AACP — what changed in the latest 10-Q
A section-by-section comparison of AACP'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 · 2026-08-20 vs the prior 10-Q · 2026-05-15
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +12 | −3 | ~1 | 10 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| 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 · 2026-08-20
For the three months ended June 30, 2026, we had net income of $1,133,066, which consisted of investment income on investments held in Trust of $1,436,079, partially offset by formation and operating expenses of $303,013.
For the six months ended June 30, 2026, we had net income of $1,078,066, which consisted of investment income on investments held in Trust of $1,436,079, partially offset by formation and operating expenses of $358,013.
For the six months ended June 30, 2026, cash used in operating activities was $470,520, which consisted of net income of $1,078,066, offset by investment income on investments held in Trust of $1,436,079 and the net decrease in assets and liabilities of $112,507.
For the six months ended June 30, 2026 cash used in investing activities was $173,362,500, which consisted of the funds deposited into the Trust.
For the six months ended June 30, 2026 cash provided by financing activities was $174,223,970, which consisted of the proceeds from the Initial Public Offering and private placement, partially offset by offering costs.
Text removed vs the prior filing · source: 10-Q · 2026-05-15
For the three months ended March 31, 2026, we had a net loss of $55,000, which consisted of formation and operating expenses of $55,000.
We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of March 31, 2026. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which…
The preparation of the unaudited condensed financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclo…
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