KAVL — what changed in the latest 10-Q
A section-by-section comparison of KAVL'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 · 2026-09-14 vs the prior 10-Q · 2026-06-16
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +11 | −12 | ~12 | 15 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | Text added/removed | +3 | −2 | 0 | 0 |
| Other information | Text added/removed | 0 | 0 | ~3 | 11 |
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): 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 · 2026-09-14
On June 11, 2024, the RJ Reynolds Entities filed the ITC Complaint. The ITC Complaint requests the ITC grant: (a) temporary and permanent limited exclusion orders pursuant to Section 337(e) of the Tariff Act of 1930, as amended, which would prohibit the importation of the Bidi Stick in the United St…
Three months ended July 31, 2026, compared to three months ended July 31, 2025
Revenues for the third quarter of fiscal year 2026 were approximately $55 thousand, compared to approximately $142 thousand in the same period of the prior fiscal year. Revenues decreased in the third quarter of 2026, primarily due to a decrease in royalty revenue.
Gross profit in the third quarter of fiscal year 2026 was approximately $55 thousand, or approximately 100.0% of revenues, net, compared to approximately $142 thousand or approximately 100%, of revenues, net, for the third quarter of fiscal year 2025. Total cost of revenue, net was zero for the thir…
Total operating expenses were approximately $0.3 million for the third quarter of fiscal year 2026, compared to approximately $0.7 million for the third quarter of fiscal year 2025. The decrease is primarily from decrease in General and administrative expenses. For the third quarter of fiscal year 2…
Text removed vs the prior filing · source: 10-Q · 2026-06-16
On June 11, 2024, the RJ Reynolds Entities filed the ITC Complaint. The ITC Complaint requests the ITC grant: (a) temporary and permanent limited exclusion orders pursuant to Section 337(e) of the Tariff Act of 1930, as amended, which would prohibit the importation of the Bidi Stick in the United St…
which would prohibit the sale and distribution of the Bidi Stick in the United States. No damages are recoverable in the proceedings before the ITC. If the Company or Bidi is prohibited from importing the Bidi Stick, then our business, operations, financial results, and reputation would be significa…
Net cash flows provided by financing activities was approximately $1.0 million for the first six months of fiscal year 2026, compared to cash flows used in financing activities of approximately $0.6 for the first six months of fiscal year 2025. The cash provided by financing activities for the first…
Three months ended April 30, 2026, compared to three months ended April 30, 2025
Revenues for the second quarter of fiscal year 2026 were approximately $38 thousand, compared to approximately $47 thousand in the same period of the prior fiscal year. Revenues decreased in the second quarter of 2026, primarily due to a decrease in royalty revenue.
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-09-14
From time to time we may become party to legal proceedings that we consider to be part of the ordinary course of our business. We also are subject to the regulatory and intellectual-property matters involving Bidi Vapor, LLC described below, which may affect us even though we are not the named manuf…
On February 12, 2025 and November 6, 2025, counsel to a stockholder of the Company delivered written demands purporting to exercise inspection rights under Section 220 of the Delaware General Corporation Law. Counsel to a second stockholder delivered a written demand dated February 24, 2025. The dem…
We are not a named party to the FDA marketing-denial proceedings or to the ITC investigation involving Bidi’s products, other than as originally named and later dismissed from ITC Investigation No. 337-TA-1410. The outcome of those or related proceedings could have a material effect on royalty reven…
Text removed vs the prior filing · source: 10-Q · 2026-06-16
From time to time, we may become party to litigation or other legal proceedings that we consider to be a part of the ordinary course of our business. We are not currently involved in legal proceedings that could reasonably be expected to have a material adverse effect on our business, prospects, fin…
While we are not a party to the legal or regulatory proceedings involving Bidi, the outcome of those or related proceedings could have a material adverse or positive impact on our ability to operate our business given our reliance on Bidi.
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