Five companies met our criteria from the six 10-K annual reports filed with the SEC on 15 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. A prior-year filing was not available for Forgent Power Solutions, Inc., so it is excluded from the ranking.
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
- Karbon-X Corp. (High) — Karbon-X has pushed out its stated cash runway, but the business still hinges on raising external capital to avoid ongoing going-concern risk.
- Londax Corp. (High) — Londax is attempting a dramatic pivot into AI infrastructure, but the plan is still speculative and the company lacks the cash and operating scale to execute it without outside funding.
- Transglobal Management Group, Inc. (High) — TMGI is now a golf-platform story, but investors should treat it as a speculative pivot until the new assets show real revenue traction.
- Ispire Technology Inc. (Medium) — Ispire is trading growth for tighter credit control, but the payoff is a smaller U.S. business and heavier dependence on Europe.
- Longevity Diversified Holdings, Inc. (Low) — This 10-K adds compliance disclosures, but the real investment story is unchanged: Longevity Diversified is still a shell company with no identified merger target and ongoing financing risk.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Karbon-X Corp. | 1729637 | 0.436 | n/a | 0.986 | 0.989 | Risk Factors | high |
| 2 | Londax Corp. | 1985554 | 0.986 | 0.592 | 0.629 | 0.657 | Business | high |
| 3 | Transglobal Management Group, Inc. | 1434601 | 0.995 | 0.721 | 0.723 | 0.834 | Business | high |
| 4 | Ispire Technology Inc. | 1948455 | 0.993 | 0.994 | 0.994 | 0.999 | Risk Factors | medium |
| 5 | Longevity Diversified Holdings, Inc. | 787496 | 0.992 | n/a | 0.999 | 0.999 | MD&A | low |
Karbon-X Corp.
| Rank | 1 |
|---|---|
| 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) |
Karbon-X updated its risk and liquidity disclosures to say it may be able to fund operations through fiscal 2027 if it raises enough capital, versus 2025 previously. At the same time, it still carries a going-concern warning and reports a larger negative working-capital position, so the business remains dependent on outside financing. The filing also shows management is now considering a broader mix of funding sources, not just equity and related-party support.
Main Changes
- The company now says its current plan of operations could be funded through fiscal 2027 if it raises capital from common share sales, versus through 2025 in the prior filing.
- The financing discussion was broadened from relying on common share sales and related-party advances to a wider set of options, including additional equity offerings, debt, bank financings, or a combination.
- The going-concern disclosure remains in place, but the new filing shows a larger accumulated deficit and deeper negative working capital, with negative working capital widening to $(4,040,004) from $(1,902,607).
- Capitalized app development costs were newly disclosed at $82,146, alongside higher capital expenditures of $4,341.
Watch Items
- The longer stated runway is positive, but it depends on successful fundraising, so execution on capital raises remains the key near-term risk.
- The continued going-concern warning and wider working-capital deficit suggest liquidity pressure has not gone away despite higher revenue.
- Adding debt and bank financing as possible sources may signal management is broadening its funding strategy, but those options could come with dilution or leverage risk.
Important Filing Changes
Our business, financial condition, results of operations and cash flows could be materially adversely affected by any of these risks, and the market or trading price of our securities could decline due to any of these risks. In addition, please read "Disclosure Regarding Forward-Looking Statements" in this Annual Report, where we describe additional uncertainties associated with our business and the forward-looking statements included or incorporated by reference in this Annual Report. Please note that additional risks not presently known to us or that we currently deem immaterial may also impair our business and operations.
Our business, financial condition, results of operations and cash flows could be materially adversely affected by any of these risks, and the market or trading price of our securities could decline due to any of these risks. In addition, please read the cautionary statement regarding forward-looking statements at the beginning of this Annual Report. Please note that additional risks not presently known to us or that we currently deem immaterial may also impair our business and operations.
Please note that additional risks not presently known to us or that we currently deem immaterial may also impair our business and operations. In this Section, the terms the “Company,” “we”, “our” and “us” refer to Karbon-X Corp. as well as our subsidiary Karbon-X Project, Inc. There is no guarantee that we will ever become profitable.
Please note that additional risks not presently known to us or that we currently deem immaterial may also impair our business and operations. In this Section, the terms the “Company,” “we”, “our” and “us” refer to Karbon-X Corp. as well as our subsidiaries Karbon-X Project, Inc, Karbon-X USA Corp, Karbon-X Trading, Allcot Limited, Karbon-X Iberia SL and Allcot X Colombia S.A.S. Risks Related to Our Operations We will incur losses and there is no guarantee that we will ever become profitable.
Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion relates to the historical operations and financial statements of Karbon-X Corp. for the fiscal years ending May 31, 2025 and May 31, 2024. Forward-Looking Statements The following Management’s Discussion and Analysis should be read in conjunction with our financial statements and the related notes thereto included elsewhere in this Annual Report.
Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion relates to the historical operations and financial statements of Karbon-X Corp. for the fiscal years ended May 31, 2026 and May 31, 2025. Forward-Looking Statements The following Management’s Discussion and Analysis should be read in conjunction with our financial statements and the related notes thereto included elsewhere in this Annual Report.
Londax Corp.
| Rank | 2 |
|---|---|
| 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) |
Londax is no longer presenting itself mainly as a small CRM and software consulting company. The new filing says management is exploring a move into AI and digital infrastructure, including power-intensive data-center projects, but those plans are still early and depend on financing, permits and utility access. The company also disclosed a change in control and a move of its headquarters to Ohio, signaling a fresh strategic direction.
Main Changes
- The business description now says the company is evaluating a "strategic transition toward AI and digital infrastructure opportunities," including the potential development, financing, ownership and operation of power-intensive data-center projects.
- The filing adds that these new initiatives are only in "planning and feasibility stages" and depend on site availability, power and utility validation, financing, permitting, regulatory approvals, commercial negotiations and definitive agreements.
- The company expands its historical product description to include websites, mobile applications, a CRM platform and an "Interview Kit Generator" program, while keeping the legacy IT consulting and software development business in the background.
- It also discloses a post-year-end change in control, with Alpha Investment Inc. becoming the controlling shareholder and the company relocating its principal executive offices to Cincinnati, Ohio.
Watch Items
- The going-concern disclosure underscores that the company may need new financing just to stay afloat, let alone fund a data-center strategy.
- The legacy software business generated only $28,323 of revenue in fiscal 2026, so the new strategy appears to be a response to a weak core business rather than an expansion from strength.
Important Filing Changes
DESCRIPTION OF BUSINESS Our company was established as a Wyoming corporation on May 19, 2023. As a developmental-stage enterprise, our primary focus is on offering IT consulting services and software development solutions.
Business Overview and Historical Business Londax Corp. was incorporated in Wyoming on May 19, 2023. During the fiscal year ended May 31, 2026, the Company continued to operate as a development-stage technology company focused on IT consulting services and software development solutions.
DESCRIPTION OF BUSINESS Our company was established as a Wyoming corporation on May 19, 2023. As a developmental-stage enterprise, our primary focus is on offering IT consulting services and software development solutions. Currently, we have developed and implemented our flagship product https://londax.ai/, which comprises a Customer Relationship Management (CRM) System, Applicant Tracking Systems (ATS), and out-staffing services.
Business Overview and Historical Business Londax Corp. was incorporated in Wyoming on May 19, 2023. During the fiscal year ended May 31, 2026, the Company continued to operate as a development-stage technology company focused on IT consulting services and software development solutions. The Company’s historical principal product, londax.ai, includes customer relationship management, applicant tracking, recruiting workflow and out-staffing functionality.
Not applicable to smaller reporting companies.
Risk Factors An investment in our common stock involves a high degree of risk. The following material risks should be considered together with the other information contained in this Annual Report.
Transglobal Management Group, Inc.
| Rank | 3 |
|---|---|
| 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) |
TMGI has moved away from its prior radio and beauty-products identity and now says its main focus is the golf industry. The company is leaning on GetGolf and related reservation and booking technology to build a scalable platform, but it also admits those assets were not yet meaningful to results in the last fiscal year. That makes this look like an early-stage repositioning rather than a finished turnaround.
Main Changes
- The company says that, after acquiring GetGolf, LLC in October 2025, it "shifted its primary focus to the golf industry," replacing the prior emphasis on syndicated radio and direct-to-consumer health and beauty.
- New business language says the company acquired "golf-related technology and reservation-system assets" to build a "scalable booking and customer-engagement platform," including Stand By Golf, a cloud-based reservation, yield-management, and operations system.
- The filing adds that these golf assets "did not contribute materially" during the fiscal year, but management expects to expand them under a new board and management team.
- The prior description of TMGI as an "emerging direct-to-consumer firm" with Broadcast and Health and Beauty segments is no longer the core framing of the business.
Watch Items
- The pivot to golf is a major strategy reset, so investors should watch whether the company can turn acquired software and reservation assets into real revenue.
