VPRB — what changed in the latest 10-Q
A section-by-section comparison of VPRB'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 · 2026-05-18 vs the prior 10-Q · 2025-11-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +29 | −26 | ~11 | 9 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~12 | 4 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 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): Legal proceedings
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 · 2026-05-18
Effective March 2026, Greg Pan ceased to be a member of the General Partner. Accordingly, Kevin Frija, our Chief Executive Officer, is now the sole member of the General Partner.
On April 28, 2026, Soleil Capital Management LLC, the Company’s general partner (the “General Partner”) executed the Third Amendment (the “Third Amendment”) to the Company’s Limited Partnership Agreement, as amended (the “Partnership Agreement”), in order to amend the terms of the Company’s Class A …
The designation, powers, preferences and rights of the Class A preferred units and the qualifications, limitations and restrictions thereof are summarized as follows:
Number and Stated Value. The number of authorized Class A preferred units is 250,000,000. Each Class A preferred unit will have a stated value of $1.00 (the “Stated Value”).
The Third Amendment had the effect of increasing the number of authorized Class A preferred units from 1,000,000 to 250,000,000, and decreasing the stated value from $2.00 to $1.00 per unit.
Text removed vs the prior filing · source: 10-Q · 2025-11-14
Results of Operations for the Three Months Ended September 30, 2025, Compared to the Three Months Ended September 30, 2024
Our revenues from product sales for the three months ended September 30, 2025 and 2024 were $807,062 and $1,326,199, respectively. Royalty revenues for the three months ended September 30, 2025 and 2024 were $0 and $116,764, respectively. The decrease in product sales and royalty revenues was a resu…
Cost of sales for the three months ended September 30, 2025 and 2024 was $541,616 and $1,008,960, respectively. Gross margins increased to 33% for the three months ended September 30, 2025, compared to 30% for the three months ended September 30, 2024, The increase in gross margin was primarily due …
Operating expenses for the three months ended September 30, 2025, were $665,777, compared to $858,221 for the three months ended September 30, 2024. The decrease in operating expenses was mainly a result of reduced unit-based compensation and marketing expenses, offset with increased wages and salar…
Net other expenses for the three months ended September 30, 2025, was $49,421, compared to net other income of $272,666 for the three months ended September 30, 2024, representing a decrease of $322,087. The decrease resulted from net settlement income of $17,018 for the three months ended September…
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