Two companies met our criteria from the four 10-K annual reports filed with the SEC on 10 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. A prior-year filing was not available for DeltaSoft Corp and Radiant Strategies Corp, 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
- Sports Entertainment Gaming Global Corp (High) — The biggest change is a clear pivot away from a troubled lottery model toward a broader sports-media and gaming strategy, and investors should judge it on execution and monetization.
- ADM TRONICS UNLIMITED, INC. (Medium) — ADM Tronics is simplifying its structure, but the more important signal is that operating cash flow deteriorated again, keeping liquidity risk in focus.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Sports Entertainment Gaming Global Corp | 1673481 | 0.388 | 0.973 | 0.964 | 0.994 | Risk Factors | high |
| 2 | ADM TRONICS UNLIMITED, INC. | 849401 | 0.997 | 0.994 | 1 | 0.981 | MD&A | medium |
Sports Entertainment Gaming Global 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) |
The business section was rewritten to present the company as a transformed sports and entertainment platform rather than a lottery-centric operator. Management says it has moved past legacy disruption and is now focused on building diversified, revenue-generating businesses across media, content and interactive gaming. The change signals a strategic reset, but the key question is whether the new positioning can translate into durable sales and cash flow.
Main Changes
- The company replaced its legacy framing with a "comprehensive transformation" and "corporate reset," saying historical operational, financial and governance issues materially hurt the business and that management is now repositioning it for "sustainable, revenue-driven growth."
- It added a new strategy statement that the business has expanded "beyond lottery facilitation" into "sports and entertainment verticals," including content creation, digital publishing, domain-based audience acquisition and interactive gaming technologies.
- The filing now emphasizes a broader brand architecture, noting the January 27, 2026 name change to Sports Entertainment Gaming Global Corporation and the use of "SEGG Media" alongside Sports.com and other media assets.
- The prior business description focused on lottery ticket sales, data services and the 2022 operational cessation; the new version de-emphasizes that legacy model and instead highlights diversification away from a single-line lottery revenue base.
Watch Items
- The shift away from lottery dependence suggests management is trying to build a more diversified revenue mix, which could reduce regulatory concentration risk if execution works.
- The "corporate reset" language signals the company is still dealing with legacy issues, so investors should watch whether the new sports/media strategy produces real revenue rather than just branding changes.
- A broader entertainment and gaming platform can expand addressable markets, but it also raises execution risk because the company must prove it can monetize multiple new verticals.
Important Filing Changes
Risk Factors – Public Company Operating Risks – If we fail to implement and maintain an effective system of internal controls, we may be unable to accurately report our results of operations, meet our reporting obligations or prevent fraud, and investor confidence and the trading price of our common stock and warrants may be materially and adversely affected .” 76 Changes in Internal Control Over Financial Reporting Except as otherwise described herein, there was no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. On June 12, 2023, the Company entered into an amendment of its Woodford Loan Agreement…
Risk Factors – Public Company Operating Risks – If we fail to implement and maintain an effective system of internal controls, we may be unable to accurately report our results of operations, meet our reporting obligations or prevent fraud, and investor confidence and the trading price of our common stock and warrants may be materially and adversely affected .” Changes in Internal Control Over Financial Reporting Except as otherwise described herein, there was no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Directors and Executive Officers The following sets forth certain information, as of the date of this report, concerning the directors and officers of the Company. Name Age Position Executive Officers Matthew McGahan (3) 55 President, Chief Executive Officer, Secretary and Chairperson of the Board Robert Stubblefield 60 Chief Financial Officer Gregory Potts 54 Chief Operating Officer Non-Employee Directors Christopher Gooding (1) 67 Director Warren Macal (1) 49 Director Paul S. Hasan (3) 57 Director (1) Class I director, with a term expiring at the annual meeting of Shareholders to be held in 2026. (2) Class II director, with a term expiring at the annual meeting of Shareholders to be held in 2027. (3) Class III director, with a term expiring at the annual meeting of Shareholders to be held in 2025.
Directors and Executive Officers The following sets forth certain information, as of the date of this report, concerning the directors and officers of the Company. Name Age Position Executive Officers Robert Stubblefield (2) 62 Chief Financial Officer, Interim President, Interim Chief Executive Officer, and Secretary Gregory Potts 55 Chief Operating Officer Daniel Bailey (3) 35 Chief Commercial Officer Jack Clarke 38 Chief Strategy Officer Non-Employee Directors Marc Bircham (2) 47 Director and Chairperson of the Board Christopher Gooding (1) 68 Director Warren Macal (1) 50 Director Paul S. Hassan (3) 58 Director (1) Class I director, with a term expiring at the annual meeting of Shareholders to be held in 2026. (2) Class II director, with a term expiring at the annual meeting of Shareholders to be held in 2027. (3) Class III director, with a term expiring at the annual meeting of Shareholders to be held in 2028.
