4 unchanged sentences
Risk Factors and elsewhere in this report.
−Removed: COVID-19 Impact on Economy and Business Environment
−Removed: The adverse public health developments and economic effects of the ongoing COVID-19 outbreak in the United States have adversely affected the demand for our products and services by our customers and from patients of our customers as a result of quarantines, facility closures and social distancing measures put into effect.
−Removed: These restrictions have adversely affected the Company’s sales, results of operations and financial condition.
−Removed: In response to the COVID-19 outbreak, the Company (a) has accelerated its research and development activities;
−Removed: (b) has secured and is continuing to seek additional debt and/or equity financing to support working capital requirements;
−Removed: and (c) continues to take steps to stabilize and increase revenues from the sale of its products.
−Removed: There is no assurance as to when the adverse impact to the United States and worldwide economies resulting from the COVID-19 outbreak will be eliminated, if at all, and whether any new or recurring pandemic outbreaks will occur again in the future causing a similar or worse devastating impact to the United States and worldwide economies or our business.
Results of Operations
1 unchanged sentence
Our revenues for the year ended October 31, 2023 were $4,558,278, compared to revenues of $6,491,008 for the year ended October 31, 2022.
−Removed: The increase in revenues during the year ended October 31, 2022 of $893,521 or 16.0% was primarily the result of the Company being able to realize an increase of approximately 14.7% (approximately $793,000) in the average sales prices for the products sold during the year ended October 31, 2022 compared with the average sales prices realized on products sold during the year ended October 31, 2021, partially offset by a decrease of approximately 0.4% (approximately $27,000) in the overall unit sales of its products during the year ended October 31, 2022 compared with the year ended October 31, 2021, and the Company’s ability to generate approximately $100,400 of increased revenues associated with units processed in connection with its recently launched PPX ™ service platform during the year ended October 31, 2022 compared to the year ended October 31, 2021.
−Removed: The increase in the average sales prices realized on products sold during the year ended October 31, 2022 compared with the year ended October 31, 2021 was due to increases in sales of higher priced medical grade product and the reduction in volume pricing discounts granted to distributors for large orders of the Company’s medical grade product offerings and the reduction in the sales of the Company’s aesthetic product offerings, which are sold at lower prices than the Company’s medical grade product offerings.
+Added: The decrease in revenues during the year ended October 31, 2023 of $1,932,730 or 29.8%, was primarily the result of a decrease of approximately 22.0% (approximately $1,243,000) in the overall unit sales of its products during the year ended October 31, 2023 compared with the year ended October 31, 2022, a decrease of approximately 10.7% (approximately $678,600) in the average sales prices for the products sold during the year ended October 31, 2023 compared with the average sales prices realized on products sold during the year ended October 31, 2022, partially offset from an increase of approximately $7,300 of new revenues associated with its recently launched PPX™ service platform during the year ended October 31, 2023 compared with the year ended October 31, 2022.
+Added: The decrease in the average sales prices realized on products sold during the year ended October 31, 2023 compared with the year ended October 31, 2022, was due to the reduction in overall unit sales of medical grade and aesthetic product offerings.
+Added: The percentage of overall unit sales among the Company’s medical grade products and the Company’s aesthetic product offerings fell from 70.4% and 29.6%, respectively for the year ended October 31, 2022 to 40.7% and 59.3%, respectively, during the year ended October 31, 2023.
Cost of Revenues .
Our cost of revenues for the year ended October 31, 2023 were $507,629, compared with cost of revenues of $753,534 for the year ended October 31, 2022.
−Removed: The increase in the cost of revenues during the year ended October 31, 2022 of $205,653 or 37.5% compared with the year ended October 31, 2021 was due to an increase in the cost of units sold of 24.2% (approximately ($132,600) during the year ended October 31, 2022, compared to costs of units sold during the year ended October 31, 2021 and the Company’s increase in costs associated with units processed in connection with the recently launched PPX ™ service platform of approximately $76,000 during the year ended October 31, 2022 compared to the year ended October 31, 2021.
−Removed: The increase in the cost of units sold was primarily the result of the Company’s sales of higher cost medical grade product offerings, and the reduction of lower cost aesthetic product offerings.
