Five companies met our criteria from the six 10-K annual reports filed with the SEC on 15 September 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 Forgent Power Solutions, Inc., so it is 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
- Karbon-X Corp. (High) — Karbon-X remains a financing-dependent story, with going-concern risk still unresolved despite a longer stated runway.
- Londax Corp. (High) — Londax has made a sharp strategic pivot into AI infrastructure, but the move is still only a plan and the company’s weak liquidity makes execution highly uncertain.
- Transglobal Management Group, Inc. (High) — TMGI is no longer mainly a radio-and-beauty story; it is now a speculative golf-platform pivot that has yet to prove commercial traction.
- Ispire Technology Inc. (Medium) — Ispire is trading growth for tighter credit control, but the revenue hit and rising receivable reserves show the strategy is still pressuring the business.
- Longevity Diversified Holdings, Inc. (Low) — This filing does not show a new business direction; it mainly confirms Longevity Diversified is still a shell with going-concern risk and no merger target.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Karbon-X Corp. | 1729637 | 0.436 | n/a | 0.986 | 0.989 | Risk Factors | high |
| 2 | Londax Corp. | 1985554 | 0.986 | 0.592 | 0.629 | 0.657 | Business | high |
| 3 | Transglobal Management Group, Inc. | 1434601 | 0.995 | 0.721 | 0.723 | 0.834 | Business | high |
| 4 | Ispire Technology Inc. | 1948455 | 0.993 | 0.994 | 0.994 | 0.999 | Risk Factors | medium |
| 5 | Longevity Diversified Holdings, Inc. | 787496 | 0.992 | n/a | 0.999 | 0.999 | MD&A | low |
Karbon-X Corp.
| Rank | 1 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Karbon-X’s new filing keeps the going-concern warning in place and shows the company still needs fresh capital to fund operations. Management now says it may use equity, debt, or bank financing, and it pushed its stated runway out to fiscal 2027 if financing is successful. The core message is unchanged: liquidity remains tight and the business is still dependent on outside funding.
Main Changes
- The company kept explicit going-concern language, but the new filing says it has "negative working capital of $(4,040,004)" and still "will require additional funding" to meet obligations and fund losses.
- The funding plan was broadened from relying mainly on private placements and related-party advances to "additional equity offerings, debt, bank financings or a combination" of financing sources.
- Management extended its stated cash runway: the prior filing said capital could fund operations "through 2025," while the new filing says it expects funding "through fiscal 2027" if it raises common-share capital.
- The risk-factor discussion still highlights dilution from stock issuances and note conversions, plus dependence on key personnel, with no meaningful reduction in those core risks.
Watch Items
- The continued going-concern warning signals the business still depends on outside capital to stay afloat, which keeps financing risk front and center.
- The shift to a broader financing toolkit suggests management may need to be more flexible, but it also raises the chance of dilution or debt burden.
- The longer runway to fiscal 2027 is positive only if capital is actually raised; otherwise the company says it may curtail or cease operations.
Important Filing Changes
Our business, financial condition, results of operations and cash flows could be materially adversely affected by any of these risks, and the market or trading price of our securities could decline due to any of these risks. In addition, please read "Disclosure Regarding Forward-Looking Statements" in this Annual Report, where we describe additional uncertainties associated with our business and the forward-looking statements included or incorporated by reference in this Annual Report. Please note that additional risks not presently known to us or that we currently deem immaterial may also impair our business and operations.
Our business, financial condition, results of operations and cash flows could be materially adversely affected by any of these risks, and the market or trading price of our securities could decline due to any of these risks. In addition, please read the cautionary statement regarding forward-looking statements at the beginning of this Annual Report. Please note that additional risks not presently known to us or that we currently deem immaterial may also impair our business and operations.
Please note that additional risks not presently known to us or that we currently deem immaterial may also impair our business and operations. In this Section, the terms the “Company,” “we”, “our” and “us” refer to Karbon-X Corp. as well as our subsidiary Karbon-X Project, Inc. There is no guarantee that we will ever become profitable.
Please note that additional risks not presently known to us or that we currently deem immaterial may also impair our business and operations. In this Section, the terms the “Company,” “we”, “our” and “us” refer to Karbon-X Corp. as well as our subsidiaries Karbon-X Project, Inc, Karbon-X USA Corp, Karbon-X Trading, Allcot Limited, Karbon-X Iberia SL and Allcot X Colombia S.A.S. Risks Related to Our Operations We will incur losses and there is no guarantee that we will ever become profitable.
Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion relates to the historical operations and financial statements of Karbon-X Corp. for the fiscal years ending May 31, 2025 and May 31, 2024. Forward-Looking Statements The following Management’s Discussion and Analysis should be read in conjunction with our financial statements and the related notes thereto included elsewhere in this Annual Report.
Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion relates to the historical operations and financial statements of Karbon-X Corp. for the fiscal years ended May 31, 2026 and May 31, 2025. Forward-Looking Statements The following Management’s Discussion and Analysis should be read in conjunction with our financial statements and the related notes thereto included elsewhere in this Annual Report.
Londax Corp.
| 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) |
Londax is no longer presenting itself mainly as a small CRM and software developer. It now says it is considering a move into AI and digital infrastructure, including data-center projects, after a change in control brought in new ownership and leadership. The filing also makes clear that the company remains financially strained, with no cash and substantial doubt about its ability to continue without new funding.
Main Changes
- The Business section now says the company is "evaluating a strategic transition toward AI and digital infrastructure opportunities," including "power-intensive data-center and related infrastructure projects," instead of focusing only on IT consulting and CRM software.
- New disclosure says the company completed a post-year-end change in control: Alpha Investment Inc. bought 2,002,035 shares, became the controlling shareholder, and Jon S. Cummings IV became CEO, Treasurer, Secretary and sole director.
- The filing adds that the company relocated its principal executive offices and corporate books to Cincinnati, Ohio, and is pursuing a corporate name change, with the FINRA and market-system process still pending.
- Risk factors now explicitly warn that the new strategy is preliminary and may not produce revenue, and that large-scale data-center projects will require substantial capital, site control, utility arrangements, permits, and customer commitments.
Watch Items
- The pivot to AI and digital infrastructure is a major strategy shift that could re-rate the stock if executed, but it also moves the company into a far more capital-intensive business.
- The company still reported no cash at year-end and a going-concern warning, so the new strategy depends heavily on outside financing and related-party support.
- Recent control, management, and location changes raise execution and governance risk while the company tries to reposition itself.
Important Filing Changes
DESCRIPTION OF BUSINESS Our company was established as a Wyoming corporation on May 19, 2023. As a developmental-stage enterprise, our primary focus is on offering IT consulting services and software development solutions.
Business Overview and Historical Business Londax Corp. was incorporated in Wyoming on May 19, 2023. During the fiscal year ended May 31, 2026, the Company continued to operate as a development-stage technology company focused on IT consulting services and software development solutions.
DESCRIPTION OF BUSINESS Our company was established as a Wyoming corporation on May 19, 2023. As a developmental-stage enterprise, our primary focus is on offering IT consulting services and software development solutions. Currently, we have developed and implemented our flagship product https://londax.ai/, which comprises a Customer Relationship Management (CRM) System, Applicant Tracking Systems (ATS), and out-staffing services.
Business Overview and Historical Business Londax Corp. was incorporated in Wyoming on May 19, 2023. During the fiscal year ended May 31, 2026, the Company continued to operate as a development-stage technology company focused on IT consulting services and software development solutions. The Company’s historical principal product, londax.ai, includes customer relationship management, applicant tracking, recruiting workflow and out-staffing functionality.
Not applicable to smaller reporting companies.
Risk Factors An investment in our common stock involves a high degree of risk. The following material risks should be considered together with the other information contained in this Annual Report.
Transglobal Management Group, 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) |
TMGI has rebranded its business around golf after acquiring GetGolf, moving away from its prior radio and consumer health-and-beauty focus. Management is now pitching a booking and engagement platform for golf courses and golfers, but it also admits the new assets were not yet material to results in the last fiscal year. The filing points to a business in transition, with meaningful execution and regulatory risk still ahead.
Main Changes
- The company now says that, after acquiring GetGolf, LLC in October 2025, it "shifted its primary focus to the golf industry," replacing the prior description of a direct-to-consumer marketing, broadcasting, and health-and-beauty business.
- It added a new golf strategy centered on a portfolio of "golf-related technology and reservation-system assets" meant to support a "scalable booking and customer-engagement platform."
- The filing introduces Stand By Golf as a "cloud-based golf reservation, yield-management, and operations platform" designed to optimize tee-time utilization and golfer engagement.
- The prior business description tied TMGI to Music of Your Life and Simply Whim; the new filing removes that operating identity as the core business narrative and instead frames those assets as no longer the main focus.
Watch Items
- This is a clear pivot into a new industry, so investors should watch whether management can turn acquired golf assets into revenue rather than just a strategic story.
