Ten companies met our criteria from the 12 10-K annual reports filed with the SEC on 13 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. A prior-year filing was not available for Shreya Acquisition Group and YAN CHUANG GROUP INC., so they are excluded from the ranking.
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
- Lunai Bioworks Inc. (High) — Lunai is pivoting into a broader AI-plus-therapeutics platform with new IP assets, but the story still hinges on financing and execution.
- MedWellAI, Inc. (High) — MedWellAI has effectively abandoned mining and is trying to rebuild around smaller service and rental revenue streams, but the long-term earnings model is still unproven.
- OKMIN RESOURCES, INC. (High) — Okmin is now a more concentrated microcap oil and gas story, but the persistent going-concern warning means financing risk still dominates the investment case.
- OZ VISION INC. (Medium) — OZ Vision is still a logistics company, but it is now more openly positioning combat sports as a potential second business, adding execution and distraction risk.
- VISIUM TECHNOLOGIES, INC. (Medium) — Visium is trying to reposition itself as a broader AI software platform, but the lack of revenue shows the story is still early and unproven.
- Advanced Biomed Inc. (Medium) — Advanced Biomed is signaling a more complex growth and compliance story, with a reverse split, a new acquisition, and added regulatory risk around AI and product commercialization.
- NightFood Holdings, Inc. (Medium) — NightFood is no longer just pitching robotics; it is now a mixed operating and real-estate story, which raises both diversification potential and execution risk.
- ESCALON MEDICAL CORP (Low) — This filing is mostly a housekeeping update, but the new foreign-inspection disclosure and unchanged reliance on niche ophthalmic differentiation keep compliance and competitive execution on the radar.
- TREASURE GLOBAL INC (Low) — TREASURE GLOBAL’s latest 10-K looks largely unchanged in substance, with no new material risk signal visible in the excerpts.
- Birdie Win Corp (Low) — Birdie Win is growing revenue slightly, but it still burns cash and relies on equity-linked support to stay afloat.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Lunai Bioworks Inc. | 1527728 | 0.892 | 0.747 | 0.977 | 0.976 | Business | high |
| 2 | MedWellAI, Inc. | 1520118 | 0.978 | 0.897 | 0.981 | 0.986 | Business | high |
| 3 | OKMIN RESOURCES, INC. | 1848334 | 0.996 | 0.997 | 1 | 0.999 | Business | high |
| 4 | OZ VISION INC. | 1751707 | 0.227 | 0.952 | 0.95 | n/a | Risk Factors | medium |
| 5 | VISIUM TECHNOLOGIES, INC. | 1082733 | 0.874 | 0.818 | 0.949 | 0.938 | Business | medium |
| 6 | Advanced Biomed Inc. | 1941029 | 0.948 | 0.901 | 0.943 | 0.96 | Business | medium |
| 7 | NightFood Holdings, Inc. | 1593001 | 0.996 | 0.953 | 0.954 | 0.967 | Business | medium |
| 8 | ESCALON MEDICAL CORP | 862668 | 0.998 | 0.963 | 0.998 | 0.984 | Business | low |
| 9 | TREASURE GLOBAL INC | 1905956 | 0.981 | 0.975 | 0.975 | 0.986 | Risk Factors | low |
| 10 | Birdie Win Corp | 1873213 | 0.998 | 0.998 | 0.998 | 0.998 | MD&A | low |
Lunai Bioworks Inc.
| 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) |
Lunai Bioworks substantially rewrote its business description to reflect a new operating structure centered on BioSymetrics, Renovaro Biosciences, and a new IP-holding subsidiary for Neurobridge assets. The company is positioning itself as an AI-driven biotech platform spanning precision medicine, biomarker discovery, cell and gene therapy, and biodefense, while acknowledging that GEDi Cube shut down after bankruptcy. The update signals a broader and more integrated strategy, but it also underscores that the company remains early-stage and dependent on funding to execute.
Main Changes
- The company now says it operates mainly through two subsidiaries, Renovaro Biosciences and BioSymetrics, and added a third entity, Lunai Bioworks IP, Inc., to hold intellectual property from the May 2026 Neurobridge acquisition, including the N2B intranasal drug delivery platform.
- It added a new description of BioSymetrics as an AI and machine-learning platform that supports cancer diagnostics, biomarker discovery, therapeutic development, CNS disorders, and biodefense, and says this platform broadened the company beyond GEDi Cube’s prior cancer-focused work.
- The filing states GEDi Cube filed for bankruptcy and ceased operations, but says that deconsolidation did not change the company’s overall strategy because the AI-driven biomedical R&D effort continued through BioSymetrics.
- The business section now emphasizes Renovaro Biosciences’ allogeneic cell and gene therapy programs for cancer and infectious disease, including HIV, alongside the company’s AI-driven precision medicine and biomarker discovery platform.
Watch Items
- The Neurobridge IP acquisition suggests Lunai is trying to deepen its drug-delivery and IP portfolio, which could matter if it can turn that asset into a partnerable or licensable platform.
- The shift toward BioSymetrics and broader therapeutic areas signals a more diversified R&D story, but it also raises execution risk because the company is still pre-commercial and funding-dependent.
- GEDi Cube’s bankruptcy shows prior assets can fail, so investors should watch whether the new structure improves focus and capital efficiency or simply adds complexity.
Important Filing Changes
Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are based upon our current assumptions, expectations and beliefs concerning future developments and their potential effect on our business. In some cases, you can identify forward-looking statements by the following words: “may,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential” or the negative of these terms or other comparable terminology, although the absence of these words does not necessarily mean that a statement is not forward-looking.
