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 (High) — Butler National now has a single, newly appointed executive running both the CEO and CFO functions simultaneously — a material governance red flag at a small-cap company with meaningful government contract exposure and no disclosed succession plan.
- Orion Bliss Corp. (Low) — Orion Bliss has filed a near-carbon-copy 10-K with an unresolved going concern, a three-month cash runway, no financing plan, and zero disclosed business progress — the company appears stalled.
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 | high |
| 2 | Orion Bliss Corp. | 1854183 | 0.997 | 1 | 1 | 0.999 | MD&A | low |
BUTLER NATIONAL CORP
| 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) |
Butler National’s most significant filing change is the departure of CEO Christopher Reedy and the consolidation of CEO and CFO responsibilities into a single person, Adam Sefchick, who has been CFO for less than a year and has no prior CEO experience. The company also quietly expanded its aerospace product description to include commercial controls and added several new risk factors tied to government contract exposure and growth capacity constraints. Together, these changes point to a company in leadership transition while simultaneously signaling ambitions — and risks — around government-dependent revenue growth.
Main Changes
- CEO Christopher Reedy resigned effective June 15, 2026; CFO Adam Sefchick was appointed Interim CEO and President on top of his CFO role, making him the company’s sole executive officer. Reedy will remain as a non-executive ‘Special Advisor to the Board’ until he retires July 1, 2027.
- The Aerospace Products segment description was expanded to include ‘commercial controls, cabling and defense related articles,’ adding commercial controls as an explicit product category not mentioned in the prior filing.
- The modifications product list replaced ‘Traffic collision avoidance systems’ with ‘Electrical systems integration,’ signaling a shift in the types of aircraft modification work the company is emphasizing.
- New forward-looking risk factors were added in MD&A, including ‘government shutdown,’ ‘loss of key personnel, including executive officers,’ ‘need to acquire hangar space for substantial growth,’ and ‘U.S. Government action with respect to contracts’ — none of which appeared in the prior filing.
Watch Items
- A single person now holds both the CEO and CFO roles at a small public company — this concentration of executive authority creates governance risk and raises questions about succession planning and internal controls.
- The addition of ‘government shutdown’ and ‘U.S. Government action with respect to contracts’ as explicit risk factors suggests Butler National’s government-facing aerospace revenue may be under greater pressure or uncertainty than previously disclosed.
- The new risk factor flagging a ‘need to acquire hangar space for substantial growth’ is an unusual and specific disclosure — it may signal management is pursuing capacity expansion, which would have capital allocation and execution implications for a small-cap company.
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 Corp.’s latest 10-K is nearly identical to the prior year’s filing — the only substantive differences are a calendar year rollover in the cybersecurity boilerplate and minor page number shifts. The company continues to carry a going concern qualification, discloses only a three-month liquidity runway, and has made no progress on securing financing, generating revenue, or advancing its retail expansion plan. There is no evidence of operational or strategic development between the two filings.
Main Changes
- The cybersecurity disclosure year reference updated from ‘2025’ to ‘2026,’ with identical language otherwise — no new threats identified or new controls described.
- Table of contents page numbers shifted slightly (e.g., Item 11 moved from page 9 to page 10, Item 14 from page 11 to page 13), reflecting document reformatting with no substantive content change.
- Going concern language carried forward verbatim: financial statements prepared ‘assuming that we will continue as a going concern’ — no new mitigation measures, no updated funding timeline, and no change to the three-month liquidity runway disclosure.
- The liquidity section retained identical language stating the company has ‘no lines of credit or other bank financing arrangements,’ no specific funding plan, and relies on director loans with ‘no future arrangement’ confirmed — no progress disclosed year-over-year.
Watch Items
- The going concern warning is now in its second consecutive annual filing with zero new language around mitigation — management has not added any concrete funding commitments, revenue milestones, or strategic partnerships, signaling the company remains in the same precarious position.
- Liquidity runway is disclosed as only three months on existing working capital, with no lines of credit and no equity financing arrangements in place — this is an unchanged and acute near-term solvency risk.
- The Business section is entirely unchanged year-over-year, indicating no operational progress, no new distribution agreements, and no expansion of the product or retail strategy since the prior filing.
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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