Three companies met our criteria from the five 10-K annual reports filed with the SEC on 30 June 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 TEL INSTRUMENT ELECTRONICS CORP and Beneficient, so they are 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
- OLENOX INDUSTRIES INC. (High) — Olenox is no longer presenting itself as a pure modular builder, but as a newly rebranded multi-business platform with materially higher execution risk.
- SCORES HOLDING CO INC (Medium) — Scores is marginally better funded than last year, but the filing underscores that the company still faces a real liquidity survival risk.
- Senmiao Technology Ltd (Low) — This filing looks like a modest cleanup rather than a strategic reset, with the main signal being a broader-sounding subsidiary name and a smaller trademark portfolio.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | OLENOX INDUSTRIES INC. | 1023994 | 0.978 | 0.9 | 0.997 | 0.987 | Business | high |
| 2 | SCORES HOLDING CO INC | 831489 | 0.984 | 0.997 | 0.997 | 0.993 | MD&A | medium |
| 3 | Senmiao Technology Ltd | 1711012 | 0.993 | 0.998 | 0.999 | 0.998 | Business | low |
OLENOX INDUSTRIES 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) |
Olenox materially broadened its business description from a modular-construction company into a multi-segment industrial platform spanning construction, technology, oil and gas, and environmental services. The filing also adds recent merger and acquisition activity, including the Giant Containers deal and a corporate name change, which points to a major strategic reset. For investors, the key question is whether management can integrate these businesses and turn the expanded footprint into durable revenue.
Main Changes
- The company now says it operates in four segments: "manufacturing for construction," "technology," "oil and gas," and "environmental services," replacing the prior narrower description centered on modular construction.
- It adds a broader business mix, stating it provides remote monitoring technology for oil and gas operations, owns oil and gas wells in multiple states and Canada, and offers environmental services tied to the oil and gas industry.
- The filing introduces major M&A and portfolio expansion language: a February 2, 2025 merger agreement with New Asia Holdings, a December 2025 acquisition of Giant Containers, and a January 2026 name change from Safe & Green Holdings Corp. to Olenox Industries Inc.
- The modular business description is expanded to say 2025 modules were used for residential projects, military storage, and power generation enclosures, and that Giant Containers is a global manufacturer of shipping-container-based modular structures.
Watch Items
- The company is signaling a much broader operating model, which could change revenue mix, margin profile, and capital needs versus the legacy modular-construction story.
- The addition of oil and gas and IoT monitoring businesses increases exposure to commodity cycles, operational execution risk, and integration risk from recent acquisitions.
- The name change and rebranding suggest management is repositioning the company around a multi-asset industrial platform rather than a single-product modular builder.
Important Filing Changes
Risks Relating to our Common Stock · F ailure to meet the continued listing requirements of the Nasdaq Capital Market could result in a delisting. · Our stock price has been subject to fluctuations in the past, has recently been volatile and our stock is thinly traded. · The requirements of being a public company may strain our resources. · Sales of shares of our common stock, could cause the price of our common stock to decline and result in dilution. · Certain provisions of Delaware law could discourage, delay or prevent a merger or acquisition at a premium price. · We have availed ourselves of reduced disclosure requirements, which may make our common stock less attractive. Company Overview We operate in the following four segments: (i) construction; (ii) medical; (ii) real estate development; and (iv) environmental. The construction segment…
Company Overview We operate in the following four segments: (i) manufacturing for construction; (ii) technology; (iii) oil and gas; and (iv) environmental services. The construction segment designs and constructs modular structures in our factory using recycled shipping containers; in the past, traditional wood and steel frames were also used.
Company Overview We operate in the following four segments: (i) construction; (ii) medical; (ii) real estate development; and (iv) environmental. The construction segment designs and constructs modular structures built in our factories using raw materials that are Made-in-America. In the medical segment we use our modular technology to offer turnkey solutions to medical testing and treatment and generating revenue from medical testing.
Company Overview We operate in the following four segments: (i) manufacturing for construction; (ii) technology; (iii) oil and gas; and (iv) environmental services. The construction segment designs and constructs modular structures in our factory using recycled shipping containers; in the past, traditional wood and steel frames were also used. In the technology sector, we offer turnkey solutions to monitor oil and gas operations remotely and other similar applications.
