Two companies met our criteria from the two 10-K annual reports filed with the SEC on 8 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
- BUTLER NATIONAL CORP (Medium) — The key update is an interim CEO transition paired with a new capacity warning that could slow aerospace growth if hangar space is not secured.
- Orion Bliss Corp. (Low) — This filing is essentially unchanged, with the only notable update being a routine cybersecurity statement and no new strategic signal.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | BUTLER NATIONAL CORP | 15847 | 0.998 | 0.994 | 0.999 | 0.998 | Business | medium |
| 2 | Orion Bliss Corp. | 1854183 | 0.997 | 1 | 1 | 0.999 | MD&A | low |
BUTLER NATIONAL CORP
| 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) |
Butler National’s latest filing is mostly stable, but it now highlights a new operational constraint: the company may need more hangar space to support substantial growth. The bigger governance change is the departure of Christopher Reedy as CEO, with CFO Adam Sefchick stepping in as interim CEO and president while Reedy stays on as a special advisor through mid-2027.
Main Changes
- The Business section now says Aerospace Products includes the design and sale of "commercial controls, cabling and defense related articles," whereas the prior filing described a broader set of products without that specific phrasing.
- The company added a new risk factor in the Business discussion: it now says it may need to "acquire hangar space for substantial growth," signaling a capacity constraint tied to expansion.
- The executive officer disclosure changed materially: Christopher J. Reedy resigned as President and CEO, and Adam Sefchick was appointed "Interim Chief Executive Officer and President" while also serving as CFO.
- The filing now says Mr. Reedy will remain as a non-executive "Special Advisor to the Board" until his retirement effective July 1, 2027, and that Mr. Sefchick is currently the sole executive officer.
Watch Items
- The added hangar-space language suggests growth may be limited by physical infrastructure, which could cap near-term aerospace expansion unless management secures additional capacity.
- The CEO transition to an interim leader raises execution and continuity questions, especially because the company is still managing a broad aerospace and gaming footprint.
- Keeping the former CEO as a special advisor may soften transition risk, but investors should watch whether the change reflects a broader strategic reset or simply succession planning.
Important Filing Changes
Products and Services The Company has two operating segments for financial reporting purposes: (a) Aerospace Products, whose companies’ revenues are derived from system design, engineering, manufacturing, sale, distribution, integration, installation, repairing, modifying, overhauling and servicing of aerostructures, avionics, aircraft components, accessories, subassemblies and systems; and (b) Professional Services, whose companies provide professional management services in the traditional gaming industry and in sports wagering. The Aerospace Products segment includes the design, manufacture, sale and service of structural modifications, design, integration and installation of electronic equipment, systems and technologies that enhance aircraft operations, and the design, manufacture and sale of defense related articles. Additionally, we operate Federal Aviation Administration (the “FAA”) Repair Stations.
Products and Services The Company has two operating segments for financial reporting purposes: (a) Aerospace Products, whose companies’ revenues are derived from system design, engineering, manufacturing, sale, distribution, integration, installation, repairing, modifying, overhauling and servicing of aerostructures, avionics, aircraft components, accessories, subassemblies and systems; and (b) Professional Services, whose companies provide professional management services in the traditional gaming industry and in sports wagering. The Aerospace Products segment includes the design, manufacture, sale and service of structural modifications, design, integration and installation of electronic equipment, systems and technologies that enhance aircraft operations, and the design, manufacture and sale of commercial controls, cabling and defense related articles. Additionally, we operate Federal Aviation Administration (the “FAA”) Repair Stations.
The companies in Aerospace Products have authority, pursuant to Federal Aviation Administration Supplemental Type Certificates (“STCs”) and Parts Manufacturer Approval (“PMA”), to build required parts and subassemblies and to make applicable installations. Companies in Aerospace Products perform modifications in the aviation industry including: • Aerial photograph capabilities • Extended range fuel tanks • Aerodynamic improvements • Radar systems • Avionics systems • ISR – Intelligence Surveillance Reconnaissance • Cargo or expanded-sized doors • Special mission modifications • Search and rescue • Target towing capability • Airborne research capability • Traffic collision avoidance systems Special Mission Electronics. We supply defense-related, commercial off-the-shelf products to various commercial entities and government agencies and subcontractors in order to update or extend the useful life of systems.
