| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements
are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for
information pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Principles of
Consolidation The consolidated
financial statements include the financial statements of Greenland Technologies Holding Corporation and its subsidiaries. Intercompany
accounts and transactions have been eliminated upon consolidation. Certain reclassifications to previously reported financial information
have been made to conform to the current period presentation. Use of Estimates The preparation
of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the
best information available at the time the estimates are made. Actual results could differ from those estimates. Significant estimates
in the years ended December 31, 2023 and 2022 include allowance for expected credit losses, reserve for inventories, fair value of warrant
liability, useful life of property, plant and equipment, assumptions used in assessing impairment of long-term assets, estimates used in accounting for leases in accordance with FASB ASC 842, Leases and valuation of
deferred tax assets and accruals for taxes due. Non-controlling
Interest Non-controlling
interests in the Company’s subsidiaries are recorded in accordance with the provisions of Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification 810 Consolidation (“ASC 810”) and are reported as a component of equity,
separate from the parent’s equity. Purchase or sale of equity interests that do not result in a change of control are accounted
for as equity transactions. Results of operations attributable to the non-controlling interest are included in our consolidated results
of operations and, upon loss of control, the interest sold, as well as interest retained, if any, will be reported at fair value with
any gain or loss recognized in earnings. Foreign Currency
Translation Since the Company
operates primarily in the PRC, the Company’s functional currency is the Renminbi (“RMB”). The Company’s financial
statements have been translated into the reporting currency of the United States Dollar (“USD”). Assets and liabilities of
the Company are translated at the exchange rate at each reporting period end date. Equity is translated at the historical exchange rate
when the transaction occurs. Income and expense accounts are translated at the average rate of exchange during the reporting period.
The resulting translation adjustments are reported under other comprehensive income (loss). Gains and losses resulting from the translation
of foreign currency transactions and balances are reflected in the results of operations. The exchange rates
used to translate amounts in RMB into USD for the purposes of preparing the audited consolidated financial statements or otherwise disclosed
in this report were as follows:
As
of
December 31, December 31,
Period end RMB: US$ exchange rate 7.0999 6.8972
For
the years ended
2023 2022
Period average RMB: US$ exchange rate 7.0809 6.7518 The exchange rates
(applicable to Shanghai Hengyu closed on July 10, 2023) used to translate amounts in RMB into USD for the purposes of preparing the audited
consolidated financial statements or otherwise disclosed in this report were as follows:
From
For
the year ended
Period average RMB: US$ exchange rate 6.9402 6.7518 The RMB is not
freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. The PRC
government imposes significant exchange restrictions on fund transfers out of the PRC that are not related to business operations. Cash and Cash
Equivalents For financial reporting
purposes, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash
equivalents. The Company maintains its bank accounts with various financial institutions primarily in mainland China and U.S. The Company
has not experienced any losses in bank accounts. Restricted Cash Restricted cash
represents amounts held by a bank as security for bank acceptance bills, as well as the financial product secured for the short-term
bank loan and therefore is not available for the Company’s use until such time as the bank acceptance notes and bank loans have
been fulfilled or expired, normally within a twelve-month period. Fair Value of
Financial Instruments The Company applies
the provisions of ASC 820, Fair Value Measurements and Disclosures
● Level 1—defined as
observable inputs such as quoted prices in active markets for identical assets or liabilities;
● Level 2—defined as
inputs other than quoted prices in active markets, that are either directly or indirectly observable; and
● Level 3—defined as
unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The
Company’s financial assets and liabilities, which include financial instruments as defined by FASB ASC 820, include cash, cash
equivalents and restricted cash, short term investment, accounts receivable, notes receivables, due from related party, fixed
deposit, short term bank loans, accounts payable, other payable, notes payable and warrant liability. As of December 31, 2023 and
2022, the carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, notes receivables, notes payables,
and accounts payable are approximation their fair value due to the short-term nature. As of December 31, 2023 and 2022, fixed
deposits and bank loans are measured at amortized cost. The following table
summarizes the fair value measurements of assets and liabilities that are measured at fair value on a recurring basis at December 31,
2023:
(amount in absolute value) Active Market Observable Unobservable Total
Short term investment $ 2,818,068 - - $ 2,818,068
Warrants liability - 4,084,605 - 4,084,605
Total $ 2,818,068 4,084,605 - $ 6,902,673 Accounts Receivable and Allowance for Expected
Credit Losses Accounts receivable are stated at the historical
carrying amount net of allowance for expected credit losses. The Company adopted ASU No. 2016-13, “Financial Instruments —
Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” on January 1, 2023 using a modified retrospective
approach. The Company also adopted this guidance to notes receivable and due from related parties. To estimate expected credit losses, the Company
has identified the relevant risk characteristics of its customers and the related receivables. The Company considers the past collection
experience, current economic conditions, future economic conditions (external data and macroeconomic factors) and changes in the Company’s
customer collection trends. The allowance for expected credit losses and corresponding receivables were written off when they are determined
to be uncollectible. Inventories Inventories are stated at the lower of cost or
net realizable value, which is based on estimated selling prices less any further costs expected to be incurred for completion and disposal.
