10-Q/A: Old Market Capital Corporation Amends Quarterly Report to Correct Share Count

Old Market Capital Corporation filed an amendment to its quarterly report to correct errors in the reported number of outstanding shares.

Summary

• Old Market Capital Corporation has filed an amendment to its Form 10-Q for the quarter ended September 30, 2024.
• The amendment corrects errors in the number of outstanding shares of common stock reported on the cover page and in the Condensed Consolidated Balance Sheets.
• The original Form 10-Q was filed on November 13, 2024.
• As of November 6, 2024, approximately 6.7 million shares of common stock were outstanding.
• Of the approximately 12.7 million shares issued, 5.4 million were held by the company's principal operating subsidiary and 658 thousand were held by the company itself.
• Shares held by the company and its subsidiary are not entitled to vote, leaving approximately 6.7 million shares entitled to vote.
• No other changes were made to the original Form 10-Q, and the amendment does not reflect events after November 13, 2024.

Sentiment

Score: 6

Explanation: The document is neutral in tone, focusing on correcting a factual error. While the error is a negative, the company's action to correct it is a positive. The overall sentiment is slightly positive due to the corrective action.

Positives

• The company has taken steps to correct errors in its financial reporting.
• The amendment provides clarity on the actual number of outstanding shares.

Negatives

• The need for an amendment indicates an initial error in the company's reporting process.

Risks

• Errors in financial reporting can erode investor confidence.
• The company needs to ensure accuracy in future filings to avoid similar issues.

Future Outlook

The amendment does not include any forward-looking statements or guidance.

Management Comments

• Jeffrey Royal, Chief Executive Officer, and Charlie Krebs, Chief Financial Officer, certified the accuracy of the amended report.
• Both the CEO and CFO have certified that the report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

Industry Context

This type of amendment is not uncommon and is often related to correcting clerical errors or oversights in financial reporting. It is important for companies to maintain accurate records to ensure investor confidence.

Comparison to Industry Standards

• The need for a corrected filing is not ideal, but it is not uncommon for companies to issue amendments to correct errors.
• Companies like Nicholas Financial, Inc. (mentioned in the exhibits) are expected to maintain accurate financial records and disclosures.
• The correction of the share count is a basic requirement for public companies and is essential for accurate market capitalization calculations.

Stakeholder Impact

• Shareholders will have a more accurate understanding of the company's share structure.
• The correction may restore some confidence in the company's financial reporting.

Next Steps

• The company will likely continue to monitor its financial reporting processes to prevent future errors.
• Investors will likely review the corrected share count and assess its impact on their investment decisions.

Key Dates

Keywords

amendment, 10-Q, outstanding shares, financial reporting, share count, SEC filing, corporate governance