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SEC What Changed: 10-K Filing Snapshot for 11 June 2026
Three companies met our criteria from the five 10-K annual reports filed with the SEC on 11 June 2026. To qualify, a company must have filed an annual 10-K report on the target date and have a prior-year 10-K available for a direct year-over-year comparison. A prior-year filing was not available for Electronic Servitor Publication Network, Inc. (1709542) and McGraw Hill, Inc. (1951070), so they are excluded from the ranking.
Each company is scored on how similar its current annual filing text is to the prior year. Scores run from 0 to 1 — a score of 1 means the language is essentially unchanged; a lower score means more has changed. We flag three sections that carry the most disclosure signal: Business, Risk Factors, and MD&A.
Key Takeaways
- Onar Holding Corp (High) — Investors should be aware that Onar Holding Corp now faces material financial distress and has formally warned of possible going concern issues, raising the risk profile significantly.
- FRIEDMAN INDUSTRIES INC (High) — Friedman Industries is executing a bold expansion strategy, materially increasing its operational scale, product capabilities, and customer reach.
- Seneca Foods Corp (Medium) — Investors should note Seneca Foods’ new focus on tariffs and trade restrictions as a key risk to future performance.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Onar Holding Corp | 1682265 | 0.969 | 0.901 | 0.779 | 0.962 | Risk Factors | high |
| 2 | FRIEDMAN INDUSTRIES INC | 39092 | 0.996 | 0.977 | 1 | 0.995 | Business | high |
| 3 | Seneca Foods Corp | 88948 | 0.997 | 0.997 | 0.997 | n/a | Business | medium |
Onar Holding Corp (1682265)
| Rank | 1 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Onar Holding Corp’s latest 10-K introduces a formal warning that there is substantial doubt about its ability to continue as a going concern, reflecting ongoing losses and a need for new funding. The company also broadened its risk disclosures, adding concerns about economic conditions, client retention, AI competition, and the challenges of being a penny stock with limited liquidity. These changes point to increased operational and financial uncertainty.
Main Changes
- Added explicit disclosure of ‘substantial doubt’ about the company’s ability to continue as a going concern, citing recurring losses and accumulated deficit.
- Expanded risk factors to include unfavorable economic conditions, inability to raise additional funding, and challenges in maintaining client demand.
- Introduced new risks related to the deployment of artificial intelligence (AI) in the business and competitive threats from AI development by others.
- Added detailed risks regarding penny stock status, limited liquidity, and anti-takeover provisions in governing documents.
Watch Items
- The going concern language signals heightened financial distress and potential need for urgent capital raising.
- Newly disclosed AI and technology risks suggest management is both pursuing and wary of rapid tech-driven changes in the industry.
- Expanded governance and liquidity risks may impact shareholder value and the ability to exit positions.
Important Filing Changes
As of December 31, 2024 Class Level 1 Level 2 Level 3 Common stock $ 489,199 $ – $ – Total $ 489,199 $ – $ – As of December 31, 2024, the Company’s investments were concentrated in the common stock of two entities comprising 76% and 24% of the total investment balance . Approximately 118,000 is an investment in the common stock of a related party. Note 13 – Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes .
< mark style="background:#c8f7d4;padding:1px 3px;border-radius:3px;">RISK FACTORS An investment in our common stock involves a high degree of risk. You should carefully consider the risks described below as well as the other information in this filing before deciding to invest in our company.
EXECUTIVE By: /s/ Claude Zdanow Name: Claude Zdanow [ Signature Page to Employment Agreement ] 13 EX-19.1 6 onar_ex191.htm INSIDER TRADING POLICY onar_ex191.htm EXHIBIT 19.1 ONAR HOLDING CORPORATION POLICY REGARDING INSIDER TRADING AND DISSEMINATION OF INSIDE INFORMATION Effective March 25, 2025 I. INTRODUCTION This Policy Regarding Insider Trading and Dissemination of Inside Information (this “ Policy ”) describes the policy of ONAR Holding Corporation (the “ Company ”) regarding: · the trading of securities while you are in possession of Inside Information (as defined below) ( “insider trading” ) about the Company or any other company; and · other misuse of material non-public information ( “Inside Information” ) of the Company or any other company. Your obligations and potential liability under securities laws dealing with insider trading abuses are also outlined below.
