Five companies met our criteria from the five 10-K annual reports filed with the SEC on 3 November 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
- Hartman vREIT XXI, Inc. (High) — The key message is that Hartman vREIT XXI is current again, but only after disclosing late filings and material internal control weaknesses that keep reporting risk high.
- Phoenix Education Partners, Inc. (Medium) — The key change is Phoenix’s move into a public-company structure, but shareholder returns still depend on subsidiary cash generation and revolver capacity.
- Limitless Projects Inc. (Medium) — The key update is that Limitless remains a pre-revenue development-stage company with weaker brand protection and only a partial claim on its core software asset.
- NORTHERN MINERALS & EXPLORATION LTD. (Medium) — The key message is that Northern Minerals has effectively admitted its oil and gas asset base is worth zero on the balance sheet, even though it still produces some revenue.
- Apple Inc. (Medium) — Apple’s filing is mostly a product refresh, but the added tariff language broadens the perceived risk to financial condition.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Hartman vREIT XXI, Inc. | 1654948 | 0.976 | 0.995 | 0.998 | n/a | Business | high |
| 2 | Phoenix Education Partners, Inc. | 1600222 | 0.397 | 0.993 | 0.993 | 0.996 | Risk Factors | medium |
| 3 | Limitless Projects Inc. | 1842167 | 0.996 | 0.993 | 0.983 | 0.995 | Risk Factors | medium |
| 4 | NORTHERN MINERALS & EXPLORATION LTD. | 1415744 | 0.997 | 0.999 | 0.999 | 0.99 | MD&A | medium |
| 5 | Apple Inc. | 320193 | 0.997 | 0.993 | 0.996 | 0.994 | Business | medium |
Hartman vREIT XXI, 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) |
Hartman vREIT XXI’s new filing is mainly notable for admitting it missed both annual and quarterly reporting deadlines and for tying those delays to accounting, audit, and internal control problems. Management says the company is now current, but the disclosure signals ongoing reporting and governance strain rather than a clean operating reset. The business description is otherwise largely unchanged, aside from a more explicit one-segment statement and updated share counts.
Main Changes
- The filing now says the company "did not timely file" its 2024 and 2023 Form 10-Ks or the interim 10-Qs, and that this report is being filed as a consolidated catch-up filing to bring it current.
- Management added that the delays were driven by "accounting, audit, and internal control matters," including "material weaknesses in internal control over financial reporting," complex real estate and related-party structures, and changes in external service providers.
- The Business section now says the company "operates as one reportable segment," replacing the prior wording that it internally evaluated assets as one industry segment.
- The filing also updates the share count as of December 31, 2024 and repeats the prior capital structure and advisor/property manager transition to Hartman Advisors II and REIT Property Management.
Watch Items
- Late filings and admitted material weaknesses raise the risk of financial reporting errors and can weigh on investor confidence and access to capital.
- The company’s explanation points to operational complexity and service-provider turnover, which suggests execution risk remains elevated even after the filing catch-up.
- The one-segment disclosure reinforces that investors are still looking at a concentrated real estate platform with limited diversification across reporting lines.
Important Filing Changes
Removed: The disclosure about estimated NAVs differing from resale price was removed.
This approach to establishing an estimated NAV per share may bear little relationship to, and will likely exceed, what a stockholder might receive for its shares if the stockholder tried to sell them or if we liquidated our portfolio. 11 Subsequent estimated NAVs per share are likely to differ from the price at which a stockholder could resell shares of our common stock because: (1) there is no public trading market for our shares at this time; (2) the price does not reflect, and likely will not reflect, the fair value of our assets as we acquire them, nor will it represent the amount of net proceeds that would result from an immediate liquidation of those assets, because the amount of proceeds available for investment from our stock offerings is net of selling commissions, dealer manager fees, other organization and offering costs and acquisition fees and costs and distribution and stockholder servicing fees; (3) the estimated per share value does not take into account how market fluctuations affect the value of our investments, including how the current conditions in the financial and real estate markets may affect the values of our investments; and (4) the estimated per share value does not take into account how developments related to individual assets may increase or decrease the value of our portfolio. Currently there are no SEC, federal or state rules that establish requirements concerning the methodology to employ in determining an estimated per share value.
