2 unchanged sentences
We are exposed to market risk for changes in interest rates related to principal amount of the T&L Note and Credit Agreement.
−Removed: The principal amount of the T&L Note and Credit Agreement is subject to rates based on the Secured Overnight Financing Rate plus a spread based on leverage.
−Removed: As of July 31, 2025 and January 31, 2025, the outstanding balance of the T&L Note was approximately $2.0 million and $2.9 million, respectively.
+Added: The principal amount of the Crown Note and Credit Agreement is subject to rates based on the Secured Overnight Financing Rate plus a spread based on leverage.
+Added: As of October 31, 2025 and January 31, 2025, the outstanding balance of the T&L Note was approximately $0 and $2.9 million, respectively.
+Added: As of October 31, 2025 and January 31, 2025, the outstanding balance of the Crown Note was approximately $5.9 million and $0, respectively.
A 1% change in the effective interest rate applied to the T&L Note would have resulted in a pre-tax interest expense fluctuation of approximately $59 thousand on an annualized basis.
2 unchanged sentences
We purchase raw materials, supplies and other commodities for use in our operations based on prices established with our suppliers.
−Removed: Many of the commodities purchased by us are subject to volatility due to market supply and demand factors outside of our control, including the price of other commodities, trade policy, and other factors.
+Added: Many of the commodities purchased by us are subject to volatility due to market supply and demand factors
+Added: outside of our control, including the price of other commodities, trade policy, and other factors.
To manage this risk in part, we enter into fixed-price purchase commitments for certain commodities.
3 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.