Regulation A+ Offering: Fact or Fiction?
Regulation A+ Offering: Fact or Fiction?
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 promising 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 aspects of Regulation A+ offerings, exploring both the perks and obstacles. We'll analyze real-world examples, perspectives from industry experts, and regulatory clarifications to provide a balanced overview of this intriguing financing mechanism.
- Moreover, we'll discuss the adapting regulatory environment and its impact on Regulation A+ offerings.
- In conclusion, investors seeking to participate in this crowdfunding trend should consider the potential risks and rewards carefully.
Embracing Regulation A+ for Startups
Regulation A+, a relatively new fundraising mechanism, presents a special opportunity to startups seeking to secure capital. This level of SEC regulation permits businesses to publicly offer their securities to the vast public, thereby expanding their potential investor base.
Startups contemplating Regulation A+ should thoroughly assess its suitability to their specific circumstances.
- Key factors to ponder include the complexity of the regulatory process, observance requirements, and the foreseen costs associated with this fundraising route.
- Additionally, startups should craft a detailed investor relations strategy to effectively disclose information about their business and the conditions of the offering.
Seeking expert counsel from regulatory professionals is crucial to navigate the complexities of Regulation A+ and ensure a smooth fundraising campaign.
Unlock Title IV Reg A+ - Crowdfunder Blog
Dive thoroughly 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+, highlighting its key elements and potential benefits for both companies and investors.
- Discover how Title IV Reg A+ differs from traditional funding methods.
- Attain insights into the licensing process for public offerings.
- Delve the diverse range of industries utilizing Reg A+ financing.
Visit our blog to retrieve the infographic and stay 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.
Crowdfunding for the Masses
The world of finance is undergoing a revolution, fueled by the power of collective action. Previously limited, access to funding is now within reach of everyday people thanks to innovative crowdfunding platforms. These platforms support individuals and entrepreneurs to gather capital directly from the crowd.
Forget about when financial support was solely controlled by traditional institutions. Crowdfunding has empowered the funding landscape, allowing anyone with a worthy idea to secure the resources they need to make their dream a reality.
From art projects to community development, crowdfunding has become a powerful tool for driving change. Supporters can now directly contribute to projects that resonate with them and play an active role in shaping the future.
StreetShares
StreetShares is an groundbreaking online platform that connects small businesses with individual investors. It provides companies with access to financing, empowering them to expand. By disrupting the lending landscape, StreetShares supports small businesses to achieve success in their communities.
- Street Share offers a variety of investment opportunities tailored to the goals of small businesses.
- StreetShares' system is known for its ease of use, making it accessible for companies of all types
- StreetShares has helped thousands of small businesses to succeed since its establishment.
Leveraging Regulation A+ for Successful Fundraising
Regulation A+ has emerged as a effective tool for companies seeking to raise funding in the public markets. This groundbreaking regulatory framework allows businesses to attract investment from a diverse range of backers. By utilizing the flexibility of Regulation A+, companies can optimize their fundraising initiatives, ultimately fueling their development.
To successfully utilize Regulation A+ for fundraising, businesses should thoroughly develop a detailed offering document. This document should succinctly articulate the company's goals, sector potential, and investment estimates.
Additionally, companies should build a robust network with seasoned regulatory advisors who are well-versed in the intricacies of Regulation A+.
The SEC's 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.
Regulation A+
Regulation A+, often known as Reg A Plus, is a regulation within the U.S. securities laws that allows private companies to raise capital from public contributions. A company conducting a Reg A+ Offering can attain up to fifty million dollars in investment capital. These offerings are governed by the Securities and Exchange Commission (SEC) {and offer companies with a streamlined path for public fundraising compared to traditional initial public offerings (IPOs).{
- Important aspects of Regulation A+ include:
- Capital raise limits are relatively low compared to IPOs.{
- Reduced regulatory burden.{
- Target audience are primarily accredited parties.In conclusion, navigating Regulation A+ crowdfunding requires a comprehensive grasp on the guidelines. Seeking guidance from securities law and legal counsel is highly recommended to avoid pitfalls this regulatory landscape.
Offering Requirements Under Regulatory Oversight
Successful launching a offering involves meeting stringent legal requirements. These requirements often encompass various aspects, comprising conformance with statutes, authorization protocols, and disclosure standards. Regulators typically set these requirements to safeguard investors and maintain a stable financial system. Navigating these regulatory obligations is crucial for businesses to operate responsibly in the financial marketplace.
