RADC 10-K & 10-Q changes, risk factors and insider trading
Readvantage Corp. · OTC · Services-Computer Processing & Data Preparation · CIK 2057381 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Revenue Generation, Ongoing Net Losses, and Monetization Scaling. While we have commenced commercial operations and generated revenue, we have a history of net losses and may not achieve or sustain profitability. Scaling operations requires ongoing expenditures in marketing, SEO, and platform development.
EdTech Competition and Market Acceptance The educational technology sector is highly competitive and rapidly evolving. Shift in user demand, economic downturns, or aggressive pricing by competitors could impair our growth. Failure to continuously innovate or differentiate our offerings may limit market share expansion.
Risks Related to Technology and Operations
Reliance on Complex Technology and API Integrations Our platform relies on proprietary software, third-party APIs, and external infrastructure. Technical glitches, software bugs, cyber threats, or vendor disruptions could impair functionality, harm user experience, and increase customer churn.
Content Expansion and Integration Risks Sustaining user engagement requires expanding beyond public domain repositories into proprietary and licensed content. Updates to our digital library expose us to project delays, licensing costs, and potential IP challenges that could adversely affect operations.
New heading “Risks Related to Technology and Operations”
Removed heading “Our company heavily relies on advanced technology. Any technological glitches, malfunctions, or failures could disrupt the user experience, resulting in dissatisfaction and potential churn.”
Removed heading “Our company's success relies on our ability to gain market acceptance and compete effectively in the education technology sector. Other established or emerging companies may offer similar or better solutions, affecting the company's market share.”
Removed heading “The success of the platform also hinges on the quality and diversity of the content it offers. Risks include the need to continually update and expand the content library to meet user expectations.”
Removed heading “Some of our competitors may be able to use their financial strength to dominate the market, which may affect our ability to generate revenues.”
Removed heading “We may have limited abilities to compete against our competitors.”
Removed heading “We cannot guarantee future customers. Even if we obtain customers, there is no assurance that we will be able to generate a profit. If that occurs, we will have to cease operations.”
Removed heading “Because we are small and do not have much capital, our marketing campaign may not be enough to attract a sufficient number of customers to operate profitably. If we do not make a profit, we will suspend or cease operations.”
Removed heading “Risks associated with lack of demand for our products/services.”
Largest changes
“Our company's success relies on our ability to gain market acceptance and compete effectively in the education technology sector. Other established or emerging companies may offer similar or better solutions, affecting the company's market share.”see in full comparison
“Because we are small and do not have much capital, our marketing campaign may not be enough to attract a sufficient number of customers to operate profitably. If we do not make a profit, we will suspend or cease operations.”see in full comparison
“The success of the platform also hinges on the quality and diversity of the content it offers. Risks include the need to continually update and expand the content library to meet user expectations.”see in full comparison
“Our company heavily relies on advanced technology. Any technological glitches, malfunctions, or failures could disrupt the user experience, resulting in dissatisfaction and potential churn.”see in full comparison
“We cannot guarantee future customers. Even if we obtain customers, there is no assurance that we will be able to generate a profit. If that occurs, we will have to cease operations.”see in full comparison
“Some of our competitors may be able to use their financial strength to dominate the market, which may affect our ability to generate revenues.”see in full comparison
Full comparison: every changed paragraph (25)
Revenue Generation, Ongoing Net Losses, and Monetization Scaling. While we have commenced commercial operations and generated revenue, we have a history of net losses and may not achieve or sustain profitability. Scaling operations requires ongoing expenditures in marketing, SEO, and platform development.
EdTech Competition and Market Acceptance The educational technology sector is highly competitive and rapidly evolving. Shift in user demand, economic downturns, or aggressive pricing by competitors could impair our growth. Failure to continuously innovate or differentiate our offerings may limit market share expansion.
Risks Related to Technology and Operations
Reliance on Complex Technology and API Integrations Our platform relies on proprietary software, third-party APIs, and external infrastructure. Technical glitches, software bugs, cyber threats, or vendor disruptions could impair functionality, harm user experience, and increase customer churn.
