REFR — what changed in the latest 10-Q
A section-by-section comparison of REFR'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 · 2026-08-06 vs the prior 10-Q · 2026-05-08
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +11 | −5 | ~7 | 10 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 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, 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 · 2026-08-06
The Company’s fee income from licensing activities for the three months ended June 30, 2026 was $86,346 as compared to $129,904 for the three months ended June 30, 2025. This decrease in fee income was primarily the result of non-recurring royalties from a licensee that ceased operations after the s…
Operating expenses decreased by $148,706 for the three months ended June 30, 2026 to $627,216 from $775,922 for the three months ended June 30, 2025. This decrease is the result of lower employee compensation ($111,000) and directors fees and expenses ($107,000), as well as lower marketing and inves…
As a consequence of the factors discussed above, the Company’s net loss was $660,168 ($0.02 per common share) for the three months ended June 30, 2026 as compared to net loss of $803,826 ($0.02 per common share) for the three months ended June 30, 2025.
Six months ended June 30, 2026 compared to the six months ended June 30, 2025
The Company’s fee income from licensing activities for the six months ended June 30, 2026 was $222,665 as compared to $689,680 for the six months ended June 30, 2025. This decrease in fee income was primarily the result of royalties and upfront fees recognized by the Company under ASC 606 revenue tr…
Text removed vs the prior filing · source: 10-Q · 2026-05-08
The Company’s fee income from licensing activities for the three months ended March 31, 2026 was $136,319 as compared to $559,776 for the three months ended March 31, 2025. This decrease in fee income was primarily the result of royalties and upfront fees recognized by the Company under ASC 606 reve…
Operating expenses decreased by $115,094 for the three months ended March 31, 2026 to $521,382 from $636,476 for the three months ended March 31, 2025. This decrease is primarily the result of lower directors fees ($120,000).
The Company recorded $47,357 of other income for the three months ended March 31, 2025 relating to an Employee Retention Credit, a refundable tax credit available under the CARES Act that was designed to keep employees on the payroll during the Covid-19 pandemic.
As a consequence of the factors discussed above, the Company’s net loss was $525,365 ($0.02 per common share) for the three months ended March 31, 2026 as compared to net loss of $177,687 ($0.01 per common share) for the three months ended March 31, 2025.
During the three months ended March 31, 2026, the Company’s cash and cash equivalents balance increased by $615,002 as a result of cash received from the sale of common stock and warrants of $1,375,000 partially offset by used to fund operations of $759,931 and cash used to purchase fixed assets of …
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