This information is a treasure trove for investors: it tells you whether a company is making money or losing money and why. You’ll find this information in the company’s quarterly reports on Form 10-Q, annual reports (with audited financial statements) on Form 10-K, and periodic reports of significant events on Form 8-K.

A company must file reports with the SEC if:

• it has 500 or more investors and $10 million or more in assets; or

• it lists its securities on the following stock markets:
  • American Stock Exchange
  • Boston Stock Exchange
  • Chicago Stock Exchange
  • Cincinnati Stock Exchange
  • International Securities Exchange
  • Nasdaq Stock Market
  • New York Stock Exchange
  • Pacific Exchange
  • Philadelphia Stock Exchange; or

• its securities are quoted on the OTCBB.

Which Companies Don’t Have to File Reports With the SEC?

Smaller companies — those with less than $10 million in assets — generally do not have to file reports with the SEC. But some smaller companies, including microcap companies, may choose voluntarily to register their securities with the SEC. As described above, companies that register with the SEC must also file quarterly, annual, and other reports.

(Attribution: The U.S. Securities and Exchange Commission’s website at http://www.sec.gov)

“Reg A” Offerings Companies raising less than $5 million in a 12-month period may be exempt from registering their securities under a rule known as Regulation A. Instead of filing a registration statement through EDGAR, these companies need only file a printed copy of an “offering circular” with the SEC containing financial statements and other information.

“Reg D” Offerings Some smaller companies offer and sell securities without registering the transaction under an exemption known as Regulation D. Reg D exempts from registration companies that seek to raise less than $1 million dollars in a twelve-month period. It also exempts companies seeking to raise up to $5 million, as long as the companies sell only to 35 or fewer individuals or any number of “accredited investors” who must meet high net worth or income standards. In addition, Reg D exempts some larger private offerings of securities. While companies claiming an exemption under Reg D don’t have to register or file reports with the SEC, they must still file what’s known as a “Form D” within a few days after they first sell their securities. Form D is a brief notice that includes the names and addresses of owners and stock promoters, but little other information about the company. You may be able to find out more about Reg D companies by contacting your state securities regulator. You will find the contact information for your state securities regulator at www.nasaa.org.

Unless they otherwise file reports with the SEC, companies that are exempt from registration under Reg A, Reg D, or another offering exemption do not have to file reports with the SEC.

(Attribution: The U.S. Securities and Exchange Commission’s website at http://www.sec.gov)

There are benefits and new obligations that come from raising capital through a public offering registered with the SEC. While the benefits are attractive, be sure you are ready to assume these new obligations:

Benefits

• Your access to capital will increase, since you can contact more potential investors.
• Your company may become more widely known.
• You may obtain financing more easily in the future if investor interest in your company grows enough to sustain a secondary trading market in your securities.
• Controlling shareholders, such as the company’s officers or directors, may have a ready market for their shares, which means that they can more easily sell their interests at retirement, for diversification, or for some other reason.
• Your company may be able to attract and retain more highly qualified personnel if it can offer stock options, bonuses, or other incentives with a known market value.
• The image of your company may be improved.

New Obligations

• You must continue to keep shareholders informed about the company’s business operations, financial condition, and management, incurring additional costs and new legal obligations.
• You may be liable if you do not fulfill these new legal obligations.
• You may lose some flexibility in managing your company’s affairs, particularly when shareholders must approve your actions.
• Your public offering will take time and money to accomplish

(Attribution: The U.S. Securities and Exchange Commission’s website at http://www.sec.gov)

USAID’s Competiveness Project is now working with production companies in film, TV, post-production and special effects to regain that status by promoting the advantages of Serbia as a film destination. USAID brought local stakeholders together to establish the Serbia Film Commission (www.filminserbia.com ) and helped it become a member of the International Association of Film Commissioners (AFCI). The Commission actively utilizes key industry trade shows, including the Cannes Producers Network and the American Film Location Market, to drum up interest in filming in Serbia.