Content Expansion and Integration Risks Sustaining user engagement requires expanding beyond public domain repositories into proprietary and licensed content. Updates to our digital library expose us to project delays, licensing costs, and potential IP challenges that could adversely affect operations.
As
a Smaller Reporting Company, the Company is not required to include the disclosure under this Item 1A. Risk Factors. Despite the fact
that we are not required to provide risk factors, we consider the following factors to be risks to our continued growth and development:
Our company heavily relies on advanced technology.
Any technological glitches, malfunctions, or failures could disrupt the user experience, resulting in dissatisfaction and potential churn.
Our success is heavily dependent on the effective
functioning of our proprietary technology, which is integral to our products and services. The development, deployment, and operation
of our technology involve complex processes that are susceptible to glitches, malfunctions, and failures. These issues may arise due to
various factors, including software bugs, data inconsistencies, and external disruptions. Such technological setbacks could lead to service
interruptions, inaccuracies, or inefficiencies, impacting the user experience and the overall quality of our offerings. Any disruption
or degradation in the performance of our technology may result in user dissatisfaction. Dissatisfied users may seek alternative solutions,
resulting in customer churn.
Our company's success relies on our ability
to gain market acceptance and compete effectively in the education technology sector. Other established or emerging companies may offer
similar or better solutions, affecting the company's market share.
Competition in the education technology sector
is intense, and our ability to succeed and maintain market share is subject to significant risks. We face the risk that other established
companies or emerging competitors may offer similar or superior solutions, which could result in the loss of our market share and a negative
impact on our financial performance.
As the education technology sector continues
to evolve, we may need to invest substantial resources to innovate and differentiate our offerings to remain competitive.
The success of the platform also hinges
on the quality and diversity of the content it offers. Risks include the need to continually update and expand the content library to
meet user expectations.
The success of our platform is contingent upon
the quality and diversity of the content it offers. We utilize the extensive library of free eBooks available on Gutenberg, which provides
a solid foundation for our content offerings. However, we face the risk of having to continually update and expand our content library
to meet evolving user expectations. If we fail to do so effectively, it may result in decreased user engagement and satisfaction, negatively
impacting our financial performance.
Additionally, unforeseen disruptions, such as content
creator disputes or legal challenges, could further impact our ability to maintain a high-quality and diverse content library.
Some of our competitors may be able to use their
financial strength to dominate the market, which may affect our ability to generate revenues.
Some of our competitors may be much larger
companies than us and very well capitalized. They could choose to use their greater resources to finance their continued participation
and penetration of this market, which may impede our ability to generate sufficient revenue to cover our costs. Their better financial
resources could allow them to significantly outspend us on research and development, as well as marketing and production. We might not
be able to maintain our ability to compete.
We may have limited
abilities to compete against our competitors.
Our ability to compete
against our competitors may be limited. We anticipate facing strong competition from both well-established companies and small independent
businesses in the educational industry. This intense competition could result in price reductions and a decrease in demand for our services.
We will be at a competitive disadvantage in obtaining the facilities, employees, financing and other resources fulfill the demands by
prospective customers. Our opportunity to obtain customers may be limited by our financial resources and other assets. We expect to be
less able than our larger competitors to cope with generally increasing costs and expenses of doing business.
We cannot guarantee future customers. Even if
we obtain customers, there is no assurance that we will be able to generate a profit. If that occurs, we will have to cease operations.
We cannot guarantee that we will be able to
attract future customers. Even if we obtain new customers for our service, there is no guarantee that we will make a profit. If we
are unable to attract enough customers to operate profitably, we will have to suspend or cease operations.
Because we are small and do not have much capital,
our marketing campaign may not be enough to attract a sufficient number of customers to operate profitably. If we do not make a profit,
we will suspend or cease operations.
Due to the fact, we are small and do not have
much capital, we may limit our marketing activities and might not be able to make our services known to potential customers. Because we
will be limiting our marketing activities, we may not be able to attract enough customers to operate profitably. If we cannot operate
profitably, we may have to suspend or cease operations.
