HENNESSY ADVISORS, INC. FORWARD-LOOKING
STATEMENTS
This report contains "forward-looking statements" within the meaning of the
securities laws, for which we claim the protection of the safe harbor for
forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995. In
some cases, forward-looking statements can be identified by terminology such as
"expect," "anticipate," "intend," "may," "plan," "will," "should," "could,"
"would," "assume," "believe," "estimate," "predict," "potential," "project,"
"continue," "seek," and similar expressions, as well as statements in the future
tense. We have based these forward-looking statements on our current
expectations and projections about future events, based on information currently
available to us. Forward-looking statements should not be read as a guarantee of
future performance or results, and will not necessarily be accurate indications
of the times at which, or means by which, such performance or results will be
achieved.
30
--------------------------------------------------------------------------------
Table of Contents
Forward-looking statements are subject to risks, uncertainties, and assumptions,
including those described in the section titled "Risk Factors" and elsewhere in
this Annual Report on
Form 10-K.
Unforeseen developments could cause actual performance or results to differ
substantially from those expressed in or suggested by the
forward-looking
statements. Management does not assume responsibility for the accuracy or
completeness of these
forward-looking
statements. There is no regulation requiring an update of any of the
forward-looking statements after the date of this report to conform these
statements to actual results or to changes in our expectations.
Our business activities are affected by many factors, including, without
limitation, redemptions by mutual fund shareholders, taxes, general economic and
business conditions, including those related to the
COVID-19
pandemic, movement of interest rates, competitive conditions, industry
regulation, and fluctuations in the stock market, many of which are beyond the
control of our management. Further, the business and regulatory environments in
which we operate remain complex, uncertain, and subject to change. We expect
that regulatory requirements and developments will cause us to incur additional
administrative and compliance costs. Notwithstanding the variability in our
economic and regulatory environments, we remain focused on the investment
performance of the Hennessy Funds and on providing
high-quality
customer service to investors.
Our business strategy centers on (i) the identification, completion, and
integration of future acquisitions and (ii) organic growth, through both the
retention of the mutual fund assets we currently manage and the generation of
inflows into the mutual funds we manage. The success of our business strategy
may be influenced by the factors discussed in Item 1A, "Risk Factors." All
statements regarding our business strategy, as well as statements regarding
market trends and risks and assumptions about changes in the marketplace, are
forward-looking
by their nature.
OUR CONTINUING RESPONSE TO THE
COVID-19
PANDEMIC
We continue to monitor the effects of the
COVID-19
pandemic on our business, particularly focusing on meeting the needs of our
employees, our partners, and the Hennessy Funds and their shareholders. Since
March 2020 , we have remained engaged with key partners and service providers,
strengthened our digital marketing and public relations programs, maintained an
effective governance and internal controls program, and kept our employees up to
date with trainings on relevant government and regulatory guidance impacting
in-office
work in order to ensure our continued success.
We returned to work in the Novato, California office in August 2021 , and
continue to adhere to our Site-Specific Protection Plan, which we regularly
update to reflect current local, state, and federal requirements.
We remain committed to providing the same high level of services to the 16
Hennessy Funds and their shareholders, and we believe we have positioned the
Company for long-term growth.
OVERVIEW
Our primary business activity is providing investment advisory services to a
family of
open-end
mutual funds branded as the Hennessy Funds. We manage 10 of the 16 Hennessy
Funds internally. For the remaining six funds, we have delegated the
day-to-day
portfolio management responsibilities to
sub-advisors,
subject to our oversight. We oversee the selection and continued employment of
each
sub-advisor,
review each fund's investment performance, and monitor each
sub-advisor's
adherence to each applicable fund's investment objectives, policies, and
restrictions. In addition, we conduct ongoing reviews of the compliance programs
of
sub-advisors
and make
on-site
visits to
sub-advisors,
as feasible. Our secondary business activity is providing shareholder services
to shareholders of the Hennessy Funds.
We derive our operating revenues from investment advisory fees and shareholder
service fees paid to us by the Hennessy Funds. These fees are calculated as a
percentage of the average daily net assets in each Hennessy Fund . The percentage
amount of the investment advisory fees varies by fund. The percentage amount of
the shareholder service fees is consistent across all funds, but shareholder
service fees are charged on Investor Class shares only. The dollar amount of the
fees we receive fluctuates with changes in the average net asset value of each
Hennessy Fund , which is affected by each fund's investment performance,
purchases and redemptions of shares, general market conditions, and the success
of our marketing, sales, and public relations efforts.
31
--------------------------------------------------------------------------------
Table of Contents
U.S. equities had positive performance for the
one-year
period ended September 30, 2021 , with the S&P 500
®
Index returning 30.00% and the Dow Jones Industrial Average returning 24.15% for
the period (on a total return basis). Equity prices advanced sharply during the
period despite increased concerns over supply chain disruptions and elevated
levels of inflation. The offset to this dynamic was the idea that economic
growth has resumed as economies continue to reopen despite the lingering effects
of the
COVID-19
pandemic. After a 3.4% contraction in Real GDP in 2020, economic growth is
expected to increase 5.9% in 2021, according to estimates compiled by Bloomberg.
Over the past year, we have seen widespread availability of vaccines, and with
that the ability of an
ever-increasing
number of people to travel, eat in restaurants, and return to work. The
unemployment rate improved from 7.9% at the end of September 2020 to 4.8% at the
end of September 2021 .
Long-term U.S. bonds declined meaningfully during the
one-year
period ended September 30, 2021 , as the prospect of the Federal Reserve tapering
its
bond-buying
activity and potentially raising interest rates as soon as 2022 prompted
investors to sell bonds. As the U.S. economy reopens and some semblance of
normalcy returns to the economy, investors' attention has turned to the idea
that inflation may continue to remain elevated, which may prompt the Federal
Reserve to raise interest rates. While the Federal Reserve has indicated that
they would like to see employment numbers return to
pre-pandemic
levels before raising rates, it seems that some investors are focused on the
idea that any further inflationary pressures may force the Federal Reserve to
act sooner. For the
one-year
period ended September 30, 2021 ,
10-year
U.S. Government Bond yields rose from 0.68% to 1.49%.
The Japanese equity market rose 20.61% (in U.S. dollar terms) for the
one-year
period ended September 30, 2021 , as measured by the Tokyo Stock Price Index.
Enthusiasm around Japanese equities has centered on the country's recent surge
in
COVID-19
vaccinations as well as by the election of a new Prime Minister, Fumio Kishida ,
to replace Yoshihide Suga , who recently resigned.
Against this backdrop, all of the 16 Hennessy Funds posted positive returns for
the
one-year
period ended September 30, 2021 . The
longer-term
performance numbers remain strong, with 14 of the Hennessy Funds posting
positive returns for the
five-year
period ended September 30, 2021 , and all 14 Hennessy Funds with at least
10 years of operating history posting positive returns for the
10-year
period ended September 30, 2021 .
As always, we are committed to providing superior service to investors and
employing a consistent and disciplined approach to investing based on a
buy-and-hold
philosophy that rejects the idea of market timing. Our goal is to provide
products that investors can have confidence in, knowing their money is invested
as promised and with their best interests in mind. Accordingly, we continually
seek new and improved ways to support investors in the Hennessy Funds, including
by providing thought leadership and other resources to help them navigate
through this unprecedented market disruption due to the pandemic. We operate a
robust and
leading-edge
marketing automation and customer relationship management (CRM) system, with a
database of over 100,000 financial advisors in addition to retail investors. We
utilize this technology both to retain assets and to drive new purchases into
the Hennessy Funds. We employ a comprehensive marketing and sales program
consisting of content, digital, social media, and traditional marketing
initiatives and proactive meetings. In addition, our consistent annual public
relations campaign has resulted in the Hennessy brand name appearing on TV,
radio, print, or online media on average once every two to three days.
We provide service to approximately 160,000 mutual fund accounts nationwide,
including accounts held by shareholders who employ financial advisors to assist
them with investing as well as accounts held by retail shareholders who invest
directly with us. We serve over 14,000 financial advisors who utilize the
Hennessy Funds on behalf of their clients, including over 800 who purchased one
of our Funds for the first time during fiscal year 2021. Approximately 17% of
such advisors own two or more Hennessy Funds, and nearly 550 advisors hold a
position of over $500,000 , demonstrating strong brand loyalty.