[No corresponding passage in the 2026 filing’s Risk Factors section.]
Added: The company added a cybersecurity risk disclosure covering unauthorized access, ransomware, phishing, malware, viruses, and data breaches.
[No corresponding passage in the 2025 filing’s Risk Factors section.]
The Company relies on information technology systems and third-party service providers to support important business functions, including accounting, financial reporting, property management, communications, and administrative operations. The Company and its service providers may be vulnerable to cybersecurity incidents, including unauthorized access, ransomware attacks, phishing attempts, malware, computer viruses, data breaches, and other cyber-related events. A cybersecurity incident could result in operational disruption, unauthorized access to confidential information, interruptions in financial reporting systems, reputational harm, regulatory scrutiny, litigation, remediation costs, and other adverse consequences.
Phoenix Education Partners, Inc.
| Rank | 2 |
|---|---|
| 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) |
Phoenix Education Partners’ 2026 10-K reflects a major post-IPO transition from a limited partnership to a public corporation, with the University of Phoenix now fully owned through the new structure. The company also updated its disclosures to emphasize that dividends, if any, depend on cash coming up from operating subsidiaries. On the liquidity side, it swapped a cash-backed letter of credit for a revolver-backed one, which frees restricted cash but consumes borrowing capacity.
Main Changes
- The filing now reflects the post-IPO corporate structure: AP VIII Queso Holdings, L.P. converted into Phoenix Education Partners, Inc., and the University of Phoenix became a wholly owned subsidiary.
- The company updated the ownership language to say Apollo Education Group is now a "direct wholly owned subsidiary" and renamed it Phoenix Education Operating Corp.
- The risk-factor and overview language now frames the company as a public holding company with dividend capacity dependent on distributions from operating subsidiaries.
- The capital structure disclosure adds that a $28.4 million letter of credit replaced a cash-collateralized letter of credit, releasing restricted cash but reducing revolver availability.
Watch Items
- The IPO and conversion simplify the structure, but investors should watch whether the new public-company setup improves access to capital and strategic flexibility.
- Dividend language remains conditional on subsidiary distributions, which matters because cash upstreaming is the key constraint on shareholder returns.
- The letter-of-credit change frees cash but uses revolver capacity, so liquidity management remains an important follow-through item.
Important Filing Changes
Added: The company disclosed stock repurchases of 100,928 shares for $30.85 average price and $42.923 million remaining under the program.
[No corresponding passage in the 2025 filing’s Business section.]
Recent Sales of Unregistered Equity Securities Not applicable. Issuer Purchases of Equity Securities The following table summarizes our stock repurchase activity for the three months ended August 31, 2026: Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under the plans or programs ($ in thousands) June 1 to June 30, 2026 95,678 $ 30.86 95,678 $ 43,084 July 1 to July 31, 2026 5,250 $ 30.67 5,250 $ 42,923 August 1 to August 31, 2026 — $ — — $ 42,923 Total 100,928 $ 30.85 100,928 $ 42,923 In April 2026, our Board approved a stock repurchase program (the “April 2026 Repurchase Program”) authorizing the repurchase of up to $50.0 million of our common stock. The April 2026 Repurchase Program was publicly announced on April 7, 2026, has no expiration date, and may be suspended, modified or discontinued at any time.
Added: The company said the decrease was partly offset by a $7.0 million cybersecurity loss contingency, litigation and regulatory charges, and higher lease restructuring expense.
[No corresponding passage in the 2025 filing’s Business section.]
Strategic alternatives, restructuring and other decreased $0.8 million, or 1.7%, in fiscal year 2026 compared to fiscal year 2025, principally due to lower strategic alternatives expense from a reduction in IPO-related costs and the $12.2 million fee paid in fiscal year 2025 to terminate the strategic transaction with Four Three Education, Inc. The decrease was partially offset by costs associated with the cybersecurity incident detected in November 2025, including a $7.0 million estimated loss contingency related to the class action litigation arising from the incident, an increase in litigation charges and regulatory expense, including a loss contingency related to a separate class action lawsuit and an increase in lease restructuring expense driven by changes in our estimated future cash flows associated with exited space (see Note 15. Commitments and Contingencie s to our audited consolidated financial statements).
