Quite a bit of interest from last week’s discussion regarding the forensic trail highlighted in the blog post DIY an S-1 filing? Brides should not bake their own wedding cake.
The prevailing question was why did the soon-to-be-public company restart their S-1 with a traditional IPO filing process (like Vintage Filings’ drafting sessions) from its humble DIY origin? More to the point, why is an XBRL self-filing portal OK to use for 10-Qs, but not for the S-1?
The simple answer is scale of task. Look at the video below.
This is a typical prospectus.
Although the ink and paper may look blasé, this is a major publication for a company. Without exaggeration, their future depends on this document. That fact moves its creation from WYSIWYG word processing into professional typesetting and document composition. Compound this tactical task with the legal and contractual precision that an S-1 requires and… well, you get the idea. It is not a simple typing task for a generic (and often unfamiliar) word processing program like Google Docs.
Our advice is the right tool for the right job: Use professional** typesetting and document composition for transactions. These documents are really really really large contracts. You must have the precision. If you want to tag and submit your own XBRL files with the SEC, use our MS Word and MS Excel based DIY platform (via fleXBRL).
Our sales pitch: all our solutions are perfectly priced, a key driver for our continuing success working with mid to microcap issuers. Our forensic speculation is that the DIY mis-start doubled the fee… not to mention the serious time wasted fussing around with tabs, margins, page numbers and financial tables.
Have a great day.
*What You See Is What You Get
** preferably ours at Vintage Filings