SEC Filing Scanner for M&A
Extract and analyze SEC EDGAR filings for acquisition due diligence.
Data Source
SEC EDGAR API (free, no API key, 10 req/sec rate limit):
- Company Facts:
https://data.sec.gov/api/xbrl/companyfacts/CIK{cik}.json
- Submissions:
https://data.sec.gov/submissions/CIK{cik}.json
- Full-Text Search:
https://efts.sec.gov/LATEST/search-index?q=...
Filing Types & M&A Relevance
| Filing |
Use Case |
| 10-K |
Annual financials, risk factors, segment data, legal proceedings |
| 10-Q |
Quarterly trends, interim changes, going concern flags |
| 8-K |
Material events: acquisitions, dispositions, leadership changes, restatements |
| DEF 14A |
Executive comp, related-party transactions, governance |
| SC 13D/G |
Activist positions, ownership changes above 5% |
| Form 4 |
Insider buying/selling patterns (signal conviction) |
| Form D |
Private placement activity (pre-IPO targets) |
Extraction Framework
1. Financial Extraction (from XBRL)
- Revenue (3-5 year trend from
Revenues or RevenueFromContractWithCustomerExcludingAssessedTax)
- EBITDA (computed:
OperatingIncome + DepreciationAndAmortization)
- Net income, EPS, diluted shares
- Total assets, total liabilities, stockholders' equity
- Operating cash flow, CapEx, free cash flow
- Segment revenue breakdown (if multi-segment)
2. Risk Factor Analysis (from 10-K Item 1A)
- Categorize risks: market, operational, regulatory, financial, legal, technology
- Flag risks mentioning: litigation, regulatory investigation, material weakness, going concern
- Compare risk factors year-over-year to detect new disclosures
- Score overall risk severity (low / moderate / elevated / high)
3. Material Event Detection (from 8-K)
- Item 1.01: Entry into material agreement
- Item 2.01: Completion of acquisition or disposition
- Item 2.05: Costs of restructuring
- Item 4.01: Change in accountant (red flag)
- Item 5.02: Departure of directors/officers
- Item 8.01: Other material events
4. Ownership & Governance (from DEF 14A, 13D/G)
- Top institutional holders and concentration
- Insider ownership percentage
- Recent insider transactions (net buying vs. selling)
- Activist involvement flags
Output Format
SEC Filing Analysis: [Company Name] (CIK: XXXXXXXXXX)
Filings Scanned: 12 (3x 10-K, 8x 10-Q, 1x 8-K)
Date Range: 2023-01-01 to 2025-12-31
Financial Summary (from XBRL):
Revenue TTM: $164.5M (↑ 12% YoY)
EBITDA TTM: $28.3M (17.2% margin)
FCF TTM: $22.1M
Net Debt: $45.0M (1.6x EBITDA)
Risk Flags:
⚠ New risk factor: "concentration of revenue" (added FY2025)
⚠ Material weakness in internal controls (10-K Item 9A)
✓ No going concern language
✓ No change in auditor
Material Events (8-K):
2025-09-15: Entered into $50M credit facility (Item 1.01)
2025-06-01: CFO departure (Item 5.02)
Insider Activity (Last 12 months):
Net Selling: $2.3M (3 insiders sold, 0 bought)
M&A-Specific Checks
- Change of control provisions: Search 10-K for "change of control", "golden parachute", "poison pill"
- Material contracts: Identify contracts with change-of-control triggers
- Customer concentration: Extract from risk factors or segment data
- Pending litigation: Quantify contingent liabilities from footnotes
- NOL carryforwards: Extract tax asset values (Section 382 limitation risk in acquisition)
- Lease obligations: Right-of-use assets and total lease commitments
1---2name: olo-sec-scanner3description: SEC EDGAR filing analysis for M&A due diligence — extract financials, detect risks, and track corporate events from 10-K, 10-Q, and 8-K filings4license: MIT5---6
7# SEC Filing Scanner for M&A
8
9Extract and analyze SEC EDGAR filings for acquisition due diligence.
