18 unchanged sentences
If we do not meet our sales goals, our available cash and working capital will decrease and our financial condition will be negatively impacted.
−Removed: If we do not effectively utilize the proceeds from our recent financings, our financial condition and results of operations may be materially adversely affected.
−Removed: On July 14, 2021, we received the 2021 Debenture, on February 9, 2022, we issued $3,000,000 in aggregate principal amount of the Contingent Convertible Debentures, and on February 15, 2022, we issued an aggregate of 20,000,048 Jones Shares in connection with the Plan of Arrangement.
−Removed: In connection with the Plan of Arrangement, Pinestar completed an offering of Subscription Receipts for aggregate gross proceeds of $8,000,000 and, following the Plan of Arrangement, we now have access to those proceeds. 
−Removed: Pursuant to the terms of the 2021 Debenture and the Contingent Convertible Debentures, we must use the proceeds of these financings for the purpose of expanding our business to the production of cannabis-containing beverages and related products.
−Removed: If we are unable to effectively utilize the proceeds of these financings, our financial condition and results of operations may suffer.
We may need additional financing in the future, which may not be available when needed or may be costly and dilutive.
4 unchanged sentences
We intend to continually monitor and adjust our operating plan as necessary to respond to developments in our business, our markets and the broader economy.
−Removed: In addition, the continuation of the COVID-19 pandemic and uncertain market conditions may limit our ability to access capital, may reduce demand for certain products, and may negatively impact our supply chain.
Although we believe various debt and equity financing alternatives will be available to us to support our working capital needs, financing arrangements on acceptable terms may not be available to us when needed.
8 unchanged sentences
If we are not successful in the revitalization and growth of our brand and product offerings, we may not achieve and maintain satisfactory levels of acceptance by independent distributors and retail consumers.
−Removed: In addition, we may not be able to effectively execute our marketing strategies in light of the various closures and event cancellations caused by the COVID-19 pandemic.
Any failure of our Jones Soda brand to maintain or increase acceptance or market penetration would likely have a material adverse effect on our revenues and financial results.
26 unchanged sentences
Consumer preferences also are affected by factors other than taste, such as health and nutrition considerations and obesity concerns, shifting consumer needs, changes in consumer lifestyles, increased consumer information and competitive product and pricing pressures.
−Removed: Sales of our products may be adversely affected by the negative publicity associated with these issues.
−Removed: In addition, there may be a decreased demand for certain products as a result of the COVID-19 pandemic.
−Removed: If we do not adequately anticipate or adjust to respond to these and other changes in consumer preferences, we may not be able to maintain and grow our brand image and our sales may be adversely affected.
+Added: Sales of our products may be adversely affected by the negative publicity associated with these issues. If we do not adequately anticipate or adjust to respond to these and other changes in consumer preferences, we may not be able to maintain and grow our brand image and our sales may be adversely affected.
We may experience a reduced demand for some of our products due to health concerns (including obesity) and legislative initiatives against sweetened beverages.
11 unchanged sentences
Risk Factors Relating to the Cannabis Industry
−Removed: Our plans to enter into the cannabis industry may not be successful, which would have an adverse impact on our business, financial condition and results of operations.
+Added: Our plans to expand our cannabis operations may not be successful, which would have an adverse impact on our business, financial condition and results of operations.
Our strategy for growth in the cannabis industry is dependent on, among other things, our ability to partner with local licensed cannabis manufacturers to launch and market THC/CBD-infused and/or cannabis-infused beverages, tinctures, edibles and other products.
17 unchanged sentences
The current Attorney General, Merrick Garland, has not indicated any change in enforcement priority for state-compliant marijuana businesses, however, substantial uncertainty regarding federal enforcement remains.
+Added: Most recently, President Biden announced pardons for persons convicted for simple cannabis possession under federal law and indicated policy priorities geared toward cannabis reform. 
Regardless, the federal government has always reserved the right to enforce federal law regarding the sale and disbursement of medical or recreational marijuana, even if state law sanctioned such sale and disbursement.
Although the rescission of the Cole Memorandum does not necessarily indicate that marijuana industry prosecutions are now affirmatively a priority for the DOJ, there can be no assurance that the federal government will not enforce such laws in the future.
+Added: Likewise, although President Biden has made policy directive encouraging reform by states and federal agencies, those statements have not changed the underlying applicable federal law.
As a result, it is now unclear if the DOJ will seek to enforce the CSA against those users and suppliers who comply with state marijuana laws.
106 unchanged sentences
Poor relations with any of our contract manufacturers could adversely affect the amount and timing of product delivered to our distributors for resale, which would in turn adversely affect our revenues and financial condition.
