Information overload is one of the world's major commercially-addressable problems. More information than ever is accessible. But it's hard to find what we're looking for. Many companies have stepped into the breach, ranging from search providers like Google or e-discovery predective coding document review companies, to news aggregrators like Alltop or newsana, to more individualized recommendation sources like bloggers or Twitter posters (though the latter two can also be part of the problem). And us. We all share a focus on helping people find the information they need, whether it is Google with its broad mission of organizing the world's information or us with our much narrower focus on getting relevant sections of contracts to people who have to review them.
Sometimes, though, too much information is fun. Like for one of my former law firm colleagues who came across the extremely entertaining Pub Crawl Holdings 10-K while doing EDGAR research (for unfamiliar readers, Form 10-Ks are annual reports that some companies must file and EDGAR is the Securities Exchange Commission system where information like this is filed and searchable electronically). We are not putting this 10-K up to mock Pub Crawl Holdings. Rather, we see this 10-K an example of the sorts of information very expensive lawyers have to hunt through to find valuable material that will help their clients. And it happens to be entertaining. So now, without further ado, excerpts from the Pub Crawl Holdings, Inc. 10-K.
Pub Crawl Holdings 10-K
Pub Crawl Holdings (see their logo here) is an Internet-based company specializing in providing information on Happy Hours, drink specials, nightly specials and “pub crawls” for bars and restaurants in San Diego, California. A “pub crawl” as used throughout this statement refers to an organized event whereby a group of people collectively visit multiple bars in a single night. Pbpubcrawl.com was launched January 6, 2010 as an informational website for people in the Pacific Beach and Mission Beach areas of San Diego, CA. The website contains information on the bars and restaurants in the Pacific Beach and Mission Beach areas, and offers these bars and restaurants a chance to showcase their businesses at reasonable advertising costs.
Revenues have been low so far. The Company generated revenues of $884 from advertizing and marketing sales compared with $356 from the period from May 27, 2010 (date of inception) to June 30, 2010.
Those numbers are not in thousands.
In case you wondered about their real estate situation, their response to Item 2 informs us that:
We currently are using a portion of our Chief Executive Officer’s home as our corporate headquarters located at 802 Sunset Court, San Diego, CA 92109, and we are using the space rent-free. As of the date of this filing, we have not sought to move or change our office site. Additional space may be required as we expand our operations. We do not foresee any significant difficulties in obtaining any required additional space. We currently do not own any real property.
Good news if you're looking to buy in: they intend to contact an authorized OTC Bulletin Board market-maker for sponsorship of our securities on the OTC Bulletin Board.
But shares are closely-held. As of October 6, 2011, there were 5,000,000 shares of the registrant’s $0.001 par value common stock issued and outstanding and were owned by approximately 1 holder of record, based on information provided by our transfer agent.
Pub Crawl Holdings doesn't anticipate dividends in the foreseeable future, but the $74,250 they incurred in 2011 professional fees is paying dividends to us, the reading public!
Though I didn't do a form check, Pub Crawl Holdings seems to thoroughly describe their business and have a perfectly adequate 10-K (which it looks like they didn't get any SEC comments on). They appear to be pursuing a "get a minimum viable product out and iterate" strategy, which is popular and has thoughtful supporters. And makes for much more fun reading than the average 10-K!