Five companies met our criteria from the five 10-K annual reports filed with the SEC on 1 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
- GOLDENWELL BIOTECH, INC. (High) — Goldenwell ended the year with far less cash and a much larger equity deficit, underscoring heightened financing risk.
- Agentix Corp. (High) — Agentix remains a financing story first and a development story second, with worsening losses and liabilities keeping dilution risk high.
- ETHEMA HEALTH Corp (Medium) — Ethema is no longer just a one-center story; the Kentucky acquisition makes growth look bigger, but execution risk is now much higher.
- NATIONAL BEVERAGE CORP (Low) — National Beverage’s filing shows no material cybersecurity event and no meaningful change in risk posture.
- GENERAL MILLS INC (Low) — The key signal is that General Mills has shifted its watchlist to Blue Buffalo and Progresso, suggesting pressure is now concentrated in different parts of the portfolio.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | GOLDENWELL BIOTECH, INC. | 1800373 | 0.997 | 0.999 | 0.999 | 0.998 | MD&A | high |
| 2 | Agentix Corp. | 1603345 | 0.997 | 1 | 1 | 1 | MD&A | high |
| 3 | ETHEMA HEALTH Corp | 792935 | 0.995 | 0.989 | 0.975 | 0.993 | Risk Factors | medium |
| 4 | NATIONAL BEVERAGE CORP | 69891 | 0.996 | 0.998 | 0.982 | n/a | Risk Factors | low |
| 5 | GENERAL MILLS INC | 40704 | 0.989 | 0.999 | 0.999 | 0.999 | MD&A | low |
GOLDENWELL BIOTECH, INC.
| Rank | 1 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Goldenwell’s latest filing shows a materially weaker financial picture than last year. Cash and total assets fell sharply, while liabilities rose and stockholders’ equity moved further into negative territory. The MD&A also adds foreign currency translation and property-and-equipment accounting policies, but the main story is the worsening balance sheet.
Main Changes
- The 2025 summary financials show cash and cash equivalents fell to $26,775 from $49,404, while total assets dropped to $26,775 from $224,192.
- Total liabilities increased to $379,833 from $271,433, and stockholders’ equity worsened to $(343,713) from $(47,241), signaling a much deeper balance-sheet deficit.
- The company added a new foreign currency translation policy, stating that occasional transactions may occur in Chinese Renminbi or Australian Dollars and that gains and losses are recognized in net income (loss).
- The property and equipment accounting policy was added, including capitalization of major repairs and straight-line depreciation, which was not included in the prior filing.
Watch Items
- The sharp deterioration in equity and asset base raises concern about liquidity and the company’s ability to fund operations without outside capital.
- The new foreign currency policy suggests the company is handling cross-border activity, which can add earnings volatility even for a small issuer.
- The added depreciation policy implies the company is now disclosing more complete accounting treatment, but it does not offset the much weaker financial position.
Important Filing Changes
As of December 31, 2024, we had a working capital balance of $222,332. RESULTS OF OPERATIONS Comparison of the Years ended December 31, 2024 and 2023 As of December 31, 2024, we had accumulated deficit of $1,359,645. As a result, our continuation as a going concern is dependent upon improving our profitability and the continuing financial support from our stockholders or other capital sources.
As of December 31, 2025, we had a working capital balance of $(343,713). RESULTS OF OPERATIONS Comparison of the Years ended December 31, 2025 and 2024 As of December 31, 2025, we suffered from a working capital balance of $(343,713). As a result, our continuation as a going concern is dependent upon improving our profitability and the continuing financial support from our stockholders or other capital sources.
Our financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. The following table sets forth certain operational data for the years ended December 31, 2024 and 2023: Years Ended December 31, 2024 2023 Revenues $ 139 $ 1,836 Cost of revenue 75 1,170 Gross profit 64 666 Total operating expenses 123,162 116,492 Other expense 8,400 1,535 Net loss (131,498 ) (117,361 ) Revenue . We generated revenues of $139 and $1,836 for the years ended December 31, 2024 and 2023, respectively.
