Based in Boca Raton, Florida, Twinlab Consolidated Holdings, Inc. and its subsidiaries market, distribute, and retail branded nutritional supplements and other natural products in the United States and internationally. With over 600 products shipped to 55 countries globally, TCH is a trusted brand among consumers.
Some of their leading brands include:
- Twinlab® – Fuel line of vitamins, mineral supplements, and sports
- Reserveage™ – A skincare line-up and beauty supplement products
- ResVitale® – Resveratrol and beauty supplement products
- Alvita® – Teas, established in 1922 as a single-herb tea line
- Metabolife® – Line of diet and energy products
The company sells its products primarily through health and natural food stores, supermarkets, mass-market retailers, specialty store retailers, online retailers, and websites.
The US Securities and Exchange Commission (SEC) adopted amendments requiring the use of Inline the eXtensible Business Reporting Language (iXBRL) for corporate financial reporting on June 28, 2018, on a phased-in basis.
Inline XBRL (iXBRL) is a structured data language that allows filers to create a single document that is both human and machine-readable, making it simpler than the time-consuming process of generating an HTML document with a financial statement or risk/reward summary information and then creating a separate XBRL exhibit by tagging the data.
The SEC reporting team at Twinlab faced two major challenges
- Until Q2 of 2021, Twinlab Consolidated Holdings, was using another product for their SEC compliance reporting, and from Q3 2021 they were transitioning to IRIS CARBON®.
- Teresa, their SEC Accountant, had only recently joined Twinlab Consolidated Holdings, and came from a varied background. Her previous organization used a diﬀerent SEC compliance reporting software for filing.
Based on the above challenges, IRIS CARBON® and Twinlab Consolidated Holdings, Inc. started to figure out the right objectives for achieving the desired quality of the SEC iXBRL report.
Below are the milestones both organizations agreed upon:
Onboarding And Quality Check
The engagement would start with onboarding Twinlab’s most recently filed SEC documents. Once this is done, our XBRL experts will perform a detailed quality review of the tagging to identify any improvements needed on the XBRL documents.
Setting Up Reporting Document And Spreadsheet
Based on the onboarded document, the IRIS CARBON® team will create a roll forward for the upcoming filing. This included setting up the master spreadsheet of Twinlab and linking it to the rolled forward document. This will be a starting point for the Twinlab team to work on with complete control and the ability to make modifications as needed.
Training Backed With Unlimited Support
IRIS CARBON® devised a hands-on training program for Twinlab. This will brief them on how to author, review, and finalize compliance reports and iXBRL tagging on the IRIS CARBON® platform.
The IRIS CARBON® Approach
The IRIS CARBON® Approach
For Twinlabʼs SEC reporting, IRIS CARBON® came up with an approach well aligned with
the derived objectives.
1. The Onboarding Phase
This phase involves building the foundation for the Q3-2021 filing. The XBRL and EDGAR HTML documents filed for Q2-2021 were loaded into IRIS CARBON®. The tags used in the Q2-2021 filing were applied to the uploaded Q3-2021 HTML file.
2. Quality Review
After the onboarding, the Q2-2021 XBRL file was carefully reviewed and validated. An Excel report was prepared by the IRIS CARBON® XBRL experts, suggesting changes to the tagging along with their recommendations and reasoning. This report was then presented to the client for approval. With the client’s consent, the changes were incorporated into the Q3-2021 template created by IRIS CARBON®.
3. Setting Up Q3-2021 Document And Spreadsheet
Once the foundation was laid, IRIS CARBON® developed the Q3-2021 filing document, which included creating a master spreadsheet for Twinlab. This allowed the filer to edit the document as needed, and changes made in the master spreadsheet were automatically reflected in the main document. The quality review improvements were also incorporated into this document.
4. Hands-on Training Program
IRIS CARBON® conducted a hands-on training session for the Twinlab team, which helped them achieve a high-quality SEC iXBRL filing and familiarized them with the platform for future filings.
5. Ongoing Support Needed By The Client
The expert team at IRIS CARBON® provides dedicated support to overcome challenges related to complying with the SEC iXBRL mandate. They ensured ongoing support was provided to Twinlab whenever needed, including
- tagging any new line items added, assisting with formatting the document,
- conducting a full and final review of the Q3-2021 document before filing and suggesting changes, and
- ensuring a successful test-filing and live-filing.
5. Roll Forward Set-Up For Successive Filings
IRIS CARBON® team created roll-forwards for Twinlab for all of its upcoming filings.
After a few months of joining Twinlab, I was delighted to be part of the implementation of IRIS CARBON® via Genesis.
We completed our first filing with the SEC, and I found the process smooth. The software helped us with eﬀiciency as it eliminated a lot of manual processes. In addition, the support team is proactive and is always available to support. I recommend Genesis and IRIS CARBON® to companies looking for a solution for their financial reporting needs at a very aﬀordable price.
Key Results Achieved
Key Results Achieved
Twinlab accomplished all its objectives by choosing IRIS CARBON® as the preferred SEC compliance reporting software. The platform guarantees unparalleled quality and the best support whenever needed.
The key results achieved by Twinlab at a glance: