Legal Definitions - 10-Q

Definition: A 10-Q is a financial report that a registered corporation files with the Securities and Exchange Commission (SEC) every quarter. It is unaudited, which means that it has not been reviewed by an independent auditor. The 10-Q provides a summary of the company's financial performance for the quarter and is less detailed than the annual report, which is called a 10-K.

Example: Let's say that XYZ Corporation is a publicly traded company that is required to file reports with the SEC. At the end of the first quarter of the year (March 31), XYZ Corporation would file a 10-Q report with the SEC. This report would include information about the company's revenue, expenses, profits, and losses for the quarter. It would also include a balance sheet, which shows the company's assets, liabilities, and equity at the end of the quarter.

Explanation: The example illustrates how a 10-Q report is used to provide investors and other stakeholders with information about a company's financial performance. By filing a 10-Q every quarter, a company can keep its investors informed about its financial health and any significant changes that have occurred since the last report. This information can help investors make informed decisions about whether to buy, sell, or hold onto the company's stock.