As an auditor of financial statements, I found the most interesting section of the SEC’s 685-page final ruling document to be related to the financial statement filing requirements. Here is the key information that business owners and their advisors will need to know.
Big things are continuing to develop with equity crowdfunding. On October 30, 2015, the Securities Exchange Commission (SEC) issued final rules under Title III of the JOBS Act of 2012 that will allow equity crowdfunding through online portals.
Crowdfunding is the practice of funding a project or venture by raising many small amounts of money from a large number of people. This popular method of raising money can create a lot of questions from an accounting and tax standpoint.
I enjoy working with clients in the Life Sciences and Innovation space. When we have conversations, their excitement and passion for research is palpable. There’s no doubt in their minds that they will be changing the world, and after talking with them, I typically find myself agreeing. But it can be difficult to discuss the business aspects of a client’s company. Who cares what line item on a financial statement you debit or credit when you can change the world?
In one of my earlier blogs, I referenced specific accounting standards required for Development Stage Entities (DSEs). The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915), which eliminated all unique reporting requirements for these type of entities as well as removed an exception that was […]
Skoda Minotti Life Sciences and Innovation group, led by Marilea Campomizzi, CPA and Paul Etzler, CPA, CGMA, GACR, recently sponsored BioOhio Unplugged: CEOs & Leadership Series in Columbus, Ohio. The event featured G. Steven Burrill, who presented on his 28th Annual Report “Transforming Healthcare,” along with a recognized panel of life science industry CEOs and […]
It’s pay day! Your gross pay every two weeks is $1,000, but somehow you only end up with $700. The government has taken their cut, health insurance premiums have been withheld… and some of us are putting a few dollars aside for retirement. We have a deduction labeled “401k” on our check stub. It’s our […]
Under current accounting standards, startup companies that are devoting substantially all of their efforts to creating a new business may be considered Development Stage Entities (DSE) if either 1) the principal operations haven’t commenced yet OR 2) principal operations have commenced, but there has been no significant revenues generated. Once identified as such, DSEs have […]
As business advisors, we want to help our clients and contacts grow their businesses and find success in today’s marketplace. Use of our networks including referrals to bankers, individual investors, or private equity companies add value to business owners by helping them to find the funding they need in order to get them to the […]
If your company is in a Life Science and Innovation industry, such as biotech, biomed, health IT, nanotechnologies, or communications, you may receive money from local, state or Federal grant programs to fund the research or clinical trials on your drug, medical device, or disruptive technology. Be knowledgeable about the agreements you’re signing – as […]