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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2026-06-29 compared with 2025-06-30 · 29 added, 42 removed, 11 unchanged (87% of the section changed)

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risks

in the ordinary course of our business.

are exposed to market risks in the ordinary course of our business.

These risks primarily include:

Interest rate risk

The fair value of our cash equivalents,

held primarily in cash deposits, have not been significantly impacted by increases or decreases in interest rates to date, due to the

short-term nature of these instruments.

The interest expense associated with our letter of credit trade finance facility and debt factoring

facilities are composed of a fixed spread over HIBOR or SOFR.

The fee associated with revenue financing is fixed and the interest rate

on our convertible bridge loan is accrued at a fixed rate also.

We are exposed to interest rate risk where the interest expense associated

with our financing arrangements is depending upon HIBOR or SOFR, a floating reference rate, or in the event that the fixed interest rate

associated with our financing arrangements is increased upon roll-over of the financing arrangement at its contractual maturity.

in interest rates have not been significant to date.

We do not expect that interest rates will have a material impact on our results of

operations, owing to the size and short-term nature of the floating rate financing arrangements.

Inflation risk

We are beginning to observe increases

in our costs of goods sold, in particular, transportation costs.

If these cost increases are sustained and we become subject to significant

inflationary pressures, we may not be able to fully offset such higher costs.

Our inability to do so could harm our business, results

of operations or financial condition.

Foreign exchange risk

To date, revenue has primarily

been generated in U.S.

fair value of our cash equivalents, held primarily in cash deposits, have not been significantly impacted by increases or decreases in

interest rates to date, due to the short-term nature of these instruments.

The interest expense associated with our revolver is a fixed

We are exposed to interest rate risk where the interest expense associated with our financing arrangements in the event that the

fixed interest rate associated with our financing arrangements is increased upon roll-over of the financing arrangement at its contractual

Fluctuations in interest rates have not been significant to date.

We do not expect that interest rates will have a material

impact on our results of operations.

are beginning to observe increases in our costs of goods sold, in particular, transportation costs.

If these cost increases are sustained

and we become subject to significant inflationary pressures, we may not be able to fully offset such higher costs.

Our inability to do

so could harm our business, results of operations or financial condition.

exchange risk

date, revenue has primarily been generated in U.S.

pound sterling and euro.

As a result, our revenue may be subject to fluctuations due to changes in

foreign currency exchange rates, particularly changes in U.K.

As a result, our revenue may be subject to fluctuations

due to changes in foreign currency exchange rates, particularly changes in U.K.

pound sterling and euros relative to the U.S.

Our foreign exchange

risk is less pronounced for our cost of sales as to our cost of goods sold being predominantly U.S.

Our foreign exchange risk is less pronounced for our cost of sales as to our cost of goods sold being predominantly U.S.

dollar denominated.

Our selling, general

and administrative expenses are primarily made up of U.S.

Our selling, general and administrative expenses are primarily made up of U.S.

dollar, Hong Kong dollar, U.K.

pound sterling and euro amounts.

Although a portion

of our non-U.S.

pound sterling and euro

Although a portion of our non-U.S.

dollar costs offset non-U.S.

dollar revenue, a currency mismatch arises as to the amount and timing of our different currency

dollar revenue, a currency mismatch arises as to the amount

and timing of our different currency cash flows.

To date, we have not hedged our foreign currency exposure.

We will continue to monitor the impact of foreign exchange risk

and review whether to implement a hedging strategy to minimize this risk in future accounting periods.

Hedging strategies where implemented,

are unlikely to completely mitigate this risk.

To the extent that foreign exchange risk is not hedged it may result in harm to our business,

results of operations and financial condition.

We will continue to monitor

the impact of foreign exchange risk and review whether to implement a hedging strategy to minimize this risk in future accounting periods.

Hedging strategies where implemented, are unlikely to completely mitigate this risk.

To the extent that foreign exchange risk is not

hedged it may result in harm to our business, results of operations and financial condition.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

2 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.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk