Two companies met our criteria from the two 10-K annual reports filed with the SEC on 31 July 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
- NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ (Medium) — CFC is signaling a tougher external backdrop, but still expects loan growth to support earnings even as higher funding costs limit upside.
- Rocky Mountains Group Ltd (Low) — Rocky Mountains remains a tiny seminar business, but the reduced founder time commitment suggests only modest near-term operating momentum.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ | 70502 | 0.998 | 0.829 | 0.999 | 0.996 | Business | medium |
| 2 | Rocky Mountains Group Ltd | 2034288 | 0.997 | 0.999 | 0.999 | 0.998 | MD&A | low |
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/
| Rank | 1 |
|---|---|
| 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) |
CFC added a new outlook section that ties its business to current geopolitical, inflation, and interest-rate conditions. Management says it has not seen a direct hit yet, but it warns that a prolonged unstable backdrop could raise costs for both CFC and its members. The company still expects loan growth and higher net interest income, though funding costs may keep margin gains modest.
Main Changes
- The Business section now adds a new "Industry—Electric Cooperative Industry Trends and Developments" outlook discussion, including macroeconomic and geopolitical risks such as "the ongoing conflict with Iran," energy-market volatility, inflation, and interest-rate uncertainty.
- CFC says it has "not identified a material direct impact" so far, but adds that prolonged geopolitical instability could raise borrowing costs, increase operating and capital costs for members, and create broader market volatility.
- The filing adds a more explicit forward view on rates: the Fed held the funds rate at 3.50% to 3.75%, futures now imply a roughly flat to modestly higher path, and CFC projects higher net interest income and net interest yield over the next 12 months.
- The MD&A also updates its outlook to say adjusted net interest income should rise on loan growth, while adjusted net interest yield may slip slightly because of a higher funding cost, refinancing of lower-cost debt at higher rates, and lower swap settlement income.
Watch Items
- Higher borrowing costs for members could slow loan demand or pressure credit quality if the geopolitical and inflation backdrop persists.
- CFC’s earnings outlook is still constructive, but the mix of higher funding costs and refinancing risk could cap margin expansion even if loan balances grow.
- The new emphasis on rate and market uncertainty suggests management is more cautious about the operating environment than in the prior filing.
Important Filing Changes
Business—Members.” CFC and NCSC loan commitments generally contain provisions that restrict borrower advances or trigger an event of default if there is any material adverse change in the business or condition, financial or otherwise, of the borrower. Below is additional information on the loan and guarantee programs offered by CFC and NCSC. CFC Loan Programs Long-Term Loans CFC’s long-term loans generally have the following characteristics: • terms of up to 35 years on a senior secured basis and terms of up to five years on an unsecured basis; • amortizing, bullet maturity or serial payment structures; • the property, plant and equipment financed by and securing the long-term loan has a useful life generally equal to or in excess of the loan maturity; • flexibility for the borrower to select a fixed interest rate for periods of one to 35…
Business—Loan and Guarantee Programs” and “Note 4—Loans” in this Report for additional information on our loans to members. Debt We utilize both secured and unsecured short-term borrowings and long-term debt as part of our funding strategy and asset/liability interest rate risk management.
Our credit products are tailored to meet the specific needs of each borrower, and we often offer specific transaction structures that our competitors do not provide. CFC also offers certain risk-mitigation products and interest rate discounts on secured, long-term loans for its members that meet certain criteria, such as performance, collateral and equity requirements. CFC also competes with banks, other financial institutions and the capital markets to provide loans and other financial products to our members.
Business—Loan and Guarantee Programs” and “Note 4—Loans” in this Report for additional information on our loans to members. Debt We utilize both secured and unsecured short-term borrowings and long-term debt as part of our funding strategy and asset/liability interest rate risk management. We seek to maintain diversified funding sources, including our members, affiliates, the capital markets and other private funding sources.