Legislation + Investopedia
Investopedia serves as a comprehensive hub for understanding financial concepts, and regulation plays a pivotal role in this landscape. Whether you're exploring the intricacies of securities markets , delving into the complexities of regulatory frameworks , or simply seeking to grasp the impact of laws and regulations on the financial world, Investopedia offers a wealth of guidance. Its articles, tutorials, and glossary provide insights on the evolving regulatory environment, empowering individuals to make informed 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+ Raises on the Platform
FundersClub is thrilled to announce it's now allowing Reg A+ funding campaigns on its platform. This exciting development provides a new avenue for startups to attract capital from the wider investor base. Reg A+ rules offer a streamlined and affordable means for companies to raise investment from multiple investors, such as both accredited and non-accredited participants. This expansion bolsters FundersClub's dedication to making accessible access to capital for emerging companies.
Understanding Reg A+
Regulation A+, often referred to as Reg A+, provides a pathway for companies to secure capital through the public market. Differing from traditional initial public offerings (IPOs), Reg A+ is designed to be more streamlined for emerging businesses. Through this regulation, companies can issue their securities directly to the general market.
Platforms facilitating crowdfunding have emerged as a significant avenue for Reg A+ offerings. These platforms link companies with potential investors, often utilizing an online system.
- Several popular crowdfunding platforms that facilitate Reg A+ offerings encompass
Reg A+
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:
Reg A+ Offering Rules for Capital Raising
When it comes to public offerings and fundraising, understanding the nuances of Regulation A+ is paramount. Regulators have established stringent rules and stipulations designed to ensure transparency for both companies seeking capital and investors . A+ Regulation offers a path for companies to raise significant amounts of capital from the wider market, subject to specific procedures . Navigating these regulations can be intricate, making it crucial for businesses seeking funding to seek expert counsel .
- Key elements of Regulation A+ include disclosure requirements aimed at providing investors with a thorough understanding of the offering.
- Vetting play a vital role in ensuring the legitimacy of offerings under Regulation A+.
- Ongoing reporting is mandatory to maintain public trust.
SlideShare
SlideShare is a platform for presenting educational materials. Users can post their own slides on a variety of themes, ranging from {marketing to technology{ to personal development. SlideShare has gained popularity among professionals, educators, and students to share ideas.
- Explore a wealth of slides on almost any topic imaginable.
- Constructing your own SlideShare can be easily accomplished.
- {The platform allows for|You are able to embed interactive elements to enrich the viewer experience.
Rule A Securities Act of 1933 Jobs Act Paragraph 106 Reg A Tier 2 Fundraising
The Financial Markets Reform Act of 2010, also widely known as the Jobs Act, introduced significant revisions to the Securities Act of 1933. One key modification was Rule A Tier 2, a streamlined process for companies to raise capital through equity placements. Reg A Tier 2 permits businesses to offer securities to the public without the rigorous registration requirements of a traditional IPO. This alternative can be particularly beneficial for small and medium-sized enterprises (SMEs) seeking funding .
- Commonly, Reg A Tier 2 campaigns are limited to procuring a maximum of fifteen million dollars per year.
- Businesses utilizing Reg A Tier 2 must still adhere with certain reporting requirements, but the burden is substantially less than a traditional IPO.
Regulated by the Securities and Exchange Commission (SEC), Reg A Tier 2 provides a valuable tool for companies to access public capital markets in a more streamlined manner. However, , it is essential for companies considering this avenue 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 maintain consistency and mitigate issues. {Regulations canfocus on various aspects of text, such as content. They might dictate stylistic choices. By implementing these regulations, we can improve the overall impact of written communication.
Regulation A+ Offering Guidelines A Plus
When considering a Opportunity with a Regulation A+ offering, it's crucial to thoroughly Analyze the Conditions. These offerings provide Individuals the chance to invest in Emerging companies while benefiting from Defined Standards. Regulation A+ presents a Efficient pathway for companies seeking Resources, allowing them to Obtain capital from a broader range of Contributors.
- Understand the Mechanics of Regulation A+ offerings.
- Evaluate the risks and Potential involved.
- Seek advice with a qualified Investment professional.
Regulation A vs. Regulation D FRB
When navigating the world of securities offerings and bank regulations, understanding the distinctions between Provision A and Rule D issued by the Federal Reserve Board (FRB) is crucial. Regulation A, often known as, a "mini-IPO," provides an exemption from certain registration requirements for offerings of up to a fixed value. In contrast, Regulation D governs private placements and offers exemptions for securities sales to sophisticated purchasers.
