5 unchanged sentences
The applicable margins are based on the Company’s consolidated net leverage ratio, adjusted on a quarterly basis.
+Added: As of December 31, 2023, there was a $25,000,000 outstanding balance on the Revolving Facility.
The Company drew down $15,000,000 on February 8, 2024 under the Revolving Facility.
−Removed: On February 27, 2024, the Company paid the $40,000,000 line of credit balance.
+Added: On February 27, 2024, the Company paid the $40,000,000 R evolving Facility balance.
On March 4, 2024, the Company drew down $15,000,000 and made an additional $15,000,000 draw on March 18, 2024.
−Removed: As of March 31, 2024, the outstanding balance of the line of credit was $30,000,0000.
+Added: As of June 30, 2024, the outstanding balance of the R evolving Facility was $30,000,000.
While the applicable interest rate is set for a specific term when amounts are drawn down under the terms of the Revolving Facility, any subsequent draws on the Revolving Facility may be subject to a higher or lower interest rate, depending upon, among other things, the then-prevailing SOFR rate.
We have 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 three months ended March 31, 2024 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 six months ended June 30, 2024 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 amounted to $140,134 to the Company in the first quarter of 2024, compared to $243,658 in the first quarter of 2023.
+Added: The foreign exchange gain
+Added: (loss) for the three months ended June 30, 2024 and 2023 were $33,973 and $405,778, respectively, and $(106,161) and $649,436 for the six months ended June 30, 2024 and 2023, respectively.
We have not utilized hedging strategies with respect to such foreign exchange exposure.
This limited foreign currency translation risk is not expected to have a material impact on our consolidated financial statements.
−Removed: A hypothetical 10% change in the applicable foreign exchange rate during the three months ended March 31, 2024 would have resulted in a change in total revenues of approximately 0.6% and a change in total assets of approximately 0.9%.
+Added: A hypothetical 10% change in the applicable foreign exchange rate would have resulted in a change in total revenues of approximately 0.7% and 0.7% for the three and six months ended June 30, 2024, respectively, and a change in total assets of approximately 0.8% for the six months ended June 30, 2024.
Concentrations of Risk and Significant Clients
2 unchanged sentences
We do not believe we are exposed to significant credit risk due to the financial strength of the depository institutions in which the funds are held.
−Removed: With respect to accounts receivable, the Company had one customer that accounted for approximately 39% of revenues and 34% of net accounts receivable and another customer that accounted for 32% of revenues and 46% of net accounts receivable for the three months ended March 31, 2024.
−Removed: The Company had one customer that accounted for approximately 46% of revenues and 62% of net accounts receivable for the three months ended March 31, 2023.
+Added: With respect to accounts receivable, the Company had one customer that accounted for approximately 37% of revenues and 32% of net accounts receivable and another customer that accounted for 31% of revenues and 47% of net accounts receivable for the three months ended June 30, 2024.
+Added: The Company had one customer that accounted for approximately 35% of revenues and 47% of net accounts receivable and another customer that accounted for 35% of revenues and 32% of net accounts receivable for the six months ended June 30, 2024.
+Added: The Company had one customer that accounted for approximately 36% of revenues and 36% of net accounts receivable for the three months ended June 30, 2023 and one customer that accounted for approximately 41% of revenues and 36% of net accounts receivable for the six months ended June 30, 2023.
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.