Overview and Recent Developments We were originally formed as Trident Acquisition Corp., a Delaware corporation on March 17, 2016, for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, recapitalization or other similar business combination with one or more businesses. On October 29, 2021, we consummated a business combination (the “Business Combination”) with AutoLotto, Inc. (“AutoLotto”).
Legacy Matters and Corporate Reset We were originally formed as Trident Acquisition Corp., a Delaware corporation on March 17, 2016, for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, recapitalization or other similar business combination with one or more businesses. On October 29, 2021, we consummated a business combination (the “Business Combination”) with AutoLotto, Inc. (“AutoLotto”).
ADM TRONICS UNLIMITED, 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) |
ADM Tronics made a small corporate cleanup move by dissolving its inactive Sonotron subsidiary, which management says had no material effect on the business. The bigger change is financial: operating cash flow turned negative in 2026 after being slightly positive in 2025, driven by lease payments and weaker working-capital dynamics. The filing also shows the PPP loan is now fully paid off.
Main Changes
- The company says Sonotron Medical Systems, Inc. "was dissolved during the fiscal year ended March 31, 2026" and adds that the dissolution "had no material impact" on operations, financial position, or results.
- MD&A shows operating cash flow swung from "net cash provided by operating activities" of $9,978 in 2025 to "net cash used in operating activities" of $124,059 in 2026.
- The 2026 cash discussion adds new uses tied to "payments of operating lease liabilities of $106,872" and a "decrease in net operating liabilities of $219,545," while also citing offsetting items such as an "unrealized gain on investments of $89,250" and inventory reduction.
- The PPP loan balance is now shown as fully repaid, with the outstanding balance at March 31, 2026 listed as "$-0-" versus $896 a year earlier.
Watch Items
- The subsidiary dissolution looks non-core, but investors should watch whether ADM is simplifying the structure further or exiting any legacy activities.
- The move back to negative operating cash flow suggests liquidity remains fragile and the business is still dependent on working-capital swings and non-cash items.
- Full repayment of the PPP loan removes a small liability, but it does not offset the broader cash burn and operating pressure.
Important Filing Changes
An allowance for credit loss is provided based on a periodic analysis of individual account balances, including an evaluation of days outstanding, payment history, recent payment trends, and our assessment of our customers’ creditworthiness. USE OF ESTIMATES Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities.
An allowance for credit loss is provided based on a periodic analysis of individual account balances, including an evaluation of days outstanding, payment history, recent payment trends, and our assessment of our customers’ creditworthiness. USE OF ESTIMATES Our discussion and analysis of our financial condition and results of operations is based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities.
USE OF ESTIMATES Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to reserves, deferred tax assets and valuation allowance, impairment of long-lived assets, fair value of equity instruments issued to consultants for services and fair value of equity instruments issued to others.
USE OF ESTIMATES Our discussion and analysis of our financial condition and results of operations is based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to reserves, deferred tax assets and valuation allowance, impairment of long-lived assets, fair value of equity instruments issued to consultants for services and fair value of equity instruments issued to others.
BUSINESS COMPANY OVERVIEW The Company is a technology-based developer and manufacturer of diversified lines of products and derives revenue from the production and sale of electronics for medical devices and other applications; environmentally safe chemical products for industrial, medical and cosmetic uses; and, research, development, regulatory and engineering services. The Company is a corporation that was organized under the laws of the State of Delaware on November 24, 1969. Our operations are conducted through ADM Tronics Unlimited, Inc. ("ADM") and its subsidiary Sonotron Medical Systems, Inc. ("SMI").
BUSINESS COMPANY OVERVIEW The Company is a technology-based developer and manufacturer of diversified lines of products and derives revenue from the production and sale of electronics for medical devices and other applications; environmentally safe chemical products for industrial, medical and cosmetic uses; and, research, development, regulatory and engineering services. The Company is a corporation organized under the laws of the State of Delaware on November 24, 1969. The Company’s operations are conducted through ADM Tronics Unlimited, Inc. ("ADM").
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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