Choosing between these two regulations hinges on several factors, including the scope of the offering, the recipient pool, and the issuer's capital position. Carefully analyzing these elements is essential to select the suitable regulatory pathway for a successful securities transaction.
Controlling a DPO Within the Organization
The task of regulating a Data Protection Officer (DPO) can be complex, involving a range of methods.
This typically involves establishing clear guidelines for their duties, securing they have the appropriate resources and authority to effectively perform their functions.
Furthermore, regular performance assessments are often utilized to monitor their compliance with data protection regulations and the organization's own guidelines.
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+”, is designed 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.
Regulation D vs. Differences Between Reg A and Reg D
When exploring the world of fundraising , you'll discover two key frameworks: Regulation A+ and Regulation D. While both enable companies to raise capital from the public, they contrast significantly in their scope . Regulation A+, often dubbed a "mini-IPO," enables companies to raise larger sums by offering securities to the general public through a simplified process. In juxtaposition, Regulation D is geared towards targeted fundraising and restricts investors to a more limited pool .
- Additionally , Reg A+ necessitates greater disclosure with the public, while Reg D offers greater autonomy in this regard.
- Consequently , choosing between these two regulations hinges on factors like the company's funding needs , target investor base , and risk tolerance
Rule 506
Regulation D encompasses a set of rules dictating the private placement of securities. Within Regulation D, Rule 506 outlines specific requirements for 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 withoutpublic registration 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 model governing equity crowdfunding offerings. investment deals These rules are aimed at protect investors while 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 essential. 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 twenty non-accredited investors, while Rule 506(c) allows for unrestricted |general solicitation and advertising but mandates that all investors be qualified. 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 vital. Understanding the nuances of each rule can help you determine the appropriate structure for a private placement and navigate the regulatory landscape effectively.
- Keep 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 thorough investigation required under each rule.
Explore DreamFunded Resources on Regulation A+
Navigating the challenges of Regulation A+ can be a daunting task for investors and businesses alike. Fortunately, DreamFunded furnishes a wealth of essential resources to help you comprehend this innovative financing mechanism. Their website is a treasure trove of knowledge on everything from regulatory requirements to fundraising strategies. Whether you're an savvy investor or just beginning your journey into Regulation A+, DreamFunded's resources can help you make strategic choices.
- Harness their in-depth manuals to gain expertise the intricacies of Regulation A+
- Engage with a community of investors and businesses
- Obtain premium insights from industry professionals
Over-the-Counter (OTC) Markets
The OTC market provides a platform for the exchange of securities that are not listed on major stock platforms. These markets operate outside the regulated structure of traditional exchanges, often offering investors with access to emerging companies and alternative investment opportunities. Trading on OTC Markets can be more risky than those on traditional exchanges, as guidelines are generally less stringent.
- Traders in the OTC market should carefully research companies and understand the inherent risks.
A Tripoint
A tripoint is an intersection point where three regions converge. This can refer to the meeting of three countries, or it could be the intersection of three natural features.
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 transition between three types of terrain.
Regardless of its manifestation, a tripoint demonstrates the convergence of different factors. It serves as a special marker on the map, highlighting the complex interactions that shape our world.
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
An Jumpstart Our Business Startups Jobs Act in 2012
The Jumpstart Our Business Startups Jobs Act of 2012, also known as the JOBS Act, has been a {landmark|major|legislation passed by Congress to stimulate entrepreneurial activity through the United States. That targets to make it more manageable for small businesses to raise capital by relaxing regulations on securities offerings. The JOBS Act has several key provisions, including the capacity for companies to promote their offerings more widely, the introduction of crowdfunding as a platform to raise capital, and {theloosening of restrictions on private company fundraising. Proponents of the JOBS Act argue that it will aid small businesses to grow, produce jobs, and stimulate economic progress. Critics, however, express concerns that the Act could cause increased risk for investors and {potentiallyhamper responsible market behavior.
Apex Group
Tycon Group is a dominant entity in the technology sector. Known for its cutting-edge solutions, Tycon regularly pushes the frontiers of what's achievable. Their dedication to excellence is evident in every facet of their operations.
From humble origins, Tycon has expanded into a global powerhouse. Their reach spans across various industries, and their reputation is synonymous with achievement.
SEC approval
Securing registration from the Securities and Exchange Commission (SEC) is a crucial step for entities seeking to raise capital. The SEC examines applications diligently to ensure adherence with federal securities laws. Obtaining SEC qualification demonstrates a company's credibility and offers access to investors.