Cost of raw materials is calculated using the weighted average method and is based on purchase cost. Work-in-progress and finished goods
costs are determined using the weighted average method and comprise direct materials, direct labor and an appropriate proportion of overhead. Advance to Suppliers Advance to suppliers represents interest-free cash paid in advance
to suppliers for purchases of parts and/or raw materials. The balance of advance to suppliers was $0.29 million and $0.41 million as of
December 31, 2023 and 2022, respectively. Property, Plant, and Equipment Property, plant, and equipment are stated at cost
less accumulated depreciation, and include expenditure that substantially increases the useful lives of existing assets. Expenditures
for repairs and maintenance, which do not extend the useful life of the assets, are expensed as incurred. Depreciation is provided over their estimated
useful lives, using the straight-line method. Estimated useful lives are as follows:
Plant, buildings and improvements 20 years
Machinery and equipment 2~10 years
Motor vehicles 4 years
Office equipment 3~5 years
Fixtures and decorations 5 years When assets are sold or retired, their costs and
accumulated depreciation are eliminated from the consolidated financial statements and any gain or loss resulting from their disposal
is recognized in the period of disposition as an element of other income. The cost of maintenance and repairs is charged to income as
incurred, whereas significant renewals and betterments are capitalized. Land Use Rights According to the PRC laws, the government owns
all the land in the PRC. Companies or individuals are authorized to possess and use the land only through land use rights granted by the
Chinese government. The land use rights granted to the Company are being amortized using the straight-line method over the lease term
of fifty years. Impairment of Long-Lived Assets Long-lived assets are evaluated for impairment
periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable in accordance
with FASB ASC 360, “Property, Plant and Equipment”. In evaluating long-lived assets for recoverability,
the Company uses its best estimate of future cash flows expected to result from the use of the asset and eventual disposition in accordance
with FASB ASC 360-10-15. To the extent that estimated future, undiscounted cash inflows attributable to the asset, less estimated future,
undiscounted cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between
the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan of disposal, whether
through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell. There was no impairment loss
recognized for the years ended December 31, 2023 and 2022. Lease ASC 842 supersedes the lease requirements in ASC
840 “Leases,” and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use
assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from
leasing arrangements. Leases that transfer substantially all of the benefits and risks incidental to the ownership of assets are accounted
for as finance leases as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other
leases are accounted for as operating leases. A sale-leaseback transaction occurs when an entity
sells an asset it owns and immediately leases the asset back from the buyer. The seller then becomes the lessee and the buyer becomes
the lessor. Under ASC 842, both parties must assess whether the buyer-lessor has obtained control of the asset and a sale has occurred. The Company has leased premises for its offices
under non-cancellable operating leases since May 2021 and its assembly site under non-cancellable operating leases since June 2022. Operating
lease payments are expensed over the term of lease using straight line method. The Company’s office leases have a 3-year term and
the lease of its assembly site has a 5.5-year term. Usually within four months prior to the expiration date of a lease, the Company is
required to notify the lessor and has a priority to continue renting the lease property if a lessor intends to lease property. The lease
itself does not have restrictions or covenants. Any damage, if made by the lessee, to the property and equipment within the property has
to been fixed or reimbursed by the lessee. The Company does not have any leases entered into that have not yet commenced. Under the terms
of the lease agreements, the Company has no legal or contractual asset retirement obligations at the end of the leases. Revenue Recognition In accordance with ASC Topic 606, “Revenue
from Contracts with Customers,” the Company recognizes revenues when goods or services are transferred to customers in an amount
that reflects the consideration which the Company expects to receive in exchange for those goods or services. In determining when and
how revenues are recognized from contracts with customers, the Company performs the following five-step analysis: (i) identification of
contract with customer; (ii) determination of performance obligations; (iii) measurement of the transaction price; (iv)