- The company says the golf assets did not contribute materially during the fiscal year, which suggests the business is still early-stage and execution risk remains high.
- New regulatory language around privacy, cybersecurity, dynamic pricing, e-commerce, and online marketing signals added compliance and operating risk as the platform scales.
Important Filing Changes
Our History The Marquie Group Our company was incorporated on January 30, 2008 in the State of Florida, as Maximum Consulting, Inc. and shortly thereafter changed its name to ZhongSen International Tea Company, with the principal business objective of providing sales and marketing consulting services to small to medium sized Chinese tea producing companies. On May 31, 2013, our Company entered into an acquisition agreement (the “Acquisition”) with Music of Your Life, Inc., a Nevada corporation (“MOYL Nevada”). As a result of the Acquisition, MOYL Nevada became a wholly owned subsidiary of our Company.
Corporate Information With the acquisition of GetGolf, LLC in October 2025, the Company shifted its primary focus to the golf industry. GetGolf is led by industry veteran Jeff Foster.
Her exposure to international regulations revealed to her that the US guidelines are far behind global standards. This realization led to a deeper investigation of ingredients used in the American beauty industry. She found numerous toxic, carcinogenic, and endocrine-disrupting ingredients in products, which posed significant health risks.
Corporate Information With the acquisition of GetGolf, LLC in October 2025, the Company shifted its primary focus to the golf industry. GetGolf is led by industry veteran Jeff Foster. Foster’s professional background includes founding Arizona Fairways Magazine and Arizona Golf and Travel, as well as decades of experience in the golf industry, including golf course operations, golf-related media and marketing systems.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. General The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and related notes under
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to future events or our future performance. Actual results may materially differ from those projected in the forward-looking statements as a result of certain risks and uncertainties set forth in this annual report.
Ispire Technology 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) |
Ispire’s filing shows a tougher sales posture in the U.S., with management requiring higher upfront deposits and stricter payment terms, which helped reduce exposure to weaker accounts but also cut revenue. The company also continues to shift its focus toward nicotine products as cannabis remains constrained by federal and regulatory uncertainty. At the same time, the allowance for credit losses increased, suggesting receivable risk remains elevated.
Main Changes
- The company added that the U.S. sales decline was "due to a tightening of our sales strategy which required higher upfront deposits and stricter payment terms," leading to less participation from lower-tier accounts.
- The risk discussion now says the company has "focused more on nicotine business in the past year" because of cannabis’ federal status and uncertainty in the cannabis industry, reinforcing a strategic shift away from cannabis exposure.
- The allowance for credit losses rose to $26.1 million at June 30, 2026 from $18.0 million a year earlier, signaling heavier receivable pressure.
- The key factors section was updated to say "non-combustible nicotine products" instead of "non-combustable nicotine products," with no apparent change in meaning.
Watch Items
- Higher deposits and stricter payment terms may improve collections, but they also appear to be shrinking the customer base and pressuring near-term revenue.
- The heavier emphasis on nicotine suggests management is leaning further into a less uncertain market, but it also highlights continued weakness in cannabis-related demand.
- Rising credit-loss reserves point to ongoing counterparty risk and could keep weighing on margins and cash flow if collections do not improve.
Important Filing Changes
Although we may implement strategies to mitigate these risks, there can be no assurance that such measures will be entirely effective, and we may continue to incur write-offs of accounts receivable, which may impair our ability to operate profitably. 40 Key Factors that Affect Our Results of Operations We believe the following key factors may affect our financial condition and results of operations: ● The effect of legislation and regulations affecting non-combustable nicotine products and cannabis vaping products. ● If we elect to market nicotine vaping products in the United States, our ability to obtain regulatory approval to market additional nicotine vaping products in the United States and the significant cost of seeking such approval. ● Our ability to develop and market nicotine and cannabis vaping products to meet the changing tastes of adult consumers. ● The effects of competition….
Although we may implement strategies to mitigate these risks, there can be no assurance that such measures will be entirely effective, and we may continue to incur write-offs of accounts receivable, which may impair our ability to operate profitably. Key Factors that Affect Our Results of Operations We believe the following key factors may affect our financial condition and results of operations: ● The effect of legislation and regulations affecting non-combustible nicotine products and cannabis vaping products. ● If we elect to market nicotine vaping products in the United States, our ability to obtain regulatory approval to market additional nicotine vaping products in the United States and the significant cost of seeking such approval. ● Our ability to develop and market nicotine and cannabis vaping products to meet the changing tastes of adult consumers. ● The effects of competition. ● The development of an international market for cannabis vaping products, which is presently primarily limited to certain states in the United States. Results of Operations The following table sets forth a summary of our consolidated statements of operations and comprehensive income for the years ended June 30, 2026 and 2025 (dollars in thousands except per share amounts).
