(ii) Fewer than 500 persons, where the total assets of the issuer have not exceeded $10 million on the last day of each of the issuer's three most recent fiscal years; and
How I see it: "have not exceeded $10 million on the last day of 2017, 2018, and 2019."
"all 3 prior fiscal years needed to be under $10M" would make sense to me if they had phrased it with the word "any," and not "each."
Everything I've said is my opinion. Nobody should trade based on my opinion.