−Removed: In addition, our agreements with our contract manufacturers are terminable at any time, and any such termination could disrupt our ability to deliver products to our customers.
+Added: In addition, our agreements with our contract manufacturers are terminable at any time, and any such termination could disrupt our ability to deliver products to our customers. 
Our dependence on independent contract manufacturers could make management of our manufacturing and distribution efforts inefficient or unprofitable.
41 unchanged sentences
We may not be able to provide our employees with competitive salaries, and our operating results could be adversely affected by increased costs due to increased competition for employees, higher employee turnover or increased employee benefit costs.
−Removed: Recently, we have experienced significant changes in our key personnel, especially on our executive team, and more could occur in the future.
−Removed: Changes to operations, policies and procedures, which can often occur with the appointment of new personnel, can create uncertainty, may negatively impact our ability to execute quickly and effectively, and may ultimately be unsuccessful.
−Removed: In addition, management transition periods are often difficult as the new employees gain detailed knowledge of our operations, and friction can result from changes in strategy and management style.
−Removed: Management turnover inherently causes some loss of institutional knowledge, which can negatively affect strategy and execution.
−Removed: Until we integrate new personnel, and unless they are able to succeed in their positions, we may be unable to successfully manage and grow our business, and our financial condition and profitability may suffer.
−Removed: Further, to the extent we experience additional management turnover, our operations, financial condition and employee morale could be negatively impacted.
+Added: To the extent we experience management turnover, our operations, financial condition and employee morale could be negatively impacted.
In addition, competition for top management is high and it may take months to find a candidate that meets our requirements.
−Removed: If we are unable to attract and retain qualified management personnel, our business could suffer.
−Removed: Moreover, our operations could be negatively affected if employees are quarantined as the result of exposure to a contagious illness such as COVID-19.
+Added: If we are unable to attract and retain qualified management personnel, our business could suffer. 
If we lose the services of our Chief Executive Officer or Chief Operating Operator, our operations could be disrupted and our business could be harmed.
3 unchanged sentences
We are not aware of any facts or circumstances that suggest they might leave us.
−Removed: The terms of the Plan of Arrangement required us to make changes in our board of directors, which may have a material adverse impact on our operations.
−Removed: Pursuant to the terms of the Plan of Arrangement, and as previously disclosed, effective as of February 15, 2022, two existing members of our board of directors resigned and we appointed Alex Spiro and Chad Bronstein as new directors. 
−Removed: This represents a material change in the composition of our board. 
−Removed: Leadership transitions may cause disruption to our business, result in operational and administrative inefficiencies and added costs, and adversely affect our corporate governance, internal controls, enterprise risk management, business models and strategic priorities.
−Removed: In addition, we may experience a loss of institutional knowledge about our company and historical operations, which could have a material adverse impact on our business condition.
If we fail to protect our trademarks and trade secrets, we may be unable to successfully market our products and compete effectively.
92 unchanged sentences
As of February 13, 2023, the Canadian dollar exchange rate for one U.S.
−Removed: dollar was equal to $0.78 (compared to $0.79 as of December 31, 2021 and $0.78 as of December 31, 2020).
+Added: dollar was equal to $0.74 (was also $0.74 as of December 31, 2022 but $0.79 as of December 31, 2021).
We cannot predict future changes in these exchange rates.
12 unchanged sentences
changes in tax laws or the interpretation of such tax laws and changes in generally accepted accounting principles.
−Removed: In December 2017, the President signed into law legislation that significantly revised the Internal Revenue Code.
+Added: In December 2017, President Trump signed into law legislation that significantly revised the Internal Revenue Code.
In addition, on March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. 
8 unchanged sentences
If we experience similar adverse economic conditions in the future, sales of our products could be adversely affected, collectability of accounts receivable may be compromised and we may face obsolescence issues with our inventory, any of which could have a material adverse impact on our operating results and financial condition.
−Removed: Additionally, while the full extent of the impact on our business and financial condition is unknown at this time, we may continue to be negatively affected by the COVID-19 pandemic and actions taken to address and limit the spread of COVID-19, such as travel restrictions, event cancellations, and limitations affecting the supply of labor and the movement of raw materials and finished products.
−Removed: If available manufacturing capacity continues to be adversely impacted by the COVID-19 pandemic, it could continue to negatively affect the timely supply, pricing and availability of finished products.
−Removed: Moreover, we will also be negatively impacted by future closures of restaurants, independent accounts, convenience chains, and retail store chains resulting from the COVID-19 pandemic or other similar pandemics.
−Removed: Closures of restaurants and independent accounts will negatively affect our revenues and cash flows with respect to our fountain business.
