1 unchanged sentence
Interest Rate Risk
−Removed: We are exposed to interest rate risk related to our outstanding debt.
−Removed: As of December 31, 2024 and 2023, our cash and cash equivalents consists of cash in readily available checking and interest bearing accounts.
−Removed: We do not hold any short-term investments.
−Removed: As a result, the fair value of our portfolio is relatively insensitive to interest rate changes.
−Removed: As of December 31, 2024 and 2023, we had $2,380,396 and 470,396, respectively, of notes payable bank outstanding primarily related to loans for motor vehicles and equipment in South Africa and financing of Directors and Officers’ insurance premiums.
−Removed: This results in a minimal exposure to interest rate risk with respect to debt.
+Added: We are exposed to interest rate risk primarily through our holdings of cash, cash equivalents and outstanding debt obligations.
+Added: Changes in interest rates may affect the interest income earned on our investment portfolio as well as the interest expense associated with our variable‑rate borrowings.
+Added: Our cash and cash equivalents are held in the United States and in various foreign jurisdictions.
+Added: Our short-term investments are held in the U.S.
+Added: These balances are invested primarily in high‑quality, highly liquid instruments, including money market funds, commercial paper, U.S.
+Added: Treasury securities, and investment‑grade corporate securities.
+Added: Because these instruments generally have short maturities, the fair value of our portfolio is relatively insensitive to changes in interest rates.
+Added: However, declines in market interest rates would reduce the interest income we earn on new investments or reinvestments of maturing securities.
We believe a hypothetical 100 basis point increase or decrease in interest rates during the period presented would not have had a material impact on our financial results.
+Added: We have debt obligations in both the United States and certain foreign countries.
+Added: Our debt consists of a combination of fixed‑rate and variable‑rate instruments.
+Added: Additionally, interest rate risk arises from Renergen’s IDC borrowings, which incur interest at a variable rate, though Renergen’s DFC borrowings incur interest at a fixed rate.
+Added: Interest rate changes affect the fair value of our fixed‑rate debt but do not impact the associated cash interest payments.
+Added: For our variable‑rate debt, changes in market interest rates directly affect the interest expense we incur.
+Added: Fluctuations in market interest rates may negatively affect our financial condition and results of operations.
+Added: We are exposed to floating interest rate on floating rate bank borrowings and bank overdrafts.
+Added: We have not used any derivative financial instruments to manage the interest rate exposure.
+Added: We believe a hypothetical 100 basis point increase or decrease in interest rates during the period presented would not have had a material impact on our financial results.
Foreign Currency Exchange Rate Risk
2 unchanged sentences
We are subject to foreign currency transaction gains or losses on our contracts denominated in foreign currencies.
+Added: For example, sales of Renergen’s LNG are priced in South African rand.
+Added: Appreciation of the rand against the U.S.
+Added: dollar would result in our revenues, operating margins and dollar debt to decrease.
+Added: Conversely, should the rand depreciate against the U.S.
+Added: dollar, revenues, operating margins, and dollar debt would increase.
+Added: Additionally, international commodity prices are quoted in U.S.
+Added: dollars, which exposes our revenue cash flows to foreign exchange variances.
To date, foreign currency transaction gains and losses have not been material to our financial statements, and we have not had a formal hedging program with respect to foreign currency.
We believe a hypothetical 100 basis point increase or decrease in exchange rates during the period presented would not have had a material impact on our financial results.
+Added: Commodity Price Risk
+Added: Commodity price risk arises from the effect on current and future earnings due to fluctuations in commodity prices, in particular the price of LNG and helium.
+Added: Most of these prices are determined in U.S.
+Added: dollars and are internationally determined in the open market.
+Added: We regularly measure exposure to commodity price risk by stress-testing our forecasted financial position to changes in LNG and helium prices.
+Added: We do not actively hedge future commodity prices against price fluctuations;
+Added: however, with the commencement of operations at the Virginia Gas Project, the Company may consider options available to hedge commodity price risk exposure associated with LNG and helium reserves.
+Added: At December 31, 2025, our exposure to commodity price risk was not material.
+Added: Liquidity Risk
+Added: We are also exposed to liquidity risk, which is the risk that we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs.
+Added: Liquidity risk is controlled by the application of financial position analysis
+Added: and monitoring procedures.
+Added: When necessary, we will turn to other financial institutions and related parties to obtain short-term funding to cover any liquidity shortage.
Effects of Inflation
1 unchanged sentence
We do not believe that inflation and changing prices had a significant impact on our results of operations for the period presented herein.
+Added: However, we are undertaking a significant capital project, the completion of Phase 1 and the development and initiation of Phase 2 of the Virginia Gas Project, and as a result of inflation, the cost of materials and price of labor incurred with the development and expansion of Phase 1 will likely not be comparable to the cost of materials and price of labor as we develop Phase 2.
+Added: Credit risk represents the risk that we will suffer a financial loss due to the other party of a financial instrument not discharging its obligation.
We are potentially subject to concentrations of credit risk in our accounts receivable.
−Removed: Two customers, Customer A and Customer B, represent approximately 28% ($200,000) and 20% ($144,590), respectively, of consolidated accounts receivable as of December 31, 2024.
−Removed: Although the Company is directly affected by the financial condition of its customers, management does not believe significant credit risks exist at December 31, 2024.
+Added: Four customers represent approximately 28% ($5.0 million), 23% ($4.1 million), 18% ($3.2 million) and 13% ($2.3 million), respectively, of consolidated accounts receivable as of December 31, 2025.
+Added: Although we are directly affected by the financial condition of its customers, management does not believe significant credit risks exist at December 31, 2025.
Generally, we do not require collateral or other securities to support its accounts receivable.
−Removed: Major Customer
−Removed: Revenues from one customer of our specialist isotopes and related services segment represent approximately 14% or $592,000 our consolidated revenues.
−Removed: for the year ended December 31, 2024.
−Removed: For year ended December 31, 2023, there were no customers that represented more than 10% of revenues.
−Removed: We expect to maintain this relationship with the customer.
+Added: Major Customers
+Added: Revenues from two customers in our construction services segment represent approximately 32.2% ($7.7 million) and 13.7% ($3.3 million), respectively, of our consolidated revenues for the year ended December 31, 2025.
+Added: There was one customer in our specialist isotopes and related services segment that represented 14% ($0.6 million) of our consolidated revenues for the year ended December 31, 2024.
+Added: We expect to maintain these relationships with our customers.
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.