SEC Form 10-KT

What Is SEC Form 10-KT?

SEC Form 10-KT is a filing with the Securities and Exchange Commission (SEC) submitted in lieu of or notwithstanding a standard 10-K annual report when a company changes the finish of its fiscal year. For instance, certain mergers or acquisitions can leave the new company with a more limited or lengthened reporting period.

Here, another momentary report is required until the new year fiscal year comes full circle. The report gives a thorough overview of the company's business activities and financial operations just as an annual 10-K form. Companies return to filing a standard 10-K report once the change to the new fiscal year is complete.

Figuring out SEC Form 10-KT

SEC Form 10-KT is required when a company modifies its reporting calendar. There are a number of reasons that a company might decide to change the finish of its fiscal year, incorporating to be steady with the reporting periods of industry peers, to correspond with the tax year of investors, and to adjust its business cycle all the more closely with its customers.

The requirement for reporting a momentary report is covered by Rules 13a-10 and 15d-10 of the Securities Exchange Act of 1934 and filed on a traditional 10-K form. In the case that the reporting period falls below 90 days, the company would file the SEC Form 10-QT, a branch-off of the quarterly 10-Q report.

For investors, form 10-KT can give novel experiences about company finances yet it's on an alternate time period that makes year-over-year correlations troublesome.

SEC Form 10-KT Examples

While 10-KT forms aren't utilized that frequently, they are utilized now and again. In 2010, Burger King approved a change to the furthest limit of the fiscal year, moving it from June 30 to December 31. The progress period of July 1, 2010, through December 31, 2010, was covered on the form 10-KT.

In 2018, Beyond Air, a NASDAQ-exchanged medical gadget biopharmaceutical company, approved a change to the furthest limit of the fiscal year, moving it from December 31 to March 31. Thus, it filed a Form 10-KT to cover the progress period from January 1, 2018, through March 31, 2018.

Difficulties of Using a Form 10-KT

A momentary report is frequently challenging to examine. Typically, it covers a variable amount of time, making the information challenging to compare against previous reports. Moreover, companies change their fiscal calendar following a corporate event like a merger or acquisition that definitely change corporate fundamentals.

The new financial information might be a better indicator of future performance than previous quarters. It can uncover material news about a company's operations or financial activities. That not just incorporates forward-looking statements about financial growth, however any new pursuits on the horizon. For example, Burger King indicated they would zero in on further developing the customer experience and rolling out renovations across existing establishments during the progress period.

Features

• Just like a 10-K, SEC Form 10-KT gives regulators insights regarding the company's business and balance sheet.
• SEC Form 10-KT is a temporary report a company files when it is changing the end date of its fiscal year.
• The form is filed rather than the typical 10-K annual report, as a bridge until the new year fiscal year starts.
• When the recently dated fiscal year is in effect, the company returns to finishing up a standard 10-K form.