Four companies met our criteria from the four 10-K annual reports filed with the SEC on 4 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
- Blue Chip Capital Group Inc. (High) — Blue Chip Capital Group is spending far more than before and is still leaning on outside financing to stay afloat.
- Elite Performance Holding Corp (High) — Elite Performance is funding liability cleanup with stock, which keeps the business afloat but continues to dilute shareholders.
- PREAXIA HEALTH CARE PAYMENT SYSTEMS INC. (Medium) — PreAxia is signaling a broader launch plan, but the new subsidiaries and cybersecurity framework underscore that the business is still in build-out mode.
- TWIN DISC INC (Medium) — Twin Disc is signaling a more growth-oriented stance through acquisition integration and a step-up in capital spending, while liquidity remains adequate for now.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Blue Chip Capital Group Inc. | 1932213 | 0.997 | 0.298 | 0.997 | 0.997 | Business | high |
| 2 | Elite Performance Holding Corp | 1753681 | 0.985 | 0.994 | 0.738 | 0.998 | Risk Factors | high |
| 3 | PREAXIA HEALTH CARE PAYMENT SYSTEMS INC. | 1350156 | 0.264 | 0.988 | 0.387 | 0.925 | Risk Factors | medium |
| 4 | TWIN DISC INC | 100378 | 0.992 | 0.99 | 0.997 | 0.997 | Business | medium |
Blue Chip Capital Group 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) |
Blue Chip Capital Group’s latest filing shows a much more stressed financial picture, with sharply higher expenses, a wider working capital deficit, and continued dependence on related-party advances and private securities sales. Management says it still believes it can meet obligations, but the filing makes clear that funding needs and regulatory costs remain the main issue. The business section also points to an ongoing plan to build out operations and pursue subsidiary approvals, which could require more capital.
Main Changes
- The company now says it retained engineering, consulting, legal and accounting personnel by raising interim working capital from related-party advances and private sales of securities to accredited investors, while also acknowledging "substantial commitments for capital expenditures."
- It adds that "substantial doubt has not been alleviated," but management believes it can meet requirements in the short term and long term, a more explicit going-concern-style liquidity message than before.
- Operating expenses jumped to $21.7 million from $5.6 million, driven mainly by higher compensation and professional fees tied to SEC reporting, the FINRA Form 211 process, and subsidiary regulatory applications.
- The working capital deficit widened to $3.1 million from $0.6 million, and financing came from the sale of restricted securities, principally convertible notes to accredited investors under Reg D Rule 506(b).
Watch Items
- The heavier reliance on related-party funding and private placements suggests the business still depends on external capital to fund operations and compliance costs.
- The larger working capital deficit and ongoing operating cash burn raise execution and dilution risk if financing does not keep pace with expenses.
- The mention of a business plan and subsidiary regulatory applications points to a more active buildout, but it also implies higher near-term spending before any revenue payoff.
Important Filing Changes
The USA License Agreement requires Raisewise USA to pay to the Company the sum of $50,000.00 US (subject to collection upon commencement of operations) as well as royalties of 2.5% of the gross revenue derived from Raisewise USA’s operation of the Crowdfunding Platform. Raisewise USA is a 100% owned subsidiary of the Company. Raisewise USA Inc. – Crowdfunding Platform Management Services Agreement (“USA Platform Management Agreement”) : Pursuant to the USA Platform Management Agreement dated April 1, 2022 (attached as Exhibit 10.3 to the Company’s Form S-1/A filed with the Commission on August 7, 2023), the Company was engaged to render certain defined management services to Raisewise USA for a term of 3 years.
Business-The Company’s Raisewise Business Plan” above. Despite its limited cash resources, the Company has been able to retain engineering, consulting, legal and accounting personnel partially through the raising of interim working capital from related party advances and private sales of securities to accredited investors, notwithstanding the fact that the Company has substantial Commitments for Capital Expenditures.
These activities are set out in Section 4(a)(6) under the Securities Act and in Regulation Crowdfunding. Raisewise USA has established internal processes to ensure that Raisewise USA and its agents and affiliates do not engage in activities that it/they are not permitted to undertake, including: ● Providing investment advice or recommendations to investors for securities displayed on our platform; ● Soliciting purchases, sales or offers to buy securities displayed on our platform; ● Compensating employees, agents or other persons for solicitation or for the sale of securities displayed or listed on our platform; or ● Holding, managing, processing or otherwise handling investors’ funds or securities. In addition, our funding portal has certain affirmative requirements that it is required to comply with to maintain its status.
