XXI — what changed in the latest 10-Q
A section-by-section comparison of XXI'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 · 2026-08-11 vs the prior 10-Q · 2026-05-13
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +11 | −10 | ~28 | 37 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 2 |
| Controls & procedures | Text added/removed | 0 | 0 | ~3 | 3 |
| Risk factors | Text added/removed | 0 | 0 | ~3 | 0 |
| 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): Legal proceedings
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 · 2026-08-11
The following table sets forth our unaudited condensed consolidated statement of operations for the three months ended June 30, 2026 and 2025 and the six months ended June 30, 2026 and the period from March 7, 2025 (inception) to June 30, 2025:
General and administrative expenses for the three months ended June 30, 2026 were $10,613,461 compared to $399,082 for the three months ended June 30, 2025. The $10,214,379 increase in general and administrative expenses mainly reflects an increase in stock based compensation and legal and other pro…
General and administrative expenses for the six months ended June 30, 2026 was $21,077,349 compared to $399,082 for the period from March 7, 2025 (inception) to June 30, 2025. The $20,678,267 increase in general and administrative expenses mainly reflects an increase in stock based compensation and …
Marketing and advertising expenses for the three months ended June 30, 2026 was $116,600 compared to $8,300 for the three months ended June 30, 2025. The $108,300 increase in marketing and advertising expenses mainly marketing such as investor awareness costs.
Marketing and advertising expenses for the six months ended June 30, 2026 was $221,600 compared to $8,300 for the period from March 7, 2025 (inception) to June 30, 2025. The $213,300 increase in marketing and advertising expenses mainly marketing such as investor awareness costs.
Text removed vs the prior filing · source: 10-Q · 2026-05-13
The following table sets forth our unaudited condensed consolidated statement of operations for the three months ended March 31, 2026:
General and administrative expenses were $10,463,888 for the three months ended March 31, 2026, and comprised mainly of professional fees and stock based compensation.
Sales and marketing expenses were $105,000 for the three months ended March 31, 2026 and represent costs associated with advertising, public relations and promotion of the Company.
Interest expenses of $1,307,552 for the three months ended March 31, 2026 comprises interest on the Convertible Notes and amortization of debt issuance costs.
Interest income received on deposits at bank was $265 for the three months ended March 31, 2026.
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