The companies in Aerospace Products have authority, pursuant to Federal Aviation Administration Supplemental Type Certificates (“STCs”) and Parts Manufacturer Approval (“PMA”), to build required parts and subassemblies and to make applicable installations. Companies in Aerospace Products perform modifications in the aviation industry including: • Aerial photograph capabilities • Extended range fuel tanks • Aerodynamic improvements • Radar systems • Avionics systems • ISR – Intelligence Surveillance Reconnaissance • Cargo or expanded-sized doors • Special mission modifications • Search and rescue • Target towing capability • Airborne research capability • Electrical systems integration Special Mission Electronics. We supply defense-related, commercial off-the-shelf products to various commercial entities and government agencies and subcontractors in order to update or extend the useful life of systems.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management Discussion and Analysis (MD&A) is intended to help the reader understand our results of operations and financial condition for fiscal years 2025 and 2024 by discussing principle factors affecting the results of operations, liquidity and capital resources, as well as the critical accounting policies of the Company and its wholly-owned subsidiaries and affiliates. This MD&A should be read in conjunction with our consolidated financial statements and the accompanying notes to the consolidated financial statements.
MANAGEMENT ’ S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management Discussion and Analysis (MD&A) is intended to help the reader understand our results of operations and financial condition for fiscal years 2026 and 2025 by discussing principal factors affecting the results of operations, liquidity and capital resources, as well as the critical accounting policies of the Company and its wholly-owned subsidiaries and affiliates. This MD&A should be read in conjunction with our consolidated financial statements and the accompanying notes to the consolidated financial statements.
Orion Bliss Corp.
| 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) |
Orion Bliss’s latest 10-K is mostly a roll-forward with no meaningful change in strategy or operations. The main new item is a refreshed cybersecurity disclosure saying management did not identify any material cyber threats in 2026, while the business description remains centered on selling Milk_Shake beauty products online and eventually through physical locations. Overall, the filing does not point to a new growth plan, new risk, or a change in financial posture.
Main Changes
- The only substantive new disclosure is in Cybersecurity: management now says, "In 2026, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition."
- The prior-year filing used the same statement for 2025, so the update is mainly a year roll-forward rather than a new risk posture.
- The Business section is effectively unchanged, still describing a small beauty-products company focused on Milk_Shake products sold online and through future stands and stores.
Watch Items
- The cybersecurity statement matters because it confirms no known material incident, but also leaves open the possibility of undetected events.
- The company’s business model remains early-stage and narrow, so investors should watch whether the online beauty strategy gains traction beyond the current distributor-led setup.
- No new operating or strategic shift was disclosed, suggesting the filing is more of a maintenance update than a re-rating event.
Important Filing Changes
We expect to raise additional capital through, among other things, the sale of equity or debt securities. 2 For the years ended April 30, 2025 and April 30, 2024 Year ended April 30, 2025 (Audited) Year ended April 30, 2024 (Audited) CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (14,703 ) $ (52,356 ) Adjustments to reconcile net loss to net cash used in operating activities: Accrued Accumulated amortization 4,550 – Changes in assets and liabilities: – – CASH FLOWS USED IN OPERATING ACTIVITIES (10,153 ) (52,356 ) Liquidity and Capital Resources As of April 30, 2025 (Audited) As of April 30, 2024 (Audited) ASSETS Current Assets Escrow account $ 19,520 $ 1,190 Total Current Assets 19,520 1,190 Non- Current Assets Intangible Assets Mobile Application 45,500 – Accumulated Depreciation (4,550 ) – Website Development, net 134 134 Total Non-Current…
We expect to raise additional capital through, among other things, the sale of equity or debt securities. 2 For the years ended April 30, 2026 and April 30, 2025 Year ended April 30, 2026 (Audited) Year ended April 30, 2025 (Audited) CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (40,926 ) $ (14,703 ) Adjustments to reconcile net loss to net cash used in operating activities: Accrued Accumulated amortization 9,100 4,550 Changes in assets and liabilities: – CASH FLOWS USED IN OPERATING ACTIVITIES $ (31,826 ) $ (10,153 ) Liquidity and Capital Resources As of April 30, 2026 (Audited) As of April 30, 2025 (Audited) ASSETS Current Assets Escrow account $ 5,041 $ 19,520 Total Current Assets 5,041 19,520 Non- Current Assets Intangible Assets Mobile Application 45,500 45,500 Accumulated Depreciation (13,650 ) (4,550 ) Website Development, net 134 134 Total Non-Current Intangible Assets 31,984 41,084 Total Assets $ 37,025 $ 60,604 Operating Activities Year ended April 30, 2026 (Audited) Year ended April 30, 2025 (Audited) CASH FLOWS FROM OPERATING ACTIVITIES Revenue $ 12,000 $ 26,015 General and Administrative Expenses 52,926 40,718 Website development – – CASH FLOWS USED IN OPERATING ACTIVITIES $ (40,926 ) $ (14,703 ) 3 Cash Flows from Investing Activities We have not generated cash flows from investing activities during the year ended April 30, 2026 We have not generated positive cash flows from investing activities during the year ended April 30, 2025. For the year ended April 30, 2025 we used $45,500 in investing activities.
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.
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