Business-The Company’s Raisewise Business Plan” above. Despite its limited cash resources, the Company has been able to retain engineering, consulting, legal and accounting personnel partially through the raising of interim working capital from related party advances and private sales of securities to accredited investors, notwithstanding the fact that the Company has substantial Commitments for Capital Expenditures. Substantial doubt has not been alleviated, however the Company believes that it possesses the ability to meet requirements in the short-term (the next 12 months from the most recent fiscal period ended May 31, 2025) as well as in the long-term (beyond the next 12 months).
We disclaim any obligation to update any forward-looking statements whether as a result of new information, future events, or otherwise. Blue Chip Capital Group, Inc., a Nevada corporation (the “Company”) owns subsidiaries that operate independently but are accretive to one another under the name Raisewise USA, Inc., a New York corporation. We are establishing a portfolio of wholly and majority owned subsidiaries delivering what we believe will be leading-edge crowdfunding services in the market.
We disclaim any obligation to update any forward-looking statements whether as a result of new information, future events, or otherwise. The Company owns wholly and majority owned subsidiaries that operate independently under the name Raisewise. We are establishing a portfolio of wholly and majority owned subsidiaries delivering crowdfunding services in the market.
Elite Performance Holding Corp
| Rank | 2 |
|---|---|
| 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) |
Elite Performance Holding Corp’s latest filing shows a much heavier use of stock to settle accounts payable and convertible debt. The company also added new shares to be issued for liabilities and services, while retiring some service shares, but the overall share count still increased. For investors, the filing points to ongoing balance-sheet stress and continued dilution risk.
Main Changes
- The company now says it issued 5,000,000 shares to convert accounts payable, plus 689,920 shares to convert a convertible note, both previously recorded as shares to be issued.
- It recorded 4,060,000 shares to be issued for accounts payable and 1,600,000 shares to be issued for convertible notes, showing more liabilities being settled with stock.
- It issued 400,000 shares for consulting services and recorded another $20,000 of services as shares to be issued, while also retiring 2,432,300 shares issued for services.
- Common shares outstanding jumped to 124,296,460 at December 31, 2025 from 120,638,840 at December 31, 2024.
Watch Items
- The shift toward paying creditors and noteholders with stock signals continued reliance on equity rather than cash, which can pressure existing shareholders through dilution.
- The large volume of shares to be issued suggests the balance sheet still carries meaningful payables and debt obligations that are being worked down non-cash.
- Retiring a large block of service shares helps offset dilution somewhat, but the net share count still rose materially.
Important Filing Changes
For the year ended December 31, 2024, the Company issued 299,572shares in the amount of $774,267 for the conversion of principal and accrued interest of convertible notes payable made within the terms of the agreement and no gain or loss results from it. For the year ended December 31, 2024, the Company issued 160,300 shares in the amount of $663,000 for conversion of accounts payable. For the year ended December 31, 2024, the Company issued 5,000 common shares in the amount of $5,000 as debt issuance cost.
Additional risks not presently known, or that we currently deem immaterial, also may have a material adverse effect on our business, financial condition and results of operations. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS For the year ended December 31, 2025, the Company issued 5,000,000 shares in the amount of $500,000 for the conversion of accounts payable. These shares were previously recorded as shares to be issued.
These shares are restricted and subject to SEC Rule 144. These shares were valued at $ 3,000 and recorded to debt discount. This note also included an original discount fee of $ 1,250 recorded to debt discount, the Company amortized $ 703 for the year ended December 31, 2022 leaving a balance of $ 0 .
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS For the year ended December 31, 2025, the Company issued 5,000,000 shares in the amount of $500,000 for the conversion of accounts payable. These shares were previously recorded as shares to be issued. For the year ended December 31, 2025, the Company issued 689,920 shares for the conversion of a convertible note payable made within the terms of the agreement.
During the COVID-19 pandemic, the Company chose to consolidate its operations because the brand had not been built to the level that the product would turn on retail shelves without consistent consumer education and marketing efforts, which were impossible to facilitate during the pandemic. However, the Company is now ready to pick up where they left off and have hired a sales team of seasoned beverage professionals, a consumer education advocate, are utilizing several delivery vans branded with BYLT, and is now back to participating in various sporting events and fitness expos. Our initial target markets are currently Florida and California with a goal to spread into Texas and national distribution over time.