Risks associated with lack of demand for our
products/services.
Our business operations are inherently reliant
on the demand for our products/services. A lack of sufficient demand could adversely affect our financial performance, market share, and
overall viability. A significant concern is the financial impact of insufficient demand. Lower than anticipated revenues and profits may
result, potentially impacting our ability to meet financial obligations and sustain profitability. This could lead to decreased shareholder
value and hinder our ability to attract additional investment capital. To date, the Company has not generated any revenue. Furthermore,
a lack of customer interest in our services may result in market share erosion as customers turn to competitors offering similar products/services.
This could weaken our competitive position within the industry and make it more challenging to capture market share in the future. To
stimulate demand and attract customers, we may be required to allocate additional resources towards marketing efforts. These expenditures
may erode our profit margins and strain our financial resources, particularly if they fail to yield the desired increase in demand.
Our business is subject to fluctuations in
market demand, which may be influenced by various factors including economic conditions, consumer preferences, and competitive dynamics.
A sustained downturn in demand could have a material adverse effect on our financial results and long-term prospects.
Management's Discussion & Analysis (MD&A)
Largest changes
see in full comparisonThe futureContinuation ofourthe Companyisasdependenta going concern relies uponitsabilityobtainingtonecessaryobtain financingcapital andupon futureexpanding profitableoperations from the salesales of products and servicesthroughvia ourwebsites.digitalManagementplatforms. To addresshaspotential liquidity needs, management plans to seekadditionalequity capital throughafuture privateplacementplacementsandor publicofferingofferings ofitsour CommonStock, if necessary.Stock.
The Company is expected to continue to generate revenue from operations in the coming year; however, there can be no assurance that this will happen.see in full comparisonTheAs of June 30, 2026, the Companyreliesowedon$217,878financing provided by loans fromto Ilona Andzejevska,ourits President,pursuantChieftoExecutivetheOfficer,LoamChiefAgreementFinancial Officer,betweenTreasurerReadvantage Corp.andMs.DirectorIlonaunderAndzejevskaloan arrangement dated August 11, 2023. During the fiscal year ended June 30, 2026, the Company received additional advances of $55,887. Theloansloanwillisalsonon-interest bearing and may beusedprepaidtowithoutfundpenalty.theTheCompany’sloanoperationsagreementandprovides thatwilladditional advances may bedisbursed “made asneeded.”needed,Theprovided that the aggregate amount ofsuch fundsadvances shall not exceed $400,000.The Company will repay the amounts lent to the President from the revenues it receives.
see in full comparisonWeAsdoof June 30, 2026, we did not have any off-balance sheetarrangementsarrangements, as defined under SEC rules, thathave,have had or are reasonably likely tohave,have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
“The following discussion of our financial condition and results of operations should be read in conjunction with (i) our audited financial statement as of June 30, 2025, that appear elsewhere in this filing. This filing contains certain forward-looking statements and our future operating results could differ materially from those discussed herein. …”see in full comparison
“The following discussion and analysis should be read in conjunction with our financial statements and the related notes as of June 30, 2026, included elsewhere in this Annual Report. This filing contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those set forth under "Risk Factors" beginning on page 6 of this filing. …”see in full comparison
“The Company expects to repay amounts borrowed from available revenues or other available financing, if any. There can be no assurance that the Company will generate sufficient revenues or obtain sufficient financing to repay the loan when due or to fund its ongoing operations. The Company may seek additional financing through private placements, public offerings, debt financing, or other financing transactions if management determines that additional capital is necessary. The Company does not intend to invest in short-term or long-term discretionary financial programs.”see in full comparison
Full comparison: every changed paragraph (19)
The following discussion and analysis should be read in conjunction with our financial statements and the related notes as of June 30, 2026, included elsewhere in this Annual Report. This filing contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those set forth under "Risk Factors" beginning on page 6 of this filing. We assume no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
The following discussion of our financial condition
and results of operations should be read in conjunction with (i) our audited financial statement as of June 30, 2025, that appear elsewhere
in this filing. This filing contains certain forward-looking statements and our future operating results could differ materially from
those discussed herein. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed
or implied by such forward- looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking
statements. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions of the forward-looking
statements contained herein to reflect future events or developments. For information regarding risk factors that could have a material
adverse effect on our business, refer to the Risk Factors section of this filing beginning on page 6.
