Four companies met our criteria from the four 10-K annual reports filed with the SEC on 21 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.
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
- AIRWA INC. (High) — AIRWA has transformed from a legacy sports company into a diversified AI-and-trading rollup, making execution and capital discipline the key investment questions.
- BLOOMIA HOLDINGS, INC. (Medium) — Bloomia is now a focused tulip operator, but new import tariffs and a narrower business mix raise the stakes for execution.
- Mercalot Inc. (Medium) — Mercalot’s latest filing points to a tighter cash position and heavier dependence on new funding, not a change in strategy.
- ADVANCED OXYGEN TECHNOLOGIES INC (Medium) — The filing is modestly better because the lease was extended and liquidity improved, but the stock still hinges on one customer and one property.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | AIRWA INC. | 1674440 | 0.989 | 0.933 | 0.969 | 0.978 | Business | high |
| 2 | BLOOMIA HOLDINGS, INC. | 875355 | 0.985 | 0.99 | 0.99 | 0.828 | MD&A | medium |
| 3 | Mercalot Inc. | 2029014 | 0.998 | n/a | 0.997 | 0.996 | MD&A | medium |
| 4 | ADVANCED OXYGEN TECHNOLOGIES INC | 352991 | 1 | 0.999 | 1 | 1 | Business | medium |
AIRWA 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) |
AIRWA’s latest 10-K shows a dramatic change in what the company is. The filing now centers on AI services, technology licensing, and international trading after adding Rafael AI and Best Life, while the old sports-related legacy business has been sold away. This signals a full strategic reset toward a broader, more complex operating model.
Main Changes
- The company added two major acquisitions to the Business section: Rafael AI, an AI-specialist company in Malaysia acquired for $140 million in USDT, and Best Life, an international trading company acquired for $50 million in cash and stablecoin with earn-outs.
- The filing now says the company provides "data-to-AI" end-to-end services through Rafael AI, describing a five-module system for turning raw data into intelligent applications for industries like healthcare, manufacturing, and autonomous driving.
- It also expands the business description to include technology licensing through YYEM, saying the company owns patents and proprietary technology used to license localized matchmaking products worldwide.
- The prior legacy sports business is no longer the focus; the new filing emphasizes that YYEM, Rafael AI, and Best Life are now the operating platform, while the old Slinger Bag business was sold off.
Watch Items
- The company is now a multi-vertical rollup, which can accelerate growth but also raises integration and execution risk across very different businesses.
- The large USDT-based acquisition and earn-out structure suggest management is using nontraditional deal currency and contingent payments, which investors should watch for balance-sheet and dilution implications.
- The shift from sports equipment to AI services and trading is a major strategy reset, so investors should monitor whether the new businesses can produce durable revenue and margins.
Important Filing Changes
Hongyu Zhou, the sole shareholder of YYEM (“YYEM Seller”) for a combined $56 million (the “Acquisition”). $16.5 million of this amount was paid in cash on March 20, 2024, pursuant to the Purchase Agreement to acquire 20% of YYEM. On November 21, 2024, following The Nasdaq Stock Market LLC’s (“Nasdaq”) approval of the new listing application submitted to it in connection with the Acquisition, the Company completed the purchase of 5,000 ordinary shares of YYEM, representing 50% of the issued and outstanding ordinary shares of YYEM, for 8,127,572 newly issued shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) to the YYEM Seller, representing 55.8% of the issued and outstanding shares of Common Stock as of the date of the closing (the “Share Exchange Transaction”). As an inducement to the Company to complete the Acquisition,…
Business Acquisitions On November 21, 2024, the Company completed the acquisition of Yuanyu Enterprise Management Co., Limited (“YYEM”), for a combined $56 million in cash and shares, following The Nasdaq Stock Market LLC’s (“Nasdaq”) approval of the new listing application submitted to it in connection with the acquisition. As part of the transaction, the Company agreed to sell its wholly owned subsidiary, Slinger Bag Americas Inc., to a newly established Florida limited liability company owned by members of the Company’s prior management team.
