 Hello, my name is Brian Fendick. I am an entrepreneur and a vocal developer. I'm really interested in crowdfunding. So the subject of my talk tonight is exactly what crowdfunding for equity is under Title II and Title III of the Jobs Act passed in April, 2012. First of all, I am not a lawyer. I am not providing any guidance. I have met a lot of lawyers. They're really awesome people. I've spent so many hours with lawyers over the last two years. Some of the most special ones work for the Securities and Exchange Commission, special in a lot of ways. First of all, the SEC has a lot of brain trust when it comes to securities attorneys. The rest of the attorneys in this field are focused on how to make money off of crowdfunding. I work for one of those companies, CrowdBouncer, a big guy in the middle of all this. You may have heard of this, I'm a co-founder of this and we're really active in crowdfunding. You may say to yourself, well, I already contributed to crowdfunding. I already do this. I help fund a taco truck. I got the express pass and I got a sticker. Well, you donated, but you did not invest. You don't own a piece of that. So, speed rating. Under the Securities and Exchange Act, 1933, I'm now offering to sell securities that's either beyond COD, I can't read this fast, two beers, explains, contains three rules, right, exemptions. So, basically, there are exemptions defined under rules 504, 505, and 506. 506 is a really important one. And there are more exemptions added, especially to rule 506 of regulation D. So, the rules in an old form of Reg D, where the issuers must not generally solicit to the public to invest in their company or security. You basically just can't tell anyone, no Twitter, no Facebook, no newspaper ads, no nothing. Investors also must be accredited, meaning they have to sufficient knowledge and experience in order to adjust the suitability of the investment. Having a lot of money really helps. Go figure. This is the definition of the good old boy network. So, take a look at how well he's distributed in America. There's a great disparity between what actual distribution of wealth is, what Americans think it is, and what people really like it to be. So, worldwide in 2012, we had massive, massive interest in crowdfunding from donation and rewards based to equity and lending based. There's $1.2 billion in 2012 dedicated to equity and lending based. And 2.1 in 2013. Now, with Title II crowdfunding, Jobs Act, 2012, issuers may now generally solicit to the public to invest in a company or security. The investors must still be accredited, meaning they need some requirements. However, what's changed is that the issuer needs to now meet certain requirements. A burden is placed on them since the issuer probably doesn't know the person trying to fund their talk about truck business, that they need to prove being accredited for the first time ever. For the first time ever, you have to prove, hey, I am a good old boy. I actually have this money. I just don't know a guy. So, you have to prove that your network is greater than a million dollars. Your individual income greater than 2K, or 200K, your joint income greater than 300K. You need to prove this for the first time. So under Title III, issuers now may generally solicit the non-accredited public to invest in their company or security. That means everyone in this room can participate in funding a company and owning a piece of it. You may contribute up to between 2K and 100K to purchasing a portion of that taco truck. Imagine owning 80K of a taco truck. The equity capital universe is expanding from 260,000 angels to a few million investors under Title II to many millions more under Title III whenever we get those rules. You may have seen a date earlier that referred to September 23rd. The SEC is good at this, like you can read this however anyway as well. They've done it a lot. They've regulated a lot of stuff, but it takes a lot to get something to market, something to create a marketplace. So if you have any questions about this, hope this was helpful. I am Fending, crowd bouncer, and at the bar.