MDWK — what changed in the latest 10-Q
A section-by-section comparison of MDWK'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 · 2026-08-19 vs the prior 10-Q · 2026-05-15
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +28 | −9 | ~4 | 25 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 1 |
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): 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 · 2026-08-19
On August 3, 2026, RF Specialties, signed a non-binding Letter of Intent with Rex Lumber Company (“Rex Lumber”) to form a proposed joint venture focused on the development, deployment, and commercialization of radio frequency-based solutions for the lumber and broader wood-products industry.
The proposed joint venture would focus on utilizing our extensive IP portfolio and trade secrets for radio frequency technology applications including molecular sawdust drying, molecular wood-chip drying, board straightening, extraction systems for compounds such as turpentine and furfural, and futu…
Under the LOI, RF Specialties is expected to hold a 51% ownership interest in the joint venture and Rex Lumber is expected to hold a 49% ownership interest, with governance and other key terms to be finalized in definitive agreements.
RF Specialties is expected to contribute relevant radio frequency intellectual property, an exclusive license for lumber and wood-product applications, engineering and technical leadership, procurement and manufacturing oversight, and facility support from its Mills River, North Carolina location.
Rex Lumber is expected to contribute sales leadership, distribution and market deployment capabilities, strategic commercial support, and a substantial multi-million-dollar initial capital investment to support design, manufacturing, engineering expansion, technician hiring, and commercialization ef…
Text removed vs the prior filing · source: 10-Q · 2026-05-15
Revenue. Revenue for the three months ended March 31, 2026 was $434,087 compared to $513,930 for the three months ended March 31, 2025. Revenue of $313,739 for three months ending March,31,2026 is attributable to the Two Trees business, compared to $252,837 in 2025, and $120,348 of revenue for three…
In February 2025, the Company executed contracts with two customers related to the lease of an aggregate of three SRAS that are expected to begin producing revenue to the Company in the second half of 2025. The Company began building the machines for these customers in the first quarter, and we expe…
Cost of Sales. Cost of sales for the three months ended March 31, 2026 was $570,350 compared to $381,398 for three months ended March 31, 2025. Cost of sales for the Company’s Two Trees Distilling operations was $371,051 in 2026 compared to $168,715 in 2025, with the decline driven by higher input c…
Operating Expenses. We reported operating expenses of $701,549 consisting primarily of legal, accounting, payroll, and general business related expenses for the three months ended March 31, 2026 compared to $750,321 for the three months ended March 31, 2025. The $122,801 decrease in operating expens…
Total Other Expenses. Total other expense was $9,220 for the three months ended March 31, 2026 compared to $11,565 for the three months ended March 31, 2025. Other expense for the three months ended March 31, 2026 primarily consisted of interest expense of $9,220. Other expense for the three months …
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