Business Our Business As of June 30, 2026, Lunai Bioworks Inc. operated principally through two operating subsidiaries, Renovaro Biosciences and BioSymetrics; a third wholly owned subsidiary, Lunai Bioworks IP, Inc., holds the intellectual property acquired in the May 2026 Neurobridge acquisition, including the N2B intranasal drug delivery platform. BioSymetrics refers to BioSymetrics Inc. and its wholly owned subsidiary BioSymetrics Corp., which were acquired on April 8, 2025.
In some cases, you can identify forward-looking statements by the following words: “may,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential” or the negative of these terms or other comparable terminology, although the absence of these words does not necessarily mean that a statement is not forward-looking. Management’s Discussion and Analysis of Financial Condition and Results of Operations and in Part I,
Business Our Business As of June 30, 2026, Lunai Bioworks Inc. operated principally through two operating subsidiaries, Renovaro Biosciences and BioSymetrics; a third wholly owned subsidiary, Lunai Bioworks IP, Inc., holds the intellectual property acquired in the May 2026 Neurobridge acquisition, including the N2B intranasal drug delivery platform. BioSymetrics refers to BioSymetrics Inc. and its wholly owned subsidiary BioSymetrics Corp., which were acquired on April 8, 2025. During the quarter ended September 30, 2025, GEDi Cube B.V. ("GEDi Cube"), acquired on February 13, 2024, filed for bankruptcy and ceased operations.
The Company will not distinguish between its prior and current corporate name and will refer to the Company’s current corporate name throughout this Annual Report on Form 10-K. As such, unless expressly indicated or the context requires otherwise, the terms “Lunai,” “company,” “we,” “us,” and “our” in this document refer to Lunai Bioworks Inc., a Delaware corporation, and, where appropriate, its subsidiaries. iii PART I Unless otherwise indicated or the context otherwise requires, all references in this prospectus to “we,” “us,” “our,” “Lunai” or the “Company” are to Lunai Bioworks Inc. , a Delaware corporation together with its wholly owned subsidiaries, Renovaro Biosciences, Inc., a Delaware corporation (“Renovaro Biosciences”), GEDi Cube Intl Ltd, a private limited company incorporated under the laws of England and Wales (“GEDi Cube UK”), GEDi Cube B.V., a Dutch private limited company, Grace Systems B.V., a…
The Company will not distinguish between its prior and current corporate name and will refer to the Company’s current corporate name throughout this Annual Report on Form 10-K. As such, unless expressly indicated or the context requires otherwise, the terms “Lunai,” “company,” “we,” “us,” and “our” in this document refer to Lunai Bioworks Inc., a Delaware corporation, and, where appropriate, its subsidiaries. iii PART I Unless otherwise indicated or the context otherwise requires, all references in this Annual Report to “we,” “us,” “our,” “Lunai” or the “Company” are to Lunai Bioworks Inc. , a Delaware corporation together with its wholly owned subsidiaries, Renovaro Biosciences, Inc., a Delaware corporation (“Renovaro Biosciences”), GEDi Cube Intl Ltd, a private limited company incorporated under the laws of England and Wales (“GEDi Cube UK”), Grace Systems B.V., a Dutch private limited company, Renovaro Biosciences Denmark ApS, a Danish limited company, organized under the Danish Act on Limited Companies of the Kingdom of Denmark, BioSymetrics Inc., a Delaware Corporation, BioSymetrics Corp., an unlimited company registered under the laws of Nova Scotia, and Lunai Bioworks IP, Inc., a Delaware corporation. GEDi Cube B.V., a former indirect Dutch subsidiary, was deconsolidated following its bankruptcy in September 2025.
MedWellAI, Inc.
| Rank | 2 |
|---|---|
| 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) |
MedWellAI materially changed its business description by moving away from digital asset mining, which it now treats as discontinued operations. The company is leaning on commissions and newly disclosed rental income, while online sales have been abandoned because of regulatory hurdles. It also expanded headcount, but still warns that it may need more capital to keep operating and grow.
Main Changes
- The company says its digital asset mining business was "discontinued" and is now reported as discontinued operations, marking a full exit from the prior core activity.
- Revenue mix shifted to new operating lines: commissions were $437,857 in 2026 versus $576,931 in 2025, while rental income appeared for the first time at $90,000; online sales fell to $0 from $17,837 and are "no longer being pursued due to regulatory hurdles."
- The employee base increased from one full-time employee to five full-time employees, suggesting a broader operating footprint than in the prior year.
- The company continues to say it may need additional capital and that future funding could come from equity, debt, or collaboration agreements.
Watch Items
- The exit from mining is a major strategy reset and raises the question of what the company’s durable growth engine will be going forward.
- New reliance on commissions and rental income may be less capital-intensive, but investors should watch whether these streams are repeatable and scalable.
- The continued warning about needing outside financing signals that liquidity remains a key risk even after the business mix changed.
Important Filing Changes
Our business focus is on AI-driven healthcare and wellness solutions. Currently, the company operates through their subsidiary MedWell USA, a B2B e-commerce platform for distributing pharmaceutical products, particularly GLP medications for weight loss and diabetes management. It features an AI-powered ordering system with real-time inventory tracking, smart suggestions, and dedicated support for healthcare providers like wellness clinics, med spas, and corporate wellness facilities.
