FDA regulations.

The decrease in the average sales prices realized on products sold during the six months

ended April 30, 2020 compared with the six months ended April 30, 2019 was due to an increase in the sales of the Company’s

aesthetic product offerings which are sold at lower prices than the Company’s medical grade product offerings.

Cost of Revenues

Our cost of revenues for the six months

ended April 30, 2020 were $196,998, compared with cost of revenues of $114,010 for the six months ended April 30, 2019.

in the cost of revenues during the six months ended April 30, 2020 compared with the six months ended April 30, 2019 was due to

an increase in the amount of units sold of 179.8% (approximately $126,590) during the six months ended April 30, 2020 compared

with the six months ended April 30, 2019, partially offset from the reduction in the cost of units sold of 38.2% (approximately

($43,602) during the six months ended April 30, 2020 compared to costs of units sold during the six months ended April 30, 2019,

which as described above was primarily the result of the Company’s increase in the sales of the Company’s aesthetic

product offerings during the six months ended April 30, 2020 compared to the six months ended April 30, 2019 which have a lower

cost of revenue than the Company’s medical grade product offerings and also from the Company’s ability to supply inventory

through lower costing inventory manufactured by the Company beginning in May 2019 rather than from more costly third party manufacturers

for the six months ended April 30, 2019.

Our gross profit for the six months ended

April 30, 2020 was $1,108,180, compared with gross profit of $423,912 for the six months ended April 30, 2019.

The increase in

gross profit during the six months ended April 30, 2020 of $684,268 (161.4%) was the result of the increase in the amount of units

sold during the six months ended April 30, 2020 compared to the six months ended April 30, 2019 and the lower costs of units sold

during the six months ended April 30, 2020 compared to the six months ended April 30, 2019.

The increase in the units sold was

attributable to favorable responses to the Company’s sales and marketing efforts establishing greater market awareness and

the introduction of new and more advanced product offerings.

The lower cost of units sold was due to the Company’s increase

in the sales of the Company’s aesthetic product offerings during the six months ended April 30, 2020 compared to the six

months ended April 30, 2019 which have a lower cost of revenue than the Company’s medical grade product offerings and also

from the Company’s ability to supply inventory through lower costing inventory manufactured by the Company beginning in May

2019 rather than from more costly third party manufacturers of inventory during the six months ended April 30, 2019.

General and Administrative Expenses

General and administrative expenses for

the six months ended April 30, 2020 were $3,152,843, compared with $1,150,517 for the six months ended April 30, 2019, an increase

of $2,002,326.

The increase in the general and administrative expenses for the six months ended April 30, 2020 compared to the

six months ended April 30, 2019 was primarily the result of increased stock-based compensation costs to advisors, consultants and

administrative staff totaling $615,867, increased payroll and consulting costs of approximately $784,384, increased commissions

due on sales of the Company’s products of $208,753, increased trade show and marketing related costs of $129,443, increased

professional fees of $78,651 and approximately $173,805 of increased laboratory related expenses.

The increase in payroll and consulting

costs and laboratory related expenses was the result of the Company’s expansion of its research and development activities

primarily relating to the filing and approval of IND applications and the performance of clinical trials.

Other Income (Expense)

income (expense), net, for the six months ended April 30, 2020 was ($114,741), compared with other income, net, of $60,980 for

the six months ended April 30, 2019, a decrease of $175,721.

The net decrease in other income, net, was the result of reduced income

realized from the settlement of obligations of $63,797 and increased interest costs associated with interest-bearing obligations

totaling $17,754 and $94,170 of interest costs recorded in connection with the amount of the discount to the fair value

of the Converted Stock associated with the conversion of the Funding Facility.

Liquidity and Capital Resources

During the fiscal three months ended January

During the fiscal six months ended April

30, 2020 and through the date of the filing of this Form 10-Q, the Company has relied on the sale of debt or equity securities,

1 unchanged sentence

fund its operations.

On February 5, 2019, the Company entered into an unsecured loan agreement with a third party with

a principal balance of $25,000.

The outstanding principal was due March 8, 2019.

was not repaid on the maturity date as required.