10
11## Data Source
12
13SEC EDGAR API (free, no API key, 10 req/sec rate limit):
14- Company Facts: `https://data.sec.gov/api/xbrl/companyfacts/CIK{cik}.json`
15- Submissions: `https://data.sec.gov/submissions/CIK{cik}.json`
16- Full-Text Search: `https://efts.sec.gov/LATEST/search-index?q=...`
17
18## Filing Types & M&A Relevance
19
20| Filing | Use Case |
21|--------|----------|
22| 10-K | Annual financials, risk factors, segment data, legal proceedings |
23| 10-Q | Quarterly trends, interim changes, going concern flags |
24| 8-K | Material events: acquisitions, dispositions, leadership changes, restatements |
25| DEF 14A | Executive comp, related-party transactions, governance |
26| SC 13D/G | Activist positions, ownership changes above 5% |
27| Form 4 | Insider buying/selling patterns (signal conviction) |
28| Form D | Private placement activity (pre-IPO targets) |
29
30## Extraction Framework
31
32### 1. Financial Extraction (from XBRL)
33- Revenue (3-5 year trend from `Revenues` or `RevenueFromContractWithCustomerExcludingAssessedTax`)
34- EBITDA (computed: `OperatingIncome` + `DepreciationAndAmortization`)
35- Net income, EPS, diluted shares
36- Total assets, total liabilities, stockholders' equity
37- Operating cash flow, CapEx, free cash flow
38- Segment revenue breakdown (if multi-segment)
39
40### 2. Risk Factor Analysis (from 10-K Item 1A)
41- Categorize risks: market, operational, regulatory, financial, legal, technology
42- Flag risks mentioning: litigation, regulatory investigation, material weakness, going concern
43- Compare risk factors year-over-year to detect new disclosures
44- Score overall risk severity (low / moderate / elevated / high)
45
46### 3. Material Event Detection (from 8-K)
47- Item 1.01: Entry into material agreement
48- Item 2.01: Completion of acquisition or disposition
49- Item 2.05: Costs of restructuring
50- Item 4.01: Change in accountant (red flag)
51- Item 5.02: Departure of directors/officers
52- Item 8.01: Other material events
53
54### 4. Ownership & Governance (from DEF 14A, 13D/G)
55- Top institutional holders and concentration
56- Insider ownership percentage
57- Recent insider transactions (net buying vs. selling)
58- Activist involvement flags
59
60## Output Format
61
62```
63SEC Filing Analysis: [Company Name] (CIK: XXXXXXXXXX)
64
65Filings Scanned: 12 (3x 10-K, 8x 10-Q, 1x 8-K)
66Date Range: 2023-01-01 to 2025-12-31
67
68Financial Summary (from XBRL):
69 Revenue TTM: $164.5M (↑ 12% YoY)
70 EBITDA TTM: $28.3M (17.2% margin)
71 FCF TTM: $22.1M
72 Net Debt: $45.0M (1.6x EBITDA)
73
74Risk Flags:
75 ⚠ New risk factor: "concentration of revenue" (added FY2025)
76 ⚠ Material weakness in internal controls (10-K Item 9A)
77 ✓ No going concern language
78 ✓ No change in auditor
79
80Material Events (8-K):
81 2025-09-15: Entered into $50M credit facility (Item 1.01)
82 2025-06-01: CFO departure (Item 5.02)
83
84Insider Activity (Last 12 months):
85 Net Selling: $2.3M (3 insiders sold, 0 bought)
86```
87
88## M&A-Specific Checks
89
90- **Change of control provisions**: Search 10-K for "change of control", "golden parachute", "poison pill"
91- **Material contracts**: Identify contracts with change-of-control triggers
92- **Customer concentration**: Extract from risk factors or segment data
93- **Pending litigation**: Quantify contingent liabilities from footnotes
94- **NOL carryforwards**: Extract tax asset values (Section 382 limitation risk in acquisition)
95- **Lease obligations**: Right-of-use assets and total lease commitments
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