allocation of the transaction price to the performance obligations and (v) recognition of revenues when (or as) the Company satisfies
each performance obligation. The Company derives revenues from the processing, distribution and sale of its products. The Company recognizes
its revenues net of value-added taxes (“VAT”). The Company is subject to VAT which had been levied at the rate of 17% on the
invoiced value of sales until April 30, 2018, after which date the rate was reduced to 16%. VAT rate was further reduced to 13% starting
from April 1, 2019. Output VAT is borne by customers in addition to the invoiced value of sales and input VAT is borne by the Company
in addition to the invoiced value of purchases to the extent not refunded for export sales. Revenues are recognized at a point in time once
the Company has determined that the customer has obtained control over the product. Control is typically deemed to have been transferred
to the customer when the performance obligation is fulfilled, usually at the time of customers’ acceptance or consumption, at the
net sales price (transaction price) and each of the criteria under ASC 606 have been met. Contract terms may require the Company to deliver
the finished goods to the customers’ location or the customer may pick up the finished goods at the Company’s factory. International
sales are recognized when shipment clears customs and leaves the port. Payments due within two months after customers’ acceptance or
consumption. The Company adopted ASC 606 on January 1, 2018,
using the transition method of Modified-Retrospective Method (“MRM”). The adoption of ASC 606 had no impact on the Company’s
beginning balance of retained earnings. The Company’s contracts are all short-term
in nature with a contract term of one year or less. Receivables are recorded when the Company has an unconditional right to consideration. Contracts do not offer any price protection, but
allow for the return of certain goods if there is a quality problem, which is standard warranty. The Company’s product returns
and recorded reserve for sales returns were minimal for the years ended December 31, 2023 and 2022. The total sales return amount accounted
for around 0.10% and 0.00% of the total revenue for the years ended December 31, 2023 and 2022.The total warrants expenditures amount
accounted for around 0.63% and 1.01% of the total revenue for the years ended December 31, 2023 and 2022. The following table sets forth disaggregation
of revenue:
For the years ended
2023 2022
Major Product
Transmission boxes for Forklift $ 85,925,302 $ 80,220,000
Transmission boxes for Non-Forklift (EV, etc.) 4,407,938 10,610,674
Total $ 90,333,240 $ 90,830,674 Cost of Goods Sold Cost of goods sold consists primarily of material
costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization,
depreciation and related costs, which are directly attributable to the production of products. Write-down of inventory to lower of cost
or net realizable value is also recorded in cost of goods sold. Selling Expenses Selling expenses include operating expenses such
as payroll and traveling and transportation expenses. General and Administrative Expenses General and administrative expenses include management
and office salaries and employee benefits, depreciation for office facility and office equipment, travel and entertainment, legal and
accounting, consulting fees and other office expenses. Research and Development Research and development costs are expensed as incurred and totaled
approximately $5.42 million and $5.79 million for the years ended December 31, 2023 and 2022, respectively. Research and development costs
are incurred on a project specific basis. Government Subsidies Government subsidies are recognized when there
is reasonable assurance that the subsidy will be received and all attaching conditions will be complied with. When the subsidy relates
to an expense item, it is recognized as income over the periods necessary to match the subsidy on a systematic basis to the costs that
it is intended to compensate. Where the subsidy relates to an asset, it is recognized as other long-term liabilities and is released to
the statement of operations over the expected useful life in a consistent manner with the depreciation method for the relevant asset.
Total government subsidies were $1.53 million and $1.81 million as of December 31, 2023 and 2022, respectively. Income Taxes The Company accounts for income taxes following the liability method
pursuant to FASB ASC 740 “Income Taxes”. Under this method, deferred tax assets and liabilities are determined based on the
difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the
period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if, based
on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized.
The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date. The Company also follows FASB ASC 740, which addresses
the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.
