10 unchanged sentences
Accordingly, we perform ongoing credit evaluations of our clients and maintain allowances for possible losses.
−Removed: Our historical experience supports our allowance for doubtful accounts of $250,000 at December 31, 2022.
+Added: Our historical experience supports our allowance for expected credit losses of $250,000 at December 31, 2023.
This does not necessarily indicate that it would be adequate to cover a payment default by one large or several smaller clients.
2 unchanged sentences
We extend credit to various companies in the oil and natural gas industry, including our key clients, for the acquisition of seismic data, which results in a concentration of credit risk.
−Removed: This concentration of credit risk may be affected by changes in the economic or other conditions of our key clients and may accordingly impact our overall credit risk.
+Added: This concentration of credit risk may be affected by changes in the economic or other conditions of our key clients and
+Added: may accordingly impact our overall credit risk.
If any of these significant clients were to terminate their contracts or fail to contract for our services in the future because they are acquired, alter their exploration or development strategy, or for any other reason, our results of operations could be affected.
Because of the nature of our contracts and clients’ projects, our largest clients can change from year to year, and the largest clients in any year may not be indicative of the largest clients in any subsequent year.
−Removed: During the twelve months ended December 31, 2022, our three largest clients accounted for approximately 35% of revenue.
+Added: During the twelve months ended December 31, 2023, our four largest clients accounted for approximately 73% of revenue.
The remaining balance of our revenue derived from varied clients and none represented more than 10% of revenue.
4 unchanged sentences
however, volatility in financial markets may impact our credit risk on cash and short-term investments.
−Removed: At December 31, 2022, cash, restricted cash and short term investments totaled $19,179,000.
+Added: At December 31, 2023, cash, restricted cash and short term investments totaled $16.0 million.
For further information, see “Item 7.
5 unchanged sentences
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.