SEC What Changed: 10-K Filing Snapshot for 1 June 2026
Five companies met our criteria from the five 10-K annual reports filed with the SEC on 1 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.
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.
Key Takeaways
- ProPhase Labs, Inc. (High) — Investors now have less visibility into ProPhase Labs’ specific business risks, with cybersecurity emerging as the primary disclosed risk focus.
- UNIVERSAL CORP /VA/ (Medium) — Universal Corp is signaling a more cautious stance on segment growth, with less emphasis on recent outperformance and expansion in its Ingredients business.
- Greenwich LifeSciences, Inc. (Medium) — Greenwich LifeSciences continues to face significant internal control deficiencies, raising ongoing risks around financial reporting reliability.
- Freedom Holding Corp. (High) — Freedom Holding is accelerating its international expansion and reducing related-party exposures, but near-term earnings will be pressured by upfront costs and integration risks in Türkiye and Kazakhstan.
- Korth Direct Mortgage Inc. (Low) — No material changes—investors should view this filing as a routine update with refreshed portfolio data and compliance clarifications.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | ProPhase Labs, Inc. | 868278 | 0.991 | 0.992 | 0.711 | 0.978 | Risk Factors | high |
| 2 | UNIVERSAL CORP /VA/ | 102037 | 0.99 | 0.994 | 0.993 | 0.953 | MD&A | medium |
| 3 | Greenwich LifeSciences, Inc. | 1799788 | 0.958 | 1 | 1 | 1 | MD&A | medium |
| 4 | Freedom Holding Corp. | 924805 | 0.989 | 0.983 | 0.999 | 0.978 | MD&A | high |
| 5 | Korth Direct Mortgage Inc. | 1695963 | 0.991 | 1 | 1 | 0.999 | MD&A | low |
ProPhase Labs, Inc. (868278)
| 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) |
ProPhase Labs has removed its previously detailed risk factor disclosures, now stating that as a smaller reporting company it is not required to provide them. In their place, the company has introduced a robust cybersecurity risk management section, outlining board oversight, risk assessment protocols, and vendor requirements. This signals a focus on cybersecurity and a move toward more limited risk transparency for investors.
Main Changes
- Removed the detailed summary and discussion of traditional business and operational risk factors from Item 1A, citing exemption as a smaller reporting company.
- Added a comprehensive new section on cybersecurity risk management, including board oversight, risk assessment processes, and third-party vendor requirements.
- Stated explicitly that the company has not encountered cybersecurity challenges that have materially impaired operations or financial standing.
Watch Items
- Elimination of granular risk factor disclosures reduces investor visibility into specific business and industry risks.
- Cybersecurity is now highlighted as a key area of board and management focus, signaling regulatory compliance and evolving risk priorities.
- Reliance on the smaller reporting company exemption may indicate a shift in disclosure philosophy or resource allocation.
Important Filing Changes
In evaluating our business, investors should pay particular attention to the risks and uncertainties described below and in other sections of this Annual Report and in our subsequent filings with the SEC. These risks and uncertainties, or other events that we do not currently anticipate or that we currently deem immaterial, may also affect our results of operations, cash flows and financial condition. The trading price of our common stock could also decline due to any of these risks.
Risk Factors: As a smaller reporting company, we are not required to provide disclosure pursuant to this Item, in accordance with Item 105 of Regulation S-K.
Exhibits and Financial Statement Schedules 108 Item 16. All statements, other than statements of historical facts, included in this Annual Report, including statements related to future events and our future financial performance are forward-looking statements. Forward-looking statements typically are identified by use of terms such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “may”, “will”, “should”, “estimate”, “predict”, “potential”, “continue” and similar words although some forward-looking statements are expressed differently.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read together with our financial statements and the related notes appearing elsewhere in this Annual Report. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties.
You should also consider carefully the statements under other sections of this Annual Report, including the Risk Factors included in Item 1A, which are summarized below, which address risks that could cause our actual results to differ from those set forth in any forward-looking statements. Our forward-looking statements speak only as of the date of this Annual Report. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise except as otherwise required by law.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read together with our financial statements and the related notes appearing elsewhere in this Annual Report. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. See “Special Note Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with these statements.
UNIVERSAL CORP /VA/ (102037)
| 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) |
Universal Corp’s latest 10-K tones down prior optimism about its Tobacco and Ingredients segments, no longer highlighting strong results or recent expansion projects. The company now describes its Ingredients business in broader terms, focusing on its product portfolio rather than growth initiatives. This could indicate a more measured approach to segment reporting and future expectations.
Main Changes
- Removed prior language highlighting ‘very strong results’ for Tobacco Operations and the segment’s position as the leading global leaf tobacco supplier.
- Eliminated references to recent expansion projects and the growth of sales, marketing, and product development teams in the Ingredients Operations segment.
- Updated Ingredients Operations description to emphasize a broad portfolio of value-added ingredient solutions, including juices, concentrates, purees, and botanical extracts, but without mentioning specific recent investments or expansions.
- Updated pension risk factor to reflect fiscal year 2026 assumptions and year-end balances, replacing prior year references.
