iDisclose is thrilled to announce the first filing with the SEC of a Form C created using our platform. Congratulations to Bloomery Sweetshine and everyone involved in making this happen. Read the full press release below:
iDisclose Files First Form C for Title III Crowdfunding Offering
NEW YORK, NY–(Marketwired – May 16, 2016) – Today iDisclose announces the filing of the first Form C generated using the iDisclose application. Bloomery Sweetshine, an award-winning artisanal liqueur distillery based in West Virginia, successfully used the application to prepare and file its Form C with the Securities and Exchange commission in order to commence a Title III offering under the new Regulation Crowdfunding rules that went into effect today.
iDisclose is an online application similar to Turbo Tax TM that helps entrepreneurs prepare and file the legal documents they need to conduct a Title III crowdfunding offering to raise money for their company.
Linda Losey, the entrepreneur and driving force behind Bloomery said that, “iDisclose, along with our entire Title III team, was an integral part of this journey of navigating the new Form C application. iDisclose streamlined the process, was very efficient and easy to navigate. I was amazed at how industry specific the generated draft document turned out to be. iDisclose wasn’t simply a website, on the backside was a team of responsive, knowledgeable caring individuals who turned out to be extremely valuable in our success, today, of being part of this inaugural class of Regulation Crowdfunding participants.”
iDisclose would like to thank the amazing team that worked on the document, including Bloomery’s outside counsel, which Linda was able to use throughout the process, Michael Funk of Steptoe & Johnson PLLC. If Linda did not have her own securities counsel, iDisclose could have provided a qualified professional for an additional $1,000 flat fee.
Also Mark Lee and the team at CrowdCPA, who reviewed the financial statements required to be attached as exhibits to the Form C, did a fantastic job. Mark noted that, “The accounting profession, not generally on the forefront of embracing change, will begin to provide services to crowdfunding issuers using fundamentally different service delivery models, like what iDisclose is doing for the legal industry. Firms like crowdcpa.co and our competitors welcome this new platform for capital formation and look forward to providing the careful, valuable services, which both investors and our crowdfunding clients will demand.”
Co-founder and CEO of iDisclose Georgia Quinn stated, “It was a group effort and we are so happy to be a part of this team. We are here to make everyone else’s job easier. Hopefully the work is worth it and Bloomery has an ultimately successful campaign, as that is what this is all about.”
For more information about the Bloomery Distillery, the offering or to invest, please visit the campaign page on the StartEngine funding portal at http://www.startengine.com/startup/bloomery.
iDisclose puts the job of disclosure back into the hands of the entrepreneur, eliminating the inefficiencies of the traditional method and substantial time to comply with the rules and saving thousands of dollars as well. Rather than provide un-contextualized information about a business to a lawyer, and then relying on the lawyer to prepare the first draft, the entrepreneur responds to an online dialogue to draw out the relevant disclosure issues and the platform organizes the information into a legal document. Throughout the entire process, the entrepreneur is able to collaborate with their own team and attorney as needed, and to send their attorney their document drafts for final review and sign-off.
iDisclose also generates a Red Flag report of key issues that must be addressed, which can also be shared with an attorney for further advice and counsel. In addition, the platform creates a list of Risks Factors that are seamlessly organized within the document for easy review by investors. Target groups that benefit from iDisclose include:
- For Businesses: The platform allows you to create your own legal documents at a reduced time and cost.
- For Investors: iDisclose provides fulsome disclosure in an easy to evaluate format.
- For Fundraising Platforms: iDisclose allows platforms to offer a value-added service to their users and standardizes the disclosure format across the entire platform.
- For Lawyers: It eliminates much of the drafting drudgery required with the disclosure process, and allows lawyers to focus on the true aspects of being a lawyer (offering real legal counsel, guidance and reviews).
iDisclose was developed by Douglas Ellenoff and Georgia Quinn of Ellenoff, Grossman & Schole, who are both award-winning, NY-based corporate attorneys and globally-recognized figures in the alternative finance space. Having both facilitated hundreds of corporate financings over the course of their careers, the founders harness a deep understanding of the disclosure process, as well as the issues businesses face when raising capital.