+Added: The decrease in the cost of revenues during the year ended October 31, 2023 of $245,905 or 32.6%, compared with the year ended October 31, 2022, was due to a decrease in the amount of units sold of 22.0% (approximately $117,600) during the year ended October 31, 2023, compared with the year ended October 31, 2022 and from a decrease in the cost of units sold of 38.3% (approximately ($141,900) during the year ended October 31, 2023, compared to costs of units sold during the year ended October 31, 2022, partially offset from an increase in the costs associated with its recently launched PPX™ service platform of approximately $13,600 during the year ended October 31, 2023.
+Added: The decrease in the cost of units sold was primarily the result of the Company’s decrease in sales of its medical grade product offerings partially offset from the increases in costs associated with its recently launched PPX™ service platform during the year ended October 31, 2023 as compared to the year ended October 31, 2022.
Gross Profit .
Our gross profit for the year ended October 31, 2023 was $4,050,649 (88.9% of revenues), compared with gross profit of $5,737,475 (88.4% of revenues) for the year ended October 31, 2022.
−Removed: The increase in gross profit during the year ended October 31, 2022 of $687,868 was the result of the Company being able to realize an increases in the average sales prices for the products sold during the year ended October 31, 2022 and the new revenues associated with its recently launched PPX ™ service platform during the year ended October 31, 2022, partially offset from increases in costs of units sold during the year ended October 31, 2022 compared to the year ended October 31, 2021.
+Added: The decrease in gross profit during the year ended October 31, 2023 of $1,686,826 was the result of decreases in the average sales prices for the products sold during the year ended October 31, 2023 and decreases in overall unit sales of its products during the year ended October 31, 2023 compared to the year ended October 31, 2022.
General and Administrative Expenses .
General and administrative expenses for the year ended October 31, 2023 were $10,817,627, compared with $14,580,434 for the year ended October 31, 2022, a decrease of $3,762,807 or 25.8%.
−Removed: The decrease in the general and administrative expenses for the year ended October 31, 2022 compared with the year ended October 31, 2021, was primarily the result of a decrease in stock-based compensation costs to advisors, consultants and administrative staff totaling approximately $4,735,719, reduced research and development costs of approximately $329,000, partially offset by increases in payroll and consulting fees of approximately $332,700, increases in commissions due from sales of the Company’s products of approximately $430,000, increased professional fees of approximately $561,400 and increased laboratory and office related expenses of approximately $559,000.
−Removed: The decrease in stock-based compensation costs was the result of a reduction in the amount of shares issued as stock-based compensation during the year ended October 31, 2022 compared with the year ended October 31, 2021, partially offset from increases in the average costs attributable to the shares issued as stock-based compensation based on the Company’s share price at the time that the stock-based compensation was granted (average cost of shares granted during the year ended October 31, 2022 was $0.074 versus average cost of shares granted during the year ended October 31, 2021 of $0.062).
+Added: The decrease in the general and administrative expenses for the year ended October 31, 2023 compared with the year ended October 31, 2022, was primarily the result of decreased payroll and consulting fees of approximately $2,113,500, decreases in commissions from sales of the Company’s products and travel and entertainment costs of approximately $1,177,100, decreases in stock-based compensation costs to advisors, consultants and administrative staff totaling approximately $707,800, decreased office related expenses of approximately $116,400, decreased laboratory related costs of approximately $150,200 and decreased costs associated with the settlement of litigation of approximately $88,800, partially offset by increased research and development costs of approximately $131,400, increases in insurance costs of approximately $247,000, increased marketing and investor relations costs of approximately $165,600 and increased reserves and/or write-offs against receivables from related parties of approximately $56,000.
+Added: The reduction in payroll and consulting fees was primarily the result of the executives’ agreement to a reduction in salary and other compensation and reductions in fees paid to consultants during the year ended October 31, 2023 compared to 2022.
+Added: The decreases in commissions on from sales of the Company’s products and travel and entertainment costs was principally the result of lower unit sales and overall revenues from the sale of the Company’s products during the year ended October 31, 2023 compared with the year ended October 31, 2022.
+Added: The decrease in stock-based compensation costs during the year ended October 31, 2023 compared with the year ended October 31, 2022 was principally the result of reduced amortization of costs from warrants issued as stock-based compensation to consultants in connection with the Restructuring in August 2022, stock issued as payment for services, and warrants issued to outside directors.
