SRTS — what changed in the latest 10-Q
A section-by-section comparison of SRTS'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 · 2026-08-14 vs the prior 10-Q · 2026-05-13
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +18 | −10 | ~14 | 10 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Other information | Text added/removed | +1 | −3 | 0 | 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), 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 · 2026-08-14
Income taxes. The effective tax rates for the three months ended June 30, 2026 and 2025 were (185.6%) and 41.1%, respectively. The decrease in the effective tax rate for the three months ended June 30, 2026 compared to the prior period was primarily attributable to the valuation allowance recorded a…
The Company evaluates the realizability of its deferred tax assets on a quarterly basis, considering both positive and negative evidence in accordance with ASC 740. During the second quarter of 2026, based on its quarterly assessment of all available positive and negative evidence, management conclu…
Management will continue to evaluate the realizability of its deferred tax assets each reporting period based on all available evidence. Changes in future operating results, taxable income projections, or other relevant evidence could result in changes to the amount of the valuation allowance in fut…
Six months ended June 30, 2026 compared to the six months ended June 30, 2025
Revenues. Revenues were $5.7 million for the six months ended June 30, 2026 compared to $15.7 million for the six months ended June 30, 2025, a decrease of $10.0 million, or 63.7%. The decrease in revenue was primarily driven by a lower number of units sold (16 in the six months ended June 30, 2026,…
Text removed vs the prior filing · source: 10-Q · 2026-05-13
Income taxes. The effective tax rates for the three months ended March 31, 2026 and 2025 were 37.9% and (4.5%), respectively. The increase in the effective tax rate for the three months ended March 31, 2026 compared to the prior period was primarily due to projected full year income and a decrease i…
The Company evaluates the realizability of its deferred tax assets on a quarterly basis, considering both positive and negative evidence in accordance with ASC 740. A key component of this assessment is the Company’s recent cumulative earnings history. As of March 31, 2026, the Company has generated…
However, the Company’s operating results have historically exhibited seasonality, with variability in revenue and profitability across interim periods driven in part by the timing of equipment sales and customer purchasing patterns. This seasonality can result in fluctuations in quarterly and annual…
Management continues to monitor all available evidence, including recent operating results, forecasts of future profitability, and the impact of business trends, in assessing the need for a valuation allowance. While management currently believes it is more likely than not that its deferred tax asse…
The following discussion summarizes significant changes in assets and liabilities. Please see the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 contained in Part I, Item 1 of this filing.
Other information
Text added vs the prior filing · source: 10-Q · 2026-08-14
During the three months ended June 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditio…
Text removed vs the prior filing · source: 10-Q · 2026-05-13
On May 8, 2026, the Company received notice from Fifth Third that the Credit Facility will terminate effective as of May 20, 2026. At March 31, 2026 and December 31, 2025, the Company was in default under the Credit Facility for failing to maintain the required minimum profitability covenant. There …
See Note 3, Debt, to the condensed consolidated financial statements for more information, including a summary of the material terms and conditions of the Credit Facility. Such summary is qualified in its entirety by reference to the agreements underlying the Credit Facility: the Credit Agreement, M…
During the three months ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditi…
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