As an inducement to the Company to complete the Acquisition, YYEM agreed, pursuant to the Exchange Agreement, to make several installment payments to the Company totaling $5,000,000 in aggregate. As part of the transaction, the Company agreed to sell its wholly owned subsidiary, Slinger Bag Americas Inc., to a newly established Florida limited liability company called J&M Sports LLC (“J&M”), which is owned by Yonah Kalfa, former Chief Innovation Officer and director of the Company; Mike Ballardie, former President, Chief Executive Officer, Treasurer and director of the Company; Juda Honickman, former Chief Marketing Officer of the Company; and Mark Radom, former general counsel and Secretary of the Company. On November 21, 2024, the Company entered into a separation and assignment agreement (the “Separation Agreement”) with J&M to sell, transfer, and assign all or substantially all of its legacy business, assets,…
Business Acquisitions On November 21, 2024, the Company completed the acquisition of Yuanyu Enterprise Management Co., Limited (“YYEM”), for a combined $56 million in cash and shares, following The Nasdaq Stock Market LLC’s (“Nasdaq”) approval of the new listing application submitted to it in connection with the acquisition. As part of the transaction, the Company agreed to sell its wholly owned subsidiary, Slinger Bag Americas Inc., to a newly established Florida limited liability company owned by members of the Company’s prior management team. On November 21, 2024, five new individuals assumed their positions on the Company’s Board of Directors (the “Board of Directors” or the “Board”), and YYEM which licensed out intellectual property to companies in the online dating industry, became the Company’s sole operating subsidiary.
A decline in the market price of our securities also could adversely affect our ability to issue additional securities and our ability to obtain additional financing in the future. We do not intend to pay dividends on the shares of our Common Stock. We intend to retain all of our earnings, if any, for the foreseeable future to finance the operation and expansion of our business and do not anticipate paying cash dividends.
Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below and other information in this Annual Report on Form 10-K, including the financial statements and related notes that appear at the end of this report, before deciding to invest in our securities.
BLOOMIA HOLDINGS, INC.
| Rank | 2 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Bloomia Holdings has formally rebranded from Lendway and is now presenting itself as a pure-play tulip business. The filing also makes clear that management has walked away from the non-bank lending initiative and is concentrating capital and attention on Bloomia. Investors should note the new tariff risk on imported bulbs, which could weigh on future margins if pricing power is limited.
Main Changes
- The company changed its name from Lendway, Inc. to Bloomia Holdings, Inc. and its ticker from "LDWY" to "TULP," signaling a full rebranding around the tulip business.
- Management says the company is now focused solely on the ag business and has dropped the non-bank lending effort after deciding to allocate capital to Bloomia.
- The business description was updated to say Bloomia now nurtures "over 90 million stems annually" and is strategically headquartered in the U.S. with interests in the Netherlands, South Africa, and Chile.
- The filing adds that beginning in fiscal 2027 the company is subject to 10-15% U.S. tariffs on imported bulbs, and that some fiscal 2026 payments were deemed illegal and refunded.
Watch Items
- The name and ticker change confirm management is positioning the company as a pure-play Bloomia agricultural operator, which may improve investor clarity but also ties the equity more tightly to tulip economics.
- New tariff exposure on imported bulbs could pressure margins if the company cannot fully pass through higher costs to customers.
- The abandonment of lending removes a potential diversification path and shows capital is being concentrated in the core flower business.
Important Filing Changes
As a result of the change, the Company intends to file a transition report on Form 10-K for the six-month transition period starting January 1, 2025 and ending June 30, 2025, which is the period between the closing of the Company’s most recent fiscal year on December 31, 2024 and the opening date of the Company’s newly selected fiscal year on July 1, 2025. Business General This Annual Report on Form 10-K is being filed by the registrant, Lendway, Inc. (“Lendway,” “we,” “us,” “our” and the “Company”), a Delaware corporation. Effective August 4, 2023, we changed our name from “Insignia Systems, Inc.” which was incorporated in Minnesota in 1990 and reincorporated from Minnesota to Delaware.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Company’s consolidated financial statements and related notes included in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties.
As a result of the change, the Company intends to file a transition report on Form 10-K for the six-month transition period starting January 1, 2025 and ending June 30, 2025, which is the period between the closing of the Company’s most recent fiscal year on December 31, 2024 and the opening date of the Company’s newly selected fiscal year on July 1, 2025. Business General This Annual Report on Form 10-K is being filed by the registrant, Lendway, Inc. (“Lendway,” “we,” “us,” “our” and the “Company”), a Delaware corporation. Effective August 4, 2023, we changed our name from “Insignia Systems, Inc.” which was incorporated in Minnesota in 1990 and reincorporated from Minnesota to Delaware.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Company’s consolidated financial statements and related notes included in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those in such forward-looking statements as a result of many factors, including those discussed in “Cautionary Statement Regarding Forward-Looking Statements” and elsewhere, in this report.
The Company had previously planned to also develop a non-bank lending business via its wholly owned subsidiary, Farmland Credit, Inc. Promptly after receiving a notice of resignation from the Company’s then-serving Chief Executive Officer in June 2024, our Board of Directors reexamined the Company’s strategic position and prospects. Primarily because the departing Chief Executive Officer represented nearly all of the Company’s knowledge and expertise relating to the purchase of existing loans and/or origination and funding of new loans, the Company has determined to focus solely on the ag business.
