iDisclose is an online application that helps entrepreneurs prepare their own legal crowdfunding documents significantly reducing the amount of money paid to attorneys and law firms
New York, NY – iDisclose announced that it is now offering a free online service to help issuers and their counsel submit the required crowdfunding documents to the Securities and Exchange Commission.
“We noticed that a lot of people have been having trouble uploading the required documents to the SEC’s online system known as EDGAR,”stated iDisclose’s CEO Georgia Quinn. “This is due to the finicky nature of the system and somewhat archaic technology it uses. Several issuers’ uploads were getting bounced and the error messages were indecipherable.”
iDisclose Launches a Free “SEC Scrubber” Tool for Filing Reg. CF Issuer Discloser Documents
Many times, documents are bounced when people attempt to upload them to the SEC’s Electronic Data Gathering, Analysis, and Retrieval system or “EDGAR” system because the actual file does not meet certain technical specifications or contains certain “tags” that EDGAR rejects. iDisclose’s new SEC Scrubber “cleans,” so to speak, the documents of any tags or unacceptable formatting without altering any of the content, so they are able to be filed.
When asked why iDisclose is offering this service for free, Quinn stated, “We are doing this because we believe in the power of crowdfunding and we want to see this industry succeed. This has been a silly stumbling block for hard-working and well prepared issuers, and we want to remove it.”
A beta-version of the SEC Scrubber is being released to the public today and iDisclose is taking comments and feedback to improve the tool in its next release.
iDisclose is an online application that helps entrepreneurs prepare their own legal crowdfunding documents significantly reducing the amount of money paid to attorneys and law firms. iDisclose puts the job of disclosure back into the hands of the entrepreneur, eliminating the inefficiencies of the traditional method, substantially reducing time to comply with the rules and saving thousands of dollars.
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 his or her 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.
iDisclose helps:
- Businesses: The platform allows you to create your own legal documents at a reduced time and cost.
- Investors: iDisclose provides fulsome disclosure in an easy to evaluate format.
- Fundraising Platforms: iDisclose allows platforms to offer a value-added service to their users and standardizes the disclosure format across the entire platform.
- 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).
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