The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will
be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the
financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood
of being realized upon ultimate settlement. ASC 740 also provides guidance on recognition, classification, interest and penalties on income
taxes, accounting in interim periods and requires increased disclosures. As of December 31, 2023 and 2022, the Company did not have a
liability for unrecognized tax benefits. It is the Company’s policy to include penalties and interest expense related to income
taxes as a component of other expense and interest expense, respectively, as necessary. The Company’s historical tax years will
remain open for examination by the local authorities until the statute of limitations has passed. Value-Added Tax Enterprises or individuals, who sell commodities,
engage in repair and maintenance or import or export goods in the PRC are subject to a value added tax in accordance with PRC Laws. The
VAT standard rate had been 17% of the gross sale price until April 30, 2018, after which date the rate was reduced to 16%. VAT rate was
further reduced to 13% starting from April 1, 2019. A credit is available whereby VAT paid on the purchases of semi-finished products
or raw materials used in the production of the Company’s finished products can be used to offset the VAT due on the sales of the
finished products. Statutory Reserve In accordance with the PRC Regulations on Enterprises with Foreign
Investment, an enterprise established in the PRC with foreign investment is required to provide for certain statutory reserves, namely
(i) a General Reserve Fund, (ii) an Enterprise Expansion Fund and (iii) a Staff Welfare and Bonus Fund, which are appropriated from net
profit as reported in the enterprise’s PRC statutory accounts. A wholly owned foreign enterprise is required to allocate at least
10% of its annual after-tax profit to the General Reserve Fund until the balance of such fund has reached 50% of its respective registered
capital. A non-wholly owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board
of directors. Appropriations to the Enterprise Expansion Fund and Staff Welfare and Bonus Fund are at the discretion of the board of directors
for all foreign invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as
cash dividends. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the
change in equity during the year from transactions and other events, excluding the changes resulting from investments by owners and distributions
to owners, and is not included in the computation of income tax expense or benefit. Accumulated comprehensive income consists of foreign
currency translation. The Company presents comprehensive income (loss) in accordance with ASC Topic 220, “Comprehensive Income”. Earnings per share The Company calculates earnings per share in accordance with ASC Topic
260 “Earnings per Share.” Basic earnings per share is computed by dividing the net income(loss) attributable to GREENLAND
TECHNOLOGIES HOLDING CORPORATION, by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per
share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional ordinary
shares that would have been outstanding if the potential ordinary shares equivalents had been issued and if the additional ordinary shares
were dilutive. Segments and Related Information ASC 280 “Segment reporting” establishes
standards for reporting information on operating segments in interim and annual financial statements. All of the Company’s operations
are considered by the chief operating decision maker to be aggregated in one reportable operating segment. The Company is engaged in the business of manufacturing
and selling various transmission boxes. The Company’s manufacturing process is essentially the same for the entire Company and is
performed in-house at the Company’s facilities in the PRC. The Company’s customers primarily consist of entities in the automotive,
construction machinery or warehousing equipment industries. The distribution of the Company’s products is consistent across the
entire Company. In addition, the economic characteristics of each customer arrangement are similar in that the Company maintains policies
at the corporate level. Commitments and contingencies In the normal course of business, the Company
is subject to contingencies, including legal proceedings and environmental claims arising out of the normal course of businesses that
relate to a wide range of matters, including among others, contracts breach liability. The Company records accruals for such contingencies
based upon the assessment of the probability of occurrence and, where determinable, an estimate of the liability. Management may consider
many factors in making these assessments including past history, scientific evidence and the specifics of each matter. The Company’s
management has evaluated all such proceedings and claims that existed as of December 31, 2023 and 2022. Normal course of businesses that
relate to a wide range of matters, including among others, contracts breach liability. The Company records accruals for such contingencies
based upon the assessment of the probability of occurrence and, where determinable, an estimate of the liability. Management may consider
many factors in making these assessments including past history, scientific evidence and the specifics of each matter. The Company’s
management has evaluated all such proceedings and claims that existed as of December 31, 2023 and 2022. Related Party In general, related parties exist when there is a relationship that
offers the potential for transactions at less than arm’s-length, favorable treatment, or the ability to influence the outcome of
events different from that outcome which might result in the absence of that relationship. A related party may be any of the following:
a) an affiliate, which is a party that directly or indirectly controls, is controlled by, or is under common control with another party;
b) a principle owner, owner of record or known beneficial owner of more than 10% of the voting interest of an entity; c) management, which
are persons having responsibility for achieving objectives of the entity and requisite authority to make decision; d) immediate family
of management or principal owners; e) a parent company and its subsidiaries; f) other parties that have ability to significant influence
the management or operating policies of the entity; and g) other parties that can significantly influence the management or operating
policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence
the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.