On August 29, 2024, the Company, through MedWell Direct, consummated its acquisition of 51% of the membership interests of Healthy Lifestyle USA LLC, a Florida limited liability company (“Healthy Lifestyle”). We are a publicly traded company (OTCQB: MWAI), based in Clearwater, Florida, that is focused on earning commissions through the use of a fully automated e-commerce platform that connects in-office buyers with multiple FDA-registered 503B pharmacies, offering GLP-1 weight management therapies, peptides and other compounds. The Company also markets a turnkey, custom solution for qualified procurement agents and resellers to market in-office use products.
Acquisition of Healthy Lifestyle On August 29, 2024, Integrated Ventures, Inc., through MedWell Direct, a Nevada limited liability company and a wholly-owned subsidiary of the Company, consummated its acquisition of 51% of the membership interests of Healthy Lifestyle USA LLC, a Florida limited liability company (“Healthy Lifestyle”), pursuant to execution and delivery of that certain membership interest purchase agreement, dated as of August 14, 2024 (the “Purchase Agreement”), between MedWell Direct, Healthy Lifestyle, and the members (the “Selling Members”) of Healthy Lifestyle. The purchase price for the Membership Interests was $350,000, consisting of $250,000 in cash and 97,087 shares of the Company’s common stock (the “Purchase Shares”) with a market value of $100,000. The number of Purchased Shares was based on the $1.03 closing price of the Company’s common stock on the OTCQB marketplace on August 28, 2024, the date…
We are a publicly traded company (OTCQB: MWAI), based in Clearwater, Florida, that is focused on earning commissions through the use of a fully automated e-commerce platform that connects in-office buyers with multiple FDA-registered 503B pharmacies, offering GLP-1 weight management therapies, peptides and other compounds. The Company also markets a turnkey, custom solution for qualified procurement agents and resellers to market in-office use products. This e-commerce platform enables procurement agents and resellers to market products to licensed healthcare providers, wellness spas and telemedicine companies in a 100% automated, cost-effective, efficient, compliant and profitable manner without requiring any infrastructure investment.
If we are unable to attract and retain qualified employees, our business may be materially and adversely affected. We depend heavily on our chief executive officer, and his departure could harm our business. The expertise and efforts of Steve Rubakh, our Chief Executive Officer, are critical to the success of our business.
If we cannot achieve profitability, we may be forced to cease operations and you may suffer a total loss of your investment. Changes in FDA regulation of compounded pharmaceuticals could adversely affect our supply of GLP-1 medications and harm our business. After FDA determined the shortages of semaglutide and tirzepatide were resolved (late 2024–early 2025), 503B facilities lost the shortage-list pathway for compounding copies of those drugs.
OKMIN RESOURCES, INC.
| Rank | 3 |
|---|---|
| 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) |
Okmin’s filing shows a smaller, more focused business after the Blackrock JV disposal, with the company now emphasizing two core projects and a limited royalty interest. The company still carries substantial going-concern risk and expects to fund itself with equity or convertible debt, so the balance sheet remains the main concern for investors. The loss narrowed year over year, but liquidity pressure is still front and center.
Main Changes
- The company says it now has an interest in "two projects" instead of three, and the Blackrock JV was disposed of after fiscal 2025; the business description now centers on the Vitt oil lease and Pushmataha gas project.
- The West Sheppard Pool interest is described more narrowly as a "10% overriding royalty interest" that exists only "once the operator receives $22,850 in revenue," replacing the prior broader project description.
- Human capital disclosure was tightened from having a President/CEO plus part-time administrative staff to "a single officer who serves as President/CEO," with the company otherwise relying on independent contractors.
- MD&A updates the going-concern warning with a smaller 2026 net loss of $367,299 versus $597,167, but still says there is "substantial doubt" about continuing as a going concern and that the company expects to fund operations through equity or convertible debt.
Watch Items
- The asset base is smaller and more concentrated, which raises execution risk if the remaining projects underperform or need more capital.
- The continued going-concern language means liquidity remains the key investor issue, even though the annual loss improved year over year.
- Reliance on a single officer and contractors suggests a very lean operating structure, which can limit scale but also signals tight cost control.
Important Filing Changes
The Company has two wholly owned subsidiaries that conduct oil and gas activities, Okmin Operations, LLC, organized on May 25, 2021 in the State of Kansas, and Okmin Energy LLC, organized on November 21, 2021 in the State of Oklahoma. The Company has an interest in three separate projects: 1) A 72.5% Net Revenue Interest in the Vitt oil lease located in Neosho County, Kansas 2) A 10% overriding royalty interest in West Sheppard Pool, a natural gas project in Northeast Oklahoma 3) A 95% Joint Venture interest in Pushmataha, a natural gas project in Southeast Oklahoma Subsequent to the end of its fiscal year ended June 30, 2025, the Company disposed of its entire interest in the Blackrock JV for consideration of $25,000 cash and an additional 45% interest in the Pushmataha joint venture. This transaction increased the Company’s…
The Company has two wholly owned subsidiaries that conduct oil and gas activities, Okmin Operations, LLC, organized on May 25, 2021 in the State of Kansas, and Okmin Energy LLC, organized on November 21, 2021 in the State of Oklahoma. The Company has an interest in two projects: 1) 72.5% Net Revenue Interest in the Vitt oil lease located in Neosho County, Kansas 2) 95% joint-venture interest in Pushmataha, a natural gas project in Southeast Oklahoma The Company also retains a 10% overriding royalty interest in West Sheppard Pool, a natural gas project in Northeast Oklahoma, once the operator receives $22,850 in revenue from the project. The Company has not conducted any reserve evaluations or calculations, and there are currently no proven reserves on any of the Company’s properties.