−Removed: Although retail locations and restaurants have begun to reopen following the closures imposed as a result of the COVID-19 pandemic, such establishments are required to comply with certain COVID-19 protocols and their future prospects remain unknown at this time;
−Removed: any decrease in business at these types of locations would adversely impact our business and financial condition.
Changes in accounting standards and subjective assumptions, estimates and judgments by management related to complex accounting matters could significantly affect our financial results.
10 unchanged sentences
There has been significant volatility in the volume and market price of our common stock, and this volatility may continue in the future.
−Removed: In addition, factors such as quarterly variations in our operating results, our issuance of new securities, announcements about company developments and initiatives, litigation involving us, general trends relating to the beverage industry, actions by governmental agencies, national economic and stock market considerations as well as other events and circumstances beyond our control, including the effects of the COVID-19 pandemic, could have a significant impact on the future market price of our common stock and the relative volatility of such market price.
+Added: In addition, factors such as quarterly variations in our operating results, our issuance of new securities, announcements about company developments and initiatives, litigation involving us, general trends relating to the beverage industry, actions by governmental agencies, national economic and stock market considerations as well as other events and circumstances beyond our control, could have a significant impact on the future market price of our common stock and the relative volatility of such market price.
A prolonged decline in the price of our common stock could result in a reduction in the liquidity of our common stock and a reduction in our ability to raise capital.
3 unchanged sentences
The issuance of these securities could dilute our shareholders’
−Removed: ownership in our company and may include terms that give new investors rights that are superior to those of our current shareholders.
−Removed: As an example, the consummation of our 2021 Debenture and Contingent Convertible Debentures financings and the Plan of Arrangement caused the issuance of a substantial number of additional shares of our common stock (including additional shares that will be issued after we increase our authorized capital to an amount to cover all shares of common stock issuable pursuant to all of the outstanding contingent convertible securities as well as all of our other then outstanding convertible/exercisable securities) and resulted in the dilution of our existing shareholders. 
−Removed: Moreover, any issuances by us of equity securities may be at or below the prevailing market price of our common stock and in any event may have a dilutive impact on our shareholders’
+Added: ownership in our company and may include terms that give new investors rights that are superior to those of our current shareholders. Moreover, any issuances by us of equity securities may be at or below the prevailing market price of our common stock and in any event may have a dilutive impact on our shareholders’
ownership interest, which could cause the market price of our common stock to decline.
20 unchanged sentences
In addition, these provisions may frustrate or prevent any attempts by our shareholders to replace or remove our current management by making it difficult for shareholders to replace members of our board of directors, which is responsible for appointing the members of our management.
−Removed: We have waived the anti-takeover  
−Removed: protections provided under Washington law with respect to Heavenly Rx, which could make it easier for Heavenly Rx to acquire us.
−Removed: As described above, certain provisions of Washington law restrict the ability of shareholders owning 10% or more of our outstanding voting stock from merging or combining with us.
−Removed: In connection with our strategic financing with Heavenly Rx, effective as of July 11, 2019, our board of directors approved, solely for purposes of RCW 23B.19.040(1)(a)(ii), any future purchase of shares of our common stock by Heavenly Rx which results in Heavenly Rx becoming an “acquiring person”
−Removed: as defined in RCW 23B.19.020(1) (defined as beneficially owning in the aggregate total outstanding shares of common stock comprising 10% or more of the voting power of the company).
−Removed: As a result, Heavenly Rx has the ability to acquire shares of our common stock in the future without being subject to the anti-takeover restrictions provided by Washington law.
−Removed: Subject to the standstill agreement entered into by Heavenly Rx in connection with our strategic financing, which imposes certain restrictions on the ability of Heavenly Rx to acquire any of our securities until July 11, 2021, this prior board approval could enable Heavenly Rx to purchase additional shares of our common stock without being required to seek approval from our board of directors, which could limit the board’s ability to negotiate the business terms with Heavenly Rx and adversely impact our ability to receive higher bids from other acquirers and obtain the best price for the shareholders.
+Added: We reached a determination to restate previously issued consolidated financial statements, which resulted in unanticipated costs and may affect investor confidence and raise reputational issues.
+Added: As discussed in Note 1, "Nature of Operations and Summary of Significant Accounting Policies", in this Annual Report on Form 10-K, we reached a determination to restate our consolidated financial statements and related disclosures for the years ended December 31, 2021 and to restate each of the quarterly periods for the three months ended March 31, 2022 and June 30, 2022, following the identification of misstatements.
+Added: As a result, we have incurred unanticipated legal fees in connection with or related to the restatement, and have become subject to a number of additional risks and uncertainties, which may affect investor confidence in the accuracy of our financial disclosures and may raise reputational issues for our business.
UNRESOLVED STAFF COMMENTS.
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.