- Because management says the golf assets were not material in the last fiscal year, near-term results may still reflect a business in transition rather than a proven operating model.
- The new focus on digital golf platforms brings fresh exposure to privacy, cybersecurity, dynamic pricing, e-commerce, and online marketing rules.
Important Filing Changes
Our History The Marquie Group Our company was incorporated on January 30, 2008 in the State of Florida, as Maximum Consulting, Inc. and shortly thereafter changed its name to ZhongSen International Tea Company, with the principal business objective of providing sales and marketing consulting services to small to medium sized Chinese tea producing companies. On May 31, 2013, our Company entered into an acquisition agreement (the “Acquisition”) with Music of Your Life, Inc., a Nevada corporation (“MOYL Nevada”). As a result of the Acquisition, MOYL Nevada became a wholly owned subsidiary of our Company.
Corporate Information With the acquisition of GetGolf, LLC in October 2025, the Company shifted its primary focus to the golf industry. GetGolf is led by industry veteran Jeff Foster.
Her exposure to international regulations revealed to her that the US guidelines are far behind global standards. This realization led to a deeper investigation of ingredients used in the American beauty industry. She found numerous toxic, carcinogenic, and endocrine-disrupting ingredients in products, which posed significant health risks.
Corporate Information With the acquisition of GetGolf, LLC in October 2025, the Company shifted its primary focus to the golf industry. GetGolf is led by industry veteran Jeff Foster. Foster’s professional background includes founding Arizona Fairways Magazine and Arizona Golf and Travel, as well as decades of experience in the golf industry, including golf course operations, golf-related media and marketing systems.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. General The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and related notes under
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to future events or our future performance. Actual results may materially differ from those projected in the forward-looking statements as a result of certain risks and uncertainties set forth in this annual report.
Ispire Technology Inc.
| Rank | 4 |
|---|---|
| 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) |
Ispire says it deliberately tightened U.S. sales terms, asking for more upfront cash and stricter payment conditions, which cut off some lower-tier accounts and helped drive a sharp drop in North American revenue. At the same time, the company’s receivable reserve grew meaningfully, and Europe became an even larger share of sales. The filing points to a business that is becoming more selective on credit and more dependent on overseas demand.
Main Changes
- The company added that its U.S. sales decline was driven by a "tightening of our sales strategy" that required "higher upfront deposits and stricter payment terms," which reduced participation from lower-tier accounts.
- The allowance for credit losses increased to $26.1 million at June 30, 2026 from $18.0 million a year earlier, signaling heavier receivable pressure.
- The risk discussion kept the same core cannabis and nicotine framing, but now ties the business mix more explicitly to a shift toward nicotine and away from weaker cannabis-related demand.
- The revenue mix moved further toward Europe, which rose to 63.9% of revenue from 58.1%, while North America fell to 15.8% from 25.5%.
Watch Items
- Higher deposits and stricter terms may improve collections, but they can also shrink the customer base and pressure near-term revenue.
- The larger credit-loss allowance suggests management sees more risk in receivables, which can weigh on margins and cash flow.
- Greater reliance on Europe increases exposure to regional regulatory changes, including disposable bans and flavor restrictions.
Important Filing Changes
Although we may implement strategies to mitigate these risks, there can be no assurance that such measures will be entirely effective, and we may continue to incur write-offs of accounts receivable, which may impair our ability to operate profitably. 40 Key Factors that Affect Our Results of Operations We believe the following key factors may affect our financial condition and results of operations: ● The effect of legislation and regulations affecting non-combustable nicotine products and cannabis vaping products. ● If we elect to market nicotine vaping products in the United States, our ability to obtain regulatory approval to market additional nicotine vaping products in the United States and the significant cost of seeking such approval. ● Our ability to develop and market nicotine and cannabis vaping products to meet the changing tastes of adult consumers. ● The effects of competition….
Although we may implement strategies to mitigate these risks, there can be no assurance that such measures will be entirely effective, and we may continue to incur write-offs of accounts receivable, which may impair our ability to operate profitably. Key Factors that Affect Our Results of Operations We believe the following key factors may affect our financial condition and results of operations: ● The effect of legislation and regulations affecting non-combustible nicotine products and cannabis vaping products. ● If we elect to market nicotine vaping products in the United States, our ability to obtain regulatory approval to market additional nicotine vaping products in the United States and the significant cost of seeking such approval. ● Our ability to develop and market nicotine and cannabis vaping products to meet the changing tastes of adult consumers. ● The effects of competition. ● The development of an international market for cannabis vaping products, which is presently primarily limited to certain states in the United States. Results of Operations The following table sets forth a summary of our consolidated statements of operations and comprehensive income for the years ended June 30, 2026 and 2025 (dollars in thousands except per share amounts).