Watch Items
- The removal of explicit claims about segment outperformance and recent investments may signal a more cautious outlook or a pause in aggressive expansion.
- The revised Ingredients Operations description suggests a shift from highlighting growth initiatives to focusing on existing product breadth.
- Investors should monitor for changes in management tone or future disclosures regarding segment performance and capital allocation.
Important Filing Changes
We have positioned our Company for long-term success by maximizing opportunities in the leaf tobacco business and investing in the growth of our plant-based ingredients platform. In fiscal year 2025, we continued to enhance and increase the capabilities across our two segments: Tobacco Operations and Ingredients Operations. • Our Tobacco Operations segment delivered very strong results in fiscal year 2025 and maintained its position as the leading global leaf tobacco supplier. This segment primarily focuses on procuring and processing flue-cured, burley, dark air-cured, and oriental leaf tobacco for consumer product manufacturers. • Our Ingredients Operations segment specializes in sourcing and processing vegetable and fruit ingredients, flavorings, and botanical extracts for consumer packaged goods manufacturers, retailers, and food and beverage companies.
This presence, combined with our supply chain expertise, integrated processing capabilities, and commitment to sustainability, enables us to deliver high-quality, customizable, and traceable value-added agriproducts essential to our customers’ success. We operate in two segments: Tobacco Operations and Ingredients Operations. Our Tobacco Operations segment primarily focuses on procuring and processing flue-cured, burley, dark air-cured, and oriental leaf tobacco for consumer product manufacturers.
In fiscal year 2025, we continued to enhance and increase the capabilities across our two segments: Tobacco Operations and Ingredients Operations. • Our Tobacco Operations segment delivered very strong results in fiscal year 2025 and maintained its position as the leading global leaf tobacco supplier. This segment primarily focuses on procuring and processing flue-cured, burley, dark air-cured, and oriental leaf tobacco for consumer product manufacturers. • Our Ingredients Operations segment specializes in sourcing and processing vegetable and fruit ingredients, flavorings, and botanical extracts for consumer packaged goods manufacturers, retailers, and food and beverage companies. In fiscal year 2025, this segment continued to increase its capabilities through the growth of its sales, marketing, and product development teams and the completion of a major expansion project that furthers our ability to deliver innovative, custom products to our customers.
We operate in two segments: Tobacco Operations and Ingredients Operations. Our Tobacco Operations segment primarily focuses on procuring and processing flue-cured, burley, dark air-cured, and oriental leaf tobacco for consumer product manufacturers. Our Ingredients Operations segment, through the Universal Ingredients platform, produces and supplies a broad portfolio of products, including fruit and vegetable juices and concentrates, purees, dehydrated products, botanical extracts, flavorings, colorings, and other customized, value-added ingredient solutions to the food and beverage industry.
The demand for leaf tobacco, which is based upon customers’ expectations of their future requirements, can change from time to time depending upon factors affecting the demand for their products. Our customers’ expectations and their demand for leaf tobacco are influenced by a number of factors, including: • trends in the global consumption of cigarettes, • trends in consumption of cigars and other tobacco products, • trends in consumption of alternative tobacco products, such as electronic nicotine delivery systems (“ENDS”) and non-combustible products, • levels of competition among our customers, and • regulatory and governmental factors. The world supply of leaf tobacco at any given time is a function of current tobacco production, inventories held by manufacturers, and the stocks of leaf tobacco held by leaf tobacco suppliers.
The demand for leaf tobacco, which is based upon customers’ expectations of their future requirements, can change from time to time depending upon factors affecting the demand for their products. Our customers’ expectations and their demand for leaf tobacco are influenced by a number of factors, including: • trends in the global consumption of cigarettes, • trends in consumption of cigars and other tobacco products, • trends in consumption of alternative tobacco products, such as electronic nicotine delivery systems and non-combustible products, • levels of competition among our customers, • illicit trade in tobacco products, and • regulatory and governmental factors. The world supply of leaf tobacco at any given time is a function of current tobacco production, inventories held by manufacturers, and the stocks of leaf tobacco held by leaf tobacco suppliers.
Greenwich LifeSciences, Inc. (1799788)
| Rank | 3 |
|---|---|
| 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) |
Greenwich LifeSciences has expanded its disclosure of material weaknesses in internal controls, now citing additional issues such as the absence of an accounting system, lack of software for stock awards, and inadequate policies for employee expense reports. The company also updated the time period covered by these weaknesses to include all prior periods through the end of 2025. These changes highlight persistent challenges in financial reporting and internal processes.
Main Changes
- Expanded the description of material weaknesses in internal controls to include lack of an accounting system for financial reporting/bookkeeping, lack of software for stock awards, and insufficient policies for processing and approving employee expense reports.
- Updated the period covered by management’s assessment of internal controls from ‘quarter ended September 30, 2020’ to ‘year ended December 31, 2025 and all prior periods.’
- Added more detail on the specific deficiencies, including limited personnel, insufficient written policies, and new references to IT and expense report processes.
Watch Items
- Broader disclosure of internal control weaknesses signals ongoing operational and reporting risks.