We plan to deploy capital in a strategic manner and pursue value-enhancing transactions and expect to continuously evaluate strategic alternative opportunities that we believe will enhance shareholder value. Subject to the Company being able to secure adequate additional financing, Okmin may also acquire the rights to and participate in drilling and/or other mining operations. The Company will evaluate other strategic corporate opportunities as they become available from time to time.
We plan to deploy capital in a strategic manner and pursue value-enhancing transactions and expect to continuously evaluate strategic alternative opportunities that we believe will enhance shareholder value. Subject to the Company being able to secure adequate additional financing, Okmin may also acquire the rights to and participate in drilling and/or other natural resource related operations. The Company will evaluate other strategic corporate opportunities as they become available from time to time.
Overview Okmin Resources, Inc. was organized in 2020 to engage in the business of the acquisition, exploration and development of mineral rights and natural resource assets. As a development stage company, Okmin has been focused on the acquisition and development of domestic oil and gas fields, investing in lower profile rework and recompletion opportunities with lower entry costs. The Company’s initial projects are located in Oklahoma and Kansas.
Overview Okmin Resources, Inc. was organized in 2020 to engage in the business of the acquisition, exploration and development of mineral rights and natural resource assets. Okmin has been focused on the acquisition and development of domestic oil and gas fields, investing in lower profile rework and recompletion opportunities with lower entry costs. The Company’s initial projects are located in Oklahoma and Kansas.
OZ VISION INC.
| Rank | 4 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
OZ Vision’s latest filing makes its combat sports ambitions more explicit, saying it is exploring opportunities to promote, produce, and sponsor live MMA fights using its Nevada promoter license. The core transportation and logistics business remains intact, but management now more clearly signals that the new initiative could pull attention away from the existing operation. The update reads more like an early-stage strategic option than a full business pivot.
Main Changes
- The business description now says the company "has begun to explore strategic opportunities to promote, produce, and sponsor, live mixed martial arts fights," whereas the prior filing framed this more narrowly as an ability to pursue combat sports events and related media rights.
- The new filing emphasizes that OZ Vision "owns a Nevada Promoters License" and that live events could generate revenue from "sponsorships, ticket sales, broadcast rights, and other ancillary activities."
- The company adds a clearer warning that pursuing this opportunity could divert "time and attention" from its transportation and logistics operations.
- The filing also updates the operating profile to say the company has no employees other than its CEO, while services are provided by third-party consultants or contractors.
Watch Items
- The MMA/combat sports angle looks more explicit and commercially framed, which suggests management is still testing a second line of business rather than fully committing capital to it.
- The diversion-of-focus warning matters because the core logistics business remains the only operating base, so execution risk rises if management spends more time on the new initiative.
- The company still appears resource-constrained and contractor-dependent, which can limit speed of execution and make any new venture harder to scale.
Important Filing Changes
Risk Factors An investment in our common stock involves a high degree of risk. You should carefully consider the risks described below and the other information in this prospectus before investing in our common stock. If any of the following risks occur, our business, operating results and financial condition could be seriously harmed.
Risk Factors An investment in our common stock involves a high degree of risk. You should carefully consider the risks described below and the other information in this Report before investing in our common stock. If any of the following risks occur, our business, operating results and financial condition could be seriously harmed.
You should carefully consider the risks described below and the other information in this prospectus before investing in our common stock. If any of the following risks occur, our business, operating results and financial condition could be seriously harmed. Currently, shares of our common stock are publicly traded.
The trading price of our common stock could decline due to any of these risks, and you may lose all or part of your investment. Risks Related to Our Financial Condition and Liquidity There is substantial doubt about our ability to continue as a going concern. At June 30, 2026 we had $4,388 of cash, an accumulated deficit of $2,679,633 and negative working capital.
Business OZ Vision Inc. (the “Company”) currently operates as transportation and logistics company with the ability to deliver merchandise and other items throughout the United States. The Company has had limited operations since its founding.
Business OZ Vision Inc. (the “Company”) currently operates as a transportation and logistics company with the ability to deliver merchandise and other items throughout the United States. The Company has had limited operations since its founding.
VISIUM TECHNOLOGIES, INC.
| Rank | 5 |
|---|---|
| Lowest similarity section | Business |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Visium’s business section now presents the company as a broader AI and data intelligence platform, not just a cybersecurity and IT services provider. It added several new products and described a more integrated commercialization strategy built around software, partnerships, subscriptions, and services. Even so, the filing says none of these products generated revenue in the last two fiscal years.
Main Changes
- The business description was expanded from a cybersecurity and IT services company into a broader AI, data intelligence, analytics, and automation platform company focused on real-time data collection, integration, visualization, and action.
- Visium added new product lines beyond TruContext™, including TruClaw™ for governance and risk management around agentic AI, Tru-Insight™ for video and visual intelligence, and ELI™ for intelligent video surveillance and analytics.
- The company now says its model combines proprietary software with strategic technology partnerships, third-party integrations, software licensing, recurring subscriptions, and professional services, signaling a more platform-oriented commercialization plan.
- Management also disclosed that TruContext™ and other products generated no revenue in fiscal 2026 or 2025, underscoring that the expanded portfolio is still pre-monetization.
Watch Items
- The broader AI positioning suggests management is trying to reframe Visium as a multi-product software platform rather than a narrow cybersecurity services provider.
