ZSTK — what changed in the latest 10-Q
A section-by-section comparison of ZSTK'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 · 2026-07-31 vs the prior 10-Q · 2026-05-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +40 | −16 | ~18 | 61 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| 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), Risk factors
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 · 2026-07-31
The Company recognizes staking rewards as revenue at the time they are earned and control of the reward tokens is obtained, measured at their fair value on the date of receipt. The fair value of the staking rewards at receipt becomes their cost basis for subsequent accounting and potential disposal.
Staking rewards earned by the Company are held in a separate hot wallet designated for operating liquidity. The Company intends to use these staking rewards, either in kind or through sale for cash, principally to fund operating activities, including research and development, general and administrat…
Revenue totaled $13.7 million and $9.7 million for the three months ended June 30, 2026 and 2025, respectively. The revenue generated by the Company's Phatebo subsidiary was $12.6 million and $9.7 million for the three months ended June 30, 2026 and 2025, respectively. The Company also began staking…
Gross profit totaled $1.6 million and $0.6 million for the three months ended June 30, 2026 and 2025, respectively. As a percentage of net sales, or gross margin, the Company reported 12% and 6% for the three months ended June 30, 2026 and 2025, respectively. The increases were primarily driven by t…
Operating expenses totaled $25.9 million and $2.1 million for the three months ended June 30, 2026 and 2025, respectively. The increase is driven by the loss from changes in fair value of digital assets recorded during the three months ended June 30, 2026.
Text removed vs the prior filing · source: 10-Q · 2026-05-04
Net loss before taxes and discontinued operations (36,669 ) (253 )
Revenue totaled $7.3 million and $6.9 million for the three months ended March 31, 2026 and 2025, respectively. The revenue generated by the Company's Phatebo subsidiary was $4.5 million and $6.9 million for the three months ended March 31, 2026 and 2025, respectively. The Company also began staking…
Gross profit totaled $3.1 million and $0.5 million for the three months ended March 31, 2026 and 2025, respectively. As a percentage of net sales, or gross margin, the Company reported 43% and 8% for the three months ended March 31, 2026 and 2025, respectively. The increases were primarily driven by…
Operating expenses totaled $65.8 million and $2.2 million for the three months ended March 31, 2026 and 2025, respectively. The increase is driven by the loss from changes in fair value of digital assets recorded during the three months ended March 31, 2026.
Loss from changes in fair value of digital assets totaled $60.7 million and $nil for the three months ended March 31, 2026 and 2025, respectively. The loss in the three months ended March 31, 2026 was caused by the decrease in value of the Company's 0G holdings.
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