The third party agreed to accept payment in kind consisting of certain

products of the Company in lieu of cash interest.

On March 7, 2019, the Company sold an aggregate of 7,500,000 shares of common stock and granted

warrants to purchase an aggregate 2,000,000 common shares to three “accredited investors”

The warrants had

exercise prices of $0.08 and had a one -year term.

The aggregate grant date fair value of the warrants issued in connection with

these issuances were $6,600.

The warrants expired on March 7, 2020.

The proceeds were used for working capital.

During March 2019, the Company issued a $30,000 of convertible 6% debentures (“30,000 Debenture”)

to one accredited investor.

The principal amount of the $30,000 Debenture, plus accrued and unpaid interest through June 30, 2020

were payable on the 10 th business day subsequent to June 30, 2020, unless the payment of the $30,000 Debenture was prepaid

at the sole option of the Company, or was converted as provided for under the terms of the $30,000 Debenture, and/or accelerated

due to an event of default in accordance with the terms of the $30,000 Debenture.

During June 2019, the Company

and the holder of the $30,000 Debenture agreed to convert the principal amount of the $30,000 Debentures plus interest accrued

and unpaid through the date of the conversion totaling $30,478 into 1,111,111 shares of common stock of the Company (approximately

$0.0274 per share representing a premium to the trading price of $0.0253 as of the effective date of the transaction).

During April 2019, the Company sold 5,102,000 shares of common stock to seven “accredited

investors”

at $0.03 per share for an aggregate purchase price of $154,500.

The proceeds were used for working capital.

During May 2019, the Company and holders of the $100,000 Debentures agreed to convert the principal

amount of the $100,000 Debentures plus interest accrued and unpaid through the date of the conversion totaling $100,622 into 3,773,584

shares of common stock of the Company (approximately $0.0267 per share representing a discount to the trading price of $0.0285

as of the effective date of the transaction).

On May 1, 2019, the Company, Mint Organics and the holder

of a promissory note issued by Mint Organics agreed to a settlement of the outstanding loan whereby the Company agreed to issue

the holder of the note 2,735,000 shares of newly issued common stock of the Company.

At the time of the settlement, the outstanding

obligation under the note, including late fees and penalties was approximately $72,568.

The common stock issued was priced at $0.0265

per share representing a discount to the trading price of $0.049 as of the effective date of the transaction.

On May 1, 2019, the Company and Mint Organics entered into an exchange agreement whereby the Company

agreed to acquire the 150 shares of Mint Series A Preferred Stock and the 150,000 warrants to purchase shares of common stock of

the Company originally issued to Mr.

Wayne Rohrbaugh in connection with the initial capitalization of Mint Organics (see note 15)

in exchange for 4,400,000 shares of common stock of the Company (approximately $0.034 per share representing a discount to the

trading price of $0.049 as of the effective date of the transaction).

On May 1, 2019, the Company and Mint Organics Florida entered into an exchange agreement whereby

the Company agreed to acquire the 21.25 units from the minority equity holder of Mint Organics Florida (see note 15) in exchange

for 2,400,000 shares of common stock of the Company (approximately $0.042 per share representing a discount to the trading price

of $0.049 as of the effective date of the transaction).

During July 2019, the Company sold 2,500,000 shares of common stock to one “accredited investor”

at $0.02 per share for an aggregate purchase price of $50,000.

The proceeds were used for working capital.

During August 2019 through September 2019, the Company sold 5,250,000 shares of common stock to

four “accredited investors”

at $0.02 per share for an aggregate purchase price of $105,000.

The proceeds were used

for working capital.

On September 19, 2019, the Company’s wholly owned subsidiary, General Surgical Florida, received

$100,000 in connection with an unsecured line of credit (“Credit Facility”).

The Credit Facility matures in one-year

and the Company is required to make 52 weekly payments of $2,403 (payments totaling $125,000).

The Credit Facility can be prepaid

at any time by the Company.

The effective annual interest rate of the facility based on 52 equal monthly payments is 45.67% Proceeds

received from the Credit Facility were used for working capital.