RISK FACTORS An investment in our common stock involves a high degree of risk. < mark style="background:#c8f7d4;padding:1px 3px;border-radius:3px;">You should carefully consider the risks described below as well as the other information in this filing before deciding to invest in our company. Any of the risk factors described below could adversely affect our business, operating results, financial condition and the trading price of our common stock.
BUSINESS Summary Matters and Definitions In this Annual Report on Form 10-K (this “ Report ”), we may rely on and refer to information regarding the industries in which we operate in general from market research reports, analyst reports and other publicly available information. Although we believe that this information is reliable, we cannot guarantee the accuracy and completeness of this information, none of this information has been commissioned by us, and we have not independently verified any of it. Unless the context requires otherwise, references to the “ Company, ” “ we, ” “ us, ” “ our, ” “ ONAR ”, “ ONAR Holding ” and “ ONAR Holding Corporation ” refer specifically to ONAR Holding Corporation and its consolidated subsidiaries.
BUSINESS Summary Matters and Definitions In this Annual Report on Form 10-K (this “Report”), we may rely on and refer to information regarding the industries in which we operate in general from market research reports, analyst reports and other publicly available information. < mark style="background:#c8f7d4;padding:1px 3px;border-radius:3px;">Although we believe that this information is reliable, we cannot guarantee the accuracy and completeness of this information. We have not independently verified any of the data from third-party sources, nor have we ascertained the underlying economic assumptions relied upon therein.
FRIEDMAN INDUSTRIES INC (39092)
| Rank | 2 |
|---|---|
| Lowest similarity section | Business |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Friedman Industries has made a major push into new markets by adding facilities in Miami and Orlando, expanding its product range, and more than doubling its flat-roll customer count. The company also grew its workforce by over 40% and added a Chief Operating Officer, signaling a commitment to scaling operations. These moves point to an aggressive growth strategy and a shift toward broader market coverage.
Main Changes
- Added new flat-roll processing facility in Miami, Florida and a distribution facility in Orlando, Florida, expanding geographic footprint.
- Expanded product capabilities: now able to process thinner gauges (down to 30 gauge) and slit coil (down to 1/2" wide), and added fiber laser processing at Granite City facility.
- Customer base for flat-roll products increased from approximately 442 to 1,160, indicating a major sales reach expansion.
- Employee count increased from 271 to 381, and a new Chief Operating Officer position was created and filled.
Watch Items
- Expansion into Florida and new processing capabilities suggest a strategic growth initiative targeting new markets and customers.
- Larger customer base and broader product offering may diversify revenue streams but could increase operational complexity.
- Significant workforce growth and new executive leadership may impact cost structure and organizational culture.
Important Filing Changes
Business General Friedman Industries, Incorporated (the “Company”), a Texas corporation incorporated in 1965, is a manufacturer and processor of steel products and operates in two reportable segments: flat-roll products and tubular products. Significant financial information relating to the Company’s business segments for the last two years is contained in Note 12 of the Consolidated Financial Statements included in the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2025, which financial statements are incorporated herein by reference in Item 8 hereof.
< mark style="background:#c8f7d4;padding:1px 3px;border-radius:3px;">Business General Friedman Industries, Incorporated (the “Company”), a Texas corporation incorporated in 1965, is a manufacturer and processor of metals and operates in two reportable segments: flat-roll products and tubular products. Significant financial information relating to the Company’s business segments for the last two years is contained in Note 12 of the Consolidated Financial Statements included in the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2026, which financial statements are incorporated herein by reference in Item 8 hereof.
Significant financial information relating to the Company’s business segments for the last two years is contained in Note 12 of the Consolidated Financial Statements included in the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2025, which financial statements are incorporated herein by reference in Item 8 hereof. Flat-Roll Products The flat-roll product segment consists of the operation of five hot-rolled coil processing facilities located in Hickman, Arkansas; Decatur, Alabama; East Chicago, Indiana; Granite City, Illinois and Sinton, Texas. The Hickman, Granite City and East Chicago facilities operate temper mills and cut-to-length lines.
Significant financial information relating to the Company’s business segments for the last two years is contained in Note 12 of the Consolidated Financial Statements included in the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2026, which financial statements are incorporated herein by reference in Item 8 hereof. < mark style="background:#c8f7d4;padding:1px 3px;border-radius:3px;">Flat-Roll Products The flat-roll product segment consists of flat-roll processing facilities located in Hickman, Arkansas; Decatur, Alabama; Miami, Florida; East Chicago, Indiana; Granite City, Illinois and Sinton, Texas and a flat-roll distribution facility located in Orlando, Florida. The Hickman, Granite City and East Chicago facilities operate temper mills and cut-to-length lines.
