SPEG — what changed in the latest 10-Q
A section-by-section comparison of SPEG'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 · 2026-05-15 vs the prior 10-Q · 2025-11-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +3 | −5 | ~11 | 10 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
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), Legal proceedings, 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 · 2026-05-15
For the three months ended March 31, 2026, we had a net income of $1,004,547, which consists of interest earned on marketable securities held in the Trust Account of $1,029,730 and gain on derivative liability of $127,750, offset by, general and administrative costs of $152,933.
For the three months ended March 31, 2026, net cash used in operating activities was $141,401. Net income of $1,004,547 was impacted interest earned on marketable securities held in Trust Account of $1,029,730, change in Fair Value of Warrant Liabilities of $242,750 and change in Fair Value of Right…
For the three months ended March 31, 2025, net cash used in operating activities was $0. Net loss of $23,562 was impacted by payment of expenses through promissory note of $23,554 and changes in operating assets and liabilities provided $8 of prepaid expenses from operating activities.
Text removed vs the prior filing · source: 10-Q · 2025-11-14
For the three months ended September 30,2025, we had a net loss of $967,044, which consists of operating costs of $181,788, loss on derivative liability of $1,663,750 and transaction costs of $111,382, offset by interest income on marketable securities held in the Trust Account of $989,876.
For the nine months ended September 30, 2025, we had a net loss of $1,013,443, which consists of operating costs of $228,187, loss on derivative liability of $1,663,750 and transaction costs of $111,382, offset by interest income on marketable securities held in the Trust Account of $989,876.
For the period from June 5, 2024 (inception) through September 30, 2024, we had a net loss of $49,791, which consists of operating costs.
For the nine months ended September 30, 2025, cash used in operating activities was $339,500. Net loss of $1,013,443 was affected by payment of operation costs through promissory note of $61,303, offering costs charged to profit and loss of $111,383, change in fair value of rights liabilities of $94…
For the period from June 5, 2024 (inception) through September 30, 2024, cash used in operating activities was $0. Net loss of $49,791 was affected by payment of formation costs through promissory note of $8,081, payment of operation costs through promissory note of $15,648 and operating costs appli…
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