Four companies met our criteria from the four 10-K annual reports filed with the SEC on 7 October 2026. To qualify, a company must have filed an annual 10-K report on the target date and have a prior-year 10-K available for a direct year-over-year comparison.
SEC What Changed Methodology
Each company is scored on how similar its current annual filing text is to the prior year. Scores run from 0 to 1 — a score of 1 means the language is essentially unchanged; a lower score means more has changed. We flag three sections that carry the most disclosure signal: Business, Risk Factors, and MD&A. Recent research suggests that lower scores indicate that a company has made significant changes to their filings, these changes are often buried in the filings. If a company was to report positive news, they would likely do so in the form of a press release or statement on their website. The large changers have often underperformed in the market, while the stable-language filers have earned positive abnormal returns.
Key Takeaways
- Mag Magna Corp (High) — Mag Magna is now a speculative rare earth mining story, and the key question is whether management can finance and develop undeveloped mineral claims.
- PILLARSTONE CAPITAL REIT (High) — Pillarstone is no longer presenting itself as a going-forward property operator; it is effectively a post-bankruptcy liquidation story with unresolved claims and limited operating capacity.
- Protopia Global Holdings Inc. (Low) — This filing does not show a strategy shift, but it does underscore that Protopia remains an early-stage, financing-dependent advisory business with limited operating scale.
- COSTCO WHOLESALE CORP /NEW (Low) — Costco’s filing is largely unchanged, but it now flags self-insured liability exposure more explicitly while confirming continued global expansion.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Mag Magna Corp | 1949864 | 0.987 | 0.633 | 0.662 | 0.88 | Business | high |
| 2 | PILLARSTONE CAPITAL REIT | 928953 | 1 | 0.99 | 0.989 | 0.997 | Risk Factors | high |
| 3 | Protopia Global Holdings Inc. | 1959585 | 0.996 | 0.978 | 0.978 | 0.992 | Business | low |
| 4 | COSTCO WHOLESALE CORP /NEW | 909832 | 0.998 | 0.999 | 0.999 | 0.997 | MD&A | low |
Mag Magna Corp
| Rank | 1 |
|---|---|
| Lowest similarity section | Business |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Mag Magna has effectively abandoned its prior poultry consulting identity and repositioned itself as a rare earth minerals company. The filing says control changed hands twice in 2025, after which the board chose to pursue mineral properties in Illinois and Arizona. The assets are still undeveloped, so the story is now about execution, funding, and whether the company can turn those claims into a real mining business.
Main Changes
- The business description moved away from poultry-farming consulting and antibiotic-free chicken services to a new focus on "the acquisition and exploitation of rare earth minerals."
- The company added a new history section saying that after a December 24, 2025 change in control, the board decided to pursue mineral assets instead of the prior poultry business.
- It disclosed a January 2026 purchase agreement for mineral rights in 21 parcels in Hardin County, Illinois, plus three unpatented lode mining claims in Mohave County, Arizona.
- The filing now says the company has not begun developing the properties and that they are not yet considered a mineral resource.
Watch Items
- This is a major strategic pivot that changes the company’s risk profile from services to early-stage mining, which typically requires more capital and execution capability.
- The new asset base is undeveloped, so investors should watch for permitting, financing, and operational milestones before assuming any value creation.
- The change in control suggests management has been replaced to support the new mining strategy, which can signal a reset in corporate direction and shareholder base.
Important Filing Changes
On October 23, 2023, the Company received the notice of effectiveness from the Securities Exchange Commission. This event is expected to have a positive impact on the Company’s financial condition and results of operations. On February 27, 2024, the Company entered into Application Programming Interface (“API”) Development Agreement to develop the Poultry Wellness Guide API to facilitate the management and monitoring of poultry health and well-being.
Business and incorporated by reference in this Item 2. Our principal executive offices are located at 4005 West Reno Avenue, Suite F, Las Vegas, Nevada 89118.
4 Employees As of April 30, 2025, there were two members of the board, Oleg Bilinski, Director, President, Chief Executive Officer (“CEO”), Treasurer, and Secretary, and Tomasz Anczok, Director . Offices Our business office is located at Room 2318, Anxiaowo Apartment, Huaqiang Square, Fuhai Sub-District, Bao’an District, Shenzhen City, Guangdong Province, China, 518000.
Business and incorporated by reference in this Item 2. Our principal executive offices are located at 4005 West Reno Avenue, Suite F, Las Vegas, Nevada 89118. Our leased premises are shared and are utilized for corporate business offices.
Not applicable for smaller reporting companies.
As a smaller reporting company, we are not required to provide the information required by this Item 1A.
PILLARSTONE CAPITAL REIT
| Rank | 2 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2026 10-K HTML/iXBRL (SEC page, raw text) |
Pillarstone’s filing now reads like a company in transition after selling its remaining real estate assets under bankruptcy-related plans. Instead of describing a normal REIT growth and leasing strategy, it says management is still evaluating what comes next after the bankruptcy cases. The risk disclosure continues to highlight unresolved claims, legal costs, and the possibility of material financial impact.
