Two companies met our criteria from the two 10-K annual reports filed with the SEC on 23 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
- HeartSciences Inc. (High) — HeartSciences is now betting that an FDA-exempt ECG software platform can drive adoption and revenue faster than its still-uncertain device program.
- Fly-E Group, Inc. (Medium) — The key message is that Fly-E is still facing funding, listing, and control-remediation pressure while adding more macro and execution risk to the story.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | HeartSciences Inc. | 1468492 | 0.984 | 0.924 | 0.998 | n/a | Business | high |
| 2 | Fly-E Group, Inc. | 1975940 | 0.995 | 0.889 | 0.991 | 0.99 | Business | medium |
HeartSciences 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) |
HeartSciences has repositioned itself from a device-led AI ECG developer to a software and workflow company built around MyoVista Insights™, a cloud platform that does not need FDA 510(k) clearance. The company is still pursuing its MyoVista wavECG device, but that path remains dependent on FDA review and separate algorithm validation. Overall, the filing signals a clearer push toward enterprise software revenue while keeping the hardware opportunity alive in the background.
Main Changes
- The company rewrote its business description from a medical technology developer focused on an AI-based ECG device and cloud application to a healthcare information technology company centered on a cloud-native ECG management platform, MyoVista Insights™.
- The new filing says MyoVista Insights™ is a vendor- and device-agnostic platform, classified as a Medical Device Data System and exempt from FDA 510(k) requirements, with revenue expected from installation fees, SaaS usage fees, and an AI-ECG marketplace.
- The device strategy is now more cautious: the MyoVista wavECG™ remains under FDA review, the company says clearance is not assured, and it separated the device and impaired cardiac relaxation algorithm submissions after updated ASE guidelines.
- The risk section appears largely unchanged in substance, with the same penny stock and trading-liquidity warnings still emphasized.
Watch Items
- The shift toward a software-first, FDA-exempt platform could reduce regulatory friction and speed adoption if enterprise health systems embrace it.
- The wavECG device still depends on FDA clearance, so the company’s longer-term hardware upside remains uncertain and could take time to monetize.
- Epic Toolbox designation may help sales conversations in Epic-enabled systems, but investors should watch whether that translates into real deployments and recurring revenue.
Important Filing Changes
Exhibits, Financial Statement Schedules 104 Item 16. Company Overview We are a medical technology company focused on applying innovative AI-based technology to an ECG, also known as an “EKG,” to expand and improve an ECG’s clinical usefulness. Our objective is to make an ECG a far more valuable cardiac screening tool by expanding its clinical capability to detect a broader range of heart disease conditions through the development of AI-based ECG algorithms (“AI-ECG”).
Company Overview We are a healthcare information technology company focused on advancing electrocardiography (“ECG” or “EKG”) through the integration of artificial intelligence (“AI”). Our first commercial product is MyoVista Insights™, a cloud-native, vendor- and device-agnostic ECG management platform designed to modernize ECG workflows and enable scalable deployment of AI-ECG capabilities across healthcare systems.
Market Strategy General Our objective is to provide AI-ECG solutions in any care setting worldwide in a manner that best suits different providers, either via one of the millions of ECG’s currently in clinical use or via our proprietary MyoVista wav ECG device in order to significantly improve front-line testing and referral processes for heart disease. Our business model is primarily focused on recurring revenues for each of the MyoVista Insights Cloud Platform and the MyoVista wav ECG device. The initial revenue model for the MyoVista wav ECG device involves the capital sale of the device, recurring revenue from the sale of its proprietary supplies (electrodes) for each test.
Company Overview We are a healthcare information technology company focused on advancing electrocardiography (“ECG” or “EKG”) through the integration of artificial intelligence (“AI”). Our first commercial product is MyoVista Insights™, a cloud-native, vendor- and device-agnostic ECG management platform designed to modernize ECG workflows and enable scalable deployment of AI-ECG capabilities across healthcare systems. MyoVista Insights™ is classified as a Medical Device Data System (“MDDS”) and is exempt from the FDA 510(k) requirements.
In addition to the following summary, you should read the other information set forth below in this “Risk Factors” section before you invest in our securities. In particular, our risks include, but are not limited to, the following: Risks Related to Our Financial Condition and Capital Requirements: • We have a limited operating history and we have incurred significant operating losses since our inception, and anticipate that we will incur continued losses for the foreseeable future; • If we are unable to maintain compliance with all applicable continued listing requirements and standards of Nasdaq, our Common Stock could be delisted from Nasdaq. • Our future operating results are dependent on regulatory approval for the MyoVista wav ECG and the MyoVista Insights Cloud Platform, which we have not received as of the date of filing of this Annual Report on Form…
In addition to the following summary, you should read the other information set forth below in this “Risk Factors” section before you invest in our securities. In particular, our risks include, but are not limited to, the following: Risks Related to Our Financial Condition and Capital Requirements: • We have a limited operating history and we have incurred significant operating losses since our inception, and anticipate that we will incur continued losses for the foreseeable future; • If we are unable to maintain compliance with all applicable continued listing requirements and standards of Nasdaq, our Common Stock could be delisted from Nasdaq. • Our future operating results are dependent on receiving regulatory approval for the MyoVista wav ECG and associated AI-ECG algorithms from the FDA, and/or regulatory clearances for the MyoVista wav ECG and associated AI-ECG algorithms or the MyoVista Insights™ from state regulators, if any, or other similar foreign regulatory agencies, which we have not received as of the date of filing of this Annual Report on Form 10-K; • We will need to raise additional funding, which may not be available on acceptable terms, or at all. Failure to obtain funding on acceptable terms and on a timely basis may require us to curtail, delay or discontinue our development efforts and other operations; • All of our assets are subject to security interests; • We have identified weaknesses in our internal controls, and we cannot provide assurances that these weaknesses will be effectively remediated or that additional material weaknesses will not occur in the future; and • There is substantial doubt about our ability to continue as a going concern, which could prevent us from obtaining new financing either on reasonable terms or at all.
