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Every small business has a limiting factor. It could be leads, cash flow, capacity, almost anything. The Small Business Doctor diagnoses and develops a treatment plan for your bottleneck.
From business plan analysis to routine small business checkups to strategy sessions, the Small Business Doctor provides the full-suite of strategic fractional CFO services.
Learn all about accounting, finance, business strategy, economics, and financial math from the basics to the advanced. I've taught and tutored these subjects for years, helping everyone from teens to postdocs, CPAs and MDs.
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The SEC is a federal agency responsible for enforcing federal securities laws, regulating the securities industry, and overseeing US stock and options exchanges. The SEC regulates public companies and oversees the exchange of their securities.
The SEC’s reporting requirements apply to two types of companies.
Form 10-K is the annual report that companies subject to SEC reporting requirements must file. The annual report gives a comprehensive overview of the company’s business and financial condition, including its audited financial statements.
| Type of Filer | Definition | 10-K Filing Deadline |
|---|---|---|
| Large Accelerated Filer | Market Cap of $700 million or more | 60 days after fiscal year-end |
| Accelerated Filer but not Small Reporting | Market Cap between $75 million and $700 million and annual revenues of at least $100 million | 75 days after fiscal year-end |
| Non-accelerated Filer | Market Cap less than $75 million or annual revenues less than $100 million | 90 days after fiscal year-end |
This part contains general information about the business.
This contains information about a company’s primary products and services. It also includes its industry and market.
This is a disclosure about the company’s most significant risks, including regulatory, competitive, and operational risks.
This describes the company’s significant properties, including whether owned or leased, and also containing equipment and real estate.
If there are any material pending or concluded legal proceedings involving the company, including lawsuits, arbitration proceedings, and regulatory actions.
This part contains detailed financial information. There are the audited financial statements, management’s discussion and analysis (MD&A), and market information in this part.
This is a summary of the company’s financial performance over the past 5 years, including revenue, net income, and earnings per share.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is a detailed discussion of the company’s financial performance, including its operating results, cash flows, and liquidity. MD&A should also describe the company’s critical accounting policies and estimates.
This section includes all of the audited financial statements and any supplementary data.
Detailed notes to the financial statements that provide additional information about the business’s accounting policies and other important financial data.
Regulation S-X specifies that the audited financial statements must include the balance sheet, income statement, the statement of other comprehensive income, cash flow statement, and statement of changes in equity. The balance sheet must include the last 2 fiscal years. All of the other statements must include the last 3 years.
This part provides information about the company’s corporate governance and identifies its directors and executive officers.
This section includes biographical and compensation information for the company’s directors and executive officers. This section should also describe the company’s governance structure and policies.
This section should include detailed information about the company’s executive compensation policies and practices.
This should be a table showing the number of shares owned by the company’s directors, executive officers, and other significant shareholders.
This section includes information about any transactions or relationships between the company and its directors, executive officers, or significant shareholders.
This part contains all of the exhibits, which can include contracts, agreements, and other documents that provide additional information about a company’s financial performance and business operations. This part also contains any required financial schedules, like debt securities or derivative instruments. Finally, this section also contains the independent auditor’s report.
Form 10-Q is the SEC’s required quarterly report. It contains unaudited financial statements and other important information about the company’s most recent quarter. While the financial statements are not audited, they are reviewed by the independent auditor. There are two main parts to Form 10-Q.
The company’s unaudited financial statements are included. Additional financial information or disclosures, like any changes in accounting policies are also included.
There’s also an MD&A section that contains a narrative explanation of the financial statements, a discussion about the company’s financial condition, and any significant trends or events that affected the company’s performance during the quarter.
Part II includes explanations about any legal proceedings, disclosures about the risk factors that could affect the company’s performance, and any changes in management or ownership that occurred during the quarter as well as any related-party transactions or potential conflicts of interest.
| Type of Filer | Filer Definition | 10-Q Filing Deadline |
|---|---|---|
| Large Accelerated Filer | Market Cap of $700 million or more | 40 days after quarter end |
| Accelerated Filer but not Small Reporting | Market Cap between $75 million and $700 million and annual revenues of at least $100 million | 40 days after quarter end |
| Non-accelerated Filer | Market Cap less than $75 million or annual revenues less than $100 million | 45 days after quarter end |
Unlike the 10-K and 10-Q forms that are published periodically, Form 8-K is a report that must be filed within 4 business days of a significant event. Investors need to be informed of this event promptly. Common examples of these significant events include:
Form 3 is filed by any individual who becomes an officer, director or beneficial owner of at least 10% of a public company. File 3 must be filed within 10 days of one of these events occurring.