- No revenue from the core platform or other products means execution risk remains high and the strategy still has to prove commercial traction.
- The addition of AI governance and video intelligence products may open new use cases, but it also raises the bar for product development, sales, and partner execution.
Important Filing Changes
In March 2018, the Company brought in a new management team and changed its name to Visium Technologies, Inc. Visium is a provider of IT infrastructure professional services including network engineering, system engineering, converged infrastructure deployment, software development, Artificial Intelligence application development, and cybersecurity services. The Company provides a comprehensive suite of cybersecurity and AI solutions.
Business Overview Visium Technologies, Inc. (“Visium,” the “Company,” “we,” “us,” or “our”) is a technology company focused on the development, commercialization, and delivery of artificial intelligence (“AI”), cybersecurity, data intelligence, analytics, and automation solutions, together with related information technology (“IT”) infrastructure and professional services. Our strategy is centered on developing and commercializing technology platforms that enable organizations to collect, integrate, visualize, analyze, and act upon complex data in real time.
Another example of how TruContext TM can be used by law enforcement in the context of police investigations. TruContext TM can analyze highly connected data in real time from any source and make connections which help police solve crime. Connections are quickly made between persons, objects, locations, and events (the POLE model), generating insights into patterns of behaviors and incidents.
Business Overview Visium Technologies, Inc. (“Visium,” the “Company,” “we,” “us,” or “our”) is a technology company focused on the development, commercialization, and delivery of artificial intelligence (“AI”), cybersecurity, data intelligence, analytics, and automation solutions, together with related information technology (“IT”) infrastructure and professional services. Our strategy is centered on developing and commercializing technology platforms that enable organizations to collect, integrate, visualize, analyze, and act upon complex data in real time. Visium’s technology portfolio is designed to address the increasing volume, complexity, and interconnected nature of data generated by modern enterprises, IT environments, operational technology (“OT”) systems, physical security infrastructure, and other connected environments.
When used, the words "believe," "plan," "intend," "anticipate," "target," "estimate," "expect" and the like, and/or future tense or conditional constructions ("will," "may," "could," "should," etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including those under "Risk Factors," which appear in elsewhere in this Annual Report, that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors.
When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,” “expect” and the like, and/or future tense or conditional constructions (“will,” “may,” “could,” “should,” etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including those under “Risk Factors,” which appear elsewhere in this Annual Report, that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors.
Advanced Biomed Inc.
| Rank | 6 |
|---|---|
| Lowest similarity section | Business |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Advanced Biomed’s new filing adds a newly acquired Hong Kong subsidiary and discloses a 1-for-20 reverse stock split, both of which point to active corporate restructuring. It also expands the regulatory backdrop around AI and content labeling in China, while reiterating commercialization and compliance risks tied to its early-stage medical device business. Overall, the filing reads like a company still assembling its platform and navigating a tougher operating and regulatory environment.
Main Changes
- The Business section now says the company has a new wholly owned Hong Kong subsidiary, "Acellent Technologies (Hong Kong) Co. Limited," and that it was acquired on April 30, 2026.
- The company added a new capital structure item: a "1-for-20 reverse stock split" effective February 20, 2026.
- The filing expands the operating backdrop with new PRC rules on generative AI and AI-content labeling, including requirements for lawful training data, content labels, complaint handling, and algorithm/security filings.
- The risk discussion now references a broader set of commercialization risks, including failure to launch early cancer detection devices, chips, or kits on time, plus production disruptions, compliance issues, and cybersecurity breaches.
Watch Items
- The acquisition and new subsidiary suggest the company is still building out its operating footprint, which may signal a broader growth plan or integration risk.
- The reverse split is usually a sign the company is managing its share price and marketability, which investors should watch for dilution or follow-on financing needs.
- The added AI regulatory discussion points to a more complex compliance environment if the company uses or markets AI-enabled products in China.
Important Filing Changes
Business Overview and Recent Developments We are a holding company incorporated in the State of Nevada. We operate through Advanced Biomed Taiwan and Advanced Biomed HK.
Business Overview We are a holding company incorporated in the State of Nevada. In April 2026, we acquired 100% of equity interests of Acellent Technologies (Hong Kong) Co.
The rate was reduced to 10% under the Implementing Regulations for the EIT Law issued by the State Council. However, a lower withholding tax rate might be applied if there is a tax treaty between China and the jurisdiction of the foreign holding companies, such as tax rate of 5% in the case of Hong Kong companies that holds at least 25% of the equity interests in the foreign-invested enterprise, and certain requirements specified by PRC tax authorities are satisfied. Regulations Relating to Employment, Social Insurance and housing fund The Labor Law and The Labor Contract Law provide requirements concerning employment contracts between an employer and its employees.
Business Overview We are a holding company incorporated in the State of Nevada. In April 2026, we acquired 100% of equity interests of Acellent Technologies (Hong Kong) Co. Limited (“Acellent”), which develops and operates the FinTruth Financial Verification Agent Platform (“FinTruth”), an enterprise AI financial verification platform designed to compare and verify financial analysis and AI-generated financial content against underlying source documents and financial rules, and to produce source-traceable and auditable results.
In any case, the value of our Common Stock could decline, and you could lose all or part of your investment. Please also see the section entitled “Cautionary Note Regarding Forward-Looking Statements.” Risks Related to Our Business and Industry We are an early stage cancer diagnostics company with a limited operating history, which may make it difficult to evaluate our current business and predict our future performance. We are at the early stage of commercializing our business.