Main Changes
- The Business section now says the company sold its real estate assets, including "Molly Knight" for $4.75 million and "Westgate Service Center" for $9.1 million, and that these sales were completed under the bankruptcy liquidation plan and Whitestone Uptown Tower reorganization plan.
- The company removed the prior description of competing to acquire properties and lease space, and replaced it with language saying it is "considering our strategic plans following the outcome of the bankruptcy cases."
- The employee disclosure now states that as of December 31, 2025, the company had only one employee other than its three executive officers, underscoring a much smaller operating footprint.
- Risk Factors continue to emphasize bankruptcy-related costs and litigation risk, including that claims in the Whitestone Uptown Tower case remain outstanding and that the company may face material litigation costs and damages.
Watch Items
- The shift from an operating REIT to a post-bankruptcy, asset-sale posture suggests the company’s future strategy is still unsettled and may be highly dependent on the bankruptcy outcome.
- Outstanding claims and the possibility of additional litigation could continue to pressure cash flow and create uncertainty around residual value for shareholders.
- A near-empty operating structure with one employee points to limited internal capacity and a likely focus on wind-down or restructuring rather than growth.
Important Filing Changes
The resulting costs of any proposed legislation or regulatory action may adversely affect our financial position, results of operations, and cash flows. 13 Risks Related to the Ownership of Our Common Shares The market price of our common shares may fluctuate . The market price of our common shares has been, and may continue to be, subject to fluctuation due to many events and factors such as those described in this report, including: • quarterly variations in operating results; • changes in market valuations of other similar companies; • actual or anticipated variations in our operating results, funds from operations, or liquidity; • the general reputation of real estate as an attractive investment in comparison to other equity securities and/or the reputation of the product types of our assets compared to other sectors of the real estate industry; • material…
Risk Factors Risks Related to Our Business Whitestone Uptown Tower, LLC may not prevail in its litigation proceedings with Whitestone . Whitestone TRS was contracted to perform and maintain the records and processes for much of our accounting and financial reporting functions.
The ability of broker-dealers to sell our common shares and the ability of shareholders to sell our common shares in the secondary market may be limited. As a result, the market liquidity for our common shares may be severely and adversely affected. We can provide no assurance that trading in our common shares will not be subject to these or other regulations in the future, which would negatively affect the market for our common shares.
Risk Factors Risks Related to Our Business Whitestone Uptown Tower, LLC may not prevail in its litigation proceedings with Whitestone . Whitestone TRS was contracted to perform and maintain the records and processes for much of our accounting and financial reporting functions. As part of the termination of the management agreements, Whitestone removed our access to its accounting and financial software platform.
Company Overview Pillarstone Capital REIT (the “Company,” “Pillarstone,” “we,” “our,” or “us”) is a Maryland real estate investment trust (“REIT”) engaged in investing in, owning and operating commercial properties. As of December 31, 2024, the Company, through the limited partnership of which the Company is general partner, owned five properties in Houston, Texas and one property in Dallas, Texas. Future real estate investments may include (i) acquisition and development of retail, office, office warehouse, industrial, multifamily, hotel, and other commercial properties, (ii) acquisition of or merger with a REIT or a real estate operating company and (iii) joint venture investments.
Company Overview Pillarstone Capital REIT (the “Company,” “Pillarstone,” “we,” “our,” or “us”) is a Maryland real estate investment trust (“REIT”) engaged in investing in, owning and operating commercial properties. As of December 31, 2025, the Company no longer owned any properties and continued to pursue claims in its bankruptcy proceedings discussed in this report. The Company was formed on March 15, 1994 as a Maryland REIT.
Protopia Global Holdings Inc.
| Rank | 3 |
|---|---|
| Lowest similarity section | Business |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Protopia Global’s filing is mostly a cleanup, but it now includes a more explicit forward-looking statements section that flags liquidity, financing, and expansion risk. The underlying business model is unchanged: it aims to help non-U.S. companies with listing-related advisory work, while referring capital-raising to licensed parties and earning fees for project management and referrals. The company remains early stage, with no employees and no revenue disclosed.
Main Changes
- The Business section now includes a new forward-looking statements disclaimer, adding language that results may differ due to risks, uncertainties, financing plans, liquidity, and the ability to expand operations.
- The company’s market description was slightly tightened from "Market for the Registrant’s Common Stock" to "Market for the Registrant’s Stock," a wording cleanup with no apparent change in meaning.
- The Business narrative still says the company assists small- and medium-sized non-U.S. companies, refers capital-raising needs to licensed sources, and charges project management and referral fees; that core model was not materially altered.
- The Risk Factors section remains unchanged in substance, continuing to say that as a smaller reporting company the company is not required to provide Item 1A disclosure.
Watch Items
- The added forward-looking language highlights ongoing execution and financing risk, which matters because the company is still in an early-stage, pre-revenue profile.
- No new operating strategy was disclosed, suggesting management is still positioning the business as a Hong Kong-based advisory/referral platform rather than expanding into capital raising itself.
- The unchanged smaller-reporting-company risk posture means investors still have limited formal risk disclosure to rely on.
Important Filing Changes
Introduction We were incorporated in the Cayman Islands on August 18, 2022 as an exempted company with limited liability, under the name Protopia Global Holdings Inc. We conduct our operations in Hong Kong primarily through our operating subsidiary in Hong Kong.
Business Ov erview Protopia Global Holdings Inc. is a holding company incorporated on August 18, 2022, under the laws of the Cayman Islands with no material operations of its own. It conducts all its operations in Hong Kong through its wholly-owned operating subsidiary, Protopia International Company Limited (“Protopia HK”), incorporated in Hong Kong on August 26, 2022, which have started its business operations in late 2022.
No Ordinary Shares were sold in the Public Offering. Corporate Structure The Company is the 100% owner of Protopia International Company Limited, a company incorporated in Hong Kong on August 26, 2022. Exempted companies are Cayman Islands companies conducting business mainly outside the Cayman Islands and, as such, are exempted from complying with certain provisions of the Companies Act.
Business Ov erview Protopia Global Holdings Inc. is a holding company incorporated on August 18, 2022, under the laws of the Cayman Islands with no material operations of its own. It conducts all its operations in Hong Kong through its wholly-owned operating subsidiary, Protopia International Company Limited (“Protopia HK”), incorporated in Hong Kong on August 26, 2022, which have started its business operations in late 2022. Protopia HK is an advisory and consulting company that also acts as a project manager to small- and medium-sized companies with business operations in Hong Kong to access international capital markets.
As a smaller reporting company, as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.
As a smaller reporting company, as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), we are not required to provide the information called for by this Item.
COSTCO WHOLESALE CORP /NEW
| Rank | 4 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Costco’s filing is mostly a routine update, but it now calls out self-insured general liability claims more directly in both MD&A and Risk Factors. It also updates the warehouse count and e-commerce footprint, showing continued expansion, including China online operations. The new tax wording is a modest reminder that state-level compliance costs could rise.
Main Changes
- MD&A forward-looking language now explicitly includes "self-insured general liability claims" as a litigation risk, where the prior filing only referred broadly to litigation.
- The warehouse count was updated to 939 warehouses at August 30, 2026 from 914 at August 31, 2025, and the e-commerce list now includes China.
- Risk Factors added a new reference to "self-insured general liability claims" in the litigation discussion, making the liability profile more specific than before.
- The risk section also added a new state-tax phrasing that says certain state tax rules could "increase our tax expenses" or lead to fees and penalties.
Watch Items
- The explicit mention of self-insured general liability claims suggests management wants investors to focus on potential claims volatility, even if no immediate issue is disclosed.
- The larger warehouse count and added China e-commerce presence reinforce Costco’s continued international and omnichannel expansion.
- The new state-tax wording highlights a more concrete tax-cost risk that could pressure margins if enforcement or compliance costs rise.
Important Filing Changes
Exhibits, Financial Statement Schedules 66 Item 16. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future and may relate to such matters as net sales growth, changes in comparable sales, cannibalization of existing locations by new openings, price or fee changes, earnings performance, earnings per share, stock-based compensation expense, warehouse openings and closures, capital spending, the effect of adopting certain accounting standards, future financial reporting, financing, margins, return on invested capital, investments in technology, strategic direction, expense controls, membership fee changes, signups, and renewal rates, shopping frequency, litigation, attainment of sustainability goals, and the demand for our products and services. In some cases, forward-looking statements can be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,”…
Exhibits, Financial Statement Schedules 67 Item 16. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future and may relate to such matters as net sales growth, changes in comparable sales, cannibalization of existing locations by new openings, price or fee changes, earnings performance, earnings per share, stock-based compensation expense, warehouse openings and closures, capital spending, the effect of adopting certain accounting standards, future financial reporting, financing, margins, return on invested capital, investments in technology, strategic direction, expense controls, membership fee changes, signups, and renewal rates, shopping frequency, litigation, including self-insured general liability claims, attainment of sustainability goals, and the demand for our products and services. In some cases, forward-looking statements can be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms.
Why SEC Filing Changes Matter
Research by Cohen et al. (Lazy Prices, 2020) — using the complete history of SEC filings from 1995 to 2014 — shows that when firms make active changes to their annual disclosures, those changes convey an important signal about future operations and returns. A portfolio that shorted "changers" and bought "non-changers" earned over 22% per year in annual alpha historically. Changes to the Risk Factors section, Business description, and language referring to the executive team were especially informative. Critically, these returns accrued gradually as information was later revealed through news and earnings — not at the time of filing — suggesting many investors remain inattentive to these simple, public signals. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.
For more like this, see the full SEC What Changed archive, browse more equity research reports, or subscribe to Quantitative Research Notes for new filing-change alerts as soon as they publish.
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