Other income (expense).
Other expense, net, for the year ended October 31, 2023 was ($219,730), compared with other expense, net, of ($53,597) for the year ended October 31, 2022.
−Removed: The increase in other (expense), net, of $41,141 during the year ended October 31, 2022 compared to the year ended October 31, 2021 was principally the result of increased costs of approximately $323,100 from the amortization of discounts in connection with the with the Note issued and sold by the Company to AJB in January 2022, the increase of $37,200 of interest costs principally the result of $52,000 in interest costs associated with the Note during the year ended October 31, 2022 offset by a reduction of interest costs from other interest bearing obligations totally approximately $14,000, and the increase in the Commitment Fee Shortfall Obligation of approximately $30,700 under our SPA during the year ended October 31, 2022 compared with the year ended 2021, partially offset from increases of approximately $224,000 from gains from settlements and write-offs on outstanding payables and the gain from the write-off of liabilities attributable to discontinued operations that had exceeded the “statute of limitations” of $125,851during the year ended October 31, 2022 compared with the year ended October 31, 2021.
−Removed: and Capital Resources
+Added: The increase in other expense, net of ($166,133) during the year ended October 31, 2023 compared to the year ended October 31, 2022, was principally the result of the reduction in the gain from the write-off of liabilities attributable to discontinued operations of approximately $125,900, the increase in losses from the impairment of non-marketable securities of $100,000, increased interest costs of approximately $33,200 and reduced income from the write-off of liabilities of approximately $259,600 during the year ended October 31, 2023 compared with the year ended October 31, 2022, partially offset from the increase in the gain from the sale of the Basalt Lab of approximately $340,600 during the year ended October 31, 2023 compared with the year ended October 31, 2022.
+Added: Liquidity and Capital Resources
Cash and Cash Equivalents
4 unchanged sentences
Net cash used in operating activities
−Removed: Net cash used in investing activities
−Removed: Net cash provided by financing activities
+Added: Net cash provided by (used in) investing activities
+Added: Net cash (used in) provided by financing activities
Cash, end of year
−Removed: During the year ended October 31, 2022, the Company used cash in operating activities of $3,165,840, compared to $2,680,354 for the year ended October 31, 2021, an increase in cash used of $485,486.
−Removed: The increase in cash used in operating activities was due to the increase in cash to pay increasing operating expenses on a current basis associated with professional fees, payroll, consulting costs and laboratory related expenses in connection with the Company’s expansion of its research and development activities as well as increases in payments of past due accounts payable and accrued expenses during the year ended October 31, 2022 as compared to the year ended October 31, 2021, partially offset from the increase in revenues and gross profit during the year ended October 31, 2022 as compared to the year ended October 31, 2021.
−Removed: During the year ended October 31, 2022, the Company had cash used in investing activities of $824,743, compared to cash used in investing activities of $424,742 for the year ended October 31, 2021 an increase in cash used of $400,001.
−Removed: The increase in cash used in investing activities was due primarily due to $690,704 of payments made in connection with the Company’s leasehold improvements associated with the new lab facility in Basalt, CO during the year ended October 31, 2022 as compared to the year ended October 31, 2021 and an decrease of $290,703 in laboratory equipment purchased for the Company’s Basalt, CO laboratory facilities during the year ended October 31, 2022 as compared to the year ended October 31, 2021.
−Removed: During the year ended October 31, 2022, the Company had cash provided by financing activities of $7,635,110 compared to cash provided by financing activities of $2,622,869 for the year ended October 31, 2021.
−Removed: The increase in cash provided by financing activities of $5,012,241 was due to increases in proceeds of $540,000 from the issuance of the Note to AJB, increases in capital contributed by executive of $250,000 and increases in proceeds from the sale of equity securities in connection with the Restructuring of $4,000,0000 and the sale of equity securities in other transactions of $562,730, partially offset from increases in repayments of outstanding debt obligations of approximately $331,400 and increase in payments on capital leases of approximately $9,000 during the year ended October 31, 2022 as compared to the year ended October 31, 2021.
+Added: During the year ended October 31, 2023, the Company used cash in operating activities of $2,197,275, compared to $3,165,840 for the year ended October 31, 2022, a decrease in cash used of $968,565.