Total assets under management as of the end of fiscal year 2021 was
$4.1 billion , an increase of $0.5 billion , or 14.1%, compared to the end of
fiscal year 2020. The increase in total assets during fiscal year 2021 was
attributable to market appreciation.
32
--------------------------------------------------------------------------------
Table of Contents
The following table illustrates the changes in our assets under management over
the past three years:
Fiscal Years Ended September 30,
2021 2020 2019
(In thousands)
Beginning assets under management $ 3,564,597 $ 4,873,839 $ 6,197,617
Acquisition inflows - - 194,948
Organic inflows 818,358 571,195 825,541
Redemptions (1,345,371 ) (1,771,127 ) (2,374,734 )
Market appreciation (depreciation) 1,028,338 (109,310 ) 30,467
Ending assets under management
As stated above, the fees we receive for providing investment advisory and
shareholder service are based on average assets under management. The following
table shows average assets under management by share class over the past three
years:
Fiscal Years Ended September 30,
2021 2020 2019
(In thousands)
Average assets under management-Investor
Class $ 2,394,194 $ 2,556,875 $ 3,357,813
Average assets under
management-Institutional Class 1,595,106 1,541,529 1,826,929
Total $ 3,989,300 $ 4,098,404 $ 5,184,742
The principal asset on our balance sheet, management contracts, represents the
capitalized costs incurred in connection with the purchase of the assets related
to the management of mutual funds. As of the end of fiscal year 2021, this asset
had a net balance of $80.6 million , unchanged since the end of fiscal year 2020.
The principal liability on our balance sheet as of the end of our fiscal year
2021 was the net deferred tax liability of $12.4 million generated due to the
continued
write-off
of our management contracts asset for tax purposes, which creates a
book-to-tax
difference. Following the end of our fiscal year 2021, on October 20, 2021 , we
completed a public offering of 4.875% unsecured notes due 2026 in the aggregate
principal amount of $40,250,000 . The 2026 Notes mature on December 31, 2026 , and
may be redeemed in whole or in part at any time or from time to time at our
option on or after December 31, 2023 . The 2026 Notes bear interest at a rate of
4.875% per year payable quarterly on March 31 , June 30 , September 30 , and
December 31 . The 2026 Notes are direct unsecured obligations, rank equally in
right of payment with any of our future unsecured unsubordinated indebtedness,
senior to any of our future indebtedness that expressly provides that it is
subordinate to the 2026 Notes, effectively subordinate to all of our existing
and future secured indebtedness, and structurally subordinated to all existing
and future indebtedness and other obligations of any future subsidiaries of
ours.
33
--------------------------------------------------------------------------------
Table of Contents
RESULTS OF OPERATIONS
The following table sets forth items in our statements of income as dollar
amounts and as percentages of total revenue:
Fiscal Years Ended September 30,
2021 2020
Percent of Percent of
Amounts Total Revenue Amounts Total Revenue
(In thousands, except percentages)
Revenue
Investment advisory fees $ 30,367 92.7 % $ 30,831 92.3 %
Shareholder service fees 2,393 7.3 2,558 7.7
Total revenue 32,760 100.0 33,389 100.0
Operating expenses
Compensation and benefits 9,078 27.7 8,820 26.4
General and administrative 4,754 14.5 4,961 14.9
Mutual fund distribution 485 1.5 477 1.4
Sub-advisory
fees 7,332 22.4 7,573 22.7
Depreciation 232 0.7 239 0.7
Total operating expenses 21,881 66.8 22,070 66.1
Operating income 10,879 33.2 11,319 33.9
Interest expense - - 447 1.3
Other income (2 ) (0.0 ) (89 ) (0.2 )
Income before income tax expense 10,881 33.2 10,961 32.8
Income tax expense 2,979 9.1 3,120 9.3
Net income $ 7,902 24.1 % $ 7,841 23.5 %
Revenues - Investment Advisory Fees and Shareholder Service Fees
Total revenue comprises investment advisory fees and shareholder service fees.
Comparing fiscal year 2021 to fiscal year 2020, total revenue decreased by 1.9%,
from $33.4 million to $32.8 million , investment advisory fees decreased by 1.5%,
from $30.8 million to $30.4 million , and shareholder service fees decreased by
6.5%, from $2.6 million to $2.4 million .
