iDisclose hopes its free online service SEC Scrubber will help companies properly submit their documents to the SEC.
CEO Georgia Quinn said iDisclose is aware many have trouble uploading needed documents to EDGAR, the SEC’s online system.
“This is due to the finicky nature of the system and somewhat archaic technology it uses,” Ms. Quinn said. “Several issuers’ uploads were getting bounced and the error messages were indecipherable.”
Those files are often rejected because they do not meet EDGAR’s technical specifications or they contain tags EDGAR rejects, SEC Scrubber removes those undesirable tags and unacceptable formatting without compromising the document.
“We doing this (offering SEC Scrubber) because we believe in the power of crowdfunding and we want the industry to succeed,” Ms. Quinn said. “This has been a silly stumbling block for hard-working and well prepared issuers and we want to remove it.”
SEC Scrubber is available in beta and iDisclose is accepting feedback to improve future iterations.