This is in line with our strategy and belief that a brand name can create an association with innovation, design and quality which helps add value to the individual products as well as facilitate the introduction of new innovative products. The Company hired a sales team of seasoned beverage professionals, a consumer education advocate, are utilizing several delivery vans branded with BYLT, and is now participating in various sporting events and fitness expos. Our initial target markets are currently Florida and California with a goal to spread into Texas and national distribution over time.
PREAXIA HEALTH CARE PAYMENT SYSTEMS INC.
| 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) |
PreAxia added a new cybersecurity section and expanded its corporate structure with new Canadian and U.S. subsidiaries tied to personal financial management and health care payment products. The company says it has board-level oversight of cyber risk, but also notes it does not currently hold customer lists or sensitive data. Overall, the filing points to an early-stage push to build out operations and market reach rather than a mature commercial business.
Main Changes
- The filing adds a new Item 1C, "Cybersecurity," saying the board oversees cybersecurity risk and that the CFO and COO manage material cyber risks day to day.
- Management says it may use a third-party IT service provider to help manage cybersecurity risks, but also states it has not maintained current customer lists or sensitive data.
- The business section adds a new Alberta subsidiary, Zane Inc. CA, to develop and market personal financial management products and health care payment processing services, and says a Nevada subsidiary, Zane Inc US, was later created for U.S. marketing.
- The company now describes the new subsidiaries as having no operations before their stated launch dates, signaling an early-stage expansion rather than an established operating footprint.
Watch Items
- Cybersecurity disclosure matters because it shows the company is formalizing governance around a new risk area, even though current data exposure appears limited.
- The new U.S. and Canada subsidiaries suggest a broader go-to-market plan, which could increase execution risk and cash needs if product rollout slows.
- The absence of current customer data and the early-stage status of the subsidiaries imply the business is still building infrastructure before meaningful revenue generation.
Important Filing Changes
Services and infrastructure provided by PreAxia enable organizations and individuals to eliminate all paper involved in the management of these accounts and benefit through savings in time and money. The PreAxia platform for processing and managing accounts, including cardholder and customer account management, reconciliation and financial settlement, and customer reporting is fully operational. Over time, the Company will evaluate opportunities for forms of virtual banking and PayPal-type services.
RISK FACTORS Not applicable to smaller reporting companies. CYBERSECURITY Risk Management and strategy One of the key functions of our Board of Directors is informed oversight of our risk management process, including risks arising from cybersecurity threats. Our Chief Financial Officer and Chief Operating Officer are primarily responsible for assessing and managing material risks from cybersecurity threats on a day-to-day basis.
Services and infrastructure provided by PreAxia enable organizations and individuals to eliminate all paper involved in the management of these accounts and benefit through savings in time and money. The PreAxia platform for processing and managing accounts, including cardholder and customer account management, reconciliation and financial settlement, and customer reporting is fully operational. Over time, the Company will evaluate opportunities for forms of virtual banking and PayPal-type services.
CYBERSECURITY Risk Management and strategy One of the key functions of our Board of Directors is informed oversight of our risk management process, including risks arising from cybersecurity threats. Our Chief Financial Officer and Chief Operating Officer are primarily responsible for assessing and managing material risks from cybersecurity threats on a day-to-day basis. Our Board of Directors is responsible for monitoring and assessing strategic risk exposure, and our management team is additionally responsible for the day-to-day management of the material risks we face.
Results of Operations – Years ended May 31, 2025, and 2024 For the years ended May 31, 2025, and 2024 Our operating results for the years ended May 31 , 2025, compared to the years ended May 31, 2024, are described below: Revenue During the years ended May 31, 2025, and 2024, the Company had revenue of $0 and $0, respectively. The Company earns a 10% commission on amounts reimbursed for eligible expenses . Expenses Our total expenses for the year ended May 31, 2025, were $152,124 compared to $ 99,44 for the year ended May 31, 2024.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Overview Corporate Overview PreAxia Health Care Payment Systems Inc. (the "Company" or "PreAxia") was incorporated on April 3, 2000, in the State of Nevada. On May 31, 2005, the Company acquired all of the outstanding stock of Tiempo de Mexico Ltd. ("Tiempo") in exchange for 5,000,000 shares of the common stock of the Company with a par value of $0.001. The Company had no operations prior to the date of the aforementioned acquisition.