+Added: The decrease in cash used was primarily the result of a reduction in general and administrative expenses and other income (expense) after adjusting for non-cash related activities of $3,261,706 for the year ended October 31, 2023 compared to the year ended October 31, 2022, partially offset by reductions in gross profit of $1,648,049 and reductions in cash provided from changes in operating assets and liabilities of $606,315 for the year ended October 31, 2023 compared to the year ended October 31, 2022.
+Added: The decrease in cash provided from changes in operating assets and liabilities was due to decreases in accounts payable and accrued expenses and accrued liabilities to management partially offset from increases in prepaid expenses and deferred revenues during the year ended October 31, 2023 as compared to the year ended October 31, 2022.
+Added: The reduction in general and administrative expenses and other oncome (expense) after adjusting for non-cash related activities was the result of reduced operating expenses associated with professional fees, payroll, consulting costs, research and laboratory related expenses during the year ended October 31, 2023 as compared to the year ended October 31, 2022.
+Added: The decrease in revenues and gross profit during the year ended October 31, 2023 as compared to the year ended October 31, 2022 was primarily the result of lower units sales of the Company’s products.
+Added: During the year ended October 31, 2022, the Company had cash provided by investing activities of $615,566, compared to cash used in investing activities of $824,743 for the year ended October 31, 2022 an increase in cash provided from investing activities of $1,440,309.
+Added: The increase in cash provided by investing activities was due primarily due to proceeds received from the sale of the Company’s Basalt, Colorado lab facility of $740,957 and the reduction of payments made in connection with the Company’s purchase of laboratory equipment and leasehold improvements associated with the then new Basalt lab facility during the year ended October 31, 2023 as compared to the year ended October 31, 2022, partially offset from the increase in investments from non-marketable securities of $100,000 during the year ended October 31, 2023 as compared to the year ended October 31, 2022.
+Added: During the year ended October 31, 2023, the Company had cash used in financing activities of $415,186 compared to cash provided by financing activities of $7,635,110 for the year ended October 31, 2022.
+Added: The decrease in cash provided by financing activities of $8,050,296 was due to the reduction in proceeds from the private sale of equity securities of $4,000,0000 and the sale of equity securities in other transactions of $3,170,000, decreases in capital contributed by a former executive of $250,000, increases in the shares repurchased in connection with litigation of $500,000, increases in repayment of notes payable of approximately $765,040 and increases in payments on finance leases of approximately $54,655, partially offset from increases in issuances of notes payable of $689,400 during the year ended October 31, 2023 as compared to the year ended October 31, 2022.
Capital Resources
1 unchanged sentence
During the fiscal year ended October 31, 2023 and through the date of this Annual Report, the Company completed the following private sales of its securities:
−Removed: 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.
−Removed: The proceeds were used for working capital.
−Removed: During February 2021, the Company sold an aggregate of 12,340,910 shares of common stock to five “accredited investors” at prices ranging from $0.05 per share to $0.06 per share for an aggregate purchase price of $665,000.
−Removed: The proceeds were used for working capital.
−Removed: On February 22, 2021, the Company sold 1,818,181 shares of common stock to Republic Asset Holdings LLC., a Company controlled by Michael Carbonara, a director of the Company, at $0.055 per share for an aggregate purchase price of $100,000.
−Removed: The proceeds were used for working capital.
−Removed: During April 2021, the Company sold an aggregate of 13,677,821 shares of common stock to seven “accredited investors” at prices ranging from $0.03 per share to $0.25 per share for an aggregate purchase price of $535,000.
−Removed: The proceeds were used for working capital.
−Removed: During May 2021, the Company sold an aggregate of 2,087,822 shares of common stock to eight “accredited investors” at prices ranging from $0.13 per share to $0.15 per share for an aggregate purchase price of $286,250.
−Removed: The proceeds were used for working capital.
−Removed: During the period June 2021 through July 2021, the Company sold an aggregate of 11,541,500 shares of common stock to four “accredited investors” at prices ranging from $0.05 per share to $0.13 per share for an aggregate purchase price of $631,020.
−Removed: The proceeds were used for working capital.
−Removed: During August 2021, the Company sold an aggregate of 3,000,000 shares of common stock to one “accredited investor” at $0.05 per share for an aggregate purchase price of $150,000.