In any case, the value of our Common Stock could decline, and you could lose all or part of your investment. Please also see the section entitled “Cautionary Note Regarding Forward-Looking Statements.” Risks Related to Our Business and Industry We recently transitioned our business strategy, and our future success is uncertain. During our most recent fiscal year, we discontinued our biotechnology operations and redirected our resources toward the development of our artificial intelligence platform FinTruth.
NightFood Holdings, Inc.
| Rank | 7 |
|---|---|
| Lowest similarity section | Business |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
NightFood Holdings expanded its business description to include two hotel-holding subsidiaries and one owned hotel property, alongside its robotics and hospitality automation businesses. The company is now presenting itself as a broader platform spanning robotics, supplies, and hotel assets rather than a narrower robotics story. That shift suggests a more complex operating model and potentially different capital and execution demands.
Main Changes
- The company now says it operates through five wholly owned subsidiaries, adding Victorville Treasure Holdings, LLC and Treasure Mountain Holdings, LLC alongside TechForce Robotics, Future Hospitality, and SWC.
- New business text identifies Treasure Mountain Holdings as a hotel at 71700 Highway 111, Rancho Mirage, California, and says the property was owned by the company as of September 30, 2025.
- The filing expands the strategy from a robotics and hospitality-services story to a broader platform focused on "automation and efficiency in the hospitality and foodservice industries," while also describing the company as a potential U.S. distribution and deployment channel for other robotics makers.
- The prior business description referenced acquisitions of Future Hospitality and SWC, but the new filing more explicitly ties those assets to a multi-subsidiary operating structure and adds owned hotel real estate to the mix.
Watch Items
- The addition of owned hotel assets suggests the company is becoming more asset-heavy, which can change capital needs, leverage, and operating risk.
- The broader positioning around hospitality, foodservice, and robotics may signal a more diversified but less focused strategy, which investors should watch for execution risk.
- The company’s claim that it could become a preferred U.S. channel for robotics vendors implies an ambition to scale beyond its own products, but that will depend on customer adoption and partner traction.
Important Filing Changes
Business Overview Nightfood Holdings, Inc. dba TechForce Robotics, Inc. (“Nightfood Holdings,” together with its wholly-owned subsidiaries, “we”, “us”, “NGTF”, the “Company” or “Nightfood”) was incorporated on October 16, 2013, in the State of Nevada in connection with a reorganization of Nightfood, Inc., incorporated on January 14, 2010 as a New York corporation, whereby it became the first wholly-owned subsidiary of Nightfood Holdings. We are also the sole shareholder of MJ Munchies, Inc., currently revoked in the State of Nevada, which owns certain intellectual property, but does not have any operations as of the period covered by these financial statements.
Business Overview Nightfood Holdings was incorporated on October 16, 2013, in the State of Nevada in connection with a reorganization of Nightfood, Inc., incorporated on January 14, 2010 as a New York corporation, whereby it became the first wholly-owned subsidiary of Nightfood Holdings. We are also the sole shareholder of MJ Munchies, Inc., currently revoked in the State of Nevada, which owns certain intellectual property, but does not have any operations as of the period covered by these financial statements.
On September 2, 2025, Skytech Automated Solutions, Inc., formally changed its name to TechForce Robotics, Inc. 1 Recent Development and Current Operations Nightfood Holdings, Inc. dba TechForce Robotics (the “Company”) operates through three wholly owned subsidiaries that collectively position us to capitalize on the accelerating demand for automation and efficiency in the hospitality and foodservice industries: TechForce Robotics, Inc. (formerly Skytech Automated Solutions Inc.), Future Hospitality Ventures Holdings Inc. (d/b/a RoboOp365), and SWC Group, Inc. (d/b/a CarryOutSupplies.com). TechForce Robotics, Inc. serves as the Company’s operational backbone, supported by a team with deep expertise in hospitality operations and a proven track record of building, managing, and scaling hotel and foodservice platforms.
We are also the sole shareholder of MJ Munchies, Inc., currently revoked in the State of Nevada, which owns certain intellectual property, but does not have any operations as of the period covered by these financial statements. Nightfood Holdings operates through five wholly owned subsidiaries that collectively position us to capitalize on the accelerating demand for automation and efficiency in the hospitality and foodservice industries: TechForce Robotics, Inc. (formerly Skytech Automated Solutions Inc.), Future Hospitality Ventures Holdings Inc. (d/b/a RoboOp365), SWC Group, Inc. (d/b/a CarryOutSupplies.com), Victorville Treasure Holdings, LLC and Treasure Mountain Holdings, LLC. Treasure Mountain Holdings, LLC is a hotel located at 71700 Highway 111, Rancho Mirage, California 92270.
Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of the results of our operations and financial condition should be read in conjunction with our financial statements, and the notes to those financial statements that are included elsewhere in this Report. All monetary figures are presented in U.S. dollars, unless otherwise indicated.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read together with our consolidated financial statements and the related notes included in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties.
ESCALON MEDICAL CORP
| Rank | 8 |
|---|---|
| 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) |
Escalon’s 10-K does not show a major strategic overhaul, but it does add a new foreign-inspection disclosure item and refreshes the business description. The company continues to position itself as a small ophthalmic device player competing on innovation, IP protection, and service rather than scale. It also updates headcount and governance details, including control of shares through the DePiano estate.
Main Changes
- The filing adds Item 9C, "Disclosure Regarding Foreign Jurisdictions that Prevent Inspections," to the table of contents, a new disclosure item not shown in the prior filing.
