Issue extracting target company financials (Kodiak Robotics) from S-4 filing

[aman30894]

I am trying to extract financial statements from the following S-4 filing:
https://www.sec.gov/Archives/edgar/data/1747286/000119312525119920/

I used the edgar Python package with the following code:

from edgar import Company, set_identity

set_identity("XX")

company = Company("0001747286")  # Use actual CIK or ticker
filings = company.get_filings(form="S-4", amendments=False)
for filing in filings:
    print(filing, filing.primary_document, filing.is_xbrl, filing.is_inline_xbrl)
    xbrl = filing.xbrl()
    statements = xbrl.statements
    income_statement = statements.income_statement()
    is_df = income_statement.to_dataframe()
    print(is_df.head().to_string())

However, when I validate the extracted income statement against the HTML version of the filing, I notice that only Ares Acquisition Corp’s financial data is being returned—not Kodiak Robotics’.

Could you please clarify:

1. Why Kodiak Robotics’ financials are not being extracted?
2. How to correctly obtain Kodiak Robotics’ financial data from this S-4 (or in similar cases)?
3. How to ensure all historical financial statements (not just the latest) can be retrieved?

Link to the HTML filing:
https://www.sec.gov/Archives/edgar/data/1747286/000119312525119920/d948047ds4.htm

Thank you for your guidance.

[dgunning]

Update: S-4 Target Company Linking Feature Development

Hi @aman30894! Thank you for raising this issue about extracting target company financials from S-4 filings. I wanted to provide you with a comprehensive update on our investigation and the exciting new feature we've developed as a result.

Issue #434 Investigation Results

We thoroughly investigated your reported issue and confirmed that this is not a bug in EdgarTools. Here's what we discovered:

• S-4 filings correctly only contain the registrant's XBRL financial data (Ares Acquisition Corp in your example)
• Target company financials (Kodiak Robotics) are typically embedded as PDF exhibits or HTML tables, not as structured XBRL data
• This is consistent with SEC filing requirements for merger/acquisition disclosures

So when you extracted the income statement using xbrl.statements.income_statement(), you correctly received Ares Acquisition Corp's financials, as that's the only XBRL data present in the filing.

New Feature: S-4 Target Company Linking

However, your use case highlighted an important gap in EdgarTools' M&A analysis capabilities. While we can't extract target company financials directly from S-4 XBRL data, we can provide structured access to target company information and link to their separate SEC filings when applicable.

We've developed a comprehensive S-4 Target Company Linking feature that addresses the underlying need for M&A analysis workflows.

What This Feature Provides

Automated Target Discovery

from edgar import Company

# Get S-4 filing  
acquirer = Company("ARES")  # Ares Acquisition Corp II
s4_filings = acquirer.get_filings(form="S-4")
s4_filing = s4_filings[0]

# Extract target company information automatically
target_info = s4_filing.target_company
print(target_info.name)  # "Kodiak Robotics, Inc."
print(target_info.ein)   # "82-5086710" 
print(target_info.sic_code)  # "7373"
print(target_info.incorporation_state)  # "Delaware"

Technical Approach

Our implementation uses multiple structured data sources within S-4 filings (no regex parsing needed):

1. Co-Registrant Tables (Primary method - High confidence)
2. XBRL Business Combination Facts (Secondary - Medium confidence)
3. Filing Header Information (Tertiary - Low-medium confidence)

Community Feedback Needed

We'd love to hear from the community on this feature proposal:

1. Use Cases: What M&A analysis workflows would this feature enable for you?
2. API Design: Do the proposed API patterns feel intuitive and powerful?
3. Priority Features: Which aspects are most important?
4. Edge Cases: What challenging S-4 scenarios should we prioritize supporting?

This feature development was directly inspired by your use case - thank you for highlighting this important M&A analysis workflow! We're excited to make EdgarTools even more powerful for merger and acquisition research.

What are your thoughts on this approach? Would this feature design meet your needs for S-4 target company analysis?