FSI — what changed in the latest 10-Q
A section-by-section comparison of FSI'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 · 2026-05-15 vs the prior 10-Q · 2025-11-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +14 | −14 | ~10 | 5 |
| Controls & procedures | Text added/removed | +1 | −1 | ~1 | 0 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
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 3), Legal proceedings, Risk factors
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 · 2026-05-15
The Company also manufactures food grade products that are made and sold by the TPA division.
Gross profit as a percentage of sales D Increased costs associated with scaling up new products and a new manufacturing location along with an increase in sales of lower margins products in 2026 over 2025.
Professional fees D Q1 2025 included audit fees relative to the 2024 audit that were underaccrued.
Wages, administrative salaries and benefits I Increase in employees in the TPA division.
Income on investment D The investee in which the Company applies the equity method, had a net loss for the period as opposed to net income as in prior year.
Text removed vs the prior filing · source: 10-Q · 2025-11-14
From time to time, the BCPA division also engages in performing research and development services for third parties.
Gross profit as a percentage of sales D Increased costs associated with scaling up new products.
Professional fees I Increase in accounting fees related to tax filings and increase in audit fees related to growth of the Company.
Gain on investment D Sale of 30.1% of Florida based LLC in 2024 reduced our Company’s portion of the profits.
Loss on sale of investment D One time loss on the sale of 30.1 % of Florida based LLC in 2024.
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-15
At December 31, 2025, management identified material weaknesses in our internal control over financial reporting (“ICFR”) related to a material adjustment identified during the audit process indicating that controls over the financial statement close and review process were not operating effectively…
Text removed vs the prior filing · source: 10-Q · 2025-11-14
Our management, with the participation of our Principal Executive and Financial Officer, evaluated whether any change in our internal control over financial reporting occurred during the three months ended September 30, 2025. Based on that evaluation, it was concluded that there has been no change i…
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