BUKS — what changed in the latest 10-K
A section-by-section comparison of BUKS's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-K · 2026-07-08 vs the prior 10-K · 2025-07-03
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| Business | Text added/removed | +9 | −12 | ~9 | 17 |
| Risk factors | Text added/removed | +41 | −19 | ~19 | 60 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| MD&A | Text added/removed | +29 | −30 | ~23 | 13 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 7A)
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
Business
Text added vs the prior filing · source: 10-K · 2026-07-08
During the fiscal year ended April 30, 2026 we derived 39.1% of our revenue from five customers, and we had two “major customers” (10 percent or more of consolidated revenue) that provided 29.9% of total revenue. During the fiscal year ended April 30, 2025 we derived 25.4% of our revenue from five c…
The aerospace industry is highly regulated in the United States by the FAA and in other countries by similar agencies. Our products and aircraft modifications must be certified by the FAA or meet FAA requirements. FAA certification involves designing, engineering, and testing of specific aircraft mo…
Our contracts with the U.S. government and contracts in which we serve as a subcontractor to a prime government contractor are subject to the Federal Acquisition Regulation (“FAR”) and related agency supplements, which govern pricing, cost allowability, audit rights, and contractor conduct. Costs in…
Moreover, our gaming management operations are regulated largely by the Kansas Racing and Gaming Commission and the Kansas Lottery. The gaming industry, in general, is highly regulated and we must maintain our licenses and pay gaming revenue share and taxes to continue our operations. Each gaming fa…
rules and regulations where it is located. These laws, rules and regulations generally relate to the responsibility, financial stability, integrity and character of the managers, contractors and persons with financial interests in the gaming operations. The process of obtaining such necessary licens…
Text removed vs the prior filing · source: 10-K · 2025-07-03
Architectural Services. Prior to its closure in January 2024, a subsidiary of the Company provided licensed architectural services, including commercial and industrial building design as part of the Professional Services segment.
During the fiscal year ending April 30, 2025 we derived 25.4% of our revenue from five customers, and we had one "major customer" (10 percent or more of consolidated revenue) that provided 14.8% of total revenue. During the fiscal year ending April 30, 2024 we derived 28.5% of our revenue from five …
lotteries, on-track and off-track wagering, online sports betting platforms, video lottery terminals, gray gaming machines and card parlors. With respect to staffing at the gaming facility, we compete against local businesses for qualified talent.
The aerospace industry is highly regulated in the United States by the FAA and in other countries by similar agencies. Our products and aircraft modifications must be certified by the FAA or meet FAA requirements. FAA certification involves designing, engineering, and testing of specific aircraft mo…
Moreover, our gaming management operations are regulated largely by the Kansas Racing and Gaming Commission and the Kansas Lottery. The gaming industry, in general, is highly regulated and we must maintain our licenses and pay gaming revenue share and taxes to continue our operations. Each gaming fa…
Risk factors
Text added vs the prior filing · source: 10-K · 2026-07-08
Additionally, the outbreak of hostilities or war involving the United States or friendly foreign countries with governments that are our customers may shift expenditures by such governments from purchases of our special mission electronics to direct military equipment. A change of these expenditures…
If the U.S. Government or friendly foreign countries ceased doing business with us or significantly decreased the amount of business they do with us, it may have a material adverse effect on our financial condition, results of operations, liquidity and cash flows.
We also depend on a limited number of key personnel to manage and operate our businesses, including our executive officers. Our continued growth and success are dependent on the leadership of these key personnel.
On June 15, 2026, Christopher J. Reedy resigned as our Chief Executive Officer, and although he intends to remain employed as a Special Advisor to the Board, his availability may be limited. Adam Sefchick, our Chief Financial Officer, has been appointed as Interim Chief Executive Officer and Preside…
Mr. Reedy’s resignation as our Chief Executive Officer may, or the loss of Mr. Sefchick’s services, whether due to death, disability, or otherwise, or his inability or unwillingness to continue in his current roles could, adversely affect our ability
Text removed vs the prior filing · source: 10-K · 2025-07-03
control, including political, regulatory, economic, technical staffing and military conditions, environmental concerns, weather conditions and fuel pricing. Any prolonged cyclical downturn may adversely affect customer demand in our Aerospace Products business and may have a material adverse effect …
We also depend on a limited number of key personnel to manage and operate our businesses, including our executive officers. Our continued growth and success are dependent on the leadership of these key personnel. The Company does not have employment contracts with our executive officers. Several of …
Boot Hill Casino is located in Dodge City, Kansas. Consequently, a significant portion of our gaming business is dependent upon attracting local residents, for both patronage and employees, as well as out of town visitors and is subject to the general economic health of the region around Dodge City.…
care, and market fluctuations for agricultural and petroleum products could cause our customers to see a decrease in discretionary income which may negatively impact our revenues from gaming. This may have a material adverse effect on our financial condition, results of operations, liquidity and cas…
Due to fixed contract pricing, increasing contract costs exposes us to reduced profitability.
MD&A
Text added vs the prior filing · source: 10-K · 2026-07-08
proprietary gun control design to open new market opportunities. In the Professional Services segment, we look for new ways to provide an enjoyable and entertaining experience to attract patrons to the gaming facility.
Costs of Aerospace Products increased 7% in the year ended April 30, 2026, to $32.1 million compared to $29.9 million for the year ended April 30, 2025. The increase is directly related to an increase in material and labor costs driven by our increased sales. Costs were 53% of Aerospace Products rev…
While we continue to focus on controlling costs, with the sales growth and expansion of aircraft modification installations at the New Century facility, the need for parts fabrication exceeded our existing shop capacity in Newton, Kansas. In response, in April 2025, we purchased a building adjacent …
Marketing and advertising expenses decreased 3% to $3.6 million in fiscal 2026, from $3.7 million in fiscal 2025. Costs were 4% of total revenue in the year ended April 30, 2026 as compared to 4% of total revenue in the year ended April 30, 2025. Marketing and advertising expenses include advertisin…
General, administrative and other expenses increased 3% to $18.1 million in fiscal 2026, from $17.5 million in fiscal 2025. Costs were 18% of total revenue in the year ended April 30, 2026, compared to 21% of total revenue in the year ended April 30, 2025. The increase is primarily due to greater de…
Text removed vs the prior filing · source: 10-K · 2025-07-03
compared to 41% of Professional Services revenue in the year ended April 30, 2024. The increase is directly related to an increase in labor costs.
Costs of Aerospace Products increased 4% in the year ended April 30, 2025, to $29.9 million compared to $28.7 million for the year ended April 30, 2024. The increase is directly related to an increase in material and labor costs, impacted by our increased sales. Costs were 65% of Aerospace Products …
While we continue to work to control costs, with the sales growth and expansion of aircraft modification installations at the New Century facility, the need for parts fabrication exceeded our existing shop capacity in Newton, Kansas. In response, in April, 2025, we purchased a building adjacent to o…
Marketing and advertising expenses decreased 26% to $3.7 million in fiscal 2025, from $5.0 million in fiscal 2024. Costs were 4% of total revenue in the year ended April 30, 2025 as compared to 6% of total revenue in the year ended April 30, 2024. The decrease in fiscal 2025 is due to a change in ma…
General, administrative and other expenses increased 12% to $17.5 million in fiscal 2025, from $15.7 million in fiscal 2024. Costs were 21% of total revenue in the year ended April 30, 2025, compared to 20% of total revenue in the year ended April 30, 2024. The increase is primarily due to greater d…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice