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SEC’S REGULATION

CROWDFUNDING:Overview of the Final Reglation!

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What i! Title IIICrow"fn"ing#

• S$e%i&%all' inve!t(ent %row"fn"ing

• New e)e($tion *+a,+-, of the Se%ritie! A%t of ./00• U!e of online inter(e"iar'

• I!!er!1 inve!tor! an" inter(e"iarie!

Inve!tor Inter(e"iar

'2

I!!er

333 333

Se%ritie

!

Se%ritie

!2%ertain inter(e"iarie! (a' not %!to"' fn"! or !e%ritie!

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I!!er!

• Li(ite" to rai!ing 3.4 in a rolling .56(onth $erio"

• Will not 7e integrate" with other o8ering!

• 4!t !e one online inter(e"iar'• 4!t 7e US entit'

• Cannot 7e Inve!t(ent Co($an' or %o($an' rel'ing onan e)e($tion fro( the 9* A%t

• Cannot !e S;< !tr%tre

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I!!er!

• 4!t have a 7!ine!! $lan

• Cannot inten" to (erge with an ni"enti&e" %o($an'

• Cannot 7e $7li% re$orting %o($an'• If %on"%te" an o8ering $r!ant to Reglation CF in the

$a!t (!t 7e %o($liant with ongoing re$ortingre=ire(ent!

• Cannot 7e a >a" A%tor

• .5+g, %a$! "on’t a$$l' a! long a! i!!er i! %o($liantwith Reglation CF1 "oe! not have (ore than 35?4 neta!!et! an" ha! engage" a tran!fer agent

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I!!er!

• Di!%lo!re Re=ire(ent! @ For( C• Na(e1 legal !tat!1 a""re!!1 we7!ite

•

Dire%tor!1 o%er!1 7a%Bgron"1 o%e! hel"• I"entit' of 5 7ene&%ial hol"er! of voting !e%ritie!

• De!%ri$tion of the 7!ine!!

• Finan%ial %on"ition

• Target o8ering a(ont1 (a)i(( a(ont1 "ea"line

•

De!%ri$tion of the !e%ritie! in%l"ing $ri%e! an" how"eter(ine"

• U!e of $ro%ee"!

• Ri!B fa%tor!

• Owner!hi$1 %a$italiation1 in"e7te"ne!!

• O8ering (e%hani%!

• Relate" $art' tran!a%tion!

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I!!er!

• Di!%lo!re Re=ire(ent! @ Finan%ial Infor(ation• U$ to 3.1

• GAA; &nan%ial! for $a!t two 'ear! or ti(e in e)i!ten%e %erti&e" 7' CEO

• Infor(ation fro( ta) retrn &le" for the (o!t re%entl' %o($lete" &!%al'ear

• Over 3.1 $ to 3?1• GAA; &nan%ial! for $a!t two 'ear! or ti(e in e)i!ten%e %erti&e" 7' CEO

an" reviewe" 7' $7li% a%%onting &r(

•

Over 3?1 $ to 3.11• GAA; &nan%ial! for $a!t two 'ear! or ti(e in e)i!ten%e %erti&e" 7' CEO

an" a"ite" 7' $7li% a%%onting &r(

• One ti(e e)e($tion for &r!t ti(e %row"fn"ing %o($anie! %an $rovi"ereviewe" &nan%ial !tate(ent! rather than a"ite"

• For(al %on!ent fro( a%%ontanta"itor not re=ire"

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I!!er!

• Di!%lo!re Re=ire(ent! @ Ongoing Re$orting• ;rogre!! re$ort! on the o8ering

• Can rel' on inter(e"iar' to $rovi"e $rogre!! re$ort! to inve!tor!

• 4!t &le For( C6U at %lo!e of o8ering

• File annal "i!%lo!re on For( C6AR• U!e For( C a! the 7a!e an" $"ate "i!%lo!re

• Delete infor(ation a7ot the o8ering

• Doe! not re=ire a"ite" or reviewe" &nan%ial !tate(ent!

