Five companies met our criteria from the five 10-K annual reports filed with the SEC on 1 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
- GOLDENWELL BIOTECH, INC. (High) — Goldenwell Biotech ended the year with less cash, more debt-like obligations, and a much deeper equity deficit, making financing risk the central issue.
- Agentix Corp. (High) — Agentix is still a cash-constrained development-stage company, and the updated filing makes clear that survival now depends on raising new capital.
- ETHEMA HEALTH Corp (Medium) — Ethema’s most important filing change is the move from a Florida-centric operator to a larger multi-state treatment platform, with the key question now being whether management can integrate Kentucky profitably.
- NATIONAL BEVERAGE CORP (Low) — This filing is mostly a clean rollover, with no new material risk disclosed and no sign of a strategic shift.
- GENERAL MILLS INC (Low) — This filing is mostly housekeeping, but the renewed focus on Blue Buffalo and Progresso shows management still sees pockets of brand weakness that could affect growth and impairment risk.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | GOLDENWELL BIOTECH, INC. | 1800373 | 0.997 | 0.999 | 0.999 | 0.998 | MD&A | high |
| 2 | Agentix Corp. | 1603345 | 0.997 | 1 | 1 | 1 | MD&A | high |
| 3 | ETHEMA HEALTH Corp | 792935 | 0.995 | 0.989 | 0.975 | 0.993 | Risk Factors | medium |
| 4 | NATIONAL BEVERAGE CORP | 69891 | 0.996 | 0.998 | 0.982 | n/a | Risk Factors | low |
| 5 | GENERAL MILLS INC | 40704 | 0.989 | 0.999 | 0.999 | 0.999 | MD&A | low |
GOLDENWELL BIOTECH, INC.
| Rank | 1 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Goldenwell Biotech’s latest filing shows a materially weaker financial position than last year. Cash and total assets fell sharply, while liabilities rose and shareholders’ deficit widened significantly. The MD&A also added a foreign currency translation policy, hinting at some non-U.S. transaction exposure, but the main story is the balance sheet deterioration.
Main Changes
- Cash and cash equivalents fell to $26,775 from $49,404, while total assets dropped to $26,775 from $224,192, showing a much weaker balance sheet year over year.
- Total liabilities increased to $379,833 from $271,433, and stockholders’ equity worsened to $(343,713) from $(47,241), deepening the deficit.
- The company updated its office address from Hudson, Ohio to Solon, Ohio and refreshed the filing dates and page references.
- A new foreign currency translation policy was added, stating that occasional transactions may occur in Chinese Renminbi or Australian Dollars and that gains and losses are included in net income (loss).
Watch Items
- The larger equity deficit and lower cash balance raise liquidity and going-concern risk, especially for a company that says it does not conduct operations.
- The added foreign currency disclosure suggests cross-border activity or exposure that investors should watch for any operational or settlement impact.
- The address change and updated property disclosure are administrative, but the financial deterioration is the key signal for funding needs.
Important Filing Changes
As of December 31, 2024, we had a working capital balance of $222,332. RESULTS OF OPERATIONS Comparison of the Years ended December 31, 2024 and 2023 As of December 31, 2024, we had accumulated deficit of $1,359,645. As a result, our continuation as a going concern is dependent upon improving our profitability and the continuing financial support from our stockholders or other capital sources.
As of December 31, 2025, we had a working capital balance of $(343,713). RESULTS OF OPERATIONS Comparison of the Years ended December 31, 2025 and 2024 As of December 31, 2025, we suffered from a working capital balance of $(343,713). As a result, our continuation as a going concern is dependent upon improving our profitability and the continuing financial support from our stockholders or other capital sources.
Our financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. The following table sets forth certain operational data for the years ended December 31, 2024 and 2023: Years Ended December 31, 2024 2023 Revenues $ 139 $ 1,836 Cost of revenue 75 1,170 Gross profit 64 666 Total operating expenses 123,162 116,492 Other expense 8,400 1,535 Net loss (131,498 ) (117,361 ) Revenue . We generated revenues of $139 and $1,836 for the years ended December 31, 2024 and 2023, respectively.