Results of Operations Our operations for the years ended December 31, 2024 and 2023 may not be indicative of our future operations. Years Ended December 31, 2024 and 2023 : For the Year Ended December 31, 2024 For the Year Ended December 31, 2023 Revenue Construction services (includes engineering) $ 4,976,618 $ 16,523,080 Total 4,976,618 16,523,080 Year over year % growth: Construction services ( 70 ) % 30 % Medical revenue — ( 100 ) % Consolidated ( 70 ) % ( 32 ) % Operating income (loss) Construction services ( 319,481 ) ( 2,721,899 ) Medical ( 104,174 ) ( 529,569 ) Corporate and Support ( 9,282,960 ) ( 18,497,740 ) Consolidated ( 9,706,615 ) ( 21,749,208 ) Other income (expenses) ( 9,957,745 ) ( 808,157 ) Less: Common stock deemed dividends ( 5,621,596 ) — Add: Net income…
Results of Operations Our operations for the years ended December 31, 2025 and 2024 may not be indicative of our future operations. Years Ended December 31, 2025 and 2024 : For the Year Ended December 31, 2025 For the Year Ended December 31, 2024 Revenue Construction Services $ 2,286,494 $ 4,976,618 Oil & Gas 288,467 – Technology 377,617 – Total $ 2,952,578 $ 4,976,618 Year over year % growth: Construction Services (54 )% (70 )% Oil & Gas 100 % – % Technology 100 % – % Consolidated (41 )% (70 )% Operating income (loss) Construction Services (2,315,908 ) (319,481 ) Medical – (104,174 ) Oil & Gas (2,759,937 ) – Technology (974,309 ) – Corporate and Support (8,018,187 ) (9,282,960 ) Consolidated (14,068,341 ) (9,706,615 ) Other income (expenses) 4,751,849 (9,957,745 ) Less: Common stock deemed dividends – (5,621,596 ) Add: Net income (loss) from discontinued operations – 2,684,678 Net loss attributable to common stockholders $ (18,820,190 ) $ (22,601,278 ) Revenue Total revenue for the year ended December 31, 2025, was $2,952,578 compared to $4,976,618 for the year ended December 31, 2024. Revenue decreased 41% in 2025, compared to the prior year.
SCORES HOLDING CO INC
| Rank | 2 |
|---|---|
| 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) |
Scores Holding’s filing shows a slightly better liquidity picture, with more cash and a smaller working capital deficit than last year. Even so, management added stronger going-concern language, saying the company may not continue if it cannot secure adequate working capital. The business remains a small trademark-licensing model with no meaningful expansion in the club count.
Main Changes
- MD&A now says the company "may not continue its operations" if adequate working capital is not available, sharpening the going-concern warning from prior wording that focused on negative working capital and dependence on outside funding.
- Cash improved to $87,049 at December 31, 2024 from $46,624 at December 31, 2023, and working capital deficit narrowed to $171,910 from $201,175, reflecting a modest balance-sheet improvement.
- Operating cash flow stayed positive at $40,425 in 2024 versus $39,024 in 2023, while financing cash use remained nil, suggesting the business is still self-funding day to day but with very limited cushion.
- The business section was updated to say there are five Scores clubs as of January 7, 2026, versus February 26, 2025 in the prior filing, with no change in the underlying licensing model.
Watch Items
- The explicit warning that operations may not continue without adequate working capital highlights ongoing liquidity fragility despite the improved cash balance.
- Positive operating cash flow is encouraging, but the absolute cash level remains small, so any dip in licensing revenue could quickly pressure liquidity.
- The unchanged five-club footprint suggests management is not yet expanding the brand materially, so growth still depends on monetizing the existing licensing base.
Important Filing Changes
The terms of the royalties earned under these license agreements vary from a flat monthly fee to a percentage of the revenues of the licensee on a monthly basis. The licensing rights are transferred to the Company’s customers over time, and the Company recognizes licensing revenue over time because the customer will simultaneously receive and consume the benefit from the license as the performance occurs. ii. Stand-Ready for Consulting and Club Set-up Services The Company offers an initial set-up and consultation to new clubs in order to aid in the opening and operation.
However, these estimates could change materially if different information or assumptions were used. Revenue Recognition Under Accounting Standards Codification Topic 606 Revenue from Contracts with Customers , “ASC 606”, revenue from the initiation fees are recognizable at a point in time (first month of the contract) and royalty revenues are recognized over time for those contracts with probable collections. The Company’s license fee revenue is generated from royalties earned through intellectual property licensing agreements which permit the licensee to use the recognition and status of the Scores brand in order to promote their businesses.