Added: The company defined strategic alternatives, restructuring and other as including cybersecurity incident costs, lease expense, litigation, and unusual items.
[No corresponding passage in the 2025 filing’s Risk Factors section.]
53 Strategic alternatives, restructuring and other . Strategic alternatives, restructuring and other principally consists of (1) costs associated with exploring and executing strategic alternative and capital market transactions, (2) net lease expense for space we have exited, (3) expense associated with the cybersecurity incident detected in November 2025, including the estimated loss contingency associated with the related class action litigation, (4) certain litigation and regulatory expenses, and (5) other items that we consider unusual or infrequent. Comparison of Fiscal Years Ended August 31, 2026 and 2025 The following details our consolidated results of operations for fiscal years 2026 and 2025: Year Ended August 31, % of Net Revenue % Change ($ in thousands) 2026 2025 2026 2025 2026 versus 2025 Net revenue $ 1,016,969 $ 1,007,192 1.0 % Costs and expenses: Instructional and support 440,029 435,992 43.3 % 43.3 % 0.9 % General and administrative 408,619 352,634 40.2 % 35.0 % 15.9 % Strategic alternatives, restructuring and other 45,660 46,435 4.5 % 4.6 % (1.7 )% Total costs and expenses 894,308 835,061 87.9 % 82.9 % 7.1 % Operating income 122,661 172,131 12.1 % 17.1 % (28.7 )% Interest income 8,435 10,458 0.8 % 1.0 % (19.3 )% Interest expense (2,043 ) (480 ) (0.2 )% — * Income before income taxes 129,053 182,109 12.7 % 18.1 % (29.1 )% Provision for income taxes 41,003 46,668 4.0 % 4.7 % (12.1 )% Net income 88,050 135,441 8.7 % 13.4 % (35.0 )% Net loss (income) attributable to noncontrolling interests 811 (1,563 ) — (0.1 )% * Net income attributable to Phoenix Education Partners, Inc. $ 88,861 $ 133,878 8.7 % 13.3 % (33.6 )% *Not meaningful Net revenue Net revenue increased $9.8 million, or 1.0%, in fiscal year 2026 compared to fiscal year 2025.
Limitless Projects 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) |
Limitless Projects is still a pre-revenue software developer, but the new filing is more explicit that it remains in development-stage mode and has not yet built a commercial business. The company also disclosed a failed trademark application for Privacy and Value and a slightly smaller ownership stake in the subsidiary that holds the software assets. Overall, the filing points to a still-early, high-risk story with limited protection around its main product.
Main Changes
- The company now says it is a "development stage enterprise" and that "substantially all" activity has been software development and organizational matters, whereas the prior filing described the business more as an active software developer with a product launch plan.
- The business description now says the company intends to sell Privacy and Value through third parties who will market it, instead of saying it would sell the software and launch the applications itself.
- The intellectual property section now says a prior trademark application for "Privacy and Value" was unsuccessful and that the company "currently holds no proprietary rights or recognized intangible assets" tied to the brand.
- The ownership stake in Privacy and Value Inc. was reduced from 50% to 49.7%, and the filing says the subsidiary holds the software assets.
Watch Items
- The failed trademark application weakens brand protection and may make commercialization harder if the product ever reaches market.
- The shift to a third-party sales model suggests management is backing away from direct go-to-market execution, which can reduce control over adoption and margins.
- The lower ownership stake in the software subsidiary slightly reduces the company’s economic claim on the core asset.
Important Filing Changes
Removed: The company no longer discloses the 100,000,000-share transfer agreement for a $250,000 cash payment due June 15, 2021.
Accordingly, the amount that was due from Cyber Apps to Limitless Projects Inc. under the Asset Purchase and Joint Agreement was $250,000. The management entered into agreements with Cyber Apps whereby they each will transfer 50,000,000 of our shares, for a total of 100,000,000 to Cyber Apps and its principals for a cash payment of $250,000 that was due on June 15, 2021. Cyber Apps did not make the $250,000 payment by the deadline date of June 15, 2021 and the agreement has been terminated.
[No corresponding passage in the 2026 filing’s Business section.]