Our financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. The following table sets forth certain operational data for the years ended December 31, 2025 and 2024: Years Ended December 31, 2025 2024 Revenues $ 55 $ 139 Cost of revenue (43 ) (75 ) Gross profit 12 64 Total operating expenses (113,338 ) (123,162 ) Other income 0 0 Net loss (296,471 ) (131,498 ) Revenue . We generated revenues of $55 and $139 for the years ended December 31, 2025 and 2024, respectively.
Agentix Corp.
| Rank | 2 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Agentix’s MD&A became more negative, with management explicitly saying it needs new funding to keep operating and that the business could fail without it. The company also reported a larger accumulated deficit and more money owed to vendors and related parties, while cutting R&D spending year over year. Overall, the filing points to a tighter liquidity picture and continued dependence on outside capital.
Main Changes
- The company added a stronger going-concern discussion, saying its cash position is not sufficient to support daily operations and that, without financing, "our business will likely fail."
- It updated the balance-sheet stress points to show a larger accumulated deficit of $7,007,164 and higher amounts owed to vendors and related parties of $3,596,282, versus the prior year’s lower deficit and payables.
- The note maturity disclosure was removed from the subsequent-events section; the new filing no longer repeats the prior extension of Gray’s Peak’s debt due date to December 31, 2025.
- Research and development spending fell to $125,079 from $180,987 year over year, indicating lower development outlays despite continued losses and no revenue.
Watch Items
- The going-concern language signals elevated financing risk and a real possibility of dilution or unfavorable debt terms if the company needs capital to survive.
- Rising accumulated deficit and payables suggest the business is still burning cash and leaning on creditors and related parties to stay afloat.
- Lower R&D spending may reflect tighter cash management, but it can also point to slower progress on the company’s pharmaceutical development plan.
Important Filing Changes
No material section-level wording change was large enough to quote from the compared sections.
ETHEMA HEALTH Corp
| Rank | 3 |
|---|---|
| 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) |
Ethema’s filing now shows a much bigger business: it added Kentucky treatment centers through the Edgewater Recovery acquisition and disclosed a far larger employee base. The company is no longer just a Florida-focused operator, and the new structure suggests management is building a multi-state addiction treatment platform. That expansion could support growth, but it also brings integration and cost-control challenges.
Main Changes
- Added a new Kentucky operations description: the company now says it "operates treatment centers in Morehead, Kentucky and Paducah, Kentucky through 11 leased properties," with two in Paducah and the rest in Morehead.
- Expanded the corporate structure to include ARIA Kentucky LLC and states it "acquired the business and certain assets and liabilities of Edgewater Recovery on January 9, 2025."
- Updated employee count from "70 employees and 14 part-time contractors" to "207 employees and 16 part-time contractors," indicating a much larger operating footprint.
- Kept the core West Palm Beach and Boca Raton treatment disclosures, but added that PB Billing now supports "Evernia and ARIA Kentucky," showing the billing platform is being used across a broader network.
Watch Items
- The Kentucky acquisition materially broadens the company beyond its Florida base, which could change revenue mix and operating complexity.
- The sharp jump in headcount suggests integration risk, higher overhead, and a larger scale of clinical operations to manage.
- More leased properties and a new multi-site footprint increase exposure to occupancy costs and execution risk if patient volumes do not ramp as expected.
Important Filing Changes
Pursuant to the Internal Revenue Code of 1986, as amended (“IRC”), §382, the Company’s ability to use its net operating loss carry forwards to offset future taxable income is limited if the Company experiences a cumulative change in ownership of more than 50% within a three-year period. Subsequent events Acquisition of Edgewater Recovery Centers, LLC As previously disclosed, on October 22, 2024, ARIA Kentucky LLC (ARIA Kentucky”), a wholly owned subsidiary of the Company, Edgewater Recovery Centers, LLC (“ERC”) and John Elam (the ”Seller”), entered into an Asset Purchase Agreement (”APA”) pursuant to which ARIA Kentucky agreed to acquire and ERC agreed to sell to ARIA Kentucky on the closing date (the “Acquisition”) , the addiction treatment operations owned by ERC and located in Morehead and Paducah, Kentucky through a purchase of the assets of ERC (the “Acquired Assets”), including;…
The company began operating a treatment facility at the Boca Lease Premises during January 2025. Kentucky Treatment Operations The Company through the acquisition of the business, certain assets and liabilities of Edgewater Recovery Center, LLC, operates treatment centers in Morehead, Kentucky and Paducah, Kentucky through 11 leased properties, of which two are in Paducah and the remaining in Morehead. We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations.
