5 unchanged sentences
Currently, a key ingredient in our products is stevia extract.
−Removed: Our stevia leaf extract is procured by our contract manufacturers and sourced from a large multi-national ingredient company with whom we have a long-standing relationship through a two-year agreement that was entered into effective October 15, 2023 which includes fixed pricing for the duration of the term.
−Removed: During 2023, we also tested and approved the use of another stevia leaf extract supplier, whose stevia leaf is derived from a region different than the above supplier.
−Removed: We continue to seek to diversity alternative sources of supply to mitigate potential supply disruptions.
+Added: Our stevia leaf extract is procured by our contract manufacturers and was previously sourced from a single large multi-national ingredient company with whom we have a long-standing relationship through a two-year agreement that was entered into effective October 15, 2023, which includes fixed pricing for the duration of the term.
+Added: During 2024, we approved and began sourcing from a second multi-national ingredient company to supply stevia leaf extract in order to diversify our source of stevia leaf extract, with the aim of mitigating price and supply disruptions.
However, there can be no assurance that we will be able to secure alternative sources of supply.
1 unchanged sentence
Our aluminum cans are procured by our contract manufacturers through various can manufacturers.
−Removed: The price for aluminum cans also fluctuates depending on market conditions.
+Added: The price for aluminum cans also fluctuates depending on market conditions and U.S.
+Added: foreign trade policies.
+Added: The recent implementation of a 25% import tax by the new presidential administration on all steel and aluminum entering the U.S.
+Added: could increase our operating costs.
Our contract manufacturers’ ability to continue to procure enough aluminum cans at reasonable prices will depend on future developments that are highly uncertain.
−Removed: We, along with our contract manufacturers, are working to diversify our sources of supply and intend to enter into additional long-term contracts to better ensure stability of prices of our raw materials.
+Added: We are seeking to diversify our sources of supply and intend to enter into arrangements to better ensure stability of prices of our raw materials.
+Added: Due to a change in supply chain processes during 2024, our contract manufacturers are now responsible for the procurement of raw materials to produce our products, which are then sold to us as finished goods.
+Added: As a result, during the year ended December 31, 2024, we had three vendors accounting for approximately 89% of our total raw material and finished goods purchases.
+Added: Refer to Note 14, Major Customers, Accounts Receivable and Vendor Concentration , included in the accompanying consolidated financial statements.
Foreign Exchange Risk
1 unchanged sentence
dollars and are not subject to foreign exchange risk.
−Removed: As we source some ingredients and packaging materials from international sources, our results of operations could be impacted by changes in exchange rates.
+Added: Our contract manufacturers source some ingredients and packaging materials from international sources, and as a result our results of operations could be impacted by changes in exchange rates.
We sell and distribute our products to Canadian customers, who are invoiced and remit payment in Canadian dollars.
1 unchanged sentence
dollars using period-end rates of exchange for assets and liabilities, and average rates of exchange for the period for sales and expenses.
−Removed: To the extent we increase sourcing from outside the U.S.
−Removed: or increase net sales outside of the U.S.
+Added: To the extent our contract manufacturers increase sourcing from outside the U.S.
+Added: or we increase net sales outside of the U.S.
that are denominated in currencies other than the U.S.
dollar, the impact of changes in exchange rates on our results of operations would increase.
−Removed: Foreign exchange gains and losses were not material for the years ended December 31, 2023 and 2022.
+Added: Foreign currency transaction losses for the years ended December 31, 2024 and 2023 amounted to approximately $0.7 million and $0.0 million, respectively.
Inflation Risk
6 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.