Our financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. The following table sets forth certain operational data for the years ended December 31, 2025 and 2024: Years Ended December 31, 2025 2024 Revenues $ 55 $ 139 Cost of revenue (43 ) (75 ) Gross profit 12 64 Total operating expenses (113,338 ) (123,162 ) Other income 0 0 Net loss (296,471 ) (131,498 ) Revenue . We generated revenues of $55 and $139 for the years ended December 31, 2025 and 2024, respectively.
Agentix Corp.
| Rank | 2 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Agentix’s latest filing shows a business that is still burning cash, has no revenue, and is carrying a larger accumulated deficit and more unpaid obligations than a year ago. At the same time, R&D spending came down, which may help preserve cash but also suggests the development program is being run more cautiously. The going-concern warning remains unchanged, so the main issue is still whether the company can secure funding.
Main Changes
- The company now says it had an accumulated deficit of $7,007,164 for the year ended March 31, 2026, versus a smaller deficit in the prior year, showing losses continued to build.
- Vendor and related-party payables increased to $3,596,282 from $3,204,523, indicating more unpaid obligations on the balance sheet.
- Research and development spending fell to $125,079 from $180,987, suggesting a pullback in development spending year over year.
- The filing removes the prior note that Gray’s Peak extended the note maturity to December 31, 2025; the new filing instead says the company has analyzed subsequent events through issuance and has no material subsequent events to disclose.
Watch Items
- The company again says it has no revenue, negative operating cash flow, and substantial doubt about its ability to continue as a going concern, which keeps financing risk front and center.
- Higher payables and short-term debt maturity increase the chance of dilution or unfavorable financing if the company needs to raise cash.
- Lower R&D spend may reflect tighter cash management, but it can also signal slower progress on the development plan.
Important Filing Changes
No material section-level wording change was large enough to quote from the compared sections.
ETHEMA HEALTH Corp
| 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) |
Ethema’s filing shows a clear expansion from a single main treatment platform into a larger multi-site addiction treatment business in Kentucky. The company says it acquired Edgewater Recovery’s business and now operates centers in Morehead and Paducah, while also increasing its employee base sharply. That points to a bigger growth story, but also a more complex integration and operating profile.
Main Changes
- The Business section adds a new operating footprint: the company now says it "operates treatment centers in Morehead, Kentucky and Paducah, Kentucky through 11 leased properties," which was not described in the prior filing.
- The company adds that ARIA Kentucky "acquired the business and certain assets and liabilities of Edgewater Recovery on January 9, 2025," signaling a new acquisition-driven expansion.
- The corporate structure disclosure is updated to say Ethema owns 100% of ARIA Kentucky and that PB Billing now supports "Evernia and ARIA Kentucky," showing the Kentucky business is being integrated into the existing platform.
- Employee count rises from 70 employees and 14 part-time contractors to 207 employees and 16 part-time contractors, reflecting a much larger operating base after the acquisition.
Watch Items
- The Kentucky expansion materially broadens the revenue base, but it also raises execution risk as the company integrates a new acquired business and multiple leased sites.
- A jump in headcount suggests the company is scaling quickly; investors should watch whether staffing growth translates into stable occupancy, patient volumes, and margins.
- The filing shows a more complex operating structure, which can increase overhead and working-capital needs even if it improves growth prospects.
Important Filing Changes
Pursuant to the Internal Revenue Code of 1986, as amended (“IRC”), §382, the Company’s ability to use its net operating loss carry forwards to offset future taxable income is limited if the Company experiences a cumulative change in ownership of more than 50% within a three-year period. Subsequent events Acquisition of Edgewater Recovery Centers, LLC As previously disclosed, on October 22, 2024, ARIA Kentucky LLC (ARIA Kentucky”), a wholly owned subsidiary of the Company, Edgewater Recovery Centers, LLC (“ERC”) and John Elam (the ”Seller”), entered into an Asset Purchase Agreement (”APA”) pursuant to which ARIA Kentucky agreed to acquire and ERC agreed to sell to ARIA Kentucky on the closing date (the “Acquisition”) , the addiction treatment operations owned by ERC and located in Morehead and Paducah, Kentucky through a purchase of the assets of ERC (the “Acquired Assets”), including;…
The company began operating a treatment facility at the Boca Lease Premises during January 2025. Kentucky Treatment Operations The Company through the acquisition of the business, certain assets and liabilities of Edgewater Recovery Center, LLC, operates treatment centers in Morehead, Kentucky and Paducah, Kentucky through 11 leased properties, of which two are in Paducah and the remaining in Morehead. We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations.
