LEAT — what changed in the latest 10-Q
A section-by-section comparison of LEAT'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 · 2026-05-12 vs the prior 10-Q · 2025-11-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +21 | −44 | ~51 | 12 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | −1 | 0 | 2 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| 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)
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 · 2026-05-12
Comparison of Three Months Ended March 31, 2026 and Three Months Ended March 31, 2025
Our helmets accounted for $5.39 million or 28% of our revenues for the three months ended March 31, 2026, as compared to $3.40 million or 22% of our revenues for the same 2025 period. The 59% increase in helmet sales is primarily attributable to a 61% increase in the sales volume of helmets designed…
Cost of Revenues and Gross Profit - Cost of revenues for the quarters ended March 31, 2026 and 2025 were $10.93 million and $8.65 million, respectively. Gross Profit for the quarters ended March 31, 2026 and 2025 were $8.57 million and $6.72 million, respectively, or 44% and 44% of revenues, respect…
Salaries and Wages - Salaries and wages for the quarters ended March 31, 2026 and 2025 were $2.15 million and $1.86 million, respectively. The 16% increase in salaries and wages during the 2026 period was primarily due to the employment of marketing and digital professionals globally as we continue …
Depreciation Expense - Depreciation expense for the quarters ended March 31, 2026 and 2025 were $514,616 and $327,008, respectively. The 57% increase in depreciation is primarily due to the accelerated depreciation of long-lived intangible web assets in connection with the impairment and resultant u…
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Comparison of Three-Month Periods Ended September 30, 2025 and 2024
Our helmet sales accounted for $3.33 million and $3.01 million or 23% and 25% of our revenues, for the quarters ended September 30, 2025 and 2024, respectively. The 11% increase in helmet sales during the 2025 third quarter is primarily attributable to strong ADV helmet sales as the Company continue…
Cost of Revenues and Gross Profit - Cost of revenues for the quarters ended September 30, 2025 and 2024 were $8.03 million and $6.97 million, respectively. Gross Profit for the quarters ended September 30, 2025 and 2024 were $6.32 million and $5.17 million, respectively, or 44% and 43% of revenues, …
Salaries and Wages - Salaries and wages for the quarters ended September 30, 2025 and 2024 were $1,890,062 and $1,676,828, respectively. The 13% increase in salaries and wages was primarily due to share compensation costs relating to the recognition of share grants that were issued during the fourth…
Depreciation Expense - Depreciation expense for the quarters ended September 30, 2025 and 2024 was $343,565 and $316,404, respectively. The 9% increase in depreciation during the 2025 third quarter is primarily due to the addition of moulds and tooling used in the production of the Company's growing…
Legal proceedings
Text removed vs the prior filing · source: 10-Q · 2025-11-06
• On February 26, 2025, a lawsuit was filed against the Company and other defendant in the Supreme Court of the State of New York, County of Queens, for alleged violation of the American Disabilities Act of 1990, in connection with the accessibility of the Company's website to visually impaired and/…
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