The decrease in investment advisory fees was due to decreased average daily net
assets of the Hennessy Funds. The decrease in shareholder service fees was due
to a decrease in the average daily net assets held in Investor Class shares of
the Hennessy Funds. Assets held in Investor Class shares of the Hennessy Funds
are subject to a shareholder service fee, whereas assets held in Institutional
Class shares of the Hennessy Funds are not subject to a service fee.
We collect investment advisory fees from each Hennessy Fund at differing annual
rates. These annual rates range between 0.40% and 1.25% of average daily net
assets. Average daily net assets of the Hennessy Funds for fiscal year 2021 was
$4.0 billion , which represents a decrease of $0.1 billion , or 2.7%, compared to
fiscal year 2020. The Hennessy Fund with the largest average daily net assets
for fiscal year 2021 was the Hennessy Focus Fund , with $1.1 billion . We collect
an investment advisory fee from the Hennessy Focus Fund at an annual rate of
0.90% of average daily net assets. However, we pay a
sub-advisory
fee at an annual rate of 0.29% to the fund's
sub-advisor,
which reduces the net operating profit contribution of the fund to our financial
operations. The Hennessy Fund with the second largest average daily net assets
for fiscal year 2021 was the Hennessy Japan Fund , with $844 million . We collect
an investment advisory fee from the Hennessy Japan Fund at an annual rate of
0.90% of average daily net assets. However, we pay a
sub-advisory
fee at an annual rate between 0.35% and 0.42% (depending on asset level) to the
fund's
sub-advisor,
which reduces the net operating profit contribution of the fund to our financial
operations.
34--------------------------------------------------------------------------------
Table of Contents
Total assets under management as of the end of fiscal year 2021 was
Fiscal Year Ended September 30, 2021
Fund Name Amount
Hennessy Japan Fund $ 42 million
Hennessy Small Cap Financial Fund $ 35 million
Hennessy Japan Small Cap Fund $ 13 million The Hennessy Funds with the three largest amounts of net outflows were as follows:
Fiscal Year Ended September 30, 2021
Fund Name Amount
Hennessy Focus Fund $ (339) million
Hennessy Gas Utility Fund $ (134) million Hennessy Cornerstone Mid Cap 30 Fund
Redemptions as a percentage of assets under management decreased from an average of 3.6% per month during fiscal year 2020 to an average of 2.8% per month during fiscal year 2021. Operating Expenses Comparing fiscal year 2020 to fiscal year 2021, total operating expenses remained relatively flat, decreasing by 0.9%, from$22.1 million to$21.9 million . The slight decrease in the dollar amount of operating expenses was due to decreases in many expense categories, partially offset by increases in compensation and benefits expense and mutual fund distribution expense. As a percentage of total revenue, total operating expenses increased 0.7 percentage points to 66.8%. Although the dollar value decreased slightly, operating expenses increased slightly as a percentage of total revenue because some of our operating expenses are fixed costs that did not decrease with decreasing revenue during fiscal year 2021. Compensation and Benefits Expense : Comparing fiscal year 2020 to fiscal year 2021, compensation and benefits expense increased by 2.9%, from$8.8 million to$9.1 million . As a percentage of total revenue, compensation and benefits expense increased 1.3 percentage points to 27.7%. The increase in compensation and benefits expense was due to an increase in incentive-based compensation during fiscal year 2021 resulting from our higher total assets under management, as well as an increase in salary compensation paid to our executive officers compared to our fiscal year 2020, which included five months during which our executive officers agreed to temporary 25% salary reductions. General and Administrative Expense : Comparing fiscal year 2020 to fiscal year 2021, general and administrative expense decreased by 4.2%, from$5.0 million to$4.8 million . As a percentage of total revenue, general and administrative expense decreased 0.4 percentage points to 14.5%. The decrease in general and administrative expense was due to lower director stock award expense, as well as a reduction in rent expense in ourNovato office and a decrease in legal and accounting costs in the current period. Mutual Fund Distribution Expense : Mutual fund distribution expense consists of fees paid to various financial institutions that offer the Hennessy Funds as potential investments to their clients. When the Hennessy Funds are purchased through one of these financial institutions, the institution typically charges an asset-based fee, which is recorded as mutual fund distribution expense on our statement of operations to the extent paid by us. When the Hennessy Funds are purchased directly, we do not incur any such expense. These fees generally increase or decrease in line with the net assets of the Hennessy Funds held through these financial institutions, which are affected by inflows, outflows, and fund performance. In