7 unchanged sentences
To date, the Company has not utilized interest rate hedging or other strategies in an attempt to mitigate our interest rate risk.
−Removed: A hypothetical 10% change in interest rates during the nine months ended September 30, 2025 would have had a neutral net impact on our unaudited Condensed Consolidated Financial Statements, as changes in amounts paid for interest expense would have offset changes in interest income earned on cash balances.
+Added: A hypothetical 10% change in interest rates during the three months ended March 31, 2026 would have had a neutral net impact on our unaudited Condensed Consolidated Financial Statements, as changes in amounts paid for interest expense would have offset changes in interest income earned on cash balances.
Foreign Exchange Risk
2 unchanged sentences
However, we are exposed to limited foreign exchange risk as a result of our U.K.
−Removed: The foreign exchange (loss) gain for the three months ended September 30, 2025 and 2024 were $(319,851) and $934,774, respectively, and $1,103,149 and $828,613 for the nine months ended September 30, 2025 and 2024, respectively.
+Added: The foreign exchange (loss) gain for the three months ended March 31, 2026 and 2025 were $(67,516) and $495,538, respectively.
We have not utilized hedging or other strategies with respect to such foreign exchange exposure.
This limited foreign currency translation risk is not expected to have a material impact on our unaudited Condensed Consolidated Financial Statements.
−Removed: A hypothetical 10% change in the applicable foreign exchange rate during the nine months ended September 30, 2025 would have resulted in a change in total revenues of approximately 1.8% and 1.2% for the three and nine months ended September 30, 2025, respectively, and a change in total assets of approximately 0.3% for the nine months ended September 30, 2025.
+Added: A hypothetical 10% change in the applicable foreign exchange rate during the three months ended March 31, 2026 would have resulted in a change in total revenues of approximately 1.9% and a change in total assets of approximately 0.7%.
Concentrations of Risk
−Removed: The Company’s financial instruments that are exposed to concentrations of credit risks primarily consist of cash, cash equivalents, restricted cash, restricted cash equivalents, restricted investments, and accounts receivable.
−Removed: The Company attempts to minimize concentration of credit risk by maintaining its cash and restricted cash with institutions of sound financial quality.
+Added: Our financial instruments that are exposed to concentrations of credit risks primarily consist of cash, cash equivalents, restricted cash, restricted cash equivalents, restricted investments, and accounts receivable.
+Added: We attempt to minimize concentration of credit risk by maintaining our cash and restricted cash with institutions of sound financial quality.
At times, cash balances may exceed limits federally insured by the Federal Deposit Insurance Corporation.
−Removed: The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the funds are held.
−Removed: Most of the Company’s cash equivalents, restricted cash equivalents, and restricted investments are invested in U.S.
+Added: We believe that we are not exposed to significant credit risk due to the financial strength of the depository institutions in which the funds are held.
+Added: Most of our cash equivalents, restricted cash equivalents, and restricted investments are invested in U.S.
treasury securities and corporate bonds, all of which have credit ratings of “A” or above.
−Removed: With respect to accounts receivable, the Company had two customers that accounted for approximately 21% and 19%, respectively, of net accounts receivable as of September 30, 2025, and two customers that accounted for approximately 39% and 37%, respectively, of net accounts receivable as of December 31, 2024.
−Removed: In terms of revenues, the Company had two customers that accounted for approximately 19% and 11%, respectively, of revenues for the three months ended September 30, 2025, and two customers that accounted for approximately 41% and 21%, respectively, of revenues for the three months ended September 30, 2024.
−Removed: The Company had one customer that accounted for approximately 37% of revenues for the nine months ended September 30, 2025, and two customers that accounted for approximately 36% and 31%, respectively, of revenues for the nine months ended September 30, 2024.
+Added: We had two customers each accounted for approximately 10% of revenues for the three months ended March 31, 2026, and one customer that accounted for approximately 47% of revenues for the three months ended March 31, 2025.
+Added: As of March 31, 2026, the Company had two customers that accounted for approximately 23% and 10%, respectively, of net accounts receivable.
+Added: As of December 31, 2025, we had two customers that accounted for approximately 23% and 12%, respectively, of net accounts receivable.
We perform ongoing evaluations of customers’ financial condition, creditworthiness and payment performance.
1 unchanged sentence
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.