Fly-E Group, Inc.
| Rank | 2 |
|---|---|
| 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) |
Fly-E Group’s latest filing adds a more cautious tone, with explicit warnings about funding needs, Nasdaq compliance, tariffs, regulation, and potential foreign exchange exposure as it expands overseas. Management also says it has started remediation steps for internal control weaknesses, but those weaknesses are still not fixed. Overall, the filing points to a company still working through operational and reporting risks rather than one showing a major strategic reset.
Main Changes
- The Business section now explicitly says the company is exposed to a broader set of risks, including the need to "obtain additional funding," "produce our vehicles with sufficient volume and quality," and "regain and maintain compliance with the continued listing standards of the Nasdaq."
- It adds new external risk language around "domestic and international customs, tariffs, and trade policies," retaliatory actions by other countries, and "increased government regulation of our industry."
- The filing also expands the operating backdrop to say the company may face more foreign exchange risk as it expands into "European and other overseas markets" and may need to renew bank borrowings, which could create interest-rate exposure.
- In controls, management says it engaged a third-party consultant, started accounting training, plans to outsource IT, and is developing an ERP system, but concludes the material weaknesses were "not fully remediated" and remain ongoing.
Watch Items
- The added Nasdaq compliance and funding language signals continued balance-sheet and listing pressure, which can weigh on valuation and financing flexibility.
- New tariff, trade, and regulation references suggest management sees a more uncertain operating environment as it tries to expand beyond the U.S.
- Ongoing material weaknesses in internal controls raise reporting-quality risk and suggest remediation is still incomplete.
Important Filing Changes
Fly E-Bike and Fly EV were incorporated under the laws of the State of Delaware on August 22, 2022 and November 1, 2022, respectively. The Company, through its wholly owned subsidiaries, is principally engaged in designing, installing and selling smart electric bikes (“E-bikes”), electric motorcycles (“E-motorcycles”), electric scooters (“E-scooters”), and related accessories under the brand name of “Fly E-Bike.” The Company’s principal operations and geographic markets are mainly in the United States of America (the “U.S.”). During the year ended March 31, 2025, the Company closed four stores in the U.S.
Business Overview Fly-E Group, Inc. (“Fly-E Group,” and collectively with its subsidiaries, the “Company,” “we” or similar terminology), is an electric vehicle (“EV”) company that is principally engaged in designing, installing and selling smart electric motorcycles (“E-motorcycles”), electric bikes (“E-bikes”), electric scooters (“E-scooters”) and related accessories under the brand “Fly E-Bike.” At Fly E-Bike, our commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly future. Our first store was established in 2018 in New York.
FLYEBIKE WORLD INC. ● A New York corporation ● Incorporated on February 27, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLY DELIVERY INC. ● A New York corporation ● Incorporated on March 2, 2023 ● A delivery store 100% owned by Fly E-Bike, Inc. F- 9 FLYEBIKE MIAMI2 INC. ● A Florida corporation ● Incorporated on April 13, 2023 ● A retail store 100% owned by Fly E-Bike, Inc.
Business Overview Fly-E Group, Inc. (“Fly-E Group,” and collectively with its subsidiaries, the “Company,” “we” or similar terminology), is an electric vehicle (“EV”) company that is principally engaged in designing, installing and selling smart electric motorcycles (“E-motorcycles”), electric bikes (“E-bikes”), electric scooters (“E-scooters”) and related accessories under the brand “Fly E-Bike.” At Fly E-Bike, our commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly future. Our first store was established in 2018 in New York. Our business has grown rapidly since then and we believe we are now one of the leading providers of E-bikes for food delivery workers in New York City.
Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements ”. Overview We are an EV company that is principally engaged in designing, installing and selling E-motorcycles, E-bikes, E-scooters and related accessories under the brand “Fly E-Bike.” At Fly E-Bike, our commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly future. Fly E-Bike was established in 2018 with its first store opened in New York.
Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements ”. Overview We are an EV company that is principally engaged in designing, installing, selling and renting E-motorcycles, E-bikes, E-scooters and related accessories under the brand “Fly E-Bike.” At Fly E-Bike, our commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly future. Fly E-Bike was established in 2018 with its first store opened in New York.
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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