ETS — what changed in the latest 10-Q
A section-by-section comparison of ETS'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-Q · 2026-10-14 vs the prior 10-Q · 2026-07-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +22 | −24 | ~23 | 32 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 0 |
| Controls & procedures | Text added/removed | +2 | −3 | ~3 | 5 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 0 |
| Risk factors | Some risk factors updated | +4 | −5 | ~2 | 2 |
| Other information | Text added/removed | +1 | −2 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-14
For the three months ended August 31, 2026, total fixed revenue was $216,230, accounting for approximately 28.2% of total revenue, representing an increase of $60,586, or 38.9%, compared to the fixed revenue of $155,644, or approximately 24.6% of total revenue for the three months ended August 31, 2…
For the nine months ended August 31, 2026, our cost of revenue was substantially unchanged, increasing $542, or 0.03%, while revenue increased $342,291, or 17.5%, such that cost of revenue declined from 100.3% to 85.4% of revenue. The improvement was primarily due to a $108,124 decrease in depreciat…
●Cost of Labor: Cost of labor expenses remained the largest component of our costs of revenue, totaling $357,790, or 53.3% during the three months ended August 31, 2026, an increase of $9,845, or 2.8%, compared with the three months ended August 31, 2025. Labor expenses for the nine months ended Aug…
●Maintenance and Repair: Maintenance and repair expense increased by $28,148, or 44.6%, to $91,291 during the three months ended August 31, 2026, compared with $63,143 for the three months ended August 31, 2025. This increase was primarily due to an annual major overhaul program performed on vehicle…
●Depreciation and Amortization: Depreciation and amortization expenses totaled $30,272 during the three months ended August 31, 2026, a decrease of $34,060, or 52.9%, compared with $64,332 for the three months ended August 31, 2025. For the nine months ended August 31, 2026, depreciation and amortiz…
Text removed vs the prior filing · source: 10-Q · 2026-07-14
For the three months ended May 31, 2026, total fixed revenue was $214,333, accounting for approximately 29.5% of total revenue, representing an increase of $57,860, or 37.0%, compared to the fixed revenue of $156,473, or approximately 24.8% of total revenue for the three months ended May 31, 2025. F…
For the six months ended May 31, 2026, our cost of revenue was $1,293,725, or 84.4 % of total revenue, compared with $1,336,798, or 101.1%, for the six months ended May 31, 2025. The decrease in the cost of revenue, as well as the cost as a percentage of revenue, was mainly driven by lower maintenan…
●Cost of Labor: Cost of labor expenses remained the largest component of our costs of revenue, totaling $343,973, or 53.3% during the three months ended May 31, 2026, a decrease of $3,159, or 0.9%, compared with the three months ended May 31, 2025. Labor expenses for the six months ended May 31, 202…
●Maintenance and Repair: Maintenance and repair expense increased by $32,813, or 64.3%, to $83,877 during the three months ended May 31, 2026, compared with $51,064 for the three months ended May 31, 2025. This increase occurred primarily as a result of route and scheduling improvements annually. So…
the six months ended May 31, 2026, compared with $144,566 for the six months ended May 31, 2025. The high vehicle maintenance costs in the first half of 2025 were mainly due to the poor condition of many of the vehicles when we first took them over, with a number of them requiring major repairs. Thi…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-10-14
Lack of Dedicated Personnel with Specialized U.S. GAAP Reporting Expertise. The Company’s finance team includes personnel with Certified Public Accountant (“CPA”) credentials and extensive financial reporting experience; however, the Company does not currently have dedicated personnel with specializ…
Inability to Obtain SOC 2 Report from FedEx. The Company’s revenue recognition process, financial reporting, and operational activities are fully dependent on proprietary systems owned and maintained by FedEx (the Company’s key counterparty), including FedEx Software, leased Scanners, and the My Gro…
Text removed vs the prior filing · source: 10-Q · 2026-07-14
Lack of Dedicated Personnel with Specialized US GAAP Reporting Expertise. The Company’s finance team includes personnel with Certified Public Accountant (“CPA”) credentials and extensive financial reporting experience; however, the Company does not currently
have dedicated personnel with specialized expertise in U.S. Generally Accepted Accounting Principles (“US GAAP”) financial statement preparation and disclosure, particularly with respect to complex accounting standards. This deficiency arises from recent personnel changes in the finance function, in…
Inability to Obtain SOC 2 Report from FedEx. The Company’s revenue recognition process, financial reporting, and operational activities are fully dependent on proprietary systems owned and maintained by FedEx (the Company’s key counterparty), including FedEx Software, leased Scanners, and the My Gro…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-10-14
As previously disclosed, on October 31, 2025, we received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying us that we were not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). Nasdaq in…
On August 6, 2026, we received written notification from Nasdaq that Nasdaq had determined that we regained compliance with Nasdaq Listing Rule 5550(a)(2) by maintaining a closing bid price of our Class A common stock of at least $1.00 per share for 10 consecutive business days and that the matter w…
Although the previously disclosed minimum bid price deficiency has been resolved, there can be no assurance that we will continue to satisfy Nasdaq’s continued listing requirements in the future. Any future failure to maintain compliance could result in additional deficiency notices and, ultimately,…
A delisting of our Class A common stock could substantially decrease trading in our Class A common stock, adversely affect its liquidity and market price, impair our ability to raise additional capital, and result in a loss of investor confidence.
Text removed vs the prior filing · source: 10-Q · 2026-07-14
As previously disclosed, on October 31, 2025, we received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying us that, based upon the closing bid price of our listed securities for the previous 30 consecutive business days, we were not i…
On April 30, 2026, we received a notification from Nasdaq advising us that, although we had not regained compliance with the minimum bid price requirement, Nasdaq had determined that we were eligible for an additional 180 calendar days, or until October 26, 2026, to regain compliance. Nasdaq’s deter…
If at any time during the second compliance period the closing bid price of our listed securities is at least $1.00 per share for a minimum of 10 consecutive business days, subject to Nasdaq’s discretion under the Nasdaq Listing Rules, Nasdaq will provide written confirmation of compliance and the m…
We intend to continue monitoring the bid price of our listed securities and will consider available options to regain compliance with Nasdaq Listing Rule 5550(a)(2), including, if necessary, effecting a reverse stock split at a ratio within the range previously approved by our stockholders. If we do…
common stock, adversely affect the liquidity and market price of our Class A common stock, impair our ability to raise additional capital, and result in a loss of investor confidence.
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-14
On September 2, 2026, the Company held its 2026 Annual Meeting of Stockholders. At the meeting, the Company’s stockholders approved the Elite Express Holding Inc. 2026 Stock Incentive Plan (the “2026 Incentive Plan”), which had previously been adopted by the Company’s board of directors on July 10, …
Text removed vs the prior filing · source: 10-Q · 2026-07-14
On June 8, 2026, the Company appointed Mr. Ye Hua as Chief Financial Officer of the Company, effective the same date. In connection with his appointment, Mr. Hua entered into an Employment Agreement and an Indemnification Agreement with the Company. Ms. Yidan Chen, who had served as the Company’s In…
On July 10, 2026, the Company entered into a Software Development Agreement with Leyan Management Ltd. (the “Developer”) for the phased development, upgrade and customization of the Company’s AI-enabled logistics operations platform, which is currently under development. The total consideration unde…
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