The futureContinuation of ourthe Company isas dependenta going concern
relies upon
its abilityobtaining tonecessary obtain financingcapital and upon futureexpanding profitable operations from the salesales of products and services throughvia our websites.digital Managementplatforms. To address
haspotential liquidity needs, management plans to seek additionalequity capital through afuture private placementplacements andor public offeringofferings of itsour Common Stock, if necessary.
Stock.
As of June 30, 2025,2026, the Company had $111,161$97,296
in currenttotal assets, compared to $103,421$111,161 as of June 30, 2024.2025. The Company’sCompany's liabilities stood at $187,866$229,878 as of June 30, 2025,2026, an increase
increase of $45,457$42,012 from the previous year. The accumulated deficit was $91,896$198,267 as of June 30, 2025,2026, an increase of $48,407$106,371 since June
30, 2024.2025.
For the year ended June 30, 2025,2026, the Company
used $37,332$89,641 in cash for operating activities, compared to $6,111$37,332 ofused cash provided byin operating activities for the year ended June 30,
2024. 2025.
For the year ended June 30, 2025,2026, the Company
used cash in investing activities in the amount of $22,800$27,900 for the purchase of intangible assets, aan decreaseincrease of $88,200$5,100 from the previous
year.
Additionally, the Company received $71,272$106,381
in cash from financing activities for the year ended June 30, 2025,2026, compared to $105,909$71,273 in the previous year, mostly due to proceeds from
loans from related parties and proceeds from the sale of common stock.
The Company is expected to
continue to generate
revenue from operations in the coming year; however, there can be no assurance that this will happen. TheAs of June 30, 2026, the Company
reliesowed on$217,878 financing provided by loans fromto Ilona Andzejevska, ourits President, pursuantChief toExecutive theOfficer, LoamChief AgreementFinancial
Officer, betweenTreasurer Readvantage Corp.
and Ms.Director Ilonaunder Andzejevskaloan arrangement dated August 11, 2023. During the fiscal year ended June 30, 2026, the Company
received additional advances of $55,887. The loansloan willis alsonon-interest bearing and may be usedprepaid towithout fundpenalty. theThe Company’sloan operationsagreement andprovides
that willadditional advances may be disbursed
“made as needed.”needed, Theprovided that the aggregate amount of such fundsadvances shall not exceed $400,000. The Company will repay the amounts lent to the
President from the revenues it receives.
The Company expects to repay amounts borrowed from available revenues or other available financing, if any. There can be no assurance that the Company will generate sufficient revenues or obtain sufficient financing to repay the loan when due or to fund its ongoing operations. The Company may seek additional financing through private placements, public offerings, debt financing, or other financing transactions if management determines that additional capital is necessary. The Company does not intend to invest in short-term or long-term discretionary financial programs.
As the Company’s expenses are relatively
stable, unless additional websites are rolled out, the Company believes it can continue its present operations with projected revenues
together with proceeds from a private offering. The Company will consider raising additional funds through sales of equity, debt and convertible
securities, if it is deemed necessary. The Company has no intention in investing in short-term or long-term discretionary financial programs
of any kind.
Total revenue for the year ended June 30, 2025,2026, was
$12,966,$47,763, whilecompared thereto was no revenue$12,966 for the year ended June 30, 2024.2025.
Total expenses for the year ended June 30, 2025 were
$48,367, made up amortization expense of $26,200, $16,133 other operating costs and $19,000 auditors' remuneration.
Total expenses for the year ended June 30, 20242026 were
$43,488,$154,114, made up of amortization expense of $8,599,$30,605, $25,889$102,509 in other operating costs and $9,000$21,000 in auditors' remuneration.
Total expenses for the year ended June 30, 2025 were $61,333, made up of amortization expense of $26,200, $16,133 in other operating costs and $19,000 in auditors' remuneration.
WeAs doof June 30, 2026, we did not have any off-balance
sheet arrangements
arrangements, as defined under SEC rules, that have,have had or are reasonably likely to have,have a current or future material effect on
our financial condition, changes in financial condition, revenues
or expenses, results of operations, liquidity, capital expenditures
or capital resources that are material to investors.
Our financial statements and accompanying notes
have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation
of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial
statementsstatements, and the reported amounts of revenues and expenses during the reportingfiscal periods.year ended June 30, 2026.
We regularly evaluate the accounting policies
and and
estimateestimates that we use to prepare our financial statements. In general, management’smanagement's estimates are based on historical experience,
on information from third partythird-party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances.
circumstances. Actual results could differ from those estimates made by management.management, and such differences could be material to our financial statements.
We believe the following critical accounting policies involve the most significant judgments and estimates used in the preparation of our financial statements and are the most critical to fully understanding and evaluating our reported financial results:
We consider the following to be critical accounting
policies:
What changed in the latest 10-Q
Risk Factors
We could not find a separate Risk Factors item in the latest 10-Q. Some companies leave it out of quarterly reports; see the annual 10-K risk factors and the original filing. Open the filing on SEC.gov.
Management's Discussion & Analysis (MD&A)
Largest changes
Results for thesee in full comparisonsixnine months endedDecemberMarch 31,20252026 compared to the results for thesixnine months endedDecemberMarch 31,2024.2025.
We currently utilize books from the Gutenberg website andsee in full comparisonplanhavetobegunexpandexpanding our library database.InWe intend to continue expanding our content offerings and, in the future,weplan to transition topurchasingacquiring paid licensedbooks.content. We offer users free access to our library through our website https://readvantage.tech, where they can explore a wide variety of books. Our library provides the opportunity to either download books for offline reading or engage in online reading, all enhanced by bionic reading technology.UsersOn January 30, 2026, the Company expanded its library database by adding 35 new titles, which are now available for reading and download on its website. The Company also introduced additional content categories. As of the date of this report, users have access to1822 differentbookgenres,ensuringenabling themthat they canto find contentthatsuitedsuitsto their interests. Additionally, we provide access to our API featuring bionic reading technology for developers and businesses looking to integrate this cutting-edge technology into their platforms. For this service, we offer three Tariff Plans, each providing varying levels of access and functionality to the API.
“We have completed the development of our website and API, which features a fully operational platform that is already providing access to our services. We are actively working on enhancements and plan to implement new features and capabilities to make the user experience even more convenient and efficient.”see in full comparison
As ofsee in full comparisonDecemberMarch 31,2025,2026, our Assets were$130,927.$126,211. TotalTotalAssets included Current Assets$30,406$19,460 and Intangible assets$100,521.$106,751. As ofDecemberMarch 31,2025,2026, our Liabilities were$215,068$212,911 and EquityEquitywas ($84,141$86,700).
For the three months endedsee in full comparisonDecemberMarch 31,2025,2026, the companycompanygenerated total revenue from providing services to its customers of$14,962,$21,042, compared to$3,897$1,902 in revenue for the three months endedended DecemberMarch 31,2024.2025.
For thesee in full comparisonsixnine months endedDecemberMarch 31,2025,2026, the company generated total revenue from providing services to its customers of$20,639,$41,681, compared to$3,897$5,799 in revenue for thesixnine months endedDecemberMarch 31,2024.2025.