Liquidity and Capital Resources Various conditions such as the accumulated losses of $6,876,598 and negative working capital deficit of $205,765 raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these consolidated financial statements. The Company raised and intends to raise additional working capital through the continued licensing of its brand with its current and new operators. There are no assurances that the Company will be able to achieve the level of revenues adequate to generate sufficient cash flow from operations to support the Company’s working capital requirements.
It can be a calendar one like summer and spring or an economic one like the Christmas season. You can use the concept of seasonality in the analysis of stock prices and market trends, or a company can use it to improve working capital management. As an example, if a company usually has lower sales in the second quarter of the year, it can decrease inventory purchases to avoid overstocking.
Since 2003, we have been in the business of licensing the “Scores” trademarks and other intellectual property to fine gentlemen’s nightclubs with adult entertainment in the United States. As of February 26, 2025 there are five such clubs operating under the Scores name, in Chicago, Illinois; Tampa, Florida; Mooresville, North Carolina; Palm Springs, Florida; and Las Vegas, Nevada. Our trademarks and copyrights surrounding the Scores trade name are critical to the success and potential growth of our business.
Since 2003, we have been in the business of licensing the “Scores” trademarks and other intellectual property to fine gentlemen’s nightclubs with adult entertainment in the United States. As of January 7, 2026 there are five such clubs operating under the Scores name, in Chicago, Illinois; Tampa, Florida; Mooresville, North Carolina; Palm Springs, Florida; and Las Vegas, Nevada. Our trademarks and copyrights surrounding the Scores trade name are critical to the success and potential growth of our business.
Senmiao Technology Ltd
| Rank | 3 |
|---|---|
| Lowest similarity section | Business |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Senmiao’s business section is mostly unchanged, but it does show a few housekeeping updates. The biggest item is the renaming of Hunan Ruixi to a broader-sounding business management company, while the rest of the disclosure keeps the same operating and insurance framework. The company also reports a smaller trademark count than before, which may point to a leaner intellectual property portfolio.
Main Changes
- The company renamed Hunan Ruixi from "Hunan Ruixi Financial Leasing Co., Ltd." to "Hunan Ruixi Business Operation Management Co., Ltd.," signaling a broader operating label beyond leasing.
- The description of Senmiao Consulting was expanded to say it is "a PRC limited liability company and our former wholly owned subsidiary," adding a clearer ownership history.
- The filing says the company now owns "8 trademarks" versus "18 software copyrights and 37 trademarks" in the prior year, indicating a lower stated trademark count.
- The business section still emphasizes the same core protections and insurance posture, including mandatory auto insurance and no property, interruption, product liability, or key-man insurance.
Watch Items
- The Hunan Ruixi name change may hint at a wider service mix, but the filing does not describe a new revenue model or strategic pivot.
- The lower trademark count could reflect disposals, expirations, or a narrower IP portfolio, which matters if the company relies on brand protection in China.
- No new insurance coverage was added, so operational risk remains concentrated in the same uninsured areas.
Important Filing Changes
Business Overview Senmiao is not a Chinese operating company but a U.S. holding company incorporated in the State of Nevada on June 8, 2017. As a holding company with no material operations of its own, Senmiao conducts a substantial majority of its operations through its Operating Entities established in the PRC, including its subsidiaries and the equity investee company. Since November 2018, we have been providing automobile transaction and related services focusing on the online ride-hailing industry in the People’s Republic of China (“PRC” or “China”) through our wholly owned subsidiaries, Yicheng and Corenel, and our majority owned subsidiaries, Jiekai, and Hunan Ruixi, and its equity investee company, Jinkailong.
Business Overview Senmiao is not a Chinese operating company but a U.S. holding company incorporated in the State of Nevada on June 8, 2017. As a holding company with no material operations of its own, Senmiao conducts a substantial majority of its operations through its Operating Entities established in the PRC, including its subsidiary and the equity investee company. Since November 2018, we have been providing automobile transaction and related services focusing on the online ride-hailing industry in the People’s Republic of China (“PRC” or “China”) through our majority owned subsidiary, Hunan Ruixi, and its equity investee company, Jinkailong.
As a holding company with no material operations of its own, Senmiao conducts a substantial majority of its operations through its Operating Entities established in the PRC, including its subsidiaries and the equity investee company. Since November 2018, we have been providing automobile transaction and related services focusing on the online ride-hailing industry in the People’s Republic of China (“PRC” or “China”) through our wholly owned subsidiaries, Yicheng and Corenel, and our majority owned subsidiaries, Jiekai, and Hunan Ruixi, and its equity investee company, Jinkailong. From October 2020 to August 2024, we operated an online ride-hailing platform through XXTX, which was a wholly owned subsidiary of Senmiao Consulting.
