MRAI — what changed in the latest 10-Q
A section-by-section comparison of MRAI'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 · 2025-11-12
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +14 | −30 | ~17 | 10 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 2 |
| Legal proceedings | Text added/removed | +2 | −1 | 0 | 0 |
| Risk factors | Text added/removed | +1 | −1 | ~1 | 5 |
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): Other information
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
During the three months ended March 31, 2026 and 2025, our total revenue was $4.4 million and $5.4 million, respectively, representing a decrease in revenue of $974 thousand. The decline is primarily due to customer turnover. The market is evolving, and we are adapting our approach to better serve o…
We incurred $229 thousand of sales and marketing expenses for the three months ended March 31, 2026, compared to $245 thousand for the three months ended March 31, 2025, representing a decrease of $16 thousand. The reason for the decrease is due to the actions taken in 2025 and early 2026 to improve…
We incurred $0 of research and development expenses for the three months ended March 31, 2026, compared to $7 thousand for the three months ended March 31, 2025. The reason for the decrease is due to the actions taken in 2025 to consolidate certain departments to improve overall efficiency and resou…
We incurred $60 thousand of depreciation and amortization expenses for the three months ended March 31, 2026, compared to $107 thousand for the three months ended March 31, 2025, representing a decrease of $47 thousand. This decrease was primarily due to the full depreciation or elimination of fixed…
We incurred facilities expenses of $113 thousand for the three months ended March 31, 2026, compared to facilities expenses of $152 thousand for the three months ended March 31, 2025, representing a decrease of $39 thousand. The decrease in facilities expenses was due to the strategic decommissionin…
Text removed vs the prior filing · source: 10-Q · 2025-11-12
Cost of revenue (exclusive of depreciation and amortization shown separately
During the three months ended September 30, 2025 and 2024, our total revenue was $4.0 million and $7.0 million, respectively, representing a decrease in revenue of $3.0 million. The decline is primarily due to customer turnover. The market is evolving, and we are adapting our approach to better serv…
During the nine months ended September 30, 2025 and 2024, our total revenue was $14.1 million and $21.6 million, respectively, representing a decrease in revenue of $7.5 million. The decline is primarily due to customer turnover. The market is evolving, and we are adapting our approach to better ser…
During the nine months ended September 30, 2025 and 2024, our cost of revenue exclusive of depreciation and amortization was $10.4 million and $15.1 million, respectively, representing a decrease of $4.7 million
We incurred $1.2 million of information technology expenses for the three months ended September 30, 2025, compared to $1.3 million for the three months ended September 30, 2024, representing a decrease of $28 thousand. This decrease is the result of changes in two departments’ core functions, align…
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-05-15
On January 30, 2025, the Company was served with a civil complaint by Messer Financial Group Inc., a sublessee of the Company’s previously rented office space in Charlotte, NC, for breach of contract. On July 28, 2025, the Company and the plaintiff conducted a mediation session, which was unsuccessf…
After Messer received the Cash Consideration, Messer voluntarily dismissed the Lawsuit in its entirety as to all Defendants with prejudice.
Text removed vs the prior filing · source: 10-Q · 2025-11-12
On January 30, 2025, the Company was served with a civil complaint by Messer Financial Group Inc., a sublessee of the Company’s previously rented office space in Charlotte, NC, for breach of contract. On July 28, 2025, the Company and the plaintiff conducted a mediation session, which was unsuccessf…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-05-15
Due to our limited operating history, we have a limited customer base and have depended on a few major customers for a significant portion of our revenue. For the three month periods ended March 31, 2026 and 2025, we had no single customer that accounted for more than 10% of total revenue. At March …
Text removed vs the prior filing · source: 10-Q · 2025-11-12
Due to our limited operating history, we have a limited customer base and have depended on a few major customers for a significant portion of our revenue. For the three month period ended September 30, 2025, we had no single customer that accounted for more than 10% of total revenue. For the three m…
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