August 16, 2012
We are a start-up having been developing devices in the clean energy sector and late last year we successfully finished our latest prototype, a new clean source of energy and then had it corroborated at one of the most prestigious testing facilities in the USA. Our company is past the proof of concept stage and now ready to scale up our units and this takes funding so naturally we are waiting for the SEC to finally put forth their rules and regulations so we can take advantage of the Crowd Funding program.
At the same time, in our instance, the few founders of the company have been financing the entire operation and doing this for about 30 years, so we respectfully ask that the SEC consider these factors and not make it an absolute necessity to have audited statements but rather just go on the transparency of Business Plans and projections and basically full disclosure.
Presently we are not a revenue producing firm and audited statements are extremely expensive, so kindly don't include this in your rules and regulations when companies need to raise $1,000,000.
Thomas Braun, CFO