On October 10, 2019, the Company and an investor (“Noteholder”) agreed to a funding

26 unchanged sentences

Meglin, a director of the Company at $0.02 per share for an aggregate purchase price of $220,000.

During July and August 2020,

the Company sold an additional 1,166,666 shares and 422,514 shares of common stock to Dr.

Allen Meglin at $0.03 per share and $0.10

per share, respectively, for an aggregate purchase price of $77,251.

The proceeds from all of the above sales were used for working

During July, August and October

2020, the Company sold an additional 1,166,666 shares, 422,514 shares, and 625,000 shares of common stock to Dr.

Allen Meglin at

$0.03 per share, $0.10 per share and $0.08 per share, respectively, for an aggregate purchase price of $127,251.

The proceeds from

all of the above sales were used for working capital.

During May 2020, the Company sold 3,000,000 shares of common stock to two “accredited investors”

5 unchanged sentences

The proceeds are being used to fund the Company’s public company financial reporting requirements.

During the period July 2020, the Company sold 1,000,000 shares of common stock to two “accredited

investors”, at $0.02 per share and $0.03 per share, respectively for an aggregate purchase price of $25,000.

were used for working capital.

During the period August 2020, the Company sold 8,606,665 shares of common stock to nine “accredited

During July 2020, the Company sold 1,000,000 shares of common stock to two “accredited investors”,

at $0.02 per share and $0.03 per share, respectively for an aggregate purchase price of $25,000.

The proceeds were used for working

During August 2020, the Company sold 8,606,665 shares of common stock to nine “accredited

investors”, at prices ranging from $0.03 per share and $0.06 per share, for an aggregate purchase price of $392,100.

proceeds were used for working capital.

During the period September 2020, the Company sold 4,800,000 shares of common stock to five “accredited

During September 2020, the Company sold 4,800,000 shares of common stock to five “accredited

investors”, at prices ranging from $0.06 per share and $0.10 per share, for an aggregate purchase price of $410,000.

proceeds were used for working capital.

During October 2020, the Company sold 2,033,333 shares of common stock to five “accredited

investors”, at prices ranging from $0.06 per share and $0.10 per share, for an aggregate purchase price of $170,000.

proceeds were used for working capital.

During October 2020, the Company and the holder of the $20,000 debenture agreed to convert the

principal amount of the $20,000 debenture plus interest accrued and unpaid through the date of the conversion totaling approximately

$20,300 into 160,000 shares of common stock of the Company.

During November 2020, the Company sold 800,000 shares of common stock to an “accredited investor”,

at $0.05 per share, for an aggregate purchase price of $40,000.

The proceeds were used for working capital.

The Company issued the foregoing securities

2 unchanged sentences

Going Concern Consideration

The accompanying unaudited consolidated

The unaudited accompanying consolidated

financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation

2 unchanged sentences

The Company incurred operating losses

of $289,343 for the three months ended January 31, 2019.

In addition, the Company had an accumulated deficit of $14,792,098 at

January 31, 2019.

The Company had a negative working capital position of $1,410,373 at January 31, 2019.

of $2,044,663 for the six months ended April 30, 2020.

In addition, the Company had an accumulated deficit of $18,444,626 at April

The Company had a negative working capital position of $1,983,226 at April 30, 2020.

In addition to the above, the outbreak

4 unchanged sentences

These restrictions have adversely affected the Company’s sales, results of operations and financial condition.

to the COVID-19 outbreak, the Company (a) has accelerated its research and development activities, particularly in regards to potential

health benefits of the Company’s products in addressing various health concerns associated with COVID-19 and (b) is aggressively

seeking to raise additional debt and/or equity financing to support working capital requirements until sale for its products to

providers resumes to levels pre COVID-19.

to the COVID-19 outbreak, the Company (a) has accelerated its research and development activities, (b) is aggressively seeking

to raise additional debt and/or equity financing to support working capital requirements, and (c) continues to take steps to stabilize

and increase revenues from the sale of its products.

As a result of the above, the Company’s

12 unchanged sentences

The Company’s

current market capitalization and common stock liquidity will hinder its ability to raise equity proceeds.

