TBNRL — what changed in the latest 10-Q
A section-by-section comparison of TBNRL'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 · 2026-05-13 vs the prior 10-Q · 2026-02-11
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +56 | −57 | ~75 | 51 |
| Controls & procedures | Text added/removed | +13 | −10 | ~7 | 42 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 13 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~2 | 2 |
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 · 2026-05-13
ended March 31, 2025, largely due to increased headcount in relation to the comparative quarter, compensation awarded to
the new CEO during the quarter, and the payout of bonuses during the quarter for the 2025 calendar year at a higher payout
percentage than that accrued in the same quarter of fiscal year 2025.
due to the accretion of asset retirement obligation liabilities in relation to all EPs, inclusive of EPs 76, 98, 117, 136 and
161, as well as the SPCF pad. The incremental expense period over period is driven by the three wells drilled in Q1 which
Text removed vs the prior filing · source: 10-Q · 2026-02-11
months ended December 31, 2024, largely due to the transition to a calendar year employee bonus schedule and
field camp of $1.0 million were recognized primarily related to camp utilization, camp services, and related consumables.
These costs are offset by recoveries from external parties who utilize the camp.
currency transactions and from the translation at fiscal year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognized on our condensed consolidated statement of operations and
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-13
the help of our third-party consulting firm, continued documentation of our key business and IT processes,
refining controls identified through the walkthroughs performed in the second quarter. Assessments are
currently in progress to conclude on design and operating effectiveness and determine additional actions
reporting of transactions for all entities. Management has commenced a detailed assessment of segregation
of duties across key financial and IT processes to identify areas of elevated risk, including incompatible
Text removed vs the prior filing · source: 10-Q · 2026-02-11
the help of our third-party consulting firm, performed a risk assessment and walkthroughs of our key
business and IT processes to facilitate the design and documentation of internal controls, including those
that would be necessary to effectively remediate the existing material weakness. A walkthrough is
performed to gain comfort regarding the design effectiveness of the key controls. Further assessments will
be made of these controls to conclude on design and operating effectiveness and determine additional
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