Removed: The company no longer discloses Cyber Apps’ agreement to buy a 50% interest in Privacy and Value software for $10,000 plus a valuation-based payment.
The joint venture will be overseen by a management committee, with each party appointing one member and those two members jointly selecting an independent third member to serve on the committee. Cyber Apps World, Inc., a reporting company, has agreed to purchase a 50% interest in the Privacy and Value software for 1. $10,000 upon execution of the agreement, which has been paid; and 2. an amount equal to the estimation of the value of the 50% interest in Privacy and Value based upon an independent business valuation, less the $10,000 payment, which amount shall be no less than $50,000 and no more than $250,000 and was due by June 15, 2021. The management obtained an independent valuation of the Privacy and Value software in its present form of development that estimated its value at approximately $2,200,000.
[No corresponding passage in the 2026 filing’s Business section.]
NORTHERN MINERALS & EXPLORATION LTD.
| Rank | 4 |
|---|---|
| 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) |
The biggest update is that Northern Minerals fully wrote down its oil and gas properties, saying the assets are now carried at zero after another year of impairment charges. Management also clarified that the wells still produce, but not enough to support the prior carrying value under accounting rules. The filing continues to show a very small, consultant-run company with no employees and limited financial flexibility.
Main Changes
- MD&A now says the company recognized impairment losses of $151,456 in fiscal 2026 and $140,744 in fiscal 2025, and that these charges reduced the carrying value of oil and gas properties to zero as of July 31, 2026.
- Management added that the properties still produce oil and natural gas and generate revenue, but their carrying values were deemed not recoverable under U.S. GAAP.
- The company expanded its critical accounting discussion to emphasize that future commodity price or production improvements will not reverse the prior impairment charges.
- The employee disclosure was updated from three officers acting as consultants to two officers acting as consultants, with no employees as of July 31, 2026.
Watch Items
- Full impairment of oil and gas assets signals the core asset base has no book value left, which can limit balance-sheet flexibility and raise questions about long-term asset quality.
- Management’s note that the wells still produce revenue suggests the business remains operational, but economics are weak enough that accounting value has been written off.
- The reduction in officers from three to two may reflect a leaner structure, but it also underscores how small and resource-constrained the company remains.
Important Filing Changes
Added: The new passage adds 2026 impairment losses of $151,456 and says oil and gas properties were reduced to zero at July 31, 2026.
[No corresponding passage in the 2025 filing’s MD&A section.]
Changes in these assumptions could materially affect the estimated recoverability and fair value of our properties and result in additional impairment charges. 9 During the years ended July 31, 2026 and 2025, we recognized impairment losses of $151,456 and $140,744, respectively, reducing the carrying value of our oil and gas properties to zero as of July 31, 2026. Although these properties continue to produce oil and natural gas and generate revenue, management determined that their carrying values were not recoverable based on the impairment assessments performed.
Reworded: The new passage adds $12,254 of interest expense and specifies the impairment was on oil and gas properties.
Other income / expenses During the years ended July 31, 2025 and 2024, we incurred $12,254 and $11,454 of interest expense, increase of $800 or 7%. During the year ended July 31, 2025, we recognized a $4,700 gain on extinguishment of debt and a loss for impairment of $140,744. 7 Net Loss For the year ended July 31, 2025 we had a net loss of $383,612 compared to $170,340 for year ended July 31, 2024.
Other income / expenses During the year ended July 31, 2026, we incurred $17,433 of interest expense, a loss for impairment of our oil and gas properties of $151,456 and an unrealized loss for the value of our Bitcoin asset of $10,663. During the year ended July 31, 2025, we incurred $12,254 of interest expense, a loss for impairment of our oil and gas properties of $140,744 and we recognized a $4,700 gain on extinguishment of debt. Net Loss For the year ended July 31, 2026, we had a net loss of $474,918 compared to $383,612 for year ended July 31, 2025.
Apple Inc.
| Rank | 5 |
|---|---|
| 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) |
Apple’s business section mostly updates its product lineup to newer model names across iPhone, Mac, and Apple Watch, while keeping the core strategy unchanged. The more meaningful disclosure is in the forward-looking language, where Apple now says tariffs and other measures could affect its financial condition as well as operations. That suggests management is treating trade policy as a broader business risk than before.
Main Changes
- The product list was updated to new model names, including "iPhone Duo," "iPhone 18 Pro," "iPhone 17e," "MacBook Neo," and "Apple Watch Series 12" / "Apple Watch Ultra 4," replacing the prior-year lineup.
- Apple added a new forward-looking statement example saying tariffs and other measures could affect not just business and results of operations, but also "financial condition."
- The employee section was updated to a slightly larger workforce, with approximately 167,000 full-time equivalent employees versus about 166,000 previously.
- The filing also shifts page references throughout, but the substantive business disclosure is mainly a refreshed product portfolio and updated risk framing.
Watch Items
- The new product naming suggests a refreshed hardware cycle, which matters for revenue mix, upgrade demand, and pricing power.
- Explicitly adding financial condition to the tariff warning signals management sees trade policy as a broader balance-sheet and cash-flow risk, not just a margin issue.
- The modest headcount increase points to continued investment, but not a major change in operating scale.
Important Filing Changes
Added: Apple added a new AI risk disclosure covering competition, liability, privacy, cybersecurity, misuse, bias, and child safety.
[No corresponding passage in the 2025 filing’s Risk Factors section.]
These technologies present emerging legal, regulatory, ethical and operational risks. For example, the Company’s artificial intelligence efforts may give rise to risks related to, among other things: competition and strategy; recouping costs and returns on investments; product liability; intellectual property infringement; data privacy; cybersecurity; sanctions and export controls; unauthorized access to or inadvertent releases of confidential information or other unexpected access to or use of user information; exposing users to harmful, inaccurate or other negative content or experiences; unintended or unauthorized actions by autonomous or agentic systems; misuse of artificial intelligence by employees and other personnel; changing public sentiment; bias and discrimination; and online safety and protection of minors. While the Company is committed to developing and deploying artificial intelligence responsibly, the Company may be unsuccessful in identifying or resolving all potential issues and failures before they arise.
Reworded: The disclosure now adds artificial intelligence technologies and raw materials as affected items and expands the supply-chain restrictions.
Restrictive measures can increase the cost or limit the availability of the Company’s products and the components and rare earths and other raw materials that go into them. Restrictive measures can also require the Company to change suppliers, restructure business relationships and operations, refrain from offering and distributing or cease to offer and distribute affected products, services and third-party applications to its customers, and increase the prices of its products and services. Changing the Company’s business and supply chain in accordance with new or changed restrictions on international trade can be expensive, time-consuming and disruptive to the Company’s business and results of operations.
Restrictions on international trade, such as tariffs and other controls on imports or exports of goods, technologies, including artificial intelligence and super intelligence technologies, or data, can materially adversely affect the Company’s business and supply chain, particularly if such measures apply to countries and regions where the Company generates significant revenue or has significant supply chain operations. These measures can increase the cost or limit the availability of the Company’s products and the components, rare earths and other raw materials that go into them; require the Company to change suppliers or restructure business relationships and operations; require the Company to refrain from or cease offering, distributing or incorporating affected products, services, third-party applications or technologies, including artificial intelligence technologies; and cause the Company to increase the prices of its products and services. Changing the Company’s business and supply chain in response to new or changed restrictions on international trade can be expensive, time-consuming and disruptive.
Added: Apple added that machine learning and artificial intelligence may involve copyrighted materials in training and outputs.
While the Company has generally been able to obtain such licenses on commercially reasonable terms in the past, there is no guarantee that such licenses could be obtained in the future on reasonable terms or at all. [No corresponding passage in the 2025 filing.] Business Seasonality and Product Introductions The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in part to seasonal holiday demand.
In addition, the Company’s products and services have been, and may in the future be, alleged to infringe the intellectual property rights of others due to extensive existing intellectual property coverage, the rapid pace of new intellectual property rights generation, and technological changes in the industries in which the Company currently competes or may compete in the future. This risk may be exacerbated by the use of new and emerging technologies, including machine learning and artificial intelligence, which can involve, among other things, the acquisition and use of copyrighted materials for training as well as the potential reproduction of copyrighted materials in their outputs. Apple Inc. | 2026 Form 10-K | 4 Business Seasonality and Product Introductions The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in part to seasonal holiday demand.
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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