Form 1-K vs 10-K: Reg A vs full annual report
On Form 1-K vs 10-K, both are annual reports filed with the US Securities and Exchange Commission (SEC), but they come from companies at different stages of public reporting. A Form 1-K is the annual report of a company that raised money through a Regulation A Tier 2 offering. A 10-K is the comprehensive annual report of a fully public company. This guide compares Form 1-K vs 10-K across who files, what each covers, and its timing. It is not investment advice.
Definition
Form 1-K versus 10-K
are both SEC annual reports. Form 1-K is filed by a Regulation A Tier 2 issuer and is lighter, due within 120 days of year-end with two years of audited financials. Form 10-K is a fully public company's comprehensive annual report. Source: SEC.
Who files each, and what does it cover?
Form 1-K is filed by a company that used Regulation A to raise capital under Tier 2. It reports the business, related-party transactions, executive information, a management discussion, and audited financial statements for the two most recent fiscal years. Form 10-K is filed by a company that is fully public and reporting under the Securities Exchange Act. It carries a broader set of disclosures, including extensive risk factors and disclosure controls, and is the reference annual report investors expect from a listed company.
How do they differ?
The differences come down to who files, depth, and timing.
| What to check | Form 1-K | Form 10-K |
|---|---|---|
| Filed by | Regulation A Tier 2 issuer | Fully public reporting company |
| Depth of disclosure | Scaled-down annual report | Comprehensive annual report |
| Audited financials | Two most recent fiscal years | Audited, with fuller schedules |
| Deadline | Within 120 days of fiscal year-end | Set by filer category, on a faster clock |
Lighter vs comprehensive
Form 1-K is a Regulation A Tier 2 annual report; the 10-K is a full public-company annual report
Source: SEC
Which one applies?
It depends on the company. A business that raised money under Regulation A files the Form 1-K, and between annual reports it files a current report on Form 1-U. A fully public company files the 10-K, a 10-Q each quarter, and an 8-K for material events. For how the two offering routes compare at the start, see Form 1-A vs S-1.
Both reports sit on the SEC's EDGAR system, free to read. Flock reads disclosure filings and keeps each one dated and linked to its source, so you can move from a summary to the original filing in one step. What any of it means for your money is your call to make.
Frequently asked questions
What is the difference between Form 1-K and 10-K?
Both are annual reports filed with the SEC. Form 1-K is filed by a company that raised money through a Regulation A Tier 2 offering; it is lighter and due within 120 days of year-end. Form 10-K is a fully public company's comprehensive annual report. Source: SEC.
Which annual report is more detailed?
The 10-K is more detailed. It carries extensive risk factors, three years of audited financials in places, and full disclosure controls sections. A Form 1-K is a scaled-down annual report for a Regulation A Tier 2 issuer, with two years of audited financials. Source: SEC.
Do both need audited financial statements?
Yes. A Form 1-K includes audited financial statements for the two most recent fiscal years. A 10-K includes audited financial statements as well, with the fuller schedules a fully reporting company must provide. Source: SEC.
Where can I read a Form 1-K or a 10-K?
Both are filed on the SEC's EDGAR system and are free to read. Search by the company name; the 1-K appears under Regulation A filings and the 10-K under Exchange Act reports. Source: SEC EDGAR.
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Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.