Table of Contents

Chapter 1 – Crowdfunding Overview.. 1

The Fund Raising Environment Prior to Crowdfunding. 1

The Building Blocks of Crowdfunding. 1

Types of Crowdfunding. 2

What Funders Receive. 3

The Benefits of Crowdfunding. 3

The Risks of Crowdfunding. 4

Risks for the Investor 4

Risks for the Investee. 4

The Crowdfunding Campaign. 5

Social Media Activities. 6

Crowdfunding Websites. 6

Crowdfunding Fraud. 7

Review Questions. 9

Chapter 2 - Regulation Crowdfunding. 10

The Securities and Exchange Commission. 10

Provisions of the JOBS Act 10

Title III – Crowdfunding. 10

Title V – Private Company Flexibility and Growth. 11

Regulation Crowdfunding. 11

Requirements. 11

Disclosures. 12

Limits on Advertising and Promoters. 14

Restrictions on Resale. 14

Exemption from Section 12(g) 14

Bad Actor Disqualification. 14

Crowdfunding Decisions. 15

Reviews and Audits. 15

Reporting Requirements. 16

Exemption from Registration. 16

Investor Relations. 16

Review Questions. 18

Chapter 3 - Regulation D and Regulation A+. 19

Regulation D Overview.. 19

Accredited Investors. 20

Restricted and Unrestricted Stock. 21

Rule 504. 21

Rule 506(c) 22

Regulation A+ Overview.. 23

Review Questions. 25

Chapter 4 - Stock Valuation. 26

Liquidation Value. 26

Real Estate Value. 26

Multiples Analysis. 27

Discounted Cash Flows. 29

Comparison Analysis. 30

The Valuation Floor and Ceiling. 30

Review Questions. 32

Answers to Chapter Questions. 33

Glossary. 37

Index. 39

 

Final Examination…………………………………………………………………………………………...…41