SPFX — what changed in the latest 10-Q
A section-by-section comparison of SPFX'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 · 2026-08-10 vs the prior 10-Q · 2026-05-11
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +26 | −7 | ~7 | 23 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| 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.
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 · 2026-08-10
· $121,873 increase in commission expense as a result of aggressively marketing in new territories to facilitate expansion, directly correlated to the increased originations and reduction in Florida portfolio concentration.
· $57,567 increase in salaries and wages due to hiring additional staff and general pay increases for existing employees.
· $56,480 increase in professional fees primarily due to legal fees and costs associated with a new software consulting contract.
The increase in expenses was partially offset primarily by a decrease in the following category:
· $83,672 decrease in provision for credit losses as a result of a larger portion of write-offs being related to contra-revenues (i.e. interest charge write-offs) as compared to principal write-offs.
Text removed vs the prior filing · source: 10-Q · 2026-05-11
· $157,819 increase in provision for credit losses primarily related to the increase in the size of the gross receivables portfolio.
· $65,691 increase in professional fees primarily related to increases in financial statement and bank audit fees as well as additional costs for investor relations.
Income before taxes increased by $124,486 to $562,519 for the three months ended March 31, 2026 from $438,033 for the three months ended March 31, 2025. This increase was attributable to the net increases and decreases as discussed above.
Income tax provision increased by $52,248 to $154,452 for the three months ended March 31, 2026 from $102,204 for the three months ended March 31, 2025. This increase was primarily attributable to the increase in taxable income.
Net Income increased by $72,238 to $408,067 for the three months ended March 31, 2026 from $335,829 for the three months ended March 31, 2025. This increase was attributable to the $124,486 increase in income before taxes related primarily to increased revenues, partially offset by the $52,248 incre…
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