About This Tool

What is the RegCF Compliance Tracker?

This tool surfaces publicly available SEC EDGAR filing data to indicate whether issuers who raised capital under Regulation Crowdfunding (Reg CF) appear to have filed their required annual reports. It analyzes data from SEC EDGAR filings and proprietary data from CCLEAR to present each issuer's filing status. Filing status determinations reflect whether expected filings appear in available data and do not represent legal conclusions. This tool is not endorsed by, affiliated with, or approved by the SEC or FINRA.

Reporting Obligations Under Reg CF

After a successful Reg CF offering, issuers must file annual reports (Form C-AR) with the SEC within 120 days of their fiscal year end. This obligation continues annually until the issuer is eligible to terminate reporting by filing Form C-TR.

To terminate, issuers must have filed at least one annual report and have fewer than 300 holders of record, OR have filed at least three annual reports and have less than $10 million in total assets.

Filing Status Categories

These categories reflect whether expected filings appear in available EDGAR data. They do not represent legal determinations about any issuer's compliance status.

Current on Filings

All expected annual reports appear to have been filed based on available EDGAR data.

Partially Current

Some annual reports have been identified on EDGAR, but one or more expected years were not found.

Not Current on Filings

Expected annual reports were not identified in EDGAR data, or a termination filing may not have met requirements based on available data.

Reporting Terminated

Issuer appears to have terminated reporting obligations via Form C-TR based on available EDGAR data.

Filing Status Unverified

Annual reports are on file, but the underlying offering's funding status could not be confirmed from available data.

Likely No Obligation

Offering appears to have not reached its target or was withdrawn before completion based on available data.

Too Early

Not enough time has passed since the offering for annual report filings to be expected.

Data Sources

SEC EDGAR: All Form C, C/A, C-U, C-AR, C-TR, and C-W filings since Reg CF began in May 2016.

CCLEAR: Proprietary data including actual close dates, final amounts raised, and investor counts not available through EDGAR alone.

C-AR XML Parsing: Each annual report's fiscal year period is extracted directly from the filing's XML document for accurate year assignment.

Methodology Notes

• Multiple offerings per issuer are tracked separately, with obligation periods for each.
• Investor counts are aggregated across all offerings for the 300-holder threshold check.
• C-TR validity is checked: issuers must have been continuously compliant before terminating.
• Withdrawn offerings with evidence of prior funding are noted rather than dismissed.
• Form C-U amounts are lower bounds; final amounts come from CCLEAR proprietary data when available.