Professional Documents
Culture Documents
Making The Most of SEC Filings
Making The Most of SEC Filings
Resources
Today’s Presentation
http://bit.do/companies_PPP (http://bit.do/companies_PPP)
Presenter
This 45-minute hands-on session will show journalists how to navigate Securities and
Exchange Commission filings and conduct basic background research on corporations.
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7/17/2020 Making the most of SEC Filings
Learning Outcome: Journalists will learn how to retrieve details on revenues, contracts,
employment and business ownership. —
Small and privately held firms employ more than half of the workforce and
account for more than half of the country’s output.
This SBA list will primarily have private companies Speadsheet with PPP
Recipients $150k and Above
(https://sba.app.box.com/s/wz72fqag1nd99kj3t9xlq49deoop6gzf)
Every publicly traded company files annual reports, proxy statements, and periodic disclosures
about their finances and major business developments.
Search for SEC Edgar Documents Here: “CNTL” + click for a New Tab
(https://www.sec.gov/edgar/searchedgar/companysearch.html)
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7/17/2020 Making the most of SEC Filings
Major documents
+ Breaking corporate news, earnings (8-K)
+ Executive Pay (Form Def 14, 10-K)
+ In-Depth Profits/Losses (Form 10-Q)
+ Executive bios, photos (10-K, Def 14)
+ Lawsuit summaries (10-Q, 10-K, 8-K)
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7/17/2020 Making the most of SEC Filings
Red Flag
1) “material adverse impact” is a major warning of a significant business risk.
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7/17/2020 Making the most of SEC Filings
Takeaways:
+ Small company struggling to stay in business.
+ Rising Debt Load: Net Interest Expense
+ Expenses Rising
+ How did a struggling small company get a PPP loan?
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7/17/2020 Making the most of SEC Filings
Another Example:
+ City = pittsburgh TYPE = 10-Q
+ All 10-Q filings from Pittsburgh-based companies
+ Regional search: By zip code with a wildcard
+ Zip = 2964*
+ Search Form-Type = D to find investment activity in your community. +
Startups may sell securities to outside “accredited” investors (banks,
insurance companies or sophisticated investors) through venture capital,
private placements and similar arrangements.
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7/17/2020 Making the most of SEC Filings
Staircase Method
Business Charter, Property Tax Records, Property Search, UCC Filings
First Question:
+ Where does the business intersect with government?
+ That’s where you find the paper.
+ You will need to dig in multiple places to get a complete picture.
Staircase
+ 1) Get the names
+ 2) Get the address
+ 3) Get the owners
+ Use this information to
–Get the property tax record. Find neighbors to talk to
–Get the property transaction. Find the seller to speak with
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7/17/2020 Making the most of SEC Filings
DNB
+ Useful to get correct spellings of businesses with multiple locations
+ Test: “Penguin Ed’s” - great barbecue place.
Search DNB database: “CNTL” + click for a New Tab
(http://www.dnb.com/)
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7/17/2020 Making the most of SEC Filings
Questions
+ Who’s Paying the Tax Bill? It may be someone else besides the
business owner.
+ Small businesses may rent or lease their space. Check if building’s
owners are different from the business owners.
Deed Search
+ Copy address from incorporation filing, search real estate transactions
with the Register of Deeds.
+ Check Planning Department Records, Appraiser or Tax Assessor filings.
UCC Filings
+ Find out if a restaurant pledged the freezers and stove as collateral for a
bank loan by checking Uniform Commercial Code filings. These
documents, known as UCC filings, are generated when a business sells
something on credit:
+ Search UCC Filings in Maryland. “CNTL” + click for a New Tab
(https://egov.maryland.gov/SDAT/UCCFiling/UCCPartyNameSearchMainPage.aspx)
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7/17/2020 Making the most of SEC Filings
Resources
Investopedia
http://www.investopedia.com/ (http://www.investopedia.com/)
Stock Prices
https://www.google.com/finance (https://www.google.com/finance)
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7/17/2020 Making the most of SEC Filings
Footnoted
A website that tracks SEC filings and highlights buried nuggets of corporate news.
http://www.footnoted.com/ (http://www.footnoted.com/)
BrokerCheck
See if a stock broker or Wall Street firm has been slapped with a regulatory penalty or fine. Data is
collected by the Financial Industry Regulatory Authority, or FINRA, a securities industry self-policing
organization.
http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/
(http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/)
OpenSecrets.org
This is a go-to site to trace political contributions and lobbying activity at the federal level.
https://www.opensecrets.org/donor-lookup/advanced (https://www.opensecrets.org/donor-
lookup/advanced)
FollowtheMoney.org
A guide to political contributions in state elections.
https://www.followthemoney.org/ (https://www.followthemoney.org/)
A variety of websites for finding U.S. people, addresses, phone numbers and other relevant
information. Pro tip: first run a search on yourself to test the accuracy of these websites.
Nuwber
https://nuwber.com/ (https://nuwber.com/)
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7/17/2020 Making the most of SEC Filings
Pipl
http://www.pipl.com/ (http://www.pipl.com/)
John Doe
http://www.reporter.org/desktop/tips/johndoe.htm
(http://www.reporter.org/desktop/tips/johndoe.htm)
Wayback Machine
If a company or person pulls down a website, you might be able to find a cached version here. A
useful tool to check the before and after on a company’s website if they tried to scrub it.
http://www.archive.org/web/web.php (http://www.archive.org/web/web.php)
Guidestar
This site provides tax returns of non-profit organizations, known as a Form 990, that reveal
financials and players at charities, public hospitals and other entities.
http://www2.guidestar.org/AdvancedSearch.aspx
(http://www2.guidestar.org/AdvancedSearch.aspx)
Questions?
+ Rob Wells: [email protected] (mailto:[email protected]) or @rwells1961
–30–
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