For the year ended June 30, 2025 2024 Europe 58.1 % 43.0 % North America (the U.S. and Canada) 25.5 % 41.5 % Asia Pacific (excluding PRC) 9.6 % 11.6 % Others 6.8 % 3.9 % Total 100.0 % 100.0 % Our revenue decreased by $24,414,387, or 16.1%, from $151,908,691 for the year ended June 30, 2024, to $127,494,304 for the year ended June 30, 2025. The decrease in revenue is the combined effect of (i) decreases in product sales in the United States of $30.5 million from $63.1 million for the year ended June 30, 2024, to $32.6 million for the year ended June 30, 2025, (ii) decreases in product sales in the Asia Pacific (excluding PRC) of $5.3 million from $17.6 million for the year ended June 30, 2024, to $12.3 million for the year ended June 30,…
Year Ended June 30, 2026 2025 Revenue % Revenue % Europe $ 61,430 63.9 % $ 74,107 58.1 % North America (the U.S. and Canada) 15,128 15.8 % 32,568 25.5 % Asia Pacific (excluding PRC) 10,919 11.4 % 12,274 9.6 % Others 8,538 8.9 % 8,545 6.7 % Total 96,015 100 % 127,494 100 % Our revenue decreased by $31,479,694, or 24.7%, from $127,494,304 for the year ended June 30, 2025, to $96,014,610 for the year ended June 30, 2026. The decrease in revenue is the combined effect of (i) decreases in product sales in the United States of $17.4 million from $32.6 million for the year ended June 30, 2025, to $15.1 million for the year ended June 30, 2026, due to a tightening of our sales strategy which required higher upfront deposits and stricter payment terms, subsequently leading to a reduced participation from lower-tier accounts (ii) decreases in sales of vaping products in Europe of $12.7 million from $74.1 million for the year ended June 30, 2025 to approximately $61.4 million for the year ended June 30, 2026, which reflects European regulatory uncertainties regarding disposable bans and flavor restrictions, which led distributors to adopt a cautious purchasing strategy and (iii) decreases in product sales in the Asia Pacific (excluding PRC) of $1.4 million from $12.3 million for the year ended June 30, 2025, to $10.9 million for the year ended June 30, 2026. Cost of Revenue Cost of revenue mainly consists of cost of purchases of vaping products, that are mostly purchased from Shenzhen Yi Jia.
Although we may implement strategies to mitigate these risks, there can be no assurance that such measures will be entirely effective, and we may continue to incur write-offs of accounts receivable, which may impair our ability to operate profitably. 40 Key Factors that Affect Our Results of Operations We believe the following key factors may affect our financial condition and results of operations: ● The effect of legislation and regulations affecting non-combustable nicotine products and cannabis vaping products. ● If we elect to market nicotine vaping products in the United States, our ability to obtain regulatory approval to market additional nicotine vaping products in the United States and the significant cost of seeking such approval. ● Our ability to develop and market nicotine and cannabis vaping products to meet the changing tastes of adult consumers. ● The effects of competition….
Although we may implement strategies to mitigate these risks, there can be no assurance that such measures will be entirely effective, and we may continue to incur write-offs of accounts receivable, which may impair our ability to operate profitably. Key Factors that Affect Our Results of Operations We believe the following key factors may affect our financial condition and results of operations: ● The effect of legislation and regulations affecting non-combustible nicotine products and cannabis vaping products. ● If we elect to market nicotine vaping products in the United States, our ability to obtain regulatory approval to market additional nicotine vaping products in the United States and the significant cost of seeking such approval. ● Our ability to develop and market nicotine and cannabis vaping products to meet the changing tastes of adult consumers. ● The effects of competition. ● The development of an international market for cannabis vaping products, which is presently primarily limited to certain states in the United States. Results of Operations The following table sets forth a summary of our consolidated statements of operations and comprehensive income for the years ended June 30, 2026 and 2025 (dollars in thousands except per share amounts).
Longevity Diversified Holdings, 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) |
The filing is mostly a housekeeping update. The biggest additions are new disclosure sections for cybersecurity and foreign jurisdictions that prevent inspections, while the company also updated its name from UbuyHoldings to Longevity Diversified Holdings. The underlying story remains the same: it is still a shell company looking for a reverse merger and still faces the same funding and dilution risks.
No material section-level wording change was large enough to quote from the compared sections.
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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