LEDS — what changed in the latest 10-Q
A section-by-section comparison of LEDS'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 · 2026-07-14 vs the prior 10-Q · 2026-04-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +8 | −7 | ~50 | 85 |
| Controls & procedures | Text added/removed | 0 | 0 | ~4 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 1 |
| Risk factors | Some risk factors updated | 0 | 0 | ~3 | 8 |
| Other information | Text added/removed | 0 | 0 | ~1 | 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)
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 · 2026-07-14
(1) Other revenues for the three months ended May 31, 2026 and 2025 primarily represent revenues attributable to the buy-sell purchase orders of equipment.
Our selling, general and administrative expenses decreased from $709 thousand for the three months ended May 31, 2025 to $681 thousand for the three months ended May 31, 2026. The decrease was mainly attributable to a $42 thousand decrease in payroll expense.
We recognized a net loss of $1 thousand and zero on the disposal of long-lived assets for the three months ended May 31, 2026 and 2025, respectively. Due to the excess capacity charges that we have suffered for the last few years, and considering the risk of technological obsolescence and according …
Investment loss from unconsolidated entities Investment loss from unconsolidated entities decreased from $9 thousand for the three months ended May 31, 2025 to $2 thousand for the three months ended May 31, 2026, primarily due to the increase in the fair value of equity method investments.
Interest expenses, net Interest expenses, net, which primarily consisted of accrued interest payments on loans with our Chairman and Chief Executive Officer and our largest shareholder, decreased from $20 thousand for the three months ended May 31, 2025 to $10 thousand for the three months ended May…
Text removed vs the prior filing · source: 10-Q · 2026-04-14
(1) Other revenues for the three months ended February 28, 2026 primarily include revenues attributable to the sale of epitaxial wafers, scraps and raw materials and the provision of services and a joint development project with CrayoNano AS, and other revenues for the three months ended February 28…
Our selling, general and administrative expenses decreased from $614 thousand for the three months ended February 28, 2025 to $575 thousand for the three months ended February 28, 2026. The decrease was mainly attributable to a $37 thousand decrease in shipping expense, a $27 thousand decrease in pa…
Investment loss from unconsolidated entities Investment loss from unconsolidated entities decreased from $10 thousand for the three months ended February 28, 2025 to $6 thousand for the three months ended February 28, 2026, primarily due to the increase in the fair value of equity method investments…
Interest expenses, net Interest expenses, net, which primarily consisted of accrued interest payments on loans with our Chairman and Chief Executive Officer and our largest shareholder, decreased from $42 thousand for the three months ended February 28, 2025 to $22 thousand for the three months ende…
Other income, net Other income, net increased from $265 thousand for the three months ended February 28, 2025 to $275 thousand for the three months ended February 28, 2026, primarily due to increased rental income.
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