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The carrying amounts for cash and cash equivalents, marketable securities, deposits, advances and other, accrued interest and accounts payable and accrued expenses on the balance sheet approximate fair value because of the immediate or short-term maturity of these instruments.
−Removed: Fair value estimates are made at the balance sheet date based on relevant market information but involve uncertainties and therefore cannot be determined with precision The Company currently does not enter into any hedging transactions.
−Removed: The Company is exposed to various risks including credit risk, liquidity risk, currency risk and interest rate risk as described below:
−Removed: a) Credit risk is the risk that a counterparty will fail to meet its obligations to the Company.
+Added: Fair value estimates are made at the balance sheet date based on relevant market information but involve uncertainties and therefore cannot be determined with precision.
+Added: The Company currently does not enter into any hedging transactions.
+Added: The Company is exposed to various risks including credit risk, liquidity risk, currency risk and interest rate risk as described below which are substantially the same as the preceding period:
+Added: Credit risk is the risk that a counterparty will fail to meet its obligations to the Company.
The Companys primary exposure to credit risk is through its cash and cash equivalents and restricted cash balances.
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financial institutions and corporations.
−Removed: b) Liquidity risk is the risk that an entity will encounter difficulty in meeting its obligations associated with its financial liabilities.
−Removed: The Company manages this risk by maintaining adequate cash balances through equity and debt offerings to meet its current and foreseeable obligations.
+Added: Liquidity risk is the risk that an entity will encounter difficulty in meeting its obligations associated with its financial liabilities.
+Added: The Company has historically managed this risk by maintaining adequate cash balances through equity and debt offerings to meet its obligations.
+Added: With respect to the convertible notes, the holders have the option to require the Company to repurchase the notes on June 15, 2012, for the principal amount of the notes plus unpaid interest and the Company may satisfy this obligation, in whole or in part, by delivering Common Shares.
The following table presents the Companys payments due on accounts payable and accrued expenses and its undiscounted interest and principal payments due on its convertible notes, based on the estimate that the term of the notes will end on June 15, 2012.
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Payments due by Period
−Removed: Less than More Than
−Removed: Total 1 Year 1-3 Years 4-5 Years 5 Years
−Removed: A/P and accruals $ 3,790,003 $ 3,790,003
−Removed: Interest 14,072,988 5,629,195 $ 8,443,793
−Removed: Principal 102,349,000 102,349,000
−Removed: Total $ 120,211,991 $ 9,419,198 $ 110,792,793
−Removed: c) The Company is subject to currency risk mainly due to its operations in Venezuela.
+Added: Less than 1 Year
+Added: AP and accruals
Transactions denominated in foreign currency are exposed to exchange rate fluctuations which have an impact on the statement of operations.
−Removed: The Companys cash, value added tax and other monetary assets and liabilities that are held in Venezuelan and Canadian currency are subject to fluctuations against the US dollar.
−Removed: A 10% weakening of those currencies against the US dollar would have increased (decreased) the Companys net loss from the translation of foreign currency denominated financial instruments, as at December 31, 2009 and 2008, by the amounts shown below.
+Added: The Companys cash and other monetary assets and liabilities that are held in Venezuelan and Canadian currency are subject to fluctuations against the US dollar.
+Added: 10% weakening of those currencies against the US dollar would have increased (decreased) the Companys net loss from the translation of foreign currency denominated financial instruments, as at December 31, 2010 and 2009, by the amounts shown below.
Venezuelan Bolívar
Canadian Dollar
−Removed: Total $ 49,872 $ 2,144
−Removed: The Company limits the amount of currency held in non-U.S dollar accounts, but does not actively use derivative instruments to limit its exposure to fluctuations in foreign currency rates.
−Removed: d) The Company is subject to the risk that changes in market interest rates will cause fluctuations in the fair values of its financial instruments.
+Added: The Company limits the amount of currency held in non-U.S dollar accounts and does not actively use derivative instruments to limit its exposure to fluctuations in foreign currency rates.
+Added: The Company may be subject to the risk that changes in market interest rates will cause fluctuations in the fair values of its financial instruments.
Cash and cash equivalents earn floating market rates of interest.
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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.