Seneca Foods Corp (88948)
| Rank | 3 |
|---|---|
| Lowest similarity section | Business |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Seneca Foods now highlights tariffs and trade restrictions as a material business risk, reflecting increased sensitivity to global trade policy impacts. The company also reordered its business section to emphasize diversity and inclusion before health and safety, and made a minor update to the cybersecurity oversight team. These changes suggest management is responding to evolving external risks and internal priorities.
Main Changes
- Added ‘the impact of tariffs and other governmental trade restrictions’ to the list of factors that could materially affect results.
- Reordered the Business section to place diversity and inclusion language before employee health and safety details.
- Minor update in management experience description for cybersecurity oversight, removing the VP of Information Technology from the named roles.
Watch Items
- Explicit mention of tariffs and trade restrictions signals heightened concern about global supply chain and cost pressures.
- Reordering of employee and culture disclosures may reflect a shift in emphasis toward workplace diversity and inclusion.
- Cybersecurity oversight language change could indicate a subtle shift in management structure or reporting lines.
Important Filing Changes
The facilities are comprised of plants for packaging, can manufacturing, seed production, a farming operation and a logistical support network. Food packaging operations are primarily supported by plant locations in New York, Michigan, Oregon, Wisconsin, Washington, Idaho, Illinois, and Minnesota. The Company also maintains warehouses which are generally located adjacent to its packaging plants.
The facilities are comprised of plants for packaging, can manufacturing, seed production, a farming operation and a logistical support network. < mark style="background:#c8f7d4;padding:1px 3px;border-radius:3px;">Food packaging operations are primarily supported by plant locations in New York, Michigan, Oregon, Wisconsin, Washington, Idaho, Illinois, Minnesota, and Arizona. The Company also maintains warehouses which are generally located adjacent to its packaging plants.
The Company’s business strategies are designed to grow its market share and enhance sales and margins. These strategies include: 1) expand the Company’s leadership in the packaged fruit and vegetable industry; 2) provide low-cost, high-quality fruit and vegetable products to consumers through the elimination of costs from the Company’s supply chain and investment in state-of-the-art production and logistical technology; 3) focus on growth opportunities to capitalize on higher expected returns; and 4) pursue strategic acquisitions that leverage the Company’s core competencies. Available Information The Company’s Internet address is www.senecafoods.com .
The Company’s business strategies are designed to grow its market share and enhance sales and margins. < mark style="background:#c8f7d4;padding:1px 3px;border-radius:3px;">These strategies include: 1) expand the Company’s leadership in the packaged fruit and vegetable industry; 2) provide low-cost, high-quality fruit and vegetable products to consumers through the elimination of costs from the Company’s supply chain and investment in state-of-the-art production and logistical technology; 3) invest in growth opportunities; and 4) pursue strategic acquisitions that leverage the Company’s core competencies. Available Information The Company’s Internet address is www.senecafoods.com .
These risks are then prioritized and monitored by the information technology team. Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Board of Directors Oversight [Text Block] Governance The information technology department, led by the Senior Vice President of Technology and Planning, Chief Information Officer (“CIO”), is responsible for the Company’s cybersecurity program. The CIO, along with the certified Information Security Officer and the VP of Information Technology have significant experience spanning over 20 years in information security, infrastructure, and compliance.
These risks are then prioritized and monitored by the information technology team. < mark style="background:#c8f7d4;padding:1px 3px;border-radius:3px;">Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Board of Directors Oversight [Text Block] Governance The information technology department, led by the Senior Vice President of Technology, Chief Information Officer (“CIO”), is responsible for the Company’s cybersecurity program. The CIO, along with the certified Information Security Officer, have significant experience spanning over 20 years in information security, infrastructure, and compliance.
Why Filing Changes Matter
Research shows companies that substantially rewrite their annual disclosures tend to underperform in the periods that follow. Quiet shifts in Risk Factors, Business, and MD&A often carry information that doesn’t surface in headline numbers — management is, in effect, signalling that something has changed. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.
The post SEC What Changed: 10-K Filing Snapshot for 11 June 2026 appeared first on lf0.
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