Proof that these efforts are paying off could be seen in and around Belgrade this spring, with Ralph Fiennes bringing a cast including Gerard Butler and Vanessa Redgrave to film his directorial debut, an adaptation of Shakespeare’s Coriolanus.

So far, these activities have led to more than $20 million in contracts being signed. With the internationally accepted standard multiplier for film production usually estimated at 2.5 or higher, even conservative estimates would already put total income for Serbia from USAID’s assistance in this sector at approximately $50 million. With USAID help, the Commission has also managed to attract several recent scouting tours that could lead to hundreds of millions in new productions in Serbia.  Through the Film Commission, the Project is also working with the Government of Serbia to take the important step of creating a film incentive program.

To learn more about USAID’s assistance to the film and production sector in Serbia and to watch a promotional show reel that was produced by USAID project staff and the Film Commission on the advantages of filming in Serbia, please go to:http://www.compete.rs/en/sectors/film-and-production The show reel can be viewed by clicking on the thumbnail on the right side of the page. 

From the USAID’s website at http://www.usaid.gov

Many microcap stocks trade in the “over-the-counter” (OTC) market and are quoted on OTC systems, such as the OTC Bulletin Board (OTCBB) or the “Pink Sheets.”

• OTC Bulletin Board The OTCBB is an electronic quotation system that displays real-time quotes, last-sale prices, and volume information for many OTC securities that are not listed on the Nasdaq Stock Market or a national securities exchange. Brokers who subscribe to the system can use the OTCBB to look up prices or enter quotes for OTC securities. Although the FINRA oversees the OTCBB, the OTCBB is notpart of the Nasdaq Stock Market. Fraudsters often claim that an OTCBB company is a Nasdaq company to mislead investors into thinking that the company is bigger than it is.

• The “Pink Sheets” The Pink Sheets — named for the color of paper on which they’ve historically been printed — are listings of price quotes for companies that trade in the over-the-counter market (OTC market). “Market makers” — the brokers who commit to buying and selling the securities of OTC issuers-can use the pink sheets to publish bid and ask prices. A company named Pink Sheets LLC, formerly known as the National Quotation Bureau, publishes the pink sheets in both hard copy and electronic format. Pink Sheets LLC is not registered with the SEC as a stock exchange, nor does the SEC regulate its activities.

(Attribution: From the Securities and Exchange Commissions website http://www.sec.gov)

1. Of all 50 states, New York has the second largest film and television production industry (California has the largest).
2. In 2008, 36,000 people in New York were employed directly by the film and television production industry (e.g., actors, editors, camera operators, studio mechanics, and building trades). In addition, the industry hires workers through payroll service companies and hires independent artists, writers, and performers.
3. In 2008, the industry paid more than $3.3 billion in direct wages in New York, 33.8 percent more than wages paid in 2004, and up to another $1.7 billion through payroll service companies and to independent artists.
4. The industry’s economic impact is multiplied through its support of jobs in other areas such as catering, equipment rentals, and tourism.
5. Kaufman Astoria Studios (KAS) is currently undergoing a $22 million expansion that will add a seventh soundstage. KAS also plans to develop an outdoor backlot set.
6. Silvercup Studios has announced a $1 billion expansion with new soundstages and support facilities, as well as residential and commercial space.
7. Steiner Studios is renovating to create additional space for production and support, and is developing an outdoor studio lot.
8. Broadway Stages, which operates 15 soundstages at locations in Brooklyn and Long Island City, also has plans to expand.
9. The Governor’s office reports that the New York film production tax credit has generated $6.98 billion in economic activity since 2004.
10. Ernst & Young estimates that New York’s film industry tax credits have had a positive impact on State and City tax revenues.
11. The number of projects that applied for New York’s film tax credit tripled in the 12 months after the credit was expanded in 2008.

(Source: The Film and Television Production Industry in New York State, Report 22-2010, March 2010, Office of the State Comptroller, State of New York)

From the Securities and Exchange Commission’s Website (http://www.sec.gov)