Your reasoning is not sound at all. 90% of the general public might know know how to read an income statement, but 90% of the general public is not interested

Your reasoning is not sound at all. 90% of the general public might know know how to read an income statement, but 90% of the general public is not interested in reading an S-1 no matter what the format is. The vast majority are happy reading a Marketwatch synposis of it. The percentage of the general public who are actually interested in reading an S-1 will be mostly interested in the financials. Again, I believe this is because you don't understand who your end-user would be, and who is actually interested in reading an S-1.