Our principal operations are currently organized for management reporting purposes into two business segments, which ar e based on the accounts of each of the legal entities included in our consolidated financial statements: CFC and NCSC. We provide information on the business structure, mission, principal purpose and core business activities of each of these entities under “Item 1. Business.” Unless stated otherwise, references to “we,” “our” or “us” relate to CFC and its consolidated entities.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) INTRODUCTION We provide information on the business structure, mission, principal purpose and core business activities of each of these entities under “Item 1. Business.” The following MD&A is intended to enhance the understanding of our consolidated financial statements by providing information that we believe is relevant in evaluating our results of operations, financial condition and liquidity and the potential impact of material known events or uncertainties that, based on management’s assessment, are reasonably likely to cause the financial information included in this Report not to be necessarily indicative of our future financial performance.
Rocky Mountains Group Ltd
| Rank | 2 |
|---|---|
| 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) |
The business section is mostly unchanged and continues to frame Rocky Mountains as a small financial literacy seminar provider. The main update is operational: the filing says the founder is spending less time on the business, while the company still plans to keep a very small staff and grow cautiously. That points to a stable but limited operating model rather than a major strategic shift.
Main Changes
- The business description still says the company provides only “Personal Financial Literacy Seminar (PFL Seminar)” services, but the new filing updates the operating year and says revenue came from these seminars in the latest period.
- The employee section now says the company had two employees as of May 31, 2026, and Mr. Zonghan Wu can devote up to 15 hours per week, down from 20 hours per week previously.
- The company’s stated hiring plan is unchanged in substance, still targeting two employees by year-end with one administrative hire and one professional seminar provider.
- The government-regulation discussion remains the same, including the statement that the company does not distribute insurance or investment products and may encounter New Zealand privacy obligations during one-on-one seminars.
Watch Items
- The lower time commitment from the sole director may signal a lighter operating footprint or limited near-term scaling.
- Revenue is still tied to a narrow seminar model, so execution risk remains concentrated in client acquisition and retention.
- No new regulatory burden was added, but the New Zealand privacy reference means data-handling compliance still matters.
Important Filing Changes
The revenue is generated through provision of Personal Financial Literacy Seminar (PFL Seminar) services to clients. 12 General and Administrative Expenses For the years ended May 31, 2025 and 2024, the Company incurred general and administrative expenses of $53,740 and $13,933 respectively. These were primarily comprised of audit fees, stock and registrar fees, legal fees and other professional fees.
The revenue is generated through provision of Personal Financial Literacy Seminar (PFL Seminar) services to clients. 12 Operating Expenses For the years ended May 31, 2026 and 2025, the Company incurred general and administrative expenses of $46,787 and $52,282 respectively. These were primarily comprised of audit fees, stock and registrar fees, legal fees and other professional fees.
These were primarily comprised of audit fees, stock and registrar fees, legal fees and other professional fees. Net Loss For the years ended May 31, 2025 and 2024, the Company incurred a net loss of $23,635 and $3,933 respectively. Liquidity and Capital Resources The Company’s cash and cash equivalents has increased by $34,139, from $2,975 as of May 31, 2024 to $37,114 as of May 31, 2025.
These were primarily comprised of audit fees, stock and registrar fees, legal fees and other professional fees. Depreciation expense for the year ended May 31, 2026 and May 31, 2025 was $1,853 and $1,458, respectively. Net Loss For the years ended May 31, 2026 and 2025, the Company incurred a net loss of $23,640 and $23,635 respectively.
Zonghan Wu was appointed as President, Secretary, Treasurer, Chief Executive Officer, and Director. On October 20, 2023, the Company issued 20,000,000 shares of restricted common stock, with $0.0001 per share, to Mr. The $2,000 in proceeds went to the Company to be used as working capital.
In regards to all of the above transactions we claim an exemption from registration afforded by Section 4a(2) and/or Regulation S of the Securities Act of 1933, as amended (“Regulation S”) due to the fact that all sales of stock were made to non-U.S. persons (as defined under Rule 902 section (k)(2)(i) of Regulation S), pursuant to offshore transactions, and no directed selling efforts were made in the United States by the issuer, a distributor, any of their respective affiliates, or any person acting on behalf of any of the foregoing. On June 30, 2025, the Company resolved to close the public offering pursuant to Form S-1, resulting in 3,200,000 shares of common stock being sold at $0.015 per share for a total of $48,000. The proceed of $48,000 went directly to the Company and shall be utilized pursuant to the use of proceed stated in the Form S-1.
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.
Leave a Comment