Seed Investor Statements

Has anyone ever received or know why one wouldn't receive a stock statement from the Portalarium Seed Invest? All I have ever received was a certificate of shares and it's not "good enough" for my legal request. Any help/advice would be GREATLY appreciated.

Thanks

 

Greetings licemeat
I have received , I think, quarterly statements from them since investing. When you invested you created an account with SeedInvest and you can go there and see your profile and your portfolio. go to www.seedinvest.com and log in. If you do not remember your password it can be reset. If you have any more problems with it let me know.

 

Afaik quarterly statements are exclusive to the highest tiers, I tihnk it was 20k or more. Everyone else got exactly nothing. Don't remember exactly, I only checked the investor terms once a while ago since I was under the (false) impression that there would be annual reports for every investor. But it sounds like he was asking for something relating to proof of ownership.

 

just logged in at seedinvest. nothing there except that certificate. honestly I think the US investment platforms are kinda poor in that regard. Well, the ones for the lowly commoners at least. On a german one I get quarterly updates plus a news section and a section to ask questions even after the investment rounds are closed. Also automating handling of taxes in the rare event of an exit or buyout offer.

 

I'm the same, just the certificate - certainly different from the rest of my investments where I get regular statements, however, given the nature of this particular investment there isn't much need for anything other than the cert tbh.

 

Greetings dayero and @licemeat , Maybe what I remember is just telemarketing but I do remember getting email from them and emailing them about my shares. They were very responsive. Anyway if you log into your account you can get the form you need I hope. Here is the view of mine, sanitized of course. ;-) I would be interested in what other people got as far as number of shares if anyone is willing to say. I received 813 non-traceable shares for my 1k and the Tier 2 golden items. Officially these golden items are a factor in taxes/worth of your shares somehow BTW.

Edit: the form C is just the InvestmentAgreementandFormC_6.6.17. it appears to be for info only so hit the chat and talk to them or email them at care@seedinvest.com

 

Yeah, mine looks exactly the same, down to the cent.
I just skimmed the form C and found the following:

So turns out my memory is crap
Search for "ongoing reporting" if you want to read the whole thing. But as far as I understand it, they are required to provide at least three annual reports. And April 30 2019 is right around the corner

 

Have they placed the last three annual reports out on their website? If so I can’t find them.

 

Greetings @DarkStarr and @Chris. Since LB is away, our thoughts are with you sir, can you please find out where the SeedInvest Annual reports are stored on the Port Website? I have searched the website and can not find them here or in the Seedinvest website. It is a requirement and of importance to all of us investors.

Thank you.

 

I would be very surprised, check the official SEC site for all of Portalarium’s official filings:
https://www.sec.gov/cgi-bin/browse-...exclude&Find=Find+Companies&action=getcompany

 

I got a hold of seed invest. I was only at the $500 investment. They responded :"All investment records are digitally stored in compliance with the E-Sign Act in a format that is referred to as book entry. As such, generally speaking physical documents are not produced." Thank you guys for the input. I hope this helps someone in the future.

 

It does make me wonder if they've completely forgotten about Seed Invest...like your ask them about it, and they're like "... seed what?"

 

I have reached out to Seedinvest for the past six months asking if they can get an update from Portalarium on reporting and updates mentioned during the investment period. Each and every time I receive fairly quick responses from the Seedinvest team, which is nice. What is not so nice is that each one states that Seedinvest has reached out to Portalarium and received zero response from Port. Consider it a lost investment folks and don't expect any future updates or financials and life is easier; if someday there is an update, awesome. I am not super happy that Port apparently has just gone dark and seems to have no desire to update investors anymore, but I have made peace with it and consider it a lesson learned.

 

Well, ignoring their investors is one thing. But does the SEC itself consider these reports optional?

 

It's only when being publicly traded that a lot of that stuff is required.

(For those of you who don't understand what "publicly traded" means, it means being listed on a public stock exchange for trades without having to involve the company. That doesn't happen until after an IPO. Private stocks require a few thousand different investors before those rules kick in.)