For the year ended June 30, 2025 2024 Europe 58.1 % 43.0 % North America (the U.S. and Canada) 25.5 % 41.5 % Asia Pacific (excluding PRC) 9.6 % 11.6 % Others 6.8 % 3.9 % Total 100.0 % 100.0 % Our revenue decreased by $24,414,387, or 16.1%, from $151,908,691 for the year ended June 30, 2024, to $127,494,304 for the year ended June 30, 2025. The decrease in revenue is the combined effect of (i) decreases in product sales in the United States of $30.5 million from $63.1 million for the year ended June 30, 2024, to $32.6 million for the year ended June 30, 2025, (ii) decreases in product sales in the Asia Pacific (excluding PRC) of $5.3 million from $17.6 million for the year ended June 30, 2024, to $12.3 million for the year ended June 30,…
Year Ended June 30, 2026 2025 Revenue % Revenue % Europe $ 61,430 63.9 % $ 74,107 58.1 % North America (the U.S. and Canada) 15,128 15.8 % 32,568 25.5 % Asia Pacific (excluding PRC) 10,919 11.4 % 12,274 9.6 % Others 8,538 8.9 % 8,545 6.7 % Total 96,015 100 % 127,494 100 % Our revenue decreased by $31,479,694, or 24.7%, from $127,494,304 for the year ended June 30, 2025, to $96,014,610 for the year ended June 30, 2026. The decrease in revenue is the combined effect of (i) decreases in product sales in the United States of $17.4 million from $32.6 million for the year ended June 30, 2025, to $15.1 million for the year ended June 30, 2026, due to a tightening of our sales strategy which required higher upfront deposits and stricter payment terms, subsequently leading to a reduced participation from lower-tier accounts (ii) decreases in sales of vaping products in Europe of $12.7 million from $74.1 million for the year ended June 30, 2025 to approximately $61.4 million for the year ended June 30, 2026, which reflects European regulatory uncertainties regarding disposable bans and flavor restrictions, which led distributors to adopt a cautious purchasing strategy and (iii) decreases in product sales in the Asia Pacific (excluding PRC) of $1.4 million from $12.3 million for the year ended June 30, 2025, to $10.9 million for the year ended June 30, 2026. Cost of Revenue Cost of revenue mainly consists of cost of purchases of vaping products, that are mostly purchased from Shenzhen Yi Jia.
Although we may implement strategies to mitigate these risks, there can be no assurance that such measures will be entirely effective, and we may continue to incur write-offs of accounts receivable, which may impair our ability to operate profitably. 40 Key Factors that Affect Our Results of Operations We believe the following key factors may affect our financial condition and results of operations: ● The effect of legislation and regulations affecting non-combustable nicotine products and cannabis vaping products. ● If we elect to market nicotine vaping products in the United States, our ability to obtain regulatory approval to market additional nicotine vaping products in the United States and the significant cost of seeking such approval. ● Our ability to develop and market nicotine and cannabis vaping products to meet the changing tastes of adult consumers. ● The effects of competition….
Although we may implement strategies to mitigate these risks, there can be no assurance that such measures will be entirely effective, and we may continue to incur write-offs of accounts receivable, which may impair our ability to operate profitably. Key Factors that Affect Our Results of Operations We believe the following key factors may affect our financial condition and results of operations: ● The effect of legislation and regulations affecting non-combustible nicotine products and cannabis vaping products. ● If we elect to market nicotine vaping products in the United States, our ability to obtain regulatory approval to market additional nicotine vaping products in the United States and the significant cost of seeking such approval. ● Our ability to develop and market nicotine and cannabis vaping products to meet the changing tastes of adult consumers. ● The effects of competition. ● The development of an international market for cannabis vaping products, which is presently primarily limited to certain states in the United States. Results of Operations The following table sets forth a summary of our consolidated statements of operations and comprehensive income for the years ended June 30, 2026 and 2025 (dollars in thousands except per share amounts).
Longevity Diversified Holdings, 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) |
The filing is mostly a housekeeping update, with the biggest visible addition being a new cybersecurity disclosure section. The company also updated its name and ticker references, but it still describes itself as a public shell looking for a reverse merger and says no target has been identified. The going-concern warning remains in place, so the financial risk profile is essentially unchanged.
No material section-level wording change was large enough to quote from the compared sections.
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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