Subject: Upfront Costs and Testing the Water

May 16, 2014

I agree with the comment submitted by Kiran Lingam at SeedInvest available at that the ongoing reporting obligations should be limited to the statutorily required level and that exceptions to these requirements should be implemented for (i) small offerings below $350,000, (ii) where there can be no investment decision, (iii) for Institutional, VC or Angel led deals and (iv) where all of the investors have contractually waived the right to receive ongoing reporting.

Thank you.

Christian Heller
Chicago, IL