1 unchanged sentence
Interest Rate Risk
−Removed: Interest on borrowings under the MidCap Credit Facility is determined, for any one-month period, on the basis of one-month LIBOR in effect at the beginning of such period plus 6.75%, subject to a one-month LIBOR floor of 2.00%.
+Added: Interest on borrowings under the MidCap credit facility accrues interest at an annual rate equal to the lesser of (i) 8.25% and (ii) the one-month LIBOR (subject to a one-month LIBOR floor of 1.00%) plus 6.25%.
Accordingly, our interest expense under the MidCap credit facility is subject to changes in the one-month LIBOR rate.
+Added: See “Risk Factors-- We have a substantial amount of debt, and we may be unable to make required payments of interest and principal as they become due” under Item 1A of this report for additional information regarding the risks we face related to the planned phase-out of LIBOR.
All other debt has fixed interest rates, so the interest expense associated with such debt is not exposed to changes in market interest rates.
−Removed: Specifically, the interest rate on amounts borrowed under the Mann Group promissory notes is fixed at 7.00%, the interest rate under the 2024 convertible notes was fixed at 5.75%, and the interest rate under the PPP Loan is fixed at 0.98%.
+Added: Specifically, the interest rate on amounts borrowed under the Mann Group promissory notes is fixed at 2.50% and the interest rate under the Senior convertible notes is fixed at 2.50%.
See Note 7 – Borrowings for information about the principal amount of outstanding debt.
7 unchanged sentences
dollar and the Euro.
−Removed: For the year ended December 31, 2020, we realized an $8.0 million currency loss, which was included in loss on foreign currency translation in the accompanying consolidated statements of operations.
+Added: For the year ended December 31, 2021, we realized a $6.6 million currency gain, which was included in (gain) loss on foreign currency translation in the accompanying consolidated statements of operations.
Exchange rate fluctuations may adversely affect our expenses, results of operations, financial position and cash flows.
2 unchanged sentences
dollar to Euro exchange rate on December 31, 2021 were to have occurred, this change would have resulted in a foreign currency impact to our pre-tax loss of approximately $8.3 million.
−Removed: Financial Statements and Supplementary Data
−Removed: The information required by this Item is included in Items 15(a) (1) and (2) of Part IV of this Annual Report on Form 10-K.
−Removed: Changes in and Disagreements with Accou ntants on Accounting and Financial Disclosure
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.