−Removed: The proceeds were used for working capital.
−Removed: During October 2021, the Company sold an aggregate of 7,500,000 shares of common stock to four “accredited investors” at $0.04 per share for an aggregate purchase price of $300,000.
−Removed: The proceeds were used for working capital.
−Removed: In November 2021, the Company sold an aggregate of 8,000,000 shares of common stock to one “accredited investor” at $0.05 per share for an aggregate purchase price of $400,000.
−Removed: The proceeds were used for working capital.
−Removed: On January 11, 2022, the Company entered into a Securities Purchase Agreement with AJB Capital Investments, LLC (the “Purchaser”) pursuant to which we sold a Promissory Note in the principal amount of $600,000 to the Purchaser in a private transaction to for a purchase price of $540,000 (giving effect to original issue discount of $60,000).
−Removed: Business – Recent Development” for further details regarding this transaction.
−Removed: In February 2022, the Company sold an aggregate of 8,333,333 shares of common stock to one “accredited investor” at $0.03 per share for an aggregate purchase price of $250,000.
−Removed: The proceeds were used for working capital.
−Removed: During August 2022, the Company sold an aggregate of 200,000,000 shares of common stock to four “accredited investors” at $0.02 per share for an aggregate purchase price of $4,000,000.
−Removed: The proceeds are being used for working capital.
−Removed: During August 2022 and September 2022, the Company sold an aggregate of 65,500,000 shares of common stock to four “accredited investors” at $0.04 per share for an aggregate purchase price of $2,620,000.
−Removed: The proceeds are being used for working capital.
−Removed: The Company issued the foregoing securities pursuant to the exemption from the registration requirements of the Securities Act afforded by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder.
−Removed: Pursuant to the Purchase Agreement entered into with Tysadco Partners LLC, on December 2, 2022, the Company submitted a put request to Tysadco to purchase 4,456,326 registered shares at a purchase price (as calculated pursuant to the Purchase Agreement) of $0.02244, for a total of $100,000 (“Put Request”).
+Added: Pursuant to the Purchase Agreement entered into with Tysadco Partners LLC (“ Tysadco ”) on December 2, 2022, the Company submitted a put request to Tysadco to purchase 22,282 registered shares at a purchase price (as calculated pursuant to the Purchase Agreement) of $4.49, for a total of $100,000 (the “ Put Request”).
On December 5, 2022, Tysadco funded the Put Request and the Company issued 22,282 shares to Tysadco.
−Removed: The proceeds from the share sale are being used for working capital and general corporate purposes.
+Added: The proceeds from the share sale were used for working capital and general corporate purposes.
+Added: On March 6, 2023, the Company entered into a Securities Purchase Agreement (“ SPA 23 ”) with AJB Capital, pursuant to which we sold a Promissory Note in the principal amount of $530,000 (“$ 530,000 Note ”) to AJB in a private transaction for a purchase price of $519,400 (giving effect to original issue discount of $10,600).
+Added: In connection with the sale of the $530,000 Note, the Company also paid AJB Capital’s legal fees and due diligence costs of $15,000, resulting in net proceeds to the Company of $504,400, which was used for working capital and other general corporate purposes.
+Added: The $530,00 Note bears interest at the rate of 12% per annum.
+Added: The $530,000 Note matured on September 6, 2023 and was paid in full
+Added: Private Offering – Convertible Promissory Notes
+Added: During August and September 2023, the Company sold 2.9 Units (“ Units ”) to 4 investors in a private offering at a purchase price of $250,000 per Unit for an aggregate purchase price of $725,000.
+Added: Each Unit consists of (a) a $250,000 in principal amount 8% Convertible Promissory Note due September 30, 2026;
+Added: and (b) 7,813 common stock purchase warrants (the “ Warrants ”), each entitling the holder to purchase one share of common stock, $0.001 par value (“ Shares ”) at an exercise price of $20.00 for a period of five years from the date of issuance.
Going Concern Consideration
1 unchanged sentence
The Company has had limited revenues since its inception.
−Removed: The Company incurred net losses of $8,896,557 for the year ended October 31, 2022.
−Removed: In addition, the Company had an accumulated deficit of $50,521,306 at October 31, 2022.
−Removed: The Company had a working capital position of $303,085 at October 31, 2022.