addition, some financial institutions charge a minimum fee if the average daily net assets of aHennessy Fund held by such an institution are less than a threshold amount. In such cases, we pay the minimum fee. 35 -------------------------------------------------------------------------------- Table of Contents Comparing fiscal year 2020 to fiscal year 2021, mutual fund distribution expense increased slightly by 1.7%, from$0.48 million to$0.49 million . As a percentage of total revenue, mutual fund distribution expense increased 0.1 percentage points to 1.5%. The increase in mutual fund distribution expense was due to slightly higher average daily net assets of the Hennessy Funds held at financial institutions in the current period. In the second quarter of the prior fiscal year, significant market depreciation, primarily resulting from the COVID-19 pandemic, caused a decrease in average daily net assets. Sub-Advisory Fees Expense : Comparing fiscal year 2020 to fiscal year 2021, sub-advisory fees expense decreased by 3.2%, from$7.6 million to$7.3 million . As a percentage of total revenue, sub-advisory fees expense decreased 0.3 percentage point to 22.4%. The decrease in sub-advisory fees was due to a decrease in average daily net assets of the sub-advised Hennessy Funds. Depreciation Expense : Comparing fiscal year 2020 to fiscal year 2021, depreciation expense decreased by 2.9% from$0.24 million to$0.23 million due to the write-off of fully depreciated assets. As a percentage of total revenue, depreciation expense remained flat at 0.7%. Interest Expense Comparing fiscal year 2020 to fiscal year 2021, interest expense decreased by 100% from$0.4 million to$0 . The decrease in interest expense was due to the payoff in full of the remaining outstanding balance under our term loan agreement withU.S. Bank National Association onMarch 26, 2020 . Income Tax Expense Comparing fiscal year 2020 to fiscal year 2021, income tax expense decreased by 4.5%, from$3.1 million to$3.0 million . The decrease in income tax expense was due primarily to lower net operating income in the current period. Net Income Comparing fiscal year 2020 to fiscal year 2021, net income increased by 0.8%, from$7.8 million to$7.9 million . The increase in net income was primarily due to decreased interest expense in the current period. LIQUIDITY AND CAPITAL RESOURCES We continually review our capital requirements to ensure that we have funding available to support our business model. Management anticipates that cash and other liquid assets on hand as of the end of fiscal year 2021 will be sufficient to meet our capital requirements for one year from the issuance date of this report, as well as our longer-term capital requirements for periods beyond one year from the issuance date of this report. To the extent that liquid resources and cash provided by operations are not adequate to meet long-term capital requirements, management plans to raise additional capital by either, or both, seeking bank financing or accessing the capital markets. There can be no assurance that we will be able to raise additional capital. Following the end of our fiscal year 2021, onOctober 20, 2021 , the Company completed a public offering of its 2026 Notes in the aggregate principal amount of$40,250,000 . The 2026 Notes mature onDecember 31, 2026 , and may be redeemed in whole or in part at any time or from time to time at the Company's option on or afterDecember 31, 2023 . The 2026 Notes bear interest at a rate of 4.875% per year payable quarterly onMarch 31 ,June 30 ,September 30 , andDecember 31 . The 2026 Notes are the Company's direct unsecured obligations, rank equally in right of payment with any of the Company's future unsecured unsubordinated indebtedness, senior to any of the Company's future indebtedness that expressly provides that it is subordinate to the 2026 Notes, effectively subordinate to all of the Company's existing and future secured indebtedness, and structurally subordinated to all existing and future indebtedness and other obligations of any future subsidiaries of the Company. Our total assets under management as of the end of fiscal year 2021 was$4.1 billion , an increase of$0.5 billion , or 14.1%, from the end of fiscal year 2020. The primary sources of our revenues, liquidity, and cash flow are our investment advisory fees and shareholder service fees, which are based on, and generated by, our average assets under management. Our average assets under management for fiscal year 2021 was$4.0 billion . As of the end of fiscal year 2021, we had cash and cash equivalents of$15.8 million . 36 -------------------------------------------------------------------------------- Table of Contents The following table summarizes key financial data relating to our liquidity and use of cash: Fiscal Years Ended September 30, 2021 2020 (In thousands) Net cash provided by operating activities$ 10,386 $
10,623
Net cash used in investing activities (249 ) (882 ) Net cash used in financing activities (4,256 )
(24,473 )
Net increase (decrease) in cash and cash equivalents
