Check whether a mining issuer may omit Part I of Form 10-Q
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- The tool lists whether the registrant is a mining company not in the production stage but engaged primarily in the exploration for the development of mineral deposits other than oil, gas, or coal, whether it was in production during the current fiscal year or the two prior years, with the eight-month aggregate over that three-year period, and whether combined receipts exceeded $500,000 in any of the most recent six years or $1,500,000 in the aggregate over those six fiscal years. It does not decide that Part I may be omitted. If the lawyer says Part I is required, the tool uses the Form 10-Q 40-day or 45-day period only after the lawyer names the filer category.
- What the lawyer must review
- Rule 13a-13(c)(2), 17 CFR § 240.13a-13, and Form 10-Q. Paragraph (c) provides that Part I of the quarterly reports on Form 10-Q need not be filed by mining companies not in the production stage but engaged primarily in the exploration for the development of mineral deposits other than oil, gas or coal, if both conditions are met. The registrant has not been in production during the current fiscal year or the two years immediately prior, except that being in production for an aggregate of not more than eight months over the three-year period is not a violation of that condition. Receipts from the sale of mineral products or from the operations of mineral producing properties by the registrant and its subsidiaries combined have not exceeded $500,000 in any of the most recent six years and have not aggregated more than $1,500,000 in the most recent six fiscal years. Form 10-Q is the report whose Part I is omitted when those conditions are met. Where Part I is required, General Instruction A.1 requires the report within 40 days after quarter end for large accelerated filers and accelerated filers and within 45 days for all other registrants, and no report for the fourth quarter. The lawyer decides whether paragraph (c)(2) applies. The omission is of Part I, on the conditions stated.
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Consider narrowly defined preparation support after confirming the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Check the current court or regulator requirements, prescribed form and attachments for the intended document and filing.
- Review the original source set for relevant material absent from the output, including contrary evidence, qualifications and remaining gaps.
- Verify the applicable jurisdiction and the version of each relevant law, rule or instrument in force at the material time.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.