In January 2020, the stock was downgraded to the OTC Pink Sheets market. The last reported sale price of our common stock on the OTC Pink on May 21, 2025 was $0.0004 per share. As of May 21, 2025, there were approximately 152 holders of record of our common stock.
In January 2020, the stock was downgraded to the OTC Pink Sheets market. The last quoted stock price of our common stock on the OTC Pink on June 24, 2026 was $0.00001 per share. As of June 24, 2026, there were approximately 150 holders of record of our common stock.
After 2002, the Company continued with various stages of development in this business until 2010. On April 1, 2010, the Company changed its principal operations from development stage electronics to healthcare services. On March 29, 2010, the Company entered into a one year consulting agreement with Greenstone Clinic Inc., a Canadian corporation (“Greenestone Clinic”), whereby Greenestone Clinic provided consulting services for the Company’s development and operation of medical clinics in the province of Ontario, Canada.
After 2002, the Company continued with various stages of development in this business until 2010. On April 1, 2010, the Company changed its principal operations from development stage electronics to health care services. On March 29, 2010, the Company entered into a one-year consulting agreement with Greenstone Clinic Inc., a Canadian corporation (“Greenestone Clinic”), whereby Greenestone Clinic provided consulting services for the Company’s development and operation of medical clinics in the province of Ontario, Canada.
NATIONAL BEVERAGE CORP
| Rank | 4 |
|---|---|
| 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) |
National Beverage made only minor year-over-year updates in this filing. The main risk-factor update says there were no cybersecurity incidents in Fiscal 2026 that were material or likely to become material, while the governance structure around cyber risk stayed unchanged. The business description was also lightly edited for timing and wording, but the company’s strategy and positioning were essentially the same.
Main Changes
- The company replaced the prior statement that "During Fiscal 2025" there were no identified cybersecurity threats with a new statement that "During Fiscal 2026" there were no identified cybersecurity incidents that had, or were reasonably likely to have, a material effect.
- The cybersecurity governance description stayed the same: the Board oversees cyber risk through the Audit Committee, and management led by the Director of Information Technology remains responsible for identifying and managing material cyber risks.
- The Business section was lightly refreshed, changing phrases such as "Celebrating its 40th anniversary in November 2025" to "Recently commemorating its 40th anniversary," without altering the company’s product or strategy description.
Watch Items
- The filing does not disclose any material cyber incident, which suggests no near-term operational or financial disruption from cybersecurity.
- The wording shift from "threats" to "incidents" is modest, but investors should still watch for any future escalation in cyber disclosure if the company’s systems or data become more exposed.
- The Business section remains focused on healthier beverages, innovation, and shelf marketing, signaling no strategic pivot.
Important Filing Changes
The fiscal year ended May 3, 2025 ( “Fiscal 2025” ) consisted of 53 weeks. The fiscal years ended April 27, 2024 ( “Fiscal 2024” ) and April 29, 2023 ( “Fiscal 2023” ) both consisted of 52 weeks. Segment Reporting The Company has one reportable segment for purposes of presenting financial information and evaluating performance.
The Company’s fiscal year ends the Saturday closest to April 30 and, as a result, an additional week is added every five or six years. The fiscal years ended May 2, 2026 ( “Fiscal 2026” ) and April 27, 2024 ( “Fiscal 2024” ) both consisted of 52 weeks. The fiscal year ended May 3, 2025 ( “Fiscal 2025” ) consisted of 53 weeks.
Fair Value of Financial Instruments The carrying values of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the relatively short maturity of the respective instruments. As of May 3, 2025 and April 27, 2024, cash and cash equivalents included money-market instruments of $109.1 million and $240.9 million, respectively. These financial instruments are Level 1 as defined by the fair value hierarchy since they are based on quoted prices in active markets for identical assets and liabilities.