−Removed: New United States Food and Drug Administration (“FDA”) regulations which were announced in November 2017 and which became effective beginning in May 2021 (postponed from November 2020 due to the COVID-19 pandemic) require that the sale of products that fall under Section 351 of the Public Health Services Act pertaining to marketing traditional biologics and human cells, tissues and cellular and tissue based products (“HCT/Ps”) can only be sold pursuant to an approved biologics license application (“BLA”).
+Added: The Company incurred net losses of $6,986,708 for the year ended October 31, 2023 and used $2,197,275 of cash from operating activities during that period.
+Added: In addition, the Company had an accumulated deficit and a stockholders’ deficit of $57,508,014 and $1,241,019, respectively, at October 31, 2023.
+Added: The Company had a working capital deficit of $1,807,926 at October 31, 2023.
+Added: United States Food and Drug Administration ( “FDA ”) regulations which were announced in November 2017 and which became effective in May 2021 (require that the sale of products that fall under Section 351 of the Public Health Services Act pertaining to marketing traditional biologics and human cells, tissues and cellular and tissue based products (“ HCT/Ps ”) can only be sold pursuant to an approved biologics license application (“ BLA ”).
The Company has not obtained any opinion or ruling regarding the Company’s operations and whether the processing, sales and distribution of the products it currently produces would be subject to the FDA’s previously announced intended enforcement policies regarding HCT/P’s.
−Removed: In addition to the above, the adverse public health developments associated with the ongoing COVID-19 pandemic combined with the downturn in the overall United States and global economies have adversely affected the demand for our products and services by our customers and from patients of our customers and which currently still continue to have a negative impact to our business and the economy.
As a result of the above, the Company’s efforts to establish a stabilized source of sufficient revenues to cover operating costs has yet to be achieved and ultimately may prove to be unsuccessful unless (a) the Company’s ability to process, sell and distribute the products currently being produced or developed in the future are not restricted;
−Removed: (b) the United States economy returns to pre-COVID-19 conditions;
−Removed: and/or (c) additional sources of working capital through operations or debt and/or equity financings are realized.
+Added: and/or (b) additional sources of working capital through operations or debt and/or equity financings are realized.
These financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
5 unchanged sentences
In view of the matters described in the preceding paragraphs, recoverability of the recorded asset amounts shown in the accompanying consolidated balance sheet assumes that (a) the Company is able to continue to produce products or obtain products under supply arrangements which are in compliance with current and future regulatory guidelines;
−Removed: (b) the United States economy returns to pre-COVID-19 market conditions;
−Removed: (c) the Company will be able to establish a stabilized source of revenues, including efforts to expand sales internationally and the development of new product offerings and/or designations of products;
−Removed: (d) obligations to the Company’s creditors are not accelerated;
−Removed: (e) the Company’s operating expenses remain at current levels and/or the Company is successful in restructuring and/or deferring ongoing obligations;
−Removed: (f) the Company is able to continue its research and development activities, particularly in regards to remaining compliant with the FDA and ongoing safety and efficacy of its products;
−Removed: and/or (g) the Company obtains additional working capital to meet its contractual commitments and maintain the current level of Company operations through debt or equity sources.
+Added: (b) the Company will be able to establish a stabilized source of revenues, including efforts to expand sales internationally and the development of new product offerings and/or designations of products;
+Added: (c) obligations to the Company’s creditors are not accelerated;
+Added: (d) the Company’s operating expenses remain at current levels and/or the Company is successful in restructuring and/or deferring ongoing obligations;
+Added: (e) the Company is able to continue its research and development activities, particularly in regards to remaining compliant with the FDA and ongoing safety and efficacy of its products;
+Added: and/or (f) the Company obtains additional working capital to meet its contractual commitments and maintain the current level of Company operations through debt or equity sources.
There is no assurance that the products we currently produce will not be subject to the FDA’s previously announced intended enforcement policies regarding HCT/P’s and/or the Company will be able to complete its revenue growth strategy.
5 unchanged sentences
As of October 31, 2023, based on the factors described above, the Company concluded that there was substantial doubt about its ability to continue to operate as a going concern for the 12 months following the issuance of these financial statements.
−Removed: Sheet Arrangements
+Added: 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 October 31, 2023 and through the date of this report, we had no such arrangements.
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.