The Company anticipates

that future sources of funding, if any, will therefore be costly and dilutive, if available at all.

current market capitalization, common stock liquidity and available authorized shares may hinder its ability to raise equity proceeds.

The Company anticipates that future sources of funding, if any, will therefore be costly and dilutive, if available at all.

In view of the matters described in the

24 unchanged sentences

bankruptcy laws.

As of January 31,

As of April 30,

2020, based on the factors described above, the Company concluded that there was substantial doubt about its ability to continue

4 unchanged sentences

The Company held no cash equivalents for any of the periods presented.

For the Three Months Ended January 31,

For the Six Months Ended April 30,

Cash, beginning of year

Net cash used in operating activities

Net cash provided by (used in) investing activities

Net cash used in investing activities

Net cash provided by financing activities

Cash, end of year

During the three months ended January 31,

2019, the Company used cash in operating activities of $30,976, compared to $63,437 for the three months ended January 31, 2018,

a reduction in cash used of $32,461.

The change in cash used in operating activities was due to a decrease in the net loss during

the three months ended January 31, 2019 resulting from lower general and administrative expenses (reduced salaries to executives

during the three months ended January 31, 2019 compared with the three months ended January 31, 2018), after adjusting for non-cash

charges (mostly related to stock based compensation, bad debt expense, and reduction in derivative liabilities).

During the three months ended January 31,

2019, the Company did not have any investing activities.

The Sale occurred in February 2018 and the Company acquired all of the

products sold during the three months ended January 31, 2019 from third party suppliers.

During the three months ended January 31,

2019, the Company did not have any cash financing activities.

During the six months ended April 30, 2020,

the Company used cash in operating activities of $656,383, compared to $255,039 for the six months ended April 30, 2019, an increase

in cash used of $401,344.

The increase in cash used in operating activities was due to the increase in the general and administrative

expenses during the six months ended April 30, 2020 after adjusting for non-cash charges (mostly related to stock-based compensation

and interest expense on conversion of Funding Facility), resulting from increased payroll and consulting costs and laboratory related

expenses in connection with the Company’s expansion of its research and development activities during the six months ended

April 30, 2020, partially offset from the increase in revenues and gross profit during the six months ended April 30, 2020.

During the six months ended April 30, 2020,

the Company had cash used in investing activities of $43,233, compared to cash used in investing activities of $22,575 for the

six months ended April 30, 2019.

The increase in cash used in investing activities was due primarily due the acquisition of additional

fixed assets required in connection with the expansion of the Company’s laboratory operations.

During the six months ended April 30, 2020,

the Company had cash provided by financing activities of $821,236, compared to cash provided by financing activities of $355,970

for the six months ended April 30, 2019, an overall increase of $465,266.

The increase in cash provided by financing activities

was due to increases in proceeds from the sale of equity securities and notes payable of $201,500 and $345,000, respectively, partially

offset from increased payments on outstanding debt obligations and finance lease.

Off-Balance Sheet Arrangements

Our liquidity is not dependent on the use

of off-balance sheet financing arrangements (as that term is defined in Item 303(a) (4) (ii) of Regulation S-K) and as of January

of off-balance sheet financing arrangements (as that term is defined in Item 303(a) (4) (ii) of Regulation S-K) and as of April

30, 2020 and through the date of this report, we had no such arrangements.

Recently Issued Financial Accounting Standards

In February 2016, a pronouncement was issued

by the FASB that creates new accounting and reporting guidelines for leasing arrangements.

The new guidance requires organizations

that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those

leases, regardless of whether they are classified as finance or operating leases.

Consistent with current guidance, the recognition,

measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a

finance or operating lease.

The guidance also requires new disclosures to help financial statement users better understand the

amount, timing, and uncertainty of cash flows arising from leases.

The new standard is effective for annual reporting periods beginning

after December 15, 2018, including interim periods within that reporting period, with early application permitted.

The new standard

is to be applied using a modified retrospective approach.

The Company does not expect that implementation of the new pronouncement

will have a material impact to its financial statements.

There were no recently issued financial

accounting standards that would have an impact on the Company’s financial statements.

Critical Accounting Policies

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis