Regulation A+ Offering: Hype or Reality?
Regulation A+ Offering: Hype or Reality?
Blog Article
Crowdfunding continues to disrupt the financial landscape, offering new paths for companies to raise capital. Within this realm, Regulation A+ offerings have emerged as a popular method, allowing businesses to attract funds from a wider pool of investors. However, the hype surrounding Regulation A+ has sparked debate about its effectiveness.
Is it truly a game-changer for startups and growing companies or merely a fleeting trend? This article delves into the details of Regulation A+ offerings, exploring both the advantages and challenges. We'll examine real-world examples, perspectives from industry experts, and regulatory guidance to provide a balanced evaluation of this intriguing financing strategy.
- Furthermore, we'll discuss the shifting regulatory environment and its impact on Regulation A+ offerings.
- In conclusion, investors seeking to engage in this crowdfunding trend should consider the potential risks and rewards carefully.
Understanding Regulation A+ within the scope of Startups
Regulation A+, a relatively novel fundraising mechanism, presents a special opportunity to startups seeking to raise capital. This level of SEC regulation permits companies to widely offer their securities to the vast public, thereby increasing their potential investor base.
Startups contemplating Regulation A+ should thoroughly evaluate its applicability to their individual circumstances.
- Essential factors to reflect upon include the nuances of the regulatory process, adherence requirements, and the foreseen costs associated with this fundraising route.
- Moreover, startups should formulate a detailed investor relations strategy to effectively communicate information about their operation and the conditions of the offering.
Obtaining expert counsel from financial professionals is crucial to navigate the complexities of Regulation A+ and ensure a successful fundraising raising effort.
Uncover Title IV Reg A+ - Crowdfunder Blog
Dive deeply into the world of Title IV Regulation A+, a funding mechanism that empowers businesses to raise capital from the public through crowdfunding. Our latest infographic breaks down the intricacies of Reg A+, showcasing its key elements and potential benefits for both companies and investors.
- Learn how Title IV Reg A+ differs from traditional funding methods.
- Acquire insights into the registration process for public offerings.
- Delve the diverse range of industries utilizing Reg A+ financing.
Visit our blog to retrieve the infographic and remain informed about the latest trends in Title IV Regulation A+.
Regulation A+ - Securex Filings LLC
Securex Filings LLC assists/supports/guides companies/businesses/enterprises in navigating the complexities of the/a/its Regulation A+ process/framework/system. This tier/stage/level of securities registration/filing/offering allows publicly traded/non-traded/privately held companies to raise capital/funds/equity from a wider pool/range/spectrum of investors/individuals/participants while providing greater/increased/enhanced transparency/disclosure/accessibility. Securex Filings LLC's team/experts/specialists possess/have/demonstrate in-depth knowledge/understanding/expertise of the Regulation A+ regulations/requirements/guidelines, ensuring a streamlined/efficient/comprehensive filing/submission/process.
Masses Crowdfunding
The world of finance is undergoing a revolution, fueled by the power of collective action. Previously exclusive, access to funding is now within reach of ordinary people thanks to groundbreaking crowdfunding platforms. These platforms facilitate individuals and businesses to gather capital directly from the public.
Say goodbye when financial support was solely allocated by traditional institutions. Crowdfunding has empowered the funding landscape, allowing anyone with a inspiring idea to attract the resources they need to succeed.
From personal endeavors to scientific research, crowdfunding has become a powerful tool for creating impact. Individuals can now directly contribute to projects that resonate with them and play an active role in shaping the future.
StreetShare
StreetShares is the innovative online platform that pairs small businesses with individual investors. It provides entrepreneurs with funding through financing, empowering them to grow. By transforming the lending landscape, StreetShares supports small businesses to become leaders in their communities.
- Street Share offers a variety of loan products tailored to the needs of small businesses.
- The platform is known for its simplicity, making it convenient for entrepreneurs of all scales
- StreetShares has helped thousands of small businesses to succeed since its launch.
Unlocking Regulation A+ for Successful Fundraising
Regulation A+ has emerged as a viable tool for companies seeking to raise capital in the public markets. This groundbreaking regulatory framework enables businesses to acquire investment from a extensive range of investors. By utilizing the flexibility of Regulation A+, companies can optimize their fundraising strategies, ultimately fueling their expansion.
To effectively utilize Regulation A+ for fundraising, businesses should thoroughly structure a detailed offering pitch. This document should concisely articulate the company's goals, sector dynamics, and financial estimates.
Additionally, companies must build a solid network with seasoned legal advisors who are proficient in the intricacies of Regulation A+.
SEC EquityNet
SEC EquityNet is a/serves as/functions as an online platform that empowers/facilitates/enables access to private market investments. It offers/provides/presents a comprehensive database/repository/catalog of investment opportunities from various/numerous/diverse companies. Registered investors can browse/explore/review these offerings, conduct due diligence, and potentially/may/could participate in rounds/deals/transactions. EquityNet plays a/serves as/acts as a vital/crucial/essential resource for both individual investors and businesses/companies/entrepreneurs seeking capital.
A+ Offering Rules
Regulation A+, often known as Reg A+ Offerings, is a provision within the U.S. securities legislation that allows private companies to raise capital from public contributions. A company conducting a Reg A+ Offering can raise up to $50 million in funds. These offerings are governed by the Securities and Exchange Commission (SEC) {and grant companies with a streamlined path for public fundraising compared to traditional initial public offerings (IPOs).{
- Key features of Regulation A+ include:
- Capital raise limits are relatively low compared to IPOs.{
- Simplified registration procedures .{
- Target audience are primarily accredited individuals .In conclusion, navigating Regulation A+ crowdfunding requires a thorough understanding of the framework. Consulting with securities law and financial professionals is strongly advised to ensure compliance this complex regulatory environment.
Offering Requirements Under Regulatory Oversight
Successful achieving a offering involves meeting stringent governing requirements. These requirements often encompass various aspects, including adherence with statutes, licensing protocols, and disclosure standards. Government agencies typically define these requirements to protect investors and foster a stable financial market. Comprehending these regulatory mandates is crucial for organizations to function legally in the financial industry.
Regulation + Investopedia
Investopedia serves as a comprehensive resource for understanding financial concepts, and regulation plays a pivotal role in this landscape. Whether you're exploring the intricacies of stock exchanges , delving into the nuances of legal requirements, or simply seeking to grasp the impact of laws and regulations on the financial world, Investopedia offers a wealth of information . Its articles, tutorials, and glossary provide perspectives on the evolving regulatory environment, empowering individuals to make educated decisions in the realm of finance.
My Initial Public Offering (IPO) via Reg A+ for my First JOBS Act Company is Now Live on the OTCQX
After months of intensive/dedicated/arduous work and preparation, we are thrilled to announce that our/my/the mini-IPO, powered by the JOBS Act and conducted through a Reg A+ offering, has successfully taken place. Our company/My company/The company, now publicly traded on the OTCQX market, is poised for exponential/rapid/sustained growth as we embark on this exciting new chapter.
This milestone marks a significant/pivotal/monumental achievement for our team and validates/demonstrates/confirms the strong belief in our vision and products/services/platform. We are incredibly grateful for the support of our investors, advisors, and employees who have been instrumental in making this dream a reality.
Looking ahead/Moving forward/As we progress, we are focused on expanding/scaling/growing our operations, leveraging/utilizing/harnessing the OTCQX platform to its fullest potential, and delivering exceptional value to our stakeholders/our investors/the market.
- We encourage you to follow our journey/Stay tuned for updates/Keep an eye on our progress as we navigate this new terrain.
- Together, we will achieve great things/This is just the beginning of our success story/The future is bright for our company/my company/the company.
Enable Reg A+ Funding Rounds on the Platform
FundersClub is thrilled to announce it's now enabling Reg A+ funding campaigns on its platform. This exciting development opens a new avenue for startups to attract capital from the wider audience. Reg A+ rules present a streamlined and cost-effective pathway for companies to raise investment from a range of investors, including both accredited and non-accredited individuals. This enhancement bolsters FundersClub's mission to democratizing access to capital for growth-stage companies.
Securities Regulation
Regulation A+, often referred to as Reg A+, provides a pathway for businesses to raise capital through the public market. Differing from traditional initial public offerings (IPOs), Reg A+ is designed to be more accessible for smaller businesses. Through this framework, companies can issue their securities directly to the investors.
Platforms facilitating crowdfunding have emerged as a significant mechanism for Reg A+ offerings. These platforms connect companies with potential backers, often utilizing an online network.
