QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: We are exposed to various market risks, which include
−Removed: potential losses arising from adverse changes in market rates and prices, such as interest rates.
−Removed: We do not enter into derivatives or
−Removed: other financial instruments for trading or speculative purposes.
+Added: are exposed to various market risks, which include potential losses arising from adverse changes in market rates and prices, such as
+Added: interest rates.
+Added: We do not enter into derivatives or other financial instruments for trading or speculative purposes.
Our interest rate risk exposure results from our investment portfolio.
−Removed: Our primary objectives in managing
−Removed: our investment portfolio are to preserve principal, maintain proper liquidity to meet operating needs and maximize yields.
+Added: Our primary objectives in managing our
+Added: investment portfolio are to preserve principal, maintain proper liquidity to meet operating needs and maximize yields.
The securities
2 unchanged sentences
value of the investment portfolio and its interest earnings.
−Removed: After a review of our marketable investment securities, we believe that in
−Removed: the event of a hypothetical ten percent increase in interest rates, the resulting decrease in fair value of our marketable investment
+Added: After a review of our marketable investment securities, we believe that
+Added: in the event of a hypothetical ten percent increase in interest rates, the resulting decrease in fair value of our marketable investment
securities would be insignificant to the consolidated financial statements.
1 unchanged sentence
We have established policies and procedures to manage exposure to fluctuations in interest rates.
−Removed: We place our investments with high quality
−Removed: issuers and limit the amount of credit exposure to any one issuer and do not use derivative financial instruments in our investment portfolio.
+Added: We place our investments with high
+Added: quality issuers and limit the amount of credit exposure to any one issuer and do not use derivative financial instruments in our investment
We invest in highly liquid, investment-grade securities and money market funds of various issues, types and maturities.
−Removed: These securities
−Removed: are classified as available-for-sale and, consequently, are recorded on the balance sheet at fair value with unrealized gains or losses
−Removed: reported as accumulated other comprehensive income as a separate component in stockholders' deficit unless a loss is deemed other than
−Removed: temporary, in which case the loss is recognized in earnings.
+Added: securities are classified as available-for-sale and, consequently, are recorded on the balance sheet at fair value with unrealized gains
+Added: or losses reported as accumulated other comprehensive income as a separate component in stockholders’ deficit unless a loss is
+Added: deemed other than temporary, in which case the loss is recognized in earnings.
in January 2018, we entered into the Loan and Security Agreement with SVB for $10.0 million.
−Removed: A one percent increase in the prime
−Removed: rate would result in a $ 26,000 increase in interest expense, while a one percent decrease in the prime rate would result in a $30,000
−Removed: decrease in interest expense.
+Added: A one percent increase in the prime rate
+Added: would result in a $17,000 increase in interest expense, while a one percent decrease in the prime rate would result in a $19,000 decrease
+Added: in interest expense.
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.