SPFX — what changed in the latest 10-Q
A section-by-section comparison of SPFX'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 · 2026-05-11 vs the prior 10-Q · 2025-11-12
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +7 | −20 | ~8 | 22 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 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.
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 · 2026-05-11
· $157,819 increase in provision for credit losses primarily related to the increase in the size of the gross receivables portfolio.
· $68,127 increase in interest expense as a result of increased borrowings on its line of credit. In funding the growth of the gross receivables portfolio by $13,978,463 to $83,272,529 at March 31, 2026 from $69,294,066 at March 31, 2025, the Company increased borrowings on the line of credit by $12…
· $65,691 increase in professional fees primarily related to increases in financial statement and bank audit fees as well as additional costs for investor relations.
Income before taxes increased by $124,486 to $562,519 for the three months ended March 31, 2026 from $438,033 for the three months ended March 31, 2025. This increase was attributable to the net increases and decreases as discussed above.
Net Income increased by $72,238 to $408,067 for the three months ended March 31, 2026 from $335,829 for the three months ended March 31, 2025. This increase was attributable to the $124,486 increase in income before taxes related primarily to increased revenues, partially offset by the $52,248 incre…
Text removed vs the prior filing · source: 10-Q · 2025-11-12
· $89,073 increase in commission expense as a result of competitive forces within agent relations.
· $83,622 increase in provision for credit losses as a result of increases to the size of the loan portfolio. We maintained consistent allowance practices throughout 2025, which kept the reserves adequate for the size of the growing loan receivable portfolio.
The increase in expenses was partially offset primarily by a decrease in the following category:
· $71,975 decrease in interest expense as a result of decreases in the line of credit interest rate. Due to benchmark interest rate decreases adopted by the Federal Reserve Board at the end of 2024, interest rates throughout the marketplace have decreased accordingly. The benchmark interest rate dec…
Income tax provision decreased $8,503 to $97,696 for the three months ended September 30, 2025 from $106,199 for the three months ended September 30, 2024. This decrease was primarily attributable to a decrease in taxable income.
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