BTOC — what changed in the latest 10-Q
A section-by-section comparison of BTOC'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 · 2026-05-14 vs the prior 10-Q · 2026-02-17
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +33 | −32 | ~21 | 11 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | Some risk factors updated | +4 | 0 | ~3 | 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): 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 · 2026-05-14
1) Revenue from our transportation services decreased by $5.4 million, or 19.1%, for the three months ended March 31, 2026, compared with the same period in 2025, due to a decreased proportion of traditional customer order volume and an increased proportion of Temu and TikTok order volume for the th…
Our revenue increased by $3.2 million, or 2.3%, to $142.7 million during the nine months ended March 31, 2026, compared to $139.5 million for the same period in 2025. The increase was due to the following factors:
1) Revenue from our transportation services decreased by $6.0 million, or 6.4%, for the nine months ended March 31, 2026, compared with the same period in 2025, due to a decreased proportion of traditional customer order volume and an increased proportion of Temu and TikTok order volume for the nine…
2) Revenue from our warehousing services increased by $9.2 million, or 19.9%, for the nine months ended March 31, 2026, compared with the same period in 2025. Between the two time periods, warehouse operations were significantly increased in Georgia and Illinois, market segments that were newly adde…
The following table sets forth a breakdown of our costs of services for the three and nine months ended March 31, 2026 and 2025:
Text removed vs the prior filing · source: 10-Q · 2026-02-17
1)Revenue from our transportation services decreased by $4.1 million, or 11.5%, for the three months ended December 31, 2025, compared with the same period in 2024, due to a decreased proportion of traditional customer order volume and an increased proportion of Temu and TikTok order volume for the …
2)Revenue from our warehousing services increased by $4.5 million, or 30.2%, for the three months ended December 31, 2025, compared with the same period in 2024. As an integrated part of our one-stop warehousing and logistics services, revenue increase from our warehousing services was driven by the…
Our revenue increased by $7.4 million, or 7.9%, to $101.0 million during the six months ended December 31, 2025, compared to $93.6 million for the same period in 2024. The increase was due to the following factors:
1) Revenue from our transportation services slightly decreased by $0.6 million, or 0.9%, for the six months ended December 31, 2025, compared with the same period in 2024, due to a decreased proportion of traditional customer order volume and an increased proportion of Temu and TikTok order volume f…
2)Revenue from our warehousing services increased by $8.0 million, or 27.4%, for the six months ended December 31, 2025, compared with the same period in 2024. As an integrated part of our one-stop warehousing and logistics services, revenue increase from our warehousing services was driven by optim…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-05-14
Geopolitical conflicts involving the United States, Israel, Iran and other parties in the Middle East could adversely affect our business, financial condition and results of operations.
Ongoing armed conflicts and heightened geopolitical tensions involving the United States, Israel, Iran and other parties in the Middle East have created significant uncertainty in global economic, political and financial markets. The continuation or escalation of these conflicts, including potential…
These events have contributed, and may continue to contribute, to fluctuations in commodity prices, fuel and transportation costs, inflation, interest rates, foreign exchange rates and capital markets conditions. In addition, the conflicts could result in cyberattacks, sanctions, export controls, su…
Although we currently do not maintain operations in the Middle East, the indirect effects of geopolitical instability, military conflict and related economic uncertainty could adversely affect our business operations, financial condition, results of operations and ability to access capital markets. …
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