One company met our criteria from the two 10-K annual reports filed with the SEC on 30 October 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 Mira Qon Corp, 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
- Naploy Corp. (Medium) — Naploy is still funding losses with insider support, and the latest year shows cash burn worsening rather than improving.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Naploy Corp. | 1978111 | 0.999 | 1 | 1 | 1 | MD&A | medium |
Naploy Corp.
| Rank | 1 |
|---|---|
| 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) |
Naploy’s MD&A shows a bigger cash burn in the latest year and a financing mix that now depends on related-party funding rather than stock sales. The company remains pre-revenue or minimally monetized, with no investing activity and continued operating losses. That points to a business still in early-stage survival mode rather than one showing operating leverage.
Main Changes
- The company now says net cash from financing activities was $21,162 in 2026, driven entirely by "amounts due to related-party," versus $1,537 in 2025 from related-party amounts of $162 and $1,375 of common stock sales.
- Operating cash burn worsened: 2026 operating activities used $31,676 of cash, compared with $17,001 used in 2025, reflecting a larger net loss of $31,676 versus $21,165 in the prior year.
- Investing cash remained nil in both periods, with the filing stating there was "no cash provided by (used in) investing activities" for 2026 and 2025.
Watch Items
- The funding mix moved away from equity issuance and toward related-party support, which can signal tighter access to outside capital.
- Higher operating cash use alongside continued losses suggests the business still has not reached self-funding scale.
- The company still relies on insider-related financing, so investors should watch whether that support remains available if losses continue.
Important Filing Changes
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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