Form 10-Q
Also called: 10-Q, quarterly report, Form 10-Q
The quarterly report a US public company files for each of its first three fiscal quarters, with unaudited financial statements, due 40 or 45 days after quarter end depending on filer status.
Last verified
What it is
Domestic SEC registrants file a 10-Q for each of the first three fiscal quarters; the fourth quarter is covered by the annual 10-K. The financial statements are unaudited but reviewed by the company's independent accountant.
Deadlines
| Filer status | Due after quarter end |
|---|---|
| Large accelerated filer | 40 days |
| Accelerated filer | 40 days |
| Non-accelerated filer (most small caps) | 45 days |
A company that cannot file on time may file a Form 12b-25 (NT 10-Q) for an automatic five-calendar-day extension. Filing late can cost Form S-3 eligibility for 12 months and can trigger an exchange deficiency notice.
What to read first in a small cap
- Balance sheet and cash flow statement: cash, debt and operating cash burn, the inputs to cash runway.
- Liquidity and Capital Resources (MD&A): management's own statement about funding needs, and any going concern language.
- Equity footnote: authorized shares, shares issued during the quarter, warrants, convertibles and ATM usage.
- Subsequent events note: financings and other events after quarter end but before filing.
- Cover page: shares outstanding as of a recent date, often weeks after quarter end.
Worked example
Hypothetical: Company X's 10-Q for the quarter ended June 30 shows 42,000,000 shares outstanding at June 30, but the cover page reports 51,000,000 as of August 10. The subsequent events note explains that 9,000,000 shares were sold under its ATM in July. The share count rose about 21% in six weeks.
How to spot it
Search EDGAR or the Signal8 SEC filings feed for form type 10-Q. See 10-Q and 10-K: what to read first.
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