If you didn't think of it that way from day one, you are a fool. The point was to support Port with some return eventually if it got successful, or at least bought out by a bigger company. It was always a bet on Port becoming successful someday in a few years.

That's not going to happen until there are many more people playing, so the best plan right now is to do what you can to encourage new players. Port's best way to do this is to continue fixing the game (that's not gonna happen suddenly folks, and they have metrics about what causes people to stop playing after trying it out that are better than our random suggestions) and then ramp up advertisng. Our best way lately as players seems to be streaming on Twitch.

 

Incorrect. Port used crowdfunding per SEC regulations. They most certainly have filing obligations. You don’t have to only be publicly listed to have filing requirements.

Ouch. Thanks for kicking a guy when he’s down.

 

i remember the seed invest campaign. their numbers and my numbers did not match up so i did not participate. are you sure you want updates? i am pretty sure their numbers and my numbers are a lot closer now.

 

Updates for SeedInvest investors would in general help to raise the confidence of especially those parts of the community that are dedicated to the goodwill and success of the game, hence making them available would make perfect sense. Especially, if you were able to convince these investors for another boost into the company's finances.

In general, I guess there's a few issues with the reporting:
- the law does not exactly require for those statements to be released publicly (as explained above by a fellow contributor)
- while the team would most likely 'like to deliver' these statements, not delivering to the requirements of SeedInvest and investor expectations is commonplace practice for companies that are on the struggling side (not yet successful in acquiring further investment/planned growth/expected revenue)
- obvious explanation would be that producing reports takes away resources from what currently could be considered their core activities (if you do release, you 'cannot' have incorrect data in the financial statements, hence it's not exactly a 1-person side-job thing to work on and to ensure the validity of the reports)
- additionally, any report would most likely get in the hands of Shroud's very own Internet trolling machine (read: disgruntled players) who continue to be committed to 'flaming', not always exactly the game, but moreso the Founders, for reasons (albeit these guys have been on to the financials per team size changes etc. for ages already)
- you land at risk vs. reward: sending out financial data (even if it was 'not that weak', while it most certainly is) probably does not contribute positively to the current equation vs. activities to make the game more enjoyable and even more importantly, new player acquisition in general

That said, of course you should as it is [insert any virtue here], to that probably everyone can agree to, but it doesn't mean that you will.

 

- the law does not exactly require for those statements to be released publicly

Link?

 

Although no expert on SEC crowdfunding compliance, I was able to find this on their website. See below and attached link:

Annual Reports
An issuer that sold securities in a Regulation Crowdfunding offering is required to provide an annual report on Form C-AR no later than 120 days after the end of its fiscal year. The report must be filed on EDGAR and posted on the issuer’s website. The annual report requires information similar to what is required in the offering statement, although neither an audit nor a review of the financial statements is required. Issuers must comply with the annual reporting requirement until one of the following occurs:

• (1) the issuer is required to file reports under Exchange Act Sections 13(a) or 15(d);
• (2) the issuer has filed at least one annual report and has fewer than 300 holders of record;
• (3) the issuer has filed at least three annual reports and has total assets that do not exceed $10 million;
• (4) the issuer or another party purchases or repurchases all of the securities issued pursuant to Regulation Crowdfunding, including any payment in full of debt securities or any complete redemption of redeemable securities; or
• (5) the issuer liquidates or dissolves in accordance with state law.

Any issuer terminating its annual reporting obligations is required to file notice on Form C-TR reporting that it will no longer provide annual reports pursuant to the requirements of Regulation Crowdfunding.

https://www.sec.gov/info/smallbus/secg/rccomplianceguide-051316.htm#2

If my understanding of the above is correct, Portalarium is still required to file this annual report unless the amount of "investors" was less than 300. If this was the case, Portalarium would still be required to file a Form C-TR "reporting that it will no longer provide annual reports pursuant to the requirements of Regulation Crowdfunding."

Hope this is somewhat helpful to the SeedInvest folks.