- Some popular crowdfunding platforms that facilitate Reg A+ offerings encompass
Rule 257 Offering
A Rule 257 offering is a type of securities offering/registration/transaction that allows companies to raise capital from the public/general investing population/marketplace without having to undergo the complexities/rigors/challenges of a traditional IPO/Initial Public Offering/stock market launch. Companies choose this avenue/path/route because it offers a more streamlined/efficient/affordable process and can be particularly beneficial for startups/small businesses/emerging companies looking to secure funding for growth or expansion.
- Key benefits of Regulation A+ offerings include:
- Increased access to capital for companies:
- Reduced regulatory burdens compared to traditional IPOs:
- Opportunity to build a wider shareholder base through public exposure/marketing/awareness:
Rule 506(c) Guidelines for Fundraising
When it comes to private offerings and fundraising, understanding the nuances of Regulation A+ is paramount. The SEC have established stringent rules and requirements designed to ensure protection for both businesses seeking capital and investors . A+ Regulation offers a path for companies to raise considerable amounts of capital from the wider market, subject to specific protocols . Understanding these regulations can be challenging , making it crucial for companies planning an offering to seek expert guidance .
- Fundamental principles of Regulation A+ encompass information sharing obligations aimed at providing backers with a thorough understanding of the offering.
- Background checks play a critical role in ensuring the integrity of offerings under Regulation A+.
- Continuous disclosure is mandatory to maintain investor confidence .
ShareSlide
SlideShare is a platform for sharing educational materials. Users can submit their own slides on a variety of themes, including {marketing to technology{ to personal development. SlideShare is a favorite among professionals, educators, and individuals to exchange information.
- Discover a wealth of slides on almost any topic imaginable.
- Developing a SlideShare deck can be easily accomplished.
- {The platform allows for|Users can embed interactive elements to supplement your content's impact.
Provisions A Securities Act of 1933 Jobs Act Subsection 106 Reg A Tier 2 Campaign
The Securities Markets Reform Act of 2010, also widely known as the Jobs Act, introduced significant amendments to the Securities Act of 1933. One key addition was Regulation A Tier 2, a streamlined process for companies to raise capital through equity sales . Reg A Tier 2 permits businesses to offer securities to the public without the detailed registration requirements of a traditional IPO. This option can be particularly advantageous for small and medium-sized enterprises (SMEs) seeking capital .
- Typically, , Reg A Tier 2 campaigns are limited to procuring a maximum of fifteen million dollars per year.
- Ventures utilizing Reg A Tier 2 must still adhere with certain reporting requirements, but the load is substantially less than a traditional IPO.
Governed by the Securities and Exchange Commission (SEC), Reg A Tier 2 provides a valuable instrument for companies to access public capital markets in a more streamlined manner. Nonetheless, , it is essential for companies considering this approach to carefully consult with legal and financial advisors to ensure full conformity with all applicable regulations.
Controlling Text
When managing text, regulations play a crucial role. This helps ensure accuracy and prevent problems. {Regulations cantarget various aspects of text, such as structure. They might outline content guidelines. By establishing these regulations, we can create a more cohesive and professional tone of written communication.
Regulation A+ Offering Regulation A Plus
When considering a Opportunity with a Regulation A+ offering, it's crucial to thoroughly Examine the Details. These offerings provide Entities the chance to invest in Early-Stage companies while benefiting from Defined Standards. Regulation A+ presents a Efficient pathway for companies seeking Capital, allowing them to Secure capital from a broader range of Participants.
- Grasp the Mechanics of Regulation A+ offerings.
- Consider the risks and Benefits involved.
- Discuss with a qualified Legal professional.
Provision A vs. Order D FRB
When navigating the world of securities offerings and bank regulations, understanding the distinctions between Provision A and Order D issued by the Federal Reserve Board (FRB) is crucial. Regulation A, often called, a "mini-IPO," provides an exemption from certain registration requirements for offerings of up to a specific amount. In contrast, Regulation D governs private placements and offers exemptions with respect to securities sales to sophisticated purchasers.
Choosing between these two regulations hinges on several factors, including the scope of the offering, the target market, and the issuer's funding requirements. Carefully analyzing these elements is essential to select the optimal regulatory pathway for a successful securities transaction.
Regulating a DPO In-House
The task of managing a Data Protection Officer (DPO) can be complex, involving a range of processes.
This typically requires establishing clear guidelines for their role, ensuring they have the necessary resources and influence to successfully perform their responsibilities.
Additionally, regular activity evaluations are often integrated to observe their adherence with data protection regulations and the organization's own policies.
Regulates Crowdfunding With New “Reg A+” Rules for Crowdfunding
In a landmark/major/significant move to empower/stimulate/foster the crowdfunding industry, the Securities and Exchange Commission (SEC) has approved/finalized/ratified new rules for Regulation A+. This revamped/updated/enhanced regulation, known as “Reg A+”, seeks to streamline/simplify/expedite the process for companies/businesses/enterprises to raise capital/funds/investment from the public.
Under the new rules, small/start-up/emerging businesses will have a greater/wider/more extensive opportunity to access/attract/secure funding through crowdfunding platforms/websites/sites. The SEC believes that these changes will boost/increase/accelerate economic growth and provide/offer/deliver more investment opportunities/choices/possibilities for individual investors.
The new rules include/New regulations encompass/Key provisions of the revised regulation/These amendments establish several key/important/essential changes, including/such as/among which:
* Increased/Higher/Elevated funding limits/thresholds/caps.
* Streamlined/Simplified/Expedited filing and reporting requirements.
* Enhanced/Improved/Strengthened investor protections.
The SEC’s decision to update/reform/restructure Reg A+ is expected to have a profound/substantial/significant impact on the crowdfunding landscape, making it more accessible/opening doors wider/creating new avenues for both businesses and investors.
Offerings vs. Distinctions Between Reg A and Reg D
When exploring the world of capital raising, you'll come across two key rules : Regulation A+ and Regulation D. While both allow companies to attract investments from the public, they contrast significantly in their scope . Regulation A+, often known as a "mini-IPO," allows companies to raise significant amounts by offering securities to the general public through a efficient process. In juxtaposition, Regulation D is geared towards private placements and restricts buyers to a more select group .
- Moreover, Reg A+ necessitates greater transparency with the public, while Reg D offers increased discretion in this regard.
- As a result , choosing between these two frameworks relies upon factors like the company's financial goals, target demographics, and legal obligations
Section 506
Regulation D encompasses a set of rules governing the private placement of securities. Within Regulation D, Rule 506 outlines specific requirements regarding exempt offerings. There areIt is divided intoSeveral variations exist within distinct classifications under Rule 506: Rule 506(b) and Rule 506(c).
- Rule 506(b) permits issuers to sell securities privately to an unlimited number of accredited investors and a limited number of non-accredited investors.
- Rule 506(c) allows for offerings solely to accredited investors, with no restrictions on the number of participants.
Furthermore, there is Rule 506D, which provides a structure regulating equity crowdfunding offerings. These rules are aimed at balance the needs of issuers.
Regulation D - Rule 506(b) vs Rule 506(c)
When navigating the complexities of Regulation D, understanding the distinctions between Rule 506(b) and Rule 506(c) is crucial. These rules govern private placements under Section 4(2) of the Securities Act of 1933. Rule 506(b) permits offerings to an unlimited number of accredited investors and up to thirty-five non-accredited investors, while Rule 506(c) allows for unrestricted |general solicitation and advertising but mandates that all investors be certified. A key distinction is the requirement for due diligence by companies offering securities under these rules.
The Series 7 exam oftentests these concepts, so familiarity with both Rule 506(b) and Rule 506(c) is indispensable. Understanding the nuances of each rule can help you assess the appropriate structure for a private placement and navigate the regulatory landscape effectively.
- Bear in mind: Rule 506(b) offers more flexibility with non-accredited investors, while Rule 506(c) relies on investor accreditation.
- Analyze the specific needs of your offering and the level of careful examination required under each rule.
Delve into DreamFunded Resources on Regulation A+
Navigating the complexities of Regulation A+ can be a daunting endeavor for investors and enterprises alike. Fortunately, DreamFunded offers a wealth of invaluable resources to help you comprehend this innovative financing mechanism. Their website is a treasure trove of data on everything from compliance requirements to capital raising strategies. Whether you're an experienced investor or just beginning your journey into Regulation A+, DreamFunded's resources can help you make strategic choices.
- Harness their in-depth guides to gain expertise the intricacies of Regulation A+
- Connect with a group of backers and companies
- Utilize exclusive insights from industry authorities
Alternative Trading Systems
The over-the-counter market provides a platform for the facilitation of securities that are not listed on major stock exchanges. These markets function outside the regulated system of traditional exchanges, often presenting investors with access to emerging companies and alternative investment possibilities. Transactions on OTC Markets can be more volatile than those on traditional exchanges, as regulations are generally less stringent.
- Participants in the OTC market should carefully investigate companies and understand the inherent challenges.
The Meeting Spot
A tripoint is a specific location where three lines converge. This can apply to the meeting of three states, or it could be the intersection of three bodies of water.
The precise characterization of a tripoint can differ based on the context. For example, in cartography, a tripoint might be marked by a physical monument, while in geology, it could simply be the point where three ecosystems meet.
Regardless of its form, a tripoint signifies the convergence of different factors. It serves as a singular location on the map, highlighting the complex connections that shape our world.
The Financial Industry Regulatory Authority
FINRA is a/plays the role of/serves as the largest/leading/primary independent regulator/self-regulatory organization/oversight body for the U.S. securities industry. It oversees/regulates/administers a vast network of broker-dealers and financial advisors/investment professionals/trading firms, working to protect investors and ensure/maintain/promote market integrity. FINRA's comprehensive/expansive/wide-ranging regulatory framework encompasses a myriad/an array/numerous aspects of the securities industry, including brokerage activities, investment products, advertising practices/market surveillance, investor education, dispute resolution.
- FINRA develops/implements/enforces industry rules and regulations to govern/that govern/governing member firms.
- Through/By means of/Utilizing its extensive regulatory authority, FINRA strives to/seeks to/aims to prevent fraud/abuse/market manipulation.
- FINRA also provides/offers/administers a range of investor services/tools/resources, including educational materials, complaint handling procedures, arbitration forums
The Jumpstart Our Business Startups Jobs Act for 2012
The Jumpstart Our Business Startups Jobs Act of 2012, also called as the JOBS Act, was a {landmark|significant|legislation passed by Congress to encourage entrepreneurial activity through the United States. This targets to make it less difficult for small businesses to raise capital by modifying regulations on securities offerings. That JOBS Act has several key provisions, including the option for companies to market their offerings more widely, the introduction of crowdfunding as a avenue to raise capital, and {themodification of restrictions on private company fundraising. Advocates of the JOBS Act argue that it will help small businesses to grow, produce jobs, and enhance economic development. Critics, however, voice concerns that the Act could lead increased risk for investors and {potentiallyrestrict responsible market behavior.
Apex Corporation
Tycon Industries is a leading force in the technology market. Known for its cutting-edge solutions, Tycon frequently pushes the frontiers of what's conceivable. Their commitment to quality is evident in every component of their business.
From humble roots, Tycon has expanded into a global powerhouse. Their reach spans across numerous industries, and their reputation is synonymous with success.
SEC registry
Securing approval from the Securities and Exchange Commission (SEC) is a vital step for entities seeking to offer public shares. The SEC reviews applications diligently to ensure adherence with federal financial regulations. Gaining SEC approval demonstrates a company's legitimacy and offers access to capital sources.
- Entities must file a comprehensive registration statement detailing their investment strategy.
- The SEC may require additional clarifications during the evaluation period.
- After registration, companies can issue securities.
Fundraise online
GoFundMe allows you to to start fundraising campaigns for various purposes. Whether it's supporting a worthy cause, GoFundMe makes it easy to gather contributions from your network. Join the GoFundMe movement and help others.
Indiegogo
Kickstarter is a platform that allows people to back creative projects. It's a great way for inventors to secure the capital they require to develop their ideas to life. Users can create project descriptions and supportive backers can donate various figures. In return , backers may obtain perks such as early access to the product, exclusive content, or even a chance to participate in its building. Kickstarter has become a thriving community for creativity and innovation, connecting individuals with backers worldwide.
Kickstarter
Is the project struggling some necessary funding? Think about starting a campaign on Indiegogo, a online contribution platform designed to help businesses finance their dreams. With Indiegogo, you can showcase the project with the world and secure supporters who invest in your idea. From gadgets, Indiegogo offers a broad range of categories to accommodate every type of project.
Capital Investment
Equity investment entails purchasing shares of ownership in a company. This means you become a partial owner and have the potential to gain from the company's growth. Investors engage in equity investment through various platforms, such as stock exchanges or directly with companies. It is a uncertain investment strategy, but it also offers the possibility for significant gains. Understanding the aspects of equity investing is crucial before making any choices.
EquityNet
EquityNet is a platform that connects backers with companies. It provides a resource for both parties to collaborate and facilitate investment. Investors can search through a selection of proposals from businesses across different industries. Businesses can submit their plans on EquityNet and attract funding to help them grow. The platform also offers resources and assistance to both investors and businesses, making it a holistic approach for capitalizing entrepreneurial ventures.
Embark into Unknown Territory
Venturing into the domain of innovation is a daunting endeavor. It demands courage to navigate a course through uncertainties. Successful ventures often manifest from a blend of passion and a willingness to adapt in the face of difficulties.
- Cultivating strong bases is paramount.
- Recognizing a gap in the market can be crucial.
- Resilience often distinguishes those who excel from those who falter.
The Investment Bank
Goldman Inc. is a renowned investment bank headquartered in Manhattan. Known for its expertise in asset management, Goldman Sachs has played a pivotal role in shaping the global markets for over a century. The firm is renowned for its experienced professionals who are dedicated to to deliver exceptional results for clients worldwide. With a long history of success and progress, Goldman Sachs remains a key stakeholder in the global financial industry.
Merrill Lynch Wealth Management
Merrill Lynch is a/was a/has been globally recognized financial institution/investment bank/brokerage firm. Established in/Founded in/Originating from New York City in the year/during the year/around the year 1914, it quickly grew to become/maintained its position as/established itself as one of the largest/most prominent/leading firms in the industry. Known for/Renowned for/Famous for its expertise in/range of services/diverse portfolio, Merrill Lynch has consistently delivered/provided/offered a wide array of/comprehensive suite of/extensive selection of financial solutions to individuals, institutions and corporations worldwide/services to a diverse clientele.
Kickstart Your Dream Project
A crowdfunder is a powerful way to secure the support you need for your endeavor. By engaging with a wider audience, you can cultivate investment from backers who support in your mission.
- Utilize the potential of a shared effort to actualize your ambition
- Empower access to funding and break down traditional barriers
- Foster a network of passionate supporters who champion your vision
Public Funding Campaigns
The landscape of startup funding has been revolutionized by the emergence of investment networks. Among these, Regulation A+ Reg A stand out as a mechanism for companies to raise capital from the public. Supported by by the Securities and Exchange Commission (SEC), these regulations provide a structure for companies to sell securities to a general public. Alternatively, Securities Act exemptions offers a {privatelimited avenue for companies to secure funding from high-net-worth individuals. A key difference lies in the magnitude of investments attracted, with Reg A securities targeting a greater number of investors. Alternatively, Securities Act exemptions often involves a limited number of high-net-worth individuals. To navigate this complex landscape, companies may utilize the expertise of investment professionals to ensure compliance with applicable regulations. The SEC filing process for companies seeking public funding through Regulation A+ Reg A can be a lengthy undertaking.
Fundraising
In today's dynamic business landscape, startups are constantly seeking innovative ways to attract investment. A plethora of options exist, ranging from traditional private equity firms to crowdfunding platforms and even alternative lending.
Entrepreneurs|Startups|Tech Companies can leverage these various avenues to fuel their growth, expand operations, and bring innovative products to market.
Some notable players in the funding ecosystem include SoMoLend, Grow Venture Community, as well as platforms like MicroVentures.
Investors|Individual Investors|Accredited Investors play a crucial role in this process, providing the necessary capital to support innovation and economic expansion.
The JOBS Act has positively impacted the investment landscape by providing greater transparency for both funders and businesses.
Online Business Funding|Crowdfunding Campaigns|Real Estate Investments have also witnessed a surge in popularity, allowing individuals to participate in investment opportunities previously reserved for institutional players.
Platforms like EquityNet have democratized the funding process, empowering individuals to contribute to ventures they believe in.
Startup companies often rely on venture capital to get off the ground, while later-stage businesses may turn to IPO's to raise substantial capital.
The future of investment is poised for continued innovation and evolution, with emerging trends like copyright investment shaping the landscape.
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