The decrease in cash provided by operating activities of$0.2 million was due mainly to decreased operating income. The decrease in cash used in investing activities of$0.6 million was due to a payment for the purchase of assets related to the management of theBP Funds made in the prior period. The decrease in cash used for financing activities of$20.2 million was due primarily to the prepayment of the remaining outstanding balance payable under our term loan agreement withU.S. Bank National Association in the prior period. Dividend Payments . We have consistently paid dividends each year since 2005. Our quarterly dividend rate remained constant during fiscal years 2020 and 2021, and our dividend payments totaled$4.0 million in each such fiscal year. OurBank Loan . OnMarch 26, 2020 , we prepaid in full all principal, accrued interest, and costs and expenses outstanding under our term loan agreement withU.S. Bank National Association . The aggregate prepayment amount of$15.4 million was funded by cash on hand, and we did not incur any prepayment penalties. 2026 Notes . OnOctober 20, 2021 , we completed a public offering of 4.875% notes due 2026 in the aggregate principal amount of$40,250,000 , which included the full exercise of the underwriters' overallotment option. The 2026 Notes bear interest at 4.875% per annum, payable on the last day of each calendar quarter and at maturity, beginningDecember 31, 2021 . The 2026 Notes mature onDecember 31, 2026 . CRITICAL ACCOUNTING POLICIES Our financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted inthe United States , which require the use of estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. These accounting policies, methods, and estimates are an integral part of the financial statements prepared by management and are based upon management's current judgments. Those judgments are normally based on knowledge and experience with regard to past and current events and assumptions about future events. Certain accounting policies, methods, and estimates are particularly sensitive because of their significance to the financial statements and because future events affecting them may differ markedly from management's current judgment. Described below are the accounting policies that we believe are most critical to understanding our results of operations and financial position. Our operating revenues consist of contractual investment advisory and shareholder service fees. We earn our investment advisory fees through portfolio management of the Hennessy Funds, and we earn our shareholder service fees by assisting investors in purchases, sales, distribution, and customer service. These fee revenues are earned and calculated daily by the Hennessy Funds' accountants. In accordance withFinancial Accounting Standards Board ("FASB") guidance on revenue recognition, we recognize fee revenues monthly. Our contractual agreements provide persuasive evidence that an arrangement exists with fixed and determinable fees, and the services are rendered daily. The collectability is probable as the fees are received from the Hennessy Funds in the month subsequent to the month in which the services are provided. 37 -------------------------------------------------------------------------------- Table of Contents The management contracts we have purchased are considered intangible assets with an indefinite life and we account for them in accordance with Accounting Standards Codification 350: Intangibles -Goodwill and Other ("ASC 350"). Pursuant to ASC 350, an entity first assesses qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform a quantitative impairment test. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If an entity determines that it is more likely than not that an indefinite-lived intangible asset is impaired, then it must conduct an impairment analysis. We were able to forego the annual impairment analysis for fiscal year 2021 as the more-likely-than-not threshold was not met as of the end of fiscal year 2021. The costs related to our purchase of the assets related to the management of mutual funds are capitalized as incurred. The costs are defined as an intangible asset per the FASB standard "Intangibles -Goodwill and Other." The acquisition costs include legal fees, fees for soliciting shareholder approval, and a percent of asset costs to purchase the management contracts. The amounts are included in the management contracts asset, totaling$80.6 million as of the end of fiscal year 2021. RECENTLY ISSUED AND ADOPTED ACCOUNTING STANDARDS We reviewed accounting pronouncements issued betweenDecember 1, 2020 , the filing date of our most recent previously filed Annual Report on Form 10-K, andNovember 24, 2021 , the filing date of this Annual Report on Form 10-K, and have determined that no accounting pronouncement issued would have a material impact on our financial position, results of operations, or disclosures. There have been no other significant changes to our critical accounting policies and estimates during fiscal year 2021. 38
--------------------------------------------------------------------------------
Table of Contents
© Edgar Online, source
