−Removed: QUANTITATIVE AND QUALITATIVE DISCLOSURES
−Removed: ABOUT MARKET RISK
−Removed: We are exposed to certain market risks from transactions
−Removed: we enter into the normal course of business.
−Removed: Our primary market risk exposure relates to interest rate risk, which currently is tied to
−Removed: the Prime Interest rate.
−Removed: INTEREST RATES
−Removed: Our Factoring Facility is priced at a variable interest
−Removed: rate of prime plus 2% with a 15-basis point advance rate with a floor of 4%.
−Removed: Accordingly, future interest rate increases could potentially
−Removed: put us at risk for an adverse impact on future earnings and cash flows.
−Removed: Our Amex BIP interest rate is paid upon invoice submission
−Removed: at a fixed percentage based on the submission total.
−Removed: Invoice(s) under $10 cost 2.05%, those between $10 and $200 cost 1.55 % of the invoice
−Removed: total, and a submission of invoice or invoices greater than $200 is subject to a 1.05% cost.
−Removed: Since MMG submissions for most of 2024 averaged
−Removed: between $10 and $100, our average fee was 1.74% for invoices payable in 90 days, averaging $34 per submission.
−Removed: This translates into an
−Removed: approximate APR of 7.0% which is 4.3% better than our factoring rate given the 2024 average prime interest rate of 7.9% in 2024.
+Added: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
+Added: are exposed to certain market risks from transactions we enter into the normal course of business.
+Added: Our primary market risk exposure relates
+Added: to interest rate risk, which currently is tied to the Prime Interest rate.
+Added: Factoring Facility is priced at a variable interest rate of prime plus 2% with a 15-basis point advance rate with a floor of 4%.
+Added: future interest rate increases could potentially put us at risk for an adverse impact on future earnings and cash flows.
60 days our Factoring APR average in 2025 was approximately 10.3%.
−Removed: Given the current prime interest rate is 7.50% at a DSO of 52, our current
−Removed: average APR as of March 7, 2025 is 10.55%.
+Added: Given the current prime interest rate is 6.75% at a DSO of 53,
+Added: our current average APR as of March 7, 2026, is 9.78 %.
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.