- The Business section keeps the same core description of Escalon as an ophthalmic-focused company, but refreshes the competitive framing around "technological innovation," "protecting intellectual property," and competing on "low total cost of ownership" and technical support.
- The company updates its human capital disclosure to say it had 40 employees as of June 30, 2026, with 19 in manufacturing, 15 in general and administrative, and 6 in sales and marketing.
- The filing also updates governance and ownership language to note Richard J. DePiano Jr. controls shares as executor of Mr. DePiano Sr.’s estate.
Watch Items
- The new Item 9C suggests the company is now subject to the SEC’s foreign inspection disclosure regime, which can be a compliance and transparency flag for investors.
- The business narrative still emphasizes niche ophthalmic competition and intellectual property protection, signaling no major strategic pivot but continued dependence on product differentiation.
- The small employee base underscores the company’s scale and may limit operating leverage if demand weakens or costs rise.
Important Filing Changes
The Company and its products are subject to regulation and inspection by the United States Food and Drug Administration (the “FDA”). The FDA and other government authorities requires extensive testing of new products prior to sale and has jurisdiction over the safety, efficacy and manufacture of products, as well as product labeling and marketing. A-Scans The A-Scan provides information about the internal structure of the eye by sending a beam of ultrasound along a fixed axis through the eye and displaying the various echoes reflected from the surfaces intersected by the beam.
The Company and its products are subject to regulation and inspection by the United States Food and Drug Administration (the “FDA”). The FDA and other government authorities require extensive testing of new products prior to sale and have jurisdiction over the safety, efficacy and manufacture of products, as well as product labeling and marketing. A-Scans The A-Scan provides information about the internal structure of the eye by sending a beam of ultrasound along a fixed axis through the eye and displaying the various echoes reflected from the surfaces intersected by the beam.
AXIS Image Management The AXIS Image Management system easily manages ophthalmic diagnostic images via a web browser from any device regardless of modality, device manufacturer or location. Research and Development The development of ultrasound ophthalmic equipment and AXIS Image Management system are performed at the Company’s Lake Success, New York facility. Company-sponsored research and development expenditures from operations for the fiscal years ended June 30, 2025 and 2024 were approximately $753,000 and $688,000, respectively.
AXIS Image Management The AXIS Image Management system easily manages ophthalmic diagnostic images via a web browser from any device regardless of modality, device manufacturer or location. Research and Development The development of ultrasound ophthalmic equipment and AXIS Image Management system are performed at the Company’s Westbury, New York facility. Company-sponsored research and development expenditures from operations for the fiscal years ended June 30, 2026 and 2025 were approximately $501,000 and $753,000, respectively.
Financial Highlights The following discussion and analysis should be read together with the consolidated financial statements and notes thereto and other financial information contained elsewhere in this Form 10-K and the discussion under “Risk Factors” included in Item 1A of this Form 10-K. • Consolidated net revenue increased approximately $64,000 or 0.5%, to $12,046,000 during the year ended June 30, 2025 as compared to the prior fiscal year. The increase in net revenue is mainly attributed to an increase of approximately $114,000 in sales of Trek products, offset by a decrease of $33,000 in sales of Sonomed products and a decrease of $17,000 in AXIS revenue during the year ended June 30, 2025 . • Consolidated cost of revenue totaled approximately $6,535,000, or 54.3%, of total revenue during the year ended June 30, 2025 , as compared to $6,835,000, or…
Financial Highlights The following discussion and analysis should be read together with the consolidated financial statements and notes thereto and other financial information contained elsewhere in this Form 10-K and the discussion under “Risk Factors” included in Item 1A of this Form 10-K. • Consolidated net revenue increased approximately $690,000 or 5.7%, to $12,736,000 during the year ended June 30, 2026, as compared to the prior fiscal year. The increase in net revenue is mainly attributable to a $1,259,000 increase in sales of Sonomed products and services, partially offset by a $518,000 decrease in sales of Trek products and a $51,000 decrease in AXIS revenue during the year ended June 30, 2026 . • Consolidated cost of revenue totaled approximately $7,167,000, or 56.3%, of total revenue during the year ended June 30, 2026 , as compared to $6,535,000, or 54.3%, of total revenue of the prior fiscal year. The 2.0% increase in cost of revenue as a percentage of total revenue is mainly due to change in product mix. • Consolidated marketing, general and administrative expenses increased $398,000, or 8.6%, to $5,023,000 during the year ended June 30, 2026 , as compared to the prior fiscal year.
TREASURE GLOBAL INC
| Rank | 9 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
This year’s 10-K comparison shows mostly formatting and pagination changes, not a substantive rewrite of the company’s risk profile. The main risk language still focuses on trade secret protection, possible misuse of confidential information, and the cost of defending IP claims. There is no clear new risk disclosure or removed risk in the excerpts provided.
Main Changes
- The Risk Factors section was moved earlier in the filing, with the table of contents showing Item 1A on page 19 versus page 22 previously.
- The Business section was also moved earlier, with Item 1 starting on page 1 and the later sections shifting up by a few pages, but the underlying descriptions shown in the excerpts are materially the same.
- The risk language around trade secrets, employee misuse of confidential information, and third-party claims remains essentially unchanged, including warnings that enforcement can be difficult, expensive, and time-consuming.
Watch Items
- The filing does not appear to add a new material operating or legal risk, which suggests no obvious escalation in the company’s risk profile from this comparison alone.
- Because the core intellectual property and trade secret warnings are unchanged, investors should still view competitive protection and employee-related IP claims as persistent background risks.