•

4!t &le ntil:• I!!er 7e%o(e! $7li% &ler

• I!!er ha! &le" at lea!t one For( C6AR an" ha! fewer than 0 hol"er! ofre%or"

• I!!er ha! &le" at lea!t three For(! C6AR an" ha! a!!et! of 3.4 or le!!

• All Reg CF !e%ritie! are $r%ha!e"1 re$r%ha!e" or re"ee(e"

• I!!er li=i"ate! or "i!!olve!

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I!!er!

• A"verti!ing Li(itation!• State(ent that o8ering i! 7eing %on"%te"1 na(e of an" linB to

inter(e"iar'

• Ter(! of the o8ering

• Fa%tal infor(ation a7ot the i!!er in%l"ing a 7rief"e!%ri$tion of the 7!ine!!

• Si(ilar to to(7!tone a"! n"er Rle .0*

• 4e"i( agno!ti%

• Can $a' for a"verti!ing 7t %annot 7e tran!a%tion 7a!e" orre%eive ;II

• All %o($en!ation to $ro(oter! (!t 7e "i!%lo!e"

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Inve!tor!

• No a%%re"itation re!tri%tion!

• Inve!t(ent Li(itation!•

If net worth or annal in%o(e i! le!! than 3.11 %an inve!tthe greater of 351 or ? of !%h net worth or in%o(eannall'

• If net worth an" annal in%o(e i! 3.1 or greater1 %aninve!t . of net worth or annal in%o(e +whi%hever i! le!!er,$ 3.1 annall'

• Can %o(7ine with !$o!e

• I!!er! an" inter(e"iarie! %an rel' on inve!toratte!tation! of net worth1 annal in%o(e an" annalinve!t(ent a(ont!

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Inve!tor!

• Re!ale! @ re!tri%te" for one 'ear e)%e$t:• To the i!!er

•

 To an a%%re"ite" inve!tor• A! $art of a regi!tere" o8ering

• To a (e(7er of the fa(il' in %onne%tion with "eath1 "ivor%e or!i(ilar

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Inter(e"iarie!

• 4!t 7e regi!tere" 7roBer6"ealer or %row"fn"ing $latfor(

• 4!t regi!ter with FINRA

•

4!t $rovi"e %o((ni%ation %hannel 7etween inve!tor!an" i!!er an" a(ong!t inve!tor!

• 4!t $rovi"e e"%ational (aterial! for $otential inve!tor!

• 4!t get ar(ative a%Bnowle"ge(ent! that i!!er!n"er!tan" ri!B!

• 4a' %rate $ro!$e%tive i!!er!• 4!t have a rea!ona7le 7a!i! to 7elieve that an i!!er i!

%o($liant with Reg CF

• 4a' re%eive %a!h an"or e=it' %o($en!ation fro( i!!er!for !ervi%e! $rovi"e"

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Inter(e"iarie!

• 4!t $rovi"e noti%e! to inve!tor!

• 4!t give inve!tor! right to %an%el tran!a%tion $ to *

hor! $rior to the o8ering "ea"line• Can %o($en!ate thir" $artie! for a"verti!ing a! long a!

the' "o not re%eive an' ;II an"

• I!!erH lia7ilit' 7a!e" on fa%t! an" %ir%(!tan%e!

• >roBer6"ealer! an" fn"ing $ortal! %an fee !$lit

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;ra%ti%al Con!i"eration!

• Who will !e thi! e)e($tion1 if an'one#

• Will Reg CF i!!er! 7e a7le to get ftre &nan%ing#

•Can %on%rrent o8ering! 7e %on"%te"#

• What are the legal %o!t!#

• What are the a%%onting %o!t!#

• I! it $ra%ti%al to 7e a fn"ing $ortal#

•

ow (%h vol(e i! $o!!i7le#• Who will inve!t in the!e "eal!#

• What a7ot fra"# Failre#