In January 2020, the stock was downgraded to the OTC Pink Sheets market. The last reported sale price of our common stock on the OTC Pink on May 21, 2025 was $0.0004 per share. As of May 21, 2025, there were approximately 152 holders of record of our common stock.
In January 2020, the stock was downgraded to the OTC Pink Sheets market. The last quoted stock price of our common stock on the OTC Pink on June 24, 2026 was $0.00001 per share. As of June 24, 2026, there were approximately 150 holders of record of our common stock.
After 2002, the Company continued with various stages of development in this business until 2010. On April 1, 2010, the Company changed its principal operations from development stage electronics to healthcare services. On March 29, 2010, the Company entered into a one year consulting agreement with Greenstone Clinic Inc., a Canadian corporation (“Greenestone Clinic”), whereby Greenestone Clinic provided consulting services for the Company’s development and operation of medical clinics in the province of Ontario, Canada.
After 2002, the Company continued with various stages of development in this business until 2010. On April 1, 2010, the Company changed its principal operations from development stage electronics to health care services. On March 29, 2010, the Company entered into a one-year consulting agreement with Greenstone Clinic Inc., a Canadian corporation (“Greenestone Clinic”), whereby Greenestone Clinic provided consulting services for the Company’s development and operation of medical clinics in the province of Ontario, Canada.
NATIONAL BEVERAGE CORP
| Rank | 4 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
National Beverage’s risk-factor update is mostly a routine annual refresh. The company again says it had no cybersecurity incidents in the year that were material or likely to become material, and its board/Audit Committee oversight structure is unchanged. The wording is slightly tighter than last year, but the message to investors is the same: cyber has not been a business issue so far.
Main Changes
- The company updated the covered period from "Fiscal 2025" to "Fiscal 2026" and said there were "no identified cybersecurity incidents" that had, or were reasonably likely to have, a material effect on the business.
- The prior wording referred to "no identified cybersecurity threats, including those resulting from previous cybersecurity incidents"; the new filing narrows this to incidents only, while keeping the same conclusion that nothing material occurred.
- The governance language stayed the same: the Board oversees cybersecurity through the Audit Committee, and management led by the Director of Information Technology remains responsible for identifying and managing cyber risk.
Watch Items
- The disclosure still indicates no cyber event has risen to a level that would affect operations or financial condition, which lowers near-term operational risk.
- The shift from "threats" to "incidents" suggests the company is emphasizing actual events rather than broader threat monitoring, but it does not signal a new risk posture.
- Because the oversight structure is unchanged, investors should watch for any future expansion of cyber controls or a more specific incident disclosure if risk increases.
Important Filing Changes
The fiscal year ended May 3, 2025 ( “Fiscal 2025” ) consisted of 53 weeks. The fiscal years ended April 27, 2024 ( “Fiscal 2024” ) and April 29, 2023 ( “Fiscal 2023” ) both consisted of 52 weeks. Segment Reporting The Company has one reportable segment for purposes of presenting financial information and evaluating performance.
The Company’s fiscal year ends the Saturday closest to April 30 and, as a result, an additional week is added every five or six years. The fiscal years ended May 2, 2026 ( “Fiscal 2026” ) and April 27, 2024 ( “Fiscal 2024” ) both consisted of 52 weeks. The fiscal year ended May 3, 2025 ( “Fiscal 2025” ) consisted of 53 weeks.
Fair Value of Financial Instruments The carrying values of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the relatively short maturity of the respective instruments. As of May 3, 2025 and April 27, 2024, cash and cash equivalents included money-market instruments of $109.1 million and $240.9 million, respectively. These financial instruments are Level 1 as defined by the fair value hierarchy since they are based on quoted prices in active markets for identical assets and liabilities.
Fair Value of Financial Instruments The carrying values of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the relatively short maturity of the respective instruments. As of May 2, 2026 and May 3, 2025, cash and cash equivalents included money-market instruments of $214.3 million and $109.1 million, respectively. These financial instruments are Level 1 as defined by the fair value hierarchy since they are based on quoted prices in active markets for identical assets and liabilities.
BUSINESS GENERAL Celebrating its 40 th anniversary in November 2025, National Beverage Corp. innovatively refreshes America with a distinctive portfolio of sparkling waters, juices, energy drinks and, to a lesser extent, carbonated soft drinks. We believe our creative product designs, innovative packaging and imaginative flavors, along with our corporate culture and philosophy, make National Beverage unique as a stand-alone entity in the beverage industry.
BUSINESS GENERAL Recently commemorating its 40 th anniversary, National Beverage Corp. innovatively refreshes America with a distinctive portfolio of sparkling waters, juices, energy drinks and, to a lesser extent, carbonated soft drinks. We believe our creative product designs, innovative packaging and imaginative flavors, along with our corporate culture and philosophy, make National Beverage unique as a stand-alone entity in the beverage industry.
GENERAL MILLS 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) |
General Mills’ filing is mostly a cleanup, but it does include a few business-detail updates. The most notable substantive shift is in the brand-risk discussion, where the company now says Blue Buffalo and Progresso are the brands with declining coverage it is monitoring, replacing a different set of brands from last year. The rest of the changes are largely descriptive updates, including a new fiscal year reference and a slightly smaller stated international footprint for its joint ventures.
Main Changes
- The company updated its overview to say it has been making food the world loves for "160 years" instead of "more than 150 years," a routine age refresh with no strategic implication.
- General Mills now says its joint ventures sell products in approximately "120 countries" versus "130 countries" previously, indicating a smaller stated geographic reach in the new filing.
- The brand list in the intangible-asset discussion was revised: "yogurt" was removed from the core categories list, while the named brands changed from "Nudges, Uncle Toby’s, True Chews, and Kitano" to "Blue Buffalo and Progresso" as brands with risk of decreasing coverage that management is monitoring.
- The filing also updated the customer concentration disclosure to fiscal 2026, still showing Walmart at 22% of consolidated net sales and 31% of North America Retail sales.
Watch Items
- The shift in which brands are being monitored for declining coverage suggests pressure is moving across the portfolio, which can matter for future sales and margin trends.
- The reduced country count for joint-venture sales may reflect a narrower footprint or a disclosure update, but investors should watch whether it signals any real international retrenchment.
- The removal of yogurt from the category list may indicate a portfolio mix change or simply a cleanup, but it is worth checking whether the business is deemphasizing that segment.
Important Filing Changes
We offer a variety of human and pet food products that provide great taste, nutrition, convenience, and value for consumers around the world. Our business is focused on the following large, global categories: ● snacks, including grain, fruit and savory snacks, nutrition bars, and frozen hot snacks; ● ready-to-eat cereal; ● convenient meals, including meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees; ● wholesome natural pet food; ● refrigerated and frozen dough; ● baking mixes and ingredients; ● yogurt; and ● super-premium ice cream. Our Cereal Partners Worldwide (CPW) joint venture with Nestlé S.A. (Nestlé) competes in the ready-to-eat cereal category in markets outside North America, and our Häagen-Dazs Japan, Inc. (HDJ) joint venture competes in the super-premium ice cream category in Japan.
We offer a variety of human and pet food products that provide great taste, nutrition, convenience, and value for consumers around the world. Our business is focused on the following large, global categories: • snacks, including grain, fruit and savory snacks, nutrition bars, and frozen hot snacks; • ready-to-eat cereal; • convenient meals, including meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees; • wholesome natural pet food; • refrigerated and frozen dough; • baking mixes and ingredients; and • super-premium ice cream. Our Cereal Partners Worldwide (CPW) joint venture with Nestlé S.A. (Nestlé) competes in the ready-to-eat cereal category in markets outside North America, and our Häagen-Dazs Japan, Inc. (HDJ) joint venture competes in the super-premium ice cream category in Japan.
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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