Business Year-End As previously reported, the Company’s Board of Directors approved a change in the Company’s fiscal year end from December 31 to June 30 of each calendar year, effective June 30, 2025. The change aligns the fiscal years of the Company with the Bloomia business and reflects the seasonality of the Bloomia business.
Mercalot Inc.
| Rank | 3 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Mercalot’s new filing shows a weaker liquidity picture, with the working deficit widening and financing cash inflow falling sharply year over year. The company still describes itself as a development-stage marketplace business, but the updated MD&A makes clear it remains dependent on outside funding and related-party support to execute its plan. The risk wording is mostly the same, but the financial trend is less comfortable.
Main Changes
- MD&A now says June 30, 2026 cash was $39,246 and working deficit was $17,736, versus cash of $39,246 and a working deficit of $10,644 at June 30, 2025, showing a larger liquidity gap.
- Operating cash flow for 2026 was described as driven by net loss plus a $1,380 increase in deferred revenue, $12,000 increase in related-party accounts payable, and amortization expense of $9,408; the prior year cited a $16,500 deferred revenue increase and $14,000 accounts payable increase.
- The company changed its financing disclosure from saying it generated $35,104 of cash in financing activities in 2025 to only $99 in 2026, indicating a sharp drop in external funding support.
- Risk language was tightened from ‘We cannot guarantee’ to ‘We cannot assure’ that it can sell enough shares to fund the business plan, while keeping the same capital-raising concern.
Watch Items
- The larger working deficit and near-zero financing inflow suggest the company remains highly dependent on new capital to keep operating.
- Higher reliance on related-party payables points to funding pressure and raises questions about how long insiders will continue supporting the business.
- The unchanged start-up risk profile means execution, not just disclosure, will determine whether the platform can scale beyond the Spanish market.
Important Filing Changes
Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. Results of Operations for the year ended June 30, 2025 and June 30,2024: Revenue and cost of goods sold For the year ended June 30, 2025 the Company generated total revenue of $3,900 from services to the customers. For the year ended June 30, 2024 the Company generated total revenue of $0 from services to the customers.
Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. Results of Operations for the year ended June 30, 2026 and June 30, 2025: Revenue and cost of goods sold For the year ended June 30, 2026 the Company generated total revenue of $30,420 from services provided to the customers through its platform. For the year ended June 30, 2025 the Company generated total revenue of $3,900 from services provided to the customers through its platform.
Results of Operations for the year ended June 30, 2025 and June 30,2024: Revenue and cost of goods sold For the year ended June 30, 2025 the Company generated total revenue of $3,900 from services to the customers. For the year ended June 30, 2024 the Company generated total revenue of $0 from services to the customers. 13 Operating expenses Total operating expenses for the year ended June 30, 2025 were $40,165.
Results of Operations for the year ended June 30, 2026 and June 30, 2025: Revenue and cost of goods sold For the year ended June 30, 2026 the Company generated total revenue of $30,420 from services provided to the customers through its platform. For the year ended June 30, 2025 the Company generated total revenue of $3,900 from services provided to the customers through its platform. Such increase in revenue in 2026 is due to increase in banner advertising in “SafeDeal Connect” mobile application (AppStore) to our customers Rodevix LLC, Aleksandra Potarusova, Stuart Mooney, Olena Berkoza, Yurii Firs, Wilfredo Arias, Yhoendry Cuartt Chirinos and VERTEX GLOBAL GROUP LLC.
ADVANCED OXYGEN TECHNOLOGIES INC
| Rank | 4 |
|---|---|
| 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) |
The biggest change is that the company now says its main lease runs through 2027, with automatic six-month renewals after the initial term expired in February 2026. Financially, lease revenue and net income improved year over year, and the working capital deficit nearly disappeared, although cash balances declined. The business remains highly concentrated: one lease customer supports the company, while the Sharx product business still generates no sales.
Main Changes
- The company changed the lease disclosure from "the lease expires in 2026" to "the lease expires in 2027," and added that the initial term expired in February 2026 with automatic 6-month extensions.
- MD&A shows lease revenue rose to $47,444 in 2026 from $43,445 in 2025, while net income jumped to $102,970 from $4,138, driven mainly by lease revenue.
- Cash fell to $39,259 from $57,225, but the working capital deficit narrowed sharply to $3,886 from $91,958, with the company citing lower taxes payable.
- The company kept the same core story: one lease customer at ANV, no Sharx revenue, and continued efforts to raise capital and pursue acquisitions or a merger.
Watch Items
- The lease extension to 2027 reduces near-term tenant rollover risk and supports the only meaningful revenue stream.
- The sharp improvement in working capital is positive, but liquidity remains thin and the business still depends on a single customer and a single lease asset.
- Sharx still has no revenue, so the investment case remains tied to the real estate lease rather than the product distribution business.
Important Filing Changes
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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