- Failure to address these weaknesses could impact investor confidence and restrict future access to capital markets.
- The company’s ability to remediate these issues is uncertain, raising the risk of future financial reporting problems.
Important Filing Changes
No material section-level wording change was large enough to quote from the compared sections.
Freedom Holding Corp. (924805)
| Rank | 4 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Freedom Holding is making a significant push into the Turkish market by acquiring a local bank and planning a new brokerage operation, both subject to regulatory approval. The company has also stopped buying unsecured consumer loans from a related party, moving loan origination in-house, which changes its risk profile. These moves, along with continued telecom and media investments, will increase capital needs and short-term losses but could support long-term growth.
Main Changes
- Added disclosure of agreement to acquire approximately 99.32% of Turkish Bank A.S., aiming to use it as a core platform for financial services in Türkiye, pending regulatory approval.
- Announced plans to establish a fully operational brokerage business in Türkiye, subject to licensing following principal approval from the Turkish financial regulator.
- Disclosed that Freedom Bank KZ discontinued purchasing unsecured consumer loans from FFIN Credit as of September 2025, transitioning retail loan origination to its own platform.
- Updated related party transactions to reflect a prepayment to Freedom Data Centers LLP for the potential acquisition of A-Telecom LLP, supporting expansion in Kazakhstan telecom.
Watch Items
- Entry into Türkiye signals a major geographic and strategic expansion, with execution and regulatory risks.
- Shift away from related-party loan purchases reduces potential conflicts but leaves legacy credit risk on the balance sheet.
- Ongoing telecom and media investments are expected to continue generating losses and increasing leverage in the near term.
Important Filing Changes
This discussion summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity and capital resources for fiscal 2025 and 2024. OVERVIEW Freedom Holding Corp. is organized under the laws of the State of Nevada and acts as a holding company for all of our operating subsidiaries. Our subsidiaries engage in a broad range of activities including securities brokerage, securities dealing for customers and for our own account, underwriting, market making activities, investment research, investment counseling, retail and commercial banking, insurance products, payment services, and information processing services.
This discussion summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity and capital resources for fiscal 2026 and 2025. OVERVIEW FRHC is organized under the laws of the State of Nevada and acts as a holding company for all of our operating subsidiaries. Our subsidiaries engage in a broad range of activities including securities brokerage, securities dealing for customers and for our own account, underwriting, market making activities, investment research, investment counseling, retail and commercial banking, insurance products, payment services, and information processing services.
Our principal executive office is in New York, United States. We have a presence in Kazakhstan, Uzbekistan, Kyrgyzstan, Cyprus, Germany, the United Kingdom, Greece, Spain, France, Poland, Lithuania, Austria, Bulgaria, Italy, Netherlands, Belgium, the United States, Turkey, Armenia, Azerbaijan, Tajikistan, and the United Arab Emirates. We divested our Russian subsidiaries in February 2023.
Our principal executive office is in New York, United States. We have subsidiaries or otherwise maintain a presence in Kazakhstan, Uzbekistan, Kyrgyzstan, Cyprus, Germany, the United Kingdom, Greece, Spain, France, Poland, Lithuania, Austria, Bulgaria, Italy, Netherlands, Portugal, the United States, Türkiye, Armenia, Azerbaijan, Tajikistan, and the United Arab Emirates. We divested our Russian subsidiaries in February 2023.
Business. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:’Times New Roman’,sans-serif;font-size:10pt;font-weight:400;line-height:115%">Goodwill has been allocated to each reporting unit based on its relative fair value at the time of acquisition or significant triggering events. The fair value allocation of goodwill to reporting units is periodically reassessed to ensure alignment with the Group’s evolving organizational structure and operational dynamics.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:’Times New Roman’,sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Group conducts impairment testing on an annual basis or whenever indicators of potential impairment arise.
Business. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:’Times New Roman’,serif;font-size:10pt;font-weight:400;line-height:120%">Goodwill has been allocated to each reporting unit based on its relative fair value at the time of acquisition or significant triggering events. The fair value allocation of goodwill to reporting units is periodically reassessed to ensure alignment with the Group’s evolving organizational structure and operational dynamics.</span></div><div><span style="color:#000000;font-family:’Times New Roman’,serif;font-size:10pt;font-weight:400;line-height:120%">The Group conducts impairment testing on an annual basis or whenever indicators of potential impairment arise.
Korth Direct Mortgage Inc. (1695963)
| 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) |
Korth Direct Mortgage made minor updates to its annual filing, primarily refreshing loan portfolio numbers and clarifying its fraud detection process to explicitly reference OFAC compliance. There were no material changes to business strategy, risk factors, or competitive positioning. The updates reflect routine disclosure maintenance rather than any shift in company outlook.
No material section-level wording change was large enough to quote from the compared sections.
Why Filing Changes Matter
Research shows companies that substantially rewrite their annual disclosures tend to underperform in the periods that follow. Quiet shifts in Risk Factors, Business, and MD&A often carry information that doesn’t surface in headline numbers — management is, in effect, signalling that something has changed. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.
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