NCL — what changed in the latest 10-Q
A section-by-section comparison of NCL'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 · 2026-05-19 vs the prior 10-Q · 2025-11-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +58 | −25 | ~2 | 3 |
| Market risk (Item 3) | Text added/removed | +1 | −1 | 0 | 0 |
| Controls & procedures | Text added/removed | +1 | −1 | 0 | 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, Risk factors, 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 · 2026-05-19
The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and Annual Report on Form 10-K for the year ended December 31, 2025.
The information set forth in this section contains certain “forward-looking statements”, including, among others (i) expected changes in our revenue and profitability, (ii) prospective business opportunities and (iii) our strategy for financing our business. Forward-looking statements are statements…
You should read the following discussion and analysis in conjunction with the Financial Statements and Notes attached hereto, and the other financial data appearing elsewhere in this prospectus.
We commenced operations in August 2013 with the establishment of NBS in Delaware.
In December 2013, NCP was established in China. Most of our products are manufactured through NCP.
Text removed vs the prior filing · source: 10-Q · 2025-11-14
Comparison for the Three Months Ended September 30, 2025 and 2024
The following table sets forth key components of our results of operations for the three months ended September 30, 2025 and 2024, both in dollars and as a percentage of our revenues.
Our revenues were $3,545,412 for the three months ended September 30, 2025, representing an increase of 987,827 or 38.6% from $2,557,585 for the three months ended September 30, 2024. The increase was mainly due to increase in customer demand and our sales volume in the three months ended September …
Our cost of revenues was $4,986,401 for the three months ended September 30, 2025, compared to $929,002 for the same period in 2024. Cost of revenues refers to the cost of material and labor cost; the percentage of direct material was over 90% of the total cost of revenues. We paid tariffs of $251,7…
Our gross profit was -$1,440,989 for the three months ended September 30, 2025, compared with a gross profit of $1,628,583 for the same period in 2024. Gross margin decreased from 63.7% for the three months ended September 30, 2024 to -40.6% for the three months ended September 30, 2025 due to the h…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-19
As a smaller reporting company, we are not required to provide the information required by this Item.
Text removed vs the prior filing · source: 10-Q · 2025-11-14
Not applicable as we are a “smaller reporting company” as defined by Item 229.10(f)(1) of Regulation S-K.
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-19
Based on management's evaluation, the CEO and CFO have concluded that, as of March 31, 2026, disclosure controls and procedures were not effective due to material weaknesses previously disclosed in Item 9A of the FY2025 10-K. Management is evaluating remediation steps.
Text removed vs the prior filing · source: 10-Q · 2025-11-14
The Company carried out an evaluation under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer (principal executive officer) and Interim Chief Financial Officer (principal financial officer and principal accounting officer), of the…
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