SBMT — what changed in the latest 10-Q
A section-by-section comparison of SBMT'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 · 2026-08-13 vs the prior 10-Q · 2026-05-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +25 | −14 | ~9 | 23 |
| Controls & procedures | Text added/removed | 0 | 0 | ~4 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| 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): Market risk (Item 3)
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 · 2026-08-13
●Exploration costs increased $2,410,506 due to increased surface drilling and underground development activity in the Rainbow Block Property in 2026. The Company expects a significant increase in Rainbow Block Property exploration activity during the remainder of 2026 compared to 2025.
●Professional fees increased $209,273 due to higher audit, legal and consulting expenses associated with our public listing in April 2026.
●Other income increased $388,572 due primarily to receiving interest income of $333,930 earned from the proceeds received from our IPO on April 30, 2026. There was no interest income received in the three months ended June 30, 2025.
Six months ended June 30, 2026 compared to Six months ended June 30, 2025
The following table summarizes the Company’s financial results for the six months ended June 30, 2026 and 2025:
Text removed vs the prior filing · source: 10-Q · 2026-05-14
●Exploration costs, including fixed costs and project programs, were $409,056 and $203,870 during the three months ended March 31, 2026 and 2025, respectively. The increase was driven primarily by increased activity in the Rainbow Block property in 2026. The Company expects a significant increase in…
●Management and advisory fees of $622,018 for the three months ended March 31, 2026 ($4,920,643 for the three months ended March 31, 2025) decreased significantly driven primarily by lower stock-based compensation expenses of $4,338,529. This was due to change in our compensation structure during th…
●The current quarter increase in professional fees totaling $924,473 compared to the prior year’s quarter is primarily due to increases in legal, audit and consulting fees in connection with preparing for a public listing.
The overall decrease in net loss of $2,595,704 was primarily attributable to a lower stock-based compensation expense associated with implementing our equity incentive programs for employees, officers, and directors. Throughout the remainder of 2026, a significant increase in exploration and overhea…
A summary and discussion of our cash inflows and outflows for the three months ended March 31, 2026 and 2025 are as follows:
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