The Company discloses all significant related party transactions. Uncertainty and risks Political, social and economic risks A significant portion of the Company’s operations
are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by
the political, economic and legal environment in the PRC, and by the general state of the PRC economy. The Company’s operations in the PRC are
subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These
include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s
results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies
with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation,
among other things. Currency Exchange Risk The Company cannot guarantee that the current
exchange rate will remain steady. Therefore, there is a possibility that the Company could post the same amount of profit for two comparable
periods and yet, because of the fluctuating exchange rate, record higher or lower profit depending on exchange rate of RMB converted to
U.S. dollars on the relevant dates. The exchange rate could fluctuate depending on changes in the political and economic environment without
notice. Concentration of Credit Risk Financial instruments that potentially expose
the Company to concentrations of credit risk consist primarily of cash in bank and accounts receivable. The Company places its cash with financial institutions
with high credit ratings and quality in the PRC and the U.S. Balances at financial institutions and state-owned banks within the PRC are
covered by insurance up to RMB500,000 ( USD70,000 USD70,000 The Company’s bank deposits in the U.S.
are insured to the maximum extent permitted by the Deposit Insurance Fund in the U.S. Dodd-Frank permanently increased the maximum amount
of deposit insurance to $250,000 per depositor, per insured institution for each account ownership category. Federal Deposit Insurance
Corporation (“FDIC”) insurance is backed by the full faith and credit of the United States government. As of December 31,
2023 and 2022, the Company’s bank account balance in the United States was $3,797,076 and 7,547,582, respectively, exceeding FDIC
insurance of $250.000 as of each year end. To date, the Company has not experienced any losses in such accounts. The Company conducts credit evaluations of customers,
and generally does not require collateral or other security from its customers. The Company establishes an allowance for expected credit
losses primarily based upon the factors surrounding the credit risk of specific customers.. Warrants The Company
accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific
terms and applicable authoritative guidance in the ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815,
Derivatives and Hedging (“ASC 815”). Management’s assessment considers whether the warrants are freestanding financial
instruments pursuant to ASC 480, whether they meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all
of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary
shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s
control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted
at the time of warrant issuance and as of each subsequent quarterly period-end date while the warrants are outstanding. For issued
or modified warrants that meet all of the criteria for equity classification, they are recorded as a component of additional paid-in capital
at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, they are recorded
as warrant liability at their initial fair value on the date of issuance and subject to remeasurement each balance sheet date with changes
in the estimated fair value of the warrants to be recognized as a non-cash gain or loss in the statement of operations. Recently Issued Accounting Pronouncements Recent accounting pronouncements that the Company
has adopted or may be required to adopt in the future are summarized below: In June 2016, the FASB issued ASU 2016-13, Credit
Losses, Measurement of Credit Losses on Financial Instruments. This ASU provides more useful information about expected credit losses
to financial statement users and changes how entities will measure credit losses on financial instruments and timing of when such losses
should be recognized. This ASU is effective for annual and interim periods beginning after December 15, 2019 for issuers and December
15, 2020 for non-issuers. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018, and interim
periods therein. In May 2019, the FASB issued ASU 2019-05, Financial Instruments — Credit Losses (Topic 326): Targeted Transition
Relief. This update adds optional transition relief for entities to elect the fair value option for certain financial assets previously
measured at amortized cost basis to increase comparability of similar financial assets. The updates should be applied through a cumulative-effect
adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified
retrospective approach). On November 19, 2019, the FASB issued ASU 2019-10 to amend the effective date for ASU 2016-13 to be fiscal years
beginning after December 15, 2022 and interim periods therein. The Company adopted this guidance on January 1, 2023, and the adoption
did not have a material impact on its consolidated financial statements. In March 2023, the FASB issued an ASU to amend
certain provisions of ASC 842 that apply to arrangements between related parties under common control. The ASU amends the accounting for
the amortization period of leasehold improvements in common-control leases for all entities and requires certain disclosures when the
lease term is shorter than the useful life of the asset. This ASU is effective for fiscal years beginning after December 15, 2023, including
interim periods within those fiscal years. Early adoption is permitted. We do not expect the application of this ASU to have a material
impact on our consolidated financial statements or financial disclosures. Othe |