TWIN DISC 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) |
Twin Disc’s latest filing emphasizes the Kobelt acquisition and shows a more aggressive investment posture for the next year. The company is also highlighting stronger borrowing capacity and continued covenant compliance, which points to a still-manageable liquidity profile. Overall, the filing suggests management is using acquisitions and capital spending to expand the business rather than simply defend it.
Main Changes
- The Business section now says Twin Disc completed the February 14, 2025 acquisition of Kobelt, a controls, propulsion, steering and braking systems maker serving marine, oil and gas, and industrial markets.
- The company removed the prior reference to Katsa from the Business description, leaving Kobelt as the only named acquisition in the updated overview.
- MD&A says fiscal 2027 capital spending is expected to rise to $23 million-$27 million from $17 million-$19 million previously, with spending aimed at modern equipment, growth, efficiency, quality improvements and cost reductions.
- Liquidity language was updated to say available borrowings under the credit agreement increased to about $60.0 million from about $32.1 million, while the company still says it remains in compliance with covenants.
Watch Items
- The Kobelt acquisition broadens Twin Disc’s marine controls and braking footprint, which could improve cross-selling and deepen its product mix.
- Higher planned capex signals management is leaning into capacity and productivity investment rather than pulling back, which may support growth but also raises near-term cash use.
- The larger borrowing availability suggests more financial flexibility, but investors should watch whether integration costs and spending outpace operating cash generation.
Important Filing Changes
The Company has manufacturing locations in the United States, Belgium, Canada, Finland, Italy, the Netherlands, and Switzerland. In addition to these countries, it has distribution locations in Singapore, China, Australia, New Zealand, and Japan. Products offered include: marine transmissions, azimuth drives, surface drives, propellers and boat management systems as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches, controls systems, and braking systems.
The Company has manufacturing locations in the United States, Belgium, Canada, Finland, Italy, the Netherlands, and Switzerland. In addition to these countries, it has distribution locations in Belgium, Singapore, China, Australia, New Zealand, and Japan. Products offered include: marine transmissions, azimuth drives, surface drives, propellers, and boat management systems as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches, controls systems, and braking systems.
No individual customer accounted for 10% of consolidated net sales in fiscal year 2025 and 2024. Unfilled open orders for the next six months of $150.5 million, including the impact of the acquisition of Kobelt, at June 30, 2025 compared to $133.7 million, including the impact of the acquisition of Katsa, at June 30, 2024. Since orders are subject to cancellation and rescheduling by the customer, the six‑month order backlog is considered more representative of operating conditions than total backlog.
No individual customer accounted for 10% of consolidated net sales in fiscal year 2026 and 2025. The Company had unfilled open orders for the next six months of $178.3 million at June 30, 2026 compared to $150.5 million at June 30, 2025. Since orders are subject to cancellation and rescheduling by the customer, the six‑month order backlog is considered more representative of operating conditions than total backlog.
Fiscal 2025 Compared to Fiscal 2024 Net Sales Net sales for fiscal 2025 increased 15.5%, or $45.6 million, to $340.7 million from $295.1 million in fiscal 2024. The Company’s acquisition of Katsa at the beginning of fiscal 2025 contributed $39.1 million of incremental revenue, while the acquisition of Kobelt in the Company’s third fiscal quarter contributed $4.9 million of incremental revenue. Excluding the impact of these acquisitions, the Company’s revenue was relatively flat with the prior year, as strong growth in the Veth product was offset by weaker oil and gas transmission shipments into China and some weakness in the European industrial and commercial marine markets.
Fiscal 2026 Compared to Fiscal 2025 Net Sales Net sales for fiscal 2026 increased 11.9%, or $40.5 million, to $381.3 million from $340.7 million in fiscal 2025. The Company’s acquisition of Kobelt in the third fiscal quarter of fiscal 2025 contributed approximately $7.6 million of incremental revenue. Excluding the impact of this acquisition, the Company’s revenue grew by 9.7% in fiscal 2026, as strong growth in the Veth product combined with growing global military demand for both marine and industrial products, along with generally strong market conditions.
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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