PUSA — what changed in the latest 10-Q
A section-by-section comparison of PUSA'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 · 2025-11-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +59 | −82 | ~20 | 33 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 2 |
| Legal proceedings | Text added/removed | +81 | −63 | ~44 | 97 |
| 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): 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 · 2026-05-12
● Installing 19 brand new TiffEagle greens at Remington Golf Club;
● Extensively renovated the interior and exterior of the Clubhouse at Kissimmee Bay Country Club
Our businesses are subject to seasonality and typically the first quarter of each year is our busiest season of the year. Then, even during our busy season, our business activities are affected by weather conditions. For the three months ended March 31, 2026, we did not experience an unusual number …
The DTE Agreement was renewed in 2022 and the renewed contractual price has been fully reflected in Q1 2025. The higher contractual price is a reflection of the inflationary environment that has subsequently impacted the labor, fertilizer and chemical markets. The maintenance cost and contract with …
We have identified certain accounting policies that are significant to the preparation of our Group’s financial information. Some of our accounting policies involve subjective assumptions and estimates, as well as complex judgements relating to accounting items. In each case, the determination of th…
Text removed vs the prior filing · source: 10-Q · 2025-11-14
● Leverage on the newly renovated facilities to attract new and existing customers especially weddings and events at Kissimmee Bay Golf Club and more younger golfers at Remington Golf Club;
● Engage new and existing regional customers through social media marketing as well as other marketing efforts; and
● Expanding our portfolio through potential regional country club acquisitions.
Our businesses are subject to seasonality and typically the first quarter of each year is our busiest season of the year. Then, even during our busy season, our business activities are affected by weather conditions. In 2025, we experienced more than average rainy days during the first three months …
The DTE Agreement was renewed in 2022 and the renewed contractual price has been fully reflected in Q1 2025, the higher contractual price is a reflection of the inflationary environment that subsequently impacted the labor, fertilizer and chemical markets. The maintenance cost and contract with DTE …
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-05-12
● the other risks and uncertainties detailed from time to time in our filings with the United States Securities and Exchange Commission (“SEC”).
Shares Amount Shares Amount capital receivables deficit Total
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Net Cash Provided by (Used in) Operating Activities 385,085 (81,193)
Proceeds from exercise of pre-funded warrants and placing agent warrants 601,500 -
Text removed vs the prior filing · source: 10-Q · 2025-11-14
● the other risks and uncertainties detailed from time to time in our filings with the United States Securities and Exchange Commission (“SEC”), including but not limited to those described under “Risk Factors” in the Company’s annual report on Form 10-K, filed with the SEC on March 28, 2025.
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(Expressed in U.S. dollars, except for the number of shares)
(Expressed in U.S. dollars, except for the number of shares)
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