- Entities must submit a comprehensive offering document detailing their business operations.
- A may request additional clarifications during the evaluation period.
- Once approved, companies can begin raising capital.
Fundraise online
GoFundMe provides an avenue to start fundraising campaigns for different goals. Whether it's supporting a worthy cause, GoFundMe provides a simple solution to gather contributions from family and friends. Start fundraising now and impact lives.
Kickstarter
Kickstarter is a website that enables people to back creative projects. It's a great way for inventors to get the capital they require to develop their ideas to life. Project owners can post project descriptions and supportive backers can pledge various amounts . In exchange , backers may receive benefits such as early access to the product, exclusive content, or even a chance to collaborate in its building. Kickstarter has become a bustling community for creativity and innovation, linking individuals with supporters worldwide.
Kickstarter
Is a project needing some additional funding? Explore starting a campaign on Indiegogo, a crowdfunding platform created to help creators finance their visions. With Indiegogo, you can present your project with the community and attract donors who support your idea. From gadgets, Indiegogo offers a wide range of categories to suit various type of project.
Capital Investment
Equity investment entails acquiring shares of ownership in a company. This means you become a partial owner and have the potential to gain from the company's success. Entrepeneurs engage in equity investment through various markets, such as stock exchanges or directly with companies. It is a uncertain investment strategy, but it also offers the possibility for significant returns. Understanding the aspects of equity investing is crucial before making any actions.
EquityNet
EquityNet is a platform that connects funders with startups. It provides a space for both parties to collaborate and facilitate funding. Investors can discover through a range of proposals from businesses across different industries. Businesses can present their plans on EquityNet and seek capital to help them grow. The site also offers guidance and support to both investors and businesses, making it a comprehensive system for capitalizing entrepreneurial ventures.
Leap into Unknown Territory
Venturing into the sphere of business is a daunting challenge. It demands courage to chart a course through complexities. Successful ventures often blossom from a fusion of passion and a willingness to adapt in the face of hurdles.
- Cultivating strong roots is paramount.
- Recognizing a gap in the market can be crucial.
- Persistence often separates those who excel from those who stumble.
Goldman Sachs
Goldman Group is a renowned global firm headquartered in New York City. Known for its expertise in investment banking, Goldman Sachs has played a pivotal role in driving the global markets for over a century. The firm is renowned for its experienced professionals who continuously strive to deliver exceptional results for clients worldwide. With a long history of success and innovation, Goldman Sachs remains a leading player 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 1890, 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.
Launch Your Dream Project
A crowdfunder is a powerful way to secure the resources you need for your project. By connecting with a wider audience, you can generate enthusiasm from contributors who support in your idea.
- Utilize the potential of a shared effort to actualize your goal
- Empower access to investment and remove traditional barriers
- Foster a network of passionate believers who share your vision
Crowdfunding
The landscape of startup funding has been revolutionized by the emergence of funding marketplaces. Among these, Reg A securities stand out as a avenue for companies to raise funds from the public. Supported by by the Financial Industry Regulatory Authority (FINRA), these guidelines provide a framework for companies to offer securities to a broader audience. Alternatively, Regulation D offers a {private less regulated route for companies to secure funding from high-net-worth individuals. A key difference lies in the volume of investments attracted, with Reg A securities targeting a greater number of investors. Alternatively, Securities Act exemptions often involves a narrower group of accredited investors. To navigate this challenging terrain, companies may leverage the expertise of financial advisors to ensure compliance with regulatory requirements. The Registration Statement for companies seeking public funding through Regulation A Plus can be a lengthy undertaking.
Funding Campaigns
In today's dynamic business landscape, entrepreneurs are constantly seeking innovative ways to attract investment. A plethora of options exist, ranging from traditional angel investors firms to crowdfunding platforms and even convertible debt.
Entrepreneurs|Startups|Tech Companies can leverage these various avenues to fuel their growth, expand operations, and bring innovative solutions to market.
Some notable players in the funding ecosystem include SoMoLend, RocketHub, as well as platforms like VC.
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 greatly impacted the capital raising landscape by providing greater access for both backers and companies.
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 everyday investors to contribute to ventures they believe in.
Early-stage companies often rely on angel funding to get off the ground, while later-stage businesses may turn to public offerings to raise substantial equity.
The future of funding is poised for continued innovation and evolution, with emerging trends like blockchain technology shaping the landscape.
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