- The page shifts likely reflect formatting and reorganization rather than a strategic reset, so the filing offers little new signal on management’s outlook.
Important Filing Changes
Bhd. (“TADAA Technologies”) (formerly known as ZCity Sdn. Bhd, name change effected on July 31, 2025 and July 20, 2023, respectively). The ZCITY App was successfully launched in Malaysia in June 2020.
Bhd. (“TADAA Technologies”), (formerly known as ZCity Sdn. Bhd, underwent a name change on July 31, 2025 and July 20, 2023, respectively). TADAA Technologies was originally established under the laws of the Malaysia on June 6, 2017, through a reverse recapitalization.
On the True-Up Date, which means the expiry date of the sixth (6th) month from the day of the issuance of TGL Shares to Octa, in the event that the 30-Day VWAP of the TGL Shares to be issued pursuant to the Agreement falls below the amount of $0.80, then TGL shall issue to OCTA additional TGL Shares equal to the difference between the Service Fees and the value of the TGL Shares on the True Up Date within fourteen (14) business days from the True Up Date. 3 ● On October 10, 2024, the Company entered into a Share Purchase Agreement (the “Purchase Agreement”) with Alumni Capital LP (“Alumni Capital”), a Delaware limited partnership. Pursuant to the Purchase Agreement, the Company has the right, but not the obligation to cause Alumni Capital to purchase up to $6,000,000 the Company’s…
3 Jalan Bangsar, 59200 Kuala Lumpur, Malaysia. Recent Developments ● On October 21, 2025, the Company entered into a Sale and Purchase Agreement with Nexe Cloud Limited for the purchase of an AI server for a total consideration of US$750,000, payable as US$280,000 in cash and US$470,000 through the issuance of shares of common stock at a cost basis of US$0.90 per share. ● On October 22, 2025, the Board appointed Chong Chan “Sam” Teo as Executive Director of the Company and Y. Datin Nurfatin Binti Mufti as Independent Director of the Company. ● On October 24, 2025, the Company entered into a Management Consultancy Agreement with Astute All Advisory Ltd., a British Virgin Islands company.
Bhd. (“TADAA Technologies”) (formerly known as ZCity Sdn. Bhd, name change effected on July 31, 2025 and July 20, 2023, respectively). The ZCITY App was successfully launched in Malaysia in June 2020.
Bhd. (“TADAA Technologies”), (formerly known as ZCity Sdn. Bhd, underwent a name change on July 31, 2025 and July 20, 2023, respectively). TADAA Technologies was originally established under the laws of the Malaysia on June 6, 2017, through a reverse recapitalization.
Birdie Win Corp
| Rank | 10 |
|---|---|
| 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) |
Birdie Win’s latest MD&A shows modest top-line growth, but expenses and losses remain small and the business is still dependent on outside funding. Cash increased year over year, yet operating cash flow turned negative again and the company kept its going concern disclosure. The main new detail is higher stock-based compensation to directors, which points to continued use of equity to support operations.
Main Changes
- MD&A now says 2026 revenue rose to $30,000 from $25,000, with the company attributing the increase to its personal financial literacy seminar services.
- General and administrative expense was essentially flat at $47,474 versus $47,299, but the filing adds that stock-based compensation rose to $14,000 from $10,000 and was issued to three directors.
- Liquidity improved on the balance sheet, with cash and cash equivalents increasing to $5,820 from $2,171, while the company still states the financials are prepared on a going concern basis.
- Operating cash flow swung to a use of $14,549 from a source of $326, and financing cash inflow increased to $18,198 from $0.
Watch Items
- The higher director stock compensation suggests ongoing reliance on equity incentives, which can dilute shareholders even as the business remains small.
- The return to negative operating cash flow shows the business is still not self-funding, despite modest revenue growth.
- The continued going concern language means liquidity remains a key risk even after the cash balance improved.
Important Filing Changes
The Company’s executive office is located at U nit 8, 6/F, Wayson Commercial Building, 28 Connaught Road West, Hong Kong. We offer one-on-one Personal Financial Literacy Seminar services, with a focus on providing such services to customers in Malaysia and Hong Kong individuals or families. Our cash and cash equivalents are $2,171 as of July 31, 2025.
The Company’s executive office is located at U nit 8, 6/F, Wayson Commercial Building, 28 Connaught Road West, Hong Kong. We offer one-on-one Personal Financial Literacy Seminar services, with a focus on providing such services to customers in Hong Kong individuals or families. Our cash and cash equivalents are $5,820 as of July 31, 2026.
In order to continue our current business plan and increase our current level of operations for the next twelve-month period, we require further funding. For the year ended July 31, 2025, the Company incurred a net loss of $17,299 and a positive cash flow from operating activities of $326. As reflected in the financial statements, the Company had an accumulated deficit of $75,195.
In order to continue our current business plan and increase our current level of operations for the next twelve-month period, we require further funding. For the year ended July 31, 2026, the Company incurred a net loss of $27,474 and a negative cash flow from operating activities of $14,549. As reflected in the financial statements, the Company had a working capital deficit of $13,104 and an accumulated deficit of $102,669.
4 Description of Business Birdie Win Corporation is headquartered in Hong Kong. We provide financial literacy seminar services to Malaysian and Hong Kong individuals and families. Our mission is to improve the financial well-being of our clients.
4 Description of Business Birdie Win Corporation is headquartered in Hong Kong. We provide financial literacy seminar services to Hong Kong individuals and families. Our mission is to improve the financial well-being of our clients.
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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