MRDN — what changed in the latest 10-Q
A section-by-section comparison of MRDN'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 · 2026-07-29 vs the prior 10-Q · 2026-04-28
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +25 | −6 | ~34 | 54 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
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 · 2026-07-29
During the six months ended June 30, 2025, cash used in financing activities totaled $14,301,175. This was primarily driven by debt repayments of $15,060,133 and lease repayments of $1,093,927, partially offset by $1,172,000 in loan proceeds, attributable to short-term credit line agreement in the a…
Stock-based compensation (within G&A) for the three months ended June 30, 2026, was negative $(97,292), compared to $1,327,711 for the three months ended June 30, 2025, representing a $1,425,003 decrease from the prior period. The decrease was primarily attributable to fewer RSUs granted to the Comp…
Professional fees for the three months ended June 30, 2026, were $1,097,191, compared to $1,155,410 for the three months ended June 30, 2025, a $58,219 or 5% decrease from the prior period. The decrease was primarily attributable to lower legal and advisory fees due to fewer acquisition, financing, …
Marketing expenses for the three months ended June 30, 2026, were $5,870,811, compared to $6,705,582 for the three months ended June 30, 2025, an $834,771 or 12% decrease from the prior period, which was primarily driven by the optimization of marketing costs, which mainly consisted of shifting towa…
Interest earned. Interest earned increased by $18,249, to $35,133 for the three months ended June 30, 2026, from $16,884 for the three months ended June 30, 2025. The increase was mainly due to interest income from Eurobonds.
Text removed vs the prior filing · source: 10-Q · 2026-04-28
During the three months ended March 31, 2025, cash used in financing activities was $5,000,064, which was primarily due to repayments on debt of $4,428,626 and a repayment of lease of $571,438.
Stock-based compensation (within G&A) for the three months ended March 31, 2026, was $248,057, compared to $1,040,325 for the three months ended March 31, 2025, representing a $792,268 decrease from the prior period. The decrease was primarily attributable to fewer RSUs granted to the Company’s empl…
Professional fees for the three months ended March 31, 2026, were $901,492, compared to $920,240 for the three months ended March 31, 2025, an $18,748 or 2% decrease from the prior period. The higher fees in the prior-year period were primarily attributable to legal and audit services related to the…
Marketing expenses for the three months ended March 31, 2026, were $6,392,458, compared to $6,045,796 for the three months ended March 31, 2025, a $346,662 or 6% increase from the prior period, which was primarily driven by increased budgets across all Ads channels (Google, Meta, etc.), as well as i…
Interest earned. Interest earned decreased by $37,937, or 86%, to $5,999 for the three months ended March 31, 2026, from $43,936 for the three months ended March 31, 2025. The decrease was mainly due to the maturity of term deposit agreements with banks during the period. The funds were subsequently…
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