As a holding company with no material operations of its own, Senmiao conducts a substantial majority of its operations through its Operating Entities established in the PRC, including its subsidiary and the equity investee company. Since November 2018, we have been providing automobile transaction and related services focusing on the online ride-hailing industry in the People’s Republic of China (“PRC” or “China”) through our majority owned subsidiary, Hunan Ruixi, and its equity investee company, Jinkailong. Prior to December 31, 2025, we provided automobile transaction and related services in Sichuan Province of China through our former majority owned subsidiary, Jiekai and our former wholly owned subsidiary, Corenel, Yicheng and Senmiao Consulting.
Exhibits and Financial Statement Schedules 98 Item 16. Form 10-K Summary 98 i Unless otherwise stated in this Annual Report on Form 10-K (this “Report”), references to: ● “China” or the “PRC” refers to the People’s Republic of China, excluding, for the purposes of this Report only, Hong Kong, Macau and Taiwan; ● “Corenel” refers to Chengdu Corenel Technology Co., Ltd., a PRC limited liability company and former wholly owned subsidiary of Senmiao Consulting; ● “Hunan Ruixi” refers to Hunan Ruixi Financial Leasing Co., Ltd., our majority owned subsidiary in China; ● “Jiekai” refers to Chengdu Jiekai Yunli Technology Co., Ltd. and its subsidiary, a PRC limited liability company in China and a majority owned subsidiary of Senmiao Consulting; ● “Jinkailong” refers to Sichuan Jinkailong Automobile Leasing Co., Ltd., a PRC limited liability company with 35% equity interest held by…
Exhibits and Financial Statement Schedules 99 Item 16. Form 10-K Summary 99 i Unless otherwise stated in this Annual Report on Form 10-K (this “Report”), references to: ● “China” or the “PRC” refers to the People’s Republic of China, excluding, for the purposes of this Report only, Hong Kong, Macau and Taiwan; ● “Corenel” refers to Chengdu Corenel Technology Co., Ltd., a PRC limited liability company and former wholly owned subsidiary of Senmiao Consulting; ● “Hunan Ruixi” refers to Hunan Ruixi Business Operation Management Co., Ltd., formerly known as Hunan Ruixi Financial Leasing Co., Ltd., our majority owned subsidiary in China; ● “Jiekai” refers to Chengdu Jiekai Yunli Technology Co., Ltd. and its subsidiary, a PRC limited liability company in China and a majority owned subsidiary of Senmiao Consulting; ● “Jinkailong” refers to Sichuan Jinkailong Automobile Leasing Co., Ltd., a PRC limited liability company with 35% equity interest held by Hunan Ruixi; ● “Operating Entities” refers to Corenel, Hunan Ruixi, Jiekai, Senmiao Consulting and Yicheng; ● “Partner Platforms” refers to the online ride-hailing platforms our Operating Entities cooperate with; ● “Restructuring” refers to the establishment of a wholly foreign owned entity and the execution of a series of agreements among the Company, Senmiao Consulting, Sichuan Senmiao and the equity holders of Sichuan Senmiao, pursuant to which we have gained control of and become the primary beneficiary to Sichuan Senmiao; ● “RMB” and “Renminbi” refer to the legal currency of China; ● “Senmiao” refers to Senmiao Technology Limited; ● “Senmiao Group,” “we,” “us,” “the Company”, “our company” and “our” refer to Senmiao Technology Limited. and its subsidiaries; ● “Senmiao Consulting” refers to Sichuan Senmiao Zecheng Business Consulting Co., Ltd. a PRC limited liability company and our former wholly owned subsidiary; ● “Sichuan Senmiao” refers to Sichuan Senmiao Ronglian Technology Co., Ltd., a PRC limited liability company, the majority owned subsidiary of Senmiao Consulting; ● “US$,” “U.S. dollars,” “$,” and “dollars” refer to the legal currency of the United States; ● “XXTX” refers to Hunan Xixingtianxia Technology Co., Ltd. and its subsidiaries, a PRC limited liability company and the former wholly owned subsidiary of Senmiao Consulting; ● “Yicheng” refers to Sichuan Senmiao Yicheng Assets Management Co., Ltd., formerly named Yicheng Financial Leasing Co., Ltd., a PRC limited liability company and our former wholly owned subsidiary in China; and We use U.S. dollars as reporting currency in our financial statements and in this Report. Monetary assets and liabilities denominated in Renminbi are translated into U.S. dollars at the rates of exchange as of the balance sheet date, equity accounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period.
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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