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Simple English definitions for legal terms

smaller reporting company

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A quick definition of smaller reporting company:

A smaller reporting company is a type of company that has less strict disclosure requirements than other reporting companies. To be considered a smaller reporting company, a company must have a public float of less than $250 million or less than $100 million in annual revenues and a public float of less than $700 million. Once a company qualifies as a smaller reporting company, it is required to disclose less information about executive compensation and management discussion and analysis. Additionally, it only needs to provide two years of income statements and cash flow statements instead of three.

A more thorough explanation:

A smaller reporting company is a type of company that has fewer disclosure requirements than regular reporting companies. The Securities and Exchange Commission (SEC) has established specific criteria for a company to qualify as a smaller reporting company.

To qualify as a smaller reporting company, a company must:

  • Not be an investment company or a subsidiary of a parent that is not a smaller reporting company
  • Have a public float of less than $250 million; or
  • Have less than $100 million in annual revenues and no public float or public float of less than $700 million

Once a company qualifies as a smaller reporting company, it is subject to relaxed disclosure requirements. For example:

  • Under item 402, Executive Compensation, a smaller reporting company only needs to name three executive officers and provide two years of summary compensation, instead of five officers and three years of compensation for regular reporting companies.
  • Under item 303, Management Discussion and Analysis (MD&A), a smaller reporting company only needs to provide two years of comparison, instead of three years.
  • Under Regulation S-X, a smaller reporting company only needs to provide two years of income statements and cash flow statements, instead of three years.

For example, if a company has a public float of $200 million, it can qualify as a smaller reporting company and only needs to provide two years of executive compensation and MD&A, and two years of income and cash flow statements.

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TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
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im premed idk why im here
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we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
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windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
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try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
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Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
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