Fair Value of Financial Instruments The carrying values of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the relatively short maturity of the respective instruments. As of May 2, 2026 and May 3, 2025, cash and cash equivalents included money-market instruments of $214.3 million and $109.1 million, respectively. These financial instruments are Level 1 as defined by the fair value hierarchy since they are based on quoted prices in active markets for identical assets and liabilities.
BUSINESS GENERAL Celebrating its 40 th anniversary in November 2025, National Beverage Corp. innovatively refreshes America with a distinctive portfolio of sparkling waters, juices, energy drinks and, to a lesser extent, carbonated soft drinks. We believe our creative product designs, innovative packaging and imaginative flavors, along with our corporate culture and philosophy, make National Beverage unique as a stand-alone entity in the beverage industry.
BUSINESS GENERAL Recently commemorating its 40 th anniversary, National Beverage Corp. innovatively refreshes America with a distinctive portfolio of sparkling waters, juices, energy drinks and, to a lesser extent, carbonated soft drinks. We believe our creative product designs, innovative packaging and imaginative flavors, along with our corporate culture and philosophy, make National Beverage unique as a stand-alone entity in the beverage industry.
GENERAL MILLS INC
| Rank | 5 |
|---|---|
| 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) |
General Mills made mostly small updates in this filing, including a roll-forward of its company age and a slight reduction in the stated reach of its joint ventures. The more meaningful disclosure is in the brand risk section, where management now specifically calls out Blue Buffalo and Progresso as brands with decreasing coverage and says it continues to monitor them. That points to some pressure in parts of the portfolio, but not a broad change in strategy.
Main Changes
- The company updated its overview to say it has 50% interests in joint ventures that sell products in approximately 120 countries, down from approximately 130 countries previously.
- It refreshed the company age statement from "more than 150 years" to "For 160 years," which is a factual roll-forward rather than a strategic change.
- In the brand risk discussion, the list of monitored brands shifted: "Progresso, Nudges, Uncle Toby’s, True Chews, and Kitano" was replaced with "Blue Buffalo and Progresso" as having risk of decreasing coverage.
- The goodwill/intangible asset section was updated to say the company believes its "13 remaining goodwill" balances are not impaired, indicating a smaller goodwill base than the prior year wording.
Watch Items
- The reduced country count for joint ventures may reflect a narrower international footprint or a reporting update, but investors should watch whether it signals less contribution from non-core markets.
- The change in brands flagged for decreasing coverage suggests management is focusing on a smaller set of underperforming or lower-visibility assets, which can matter for future margin and impairment risk.
- The reference to "13 remaining goodwill" highlights that the balance sheet still carries meaningful acquisition-related value, so any slowdown in brand performance could pressure future write-down risk.
Important Filing Changes
We offer a variety of human and pet food products that provide great taste, nutrition, convenience, and value for consumers around the world. Our business is focused on the following large, global categories: ● snacks, including grain, fruit and savory snacks, nutrition bars, and frozen hot snacks; ● ready-to-eat cereal; ● convenient meals, including meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees; ● wholesome natural pet food; ● refrigerated and frozen dough; ● baking mixes and ingredients; ● yogurt; and ● super-premium ice cream. Our Cereal Partners Worldwide (CPW) joint venture with Nestlé S.A. (Nestlé) competes in the ready-to-eat cereal category in markets outside North America, and our Häagen-Dazs Japan, Inc. (HDJ) joint venture competes in the super-premium ice cream category in Japan.
We offer a variety of human and pet food products that provide great taste, nutrition, convenience, and value for consumers around the world. Our business is focused on the following large, global categories: • snacks, including grain, fruit and savory snacks, nutrition bars, and frozen hot snacks; • ready-to-eat cereal; • convenient meals, including meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees; • wholesome natural pet food; • refrigerated and frozen dough; • baking mixes and ingredients; and • super-premium ice cream. Our Cereal Partners Worldwide (CPW) joint venture with Nestlé S.A. (Nestlé) competes in the ready-to-eat cereal category in markets outside North America, and our Häagen-Dazs Japan, Inc. (HDJ) joint venture competes in the super-premium ice cream category in Japan.
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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