Full comparison: every changed paragraph (23)
We
currently utilize books from the Gutenberg website and planhave tobegun expandexpanding our library database. InWe intend to continue expanding our
content offerings and, in the future, we plan to transition to purchasing
acquiring paid licensed books.content. We offer users free access to our library
through our website https://readvantage.tech, where they can explore a
wide variety of books. Our library provides the opportunity to
either download books for offline reading or engage in online reading,
all enhanced by bionic reading technology. UsersOn January 30, 2026,
the Company expanded its library database by adding 35 new titles, which are now available for reading and download on its website. The
Company also introduced additional content categories. As of the date of this report, users have access to 1822 different book genres, ensuringenabling
them that they canto find content thatsuited suits
to their interests. Additionally, we provide access to our API featuring bionic reading technology for developers
and businesses looking
to integrate this cutting-edge technology into their platforms. For this service, we offer three Tariff Plans,
each providing varying
levels of access and functionality to the API.
We
have completed the development of our website and API, which features a fully operational platform that is already providing access to
our services. We are actively working on enhancements and plan to implement new features and capabilities to make the user experience
even more convenient and efficient.
For the sixnine months ended DecemberMarch 31, 2025,2026, we incurred
$8,500 in research expenditures.
Results for the three months ended DecemberMarch 31, 2026
2025 compared to the results for the three months ended DecemberMarch 31, 2024.2025.
For the three months ended DecemberMarch 31, 2025,2026, the company
company generated total revenue from providing services to its customers of $14,962,$21,042, compared to $3,897$1,902 in revenue for the three months ended
ended DecemberMarch 31, 2024.2025.
Total operating expenses for the three months ended
DecemberMarch 31, 20252026 were $25,202,$12,932, while Total operating expenses for the three months ended DecemberMarch 31, 20242025 were $4,707.$1,606.
The net loss for the three months ended December 31,
2025 was $19,999.
The net loss for the three months ended DecemberMarch 31,
20242026 was $7,590.$2,560.
The net loss for the three months ended March 31, 2025 was $12,444.
Results for the sixnine months ended DecemberMarch 31, 20252026 compared to the results
for the sixnine months ended DecemberMarch 31, 2024.2025.
For the sixnine months ended DecemberMarch 31, 2025,2026, the company
generated total revenue from providing services to its customers of $20,639,$41,681, compared to $3,897$5,799 in revenue for the sixnine months ended DecemberMarch
31, 2024.2025.
Total operating expenses for the sixnine months ended
DecemberMarch 31, 20252026 were $59,069,$72,001, while Total operating expenses for the sixnine months ended DecemberMarch 31, 20242025 were $5,640.$7,246.
The net loss for the sixnine months ended DecemberMarch 31, 2026
2025 was $57,930.$60,490.
The net loss for the sixnine months ended DecemberMarch 31, 2025
2024 was $14,502.$26,946.
As of DecemberMarch 31, 2025,2026, our Assets were $130,927.$126,211. Total
Total Assets included Current Assets $30,406$19,460 and Intangible assets $100,521.$106,751. As of DecemberMarch 31, 2025,2026, our Liabilities were $215,068$212,911 and Equity
Equity was ($84,141$86,700).
For the sixnine months ended DecemberMarch 31, 20252026 net
net cash flows used in operating activities was $60,126.$75,593.
For the sixnine months ended DecemberMarch 31, 20242025 net cash
flows used in operating activities was $33,180.$37,244.
For the six months ended December 31, 2025
net cash flows used in investing activities was $14,000.
For the sixnine months ended DecemberMarch 31, 20242026 net
cash cash
flows used in investing activities was $22,800.$27,900.
For the nine months ended March 31, 2025 net cash flows used in investing activities was $22,800.
For the sixnine months ended DecemberMarch 31, 20252026 net
net cash flows generated from financing activities was $63,447.$92,334.
For the sixnine months ended DecemberMarch 31, 20242025 net cash
flows generated from financing activities was $55,982.$60,581.
For the sixnine months ended DecemberMarch 31, 20252026 we generated
revenue in amount of $20,639.$41,681. The Company issued 2,019,800 shares of common stock during the sixnine months ended DecemberMarch 31, 2025.2026. Please
refer to our financial statements contained herein for more detailed information.
RADC insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-03 | Andzejevska Ilona |
Other | 1,500,000 | — | — |
Well-known investors holding RADC (13F)
None of the 59 investors we track reported a position in their latest 13F.