Its purpose is to disclose insider ownership of a company. The filer needs to disclose their name, address, title, and the amount and class of securities they own or have a right to acquire.
Form 4 is used to update any changes by Form 3 filers in their equity stakes in the company.
Form 5 is used by a Form 3 filing insider to correct any errors on a previously filed Form 4 or to report that a Form 4 should have been filed. Form 5 must be filed within 45 days of the company’s fiscal year-end.
Form 11-K is for pension plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). The plan administrator files this form within 120 days from the end of the plan year. It discloses about the condition and operation of the benefit plan.
Form 6-K is filed by foreign private security issuers. These are foreign companies whose shares are traded on a US exchange or where US citizens can buy them in the over-the-counter market. Form 6-K is filed whenever there is a materially significant event outside of the US.
Forms 20-F and 40-F are very similar to the 10-K annual report. 40-F is for Canadian companies, and form 20-F is for all other foreign companies. They are filed annually like a 10-K.
Since 2009, companies have had to file their SEC reports using XBRL (eXtensible Business Reporting Language). As a form of XML, XBRL uses tags and standardized definitions and codes.
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I Tailor My Services To Align With Your Needs
Over the years, I have happily and confidentially advised a wide range of clients from a plumber near Pittsburgh to a robotics startup to a multi-state pediatrics practice. I am always your primary point of contact and hold myself accountable for your success.
The initial consultation is always free. My billing goal is to always provide clients with a high return on investment when working with me irrespective of their budget.
I am not a salesman. I will only take on a client when I can provide genuine value for them. Reach out if you need expert advice, assistance or have a question.
Hi there! I'm Matt. I'm a Christian, husband and father of four. I'm a graduate of Calvin, Harvard, Cardiff and Johns Hopkins Universities. I have a PhD in Economics, an MBA in Finance and an MS in Data Analytics. I'm a numbers guy who can communicate well!
I began this service to work directly with the small and mid-sized business owners who grow our great country's economy. Since 1999, I've worked with owners across industries from high tech IT and robotics to small farmers and artists. I've also helped and advised nonprofits from churches to civic organizations.
I also served as a Finance Staff Officer and eventually as the National Division Chief for Measurement Research within the US Coast Guard. The research and methods I created there continue to guide strategic decisions to this day.
I enjoy being active outdoors, especially in wild lands. Hiking, biking and fly fishing are some of my favorite pastimes.
I also love dogs! I'm an AKC obedience evaluator, and I train service and therapy dogs.
Operating Expenses Disguised as Inventory
Companies need to keep some amount of inventory. When I go to a home repair supplier, I expect them to have the copper pipe I need in stock. When I go to my local bakery, I expect them to have the macarons I crave in stock. When I go to my local grocer, I expect […]
Big companies are incentivized to increase product specialization and complexity. Why?
Our culture values specialization. Having specialized skills often leads to outsized material benefits. It also often results in praise and social status. Consider the social recognition that would be given to a medical doctor who is a primary care family medicine doctor compared to that given to an orthopedic surgeon. They are both highly educated, […]
Transaction Costs in the American Economy from 1870 to 1970
What Are Transaction Costs? Transaction costs are often overlooked in economics and textbook finance. In real life economics, however, they play a very significant role. In corporate finance, you can see many of a company’s transaction costs located in the selling and administrative categories within the Selling, General and Administrative (SG&A) section of their Income […]
During the Great Depression, British economist Ronald Coase wrote a famous essay on the nature of the firm or company. As with America at the time, many free-market economies were also enduring a severe and difficult economic depression. The Soviet Union, however, was growing to become a significant industrial economy. This led to a debate […]
Transaction Costs and SG&A Expenses
Selling, General or Administrative Expenses One way to see how economic transaction costs are internalized within a company is in the SG&A Expense lines of a company’s income statement. All of the selling and administrative expenses are internalized transaction costs, and so is the insurance expense within the general expenses category. This is not the […]
Public Polls are Systemically Biased Towards the Opinions of the Financially Precarious
Spams and scams have killed public polling. The person who would risk blowing up their phone or their bank account for the promise of a $20 gift card is not at all representative of the population at large.
Earnings per share (EPS) is a well-known financial metric that measures Net Income relative to the number of outstanding shares a company has. EPS is often used to compare one company to another. Basic Earnings Per Share EPS can be either basic or diluted. Basic EPS shows the portion of Net Income attributed to each […]
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