5: HTML filings

“We have just a few Regulation A filings per year. Our service provider gives us a “good rate” at $5/page, but we’d prefer to DIY and save costs, as our filings are super simple and the same template every year. What are my options?”

The vast majority of filings on EDGAR are in HTML format, i.e., they read as web pages. Preparing these filings involves converting your source document(s), which may be Word, Excel or other files, to HTML. This is sometimes called “EDGARizing” your documents to prepare an SEC EDGAR filing.

The HTML accepted by EDGAR is quite restrictive, so you cannot just save your Word document or Excel sheet as HTML and submit that as a filing. EDGAR will not accept it. The HTML needs to be produced by an application specifically targeting EDGAR.

Outsource it

You may outsource the EDGARizing and/or the entire filing to a Filing Agent (service provider). The cost can be anywhere from $2/page to more than $15/page, depending on the service provider and whether or not your document(s) need cleanup. For example, edgar-services.com, an SEC EDGAR Filing Agent, charges $2/page to $4/page (depending on quantity) to EDGARize reasonably well-prepared Word documents. Click here for an overview.

Do it yourself

If you would like to save costs further and do the EDGARizing yourself, you have several options:

• One of the lowest-cost options is InstantEDGAR™. This is a free Word add-in for Windows computers. The pay-as-you-go cost is about $0.50 to $0.75 per page with a $9 minimum per document. So you could EDGARize and complete a small filing for as little as $9. There is no software to purchase, no up-front cost and no contract. This is a great option if you do only a few occasional filings.
• Another low-cost pay-as-you-go option is an online Word to EDGAR conversion web portal. This options does not require you to download or install anything on your computer, and can be used from any internet-connected device (not just Windows PCs). You upload your Word document to the portal and in a few seconds download the EDGARized EDGAR-valid HTML file, including graphics images if any. The cost is similar to using InstantEDGAR™. This is also a great option if you do only a few occasional filings.
• If your filings are larger or more frequent, you may want to pay once to purchase EDGARizing software that you can then use perpetually at no additional cost. If you Google “EDGAR HTML software”, several products show up, some of which offer a perpetual license. The cost ranges from about $1500 to $3000, depending on the vendor and software configuration. For example, a perpetual license of EDGARsuite™ software from Advanced Computer Innovations, Inc. costs $1495 in its basic configuration, or $2295 in its “Pro” configuration (the latter adds automated submission and several XML filing features).

Do-it-yourself EDGARizing solutions are now largely mature and do not incur a steep learning curve. If you file in this format frequently, one of these DIY software solutions may be an attractive and cost-effective alternative to outsourcing your filings.

Useful Links

• SEC EDGAR Filer Manual which contains specifications for EDGAR HTML
• Summary of options for converting Word and Excel to EDGAR-compliant HTML
• Preparing and Submitting a complete EDGAR HTML filing – Video Demo
• SEC Filing Service with EDGAR credentials

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