As a platform for companies to conduct their Community Round, Wefunder provides technology for early-stage private companies to gain funds from their community. We offer investors the opportunity to be early investors in companies that excite them. Once a Community Round is finalized, Wefunder informs each company of the importance of regular investor updates. We encourage them to provide quarterly updates but at least every six months. The frequency and quality of updates are ultimately up to the founders. As they approach six months, we will reach out to them to remind them.

Most companies are also legally required to issue an Annual Report 120 days after the end of their fiscal year. The annual report is a comprehensive update with their latest financials, board members, new financings, and more. Sometimes, they may no longer be required to file this information, which means an investor may not continually have current financial information about the company. Most companies have their fiscal year end on December 31st, and their annual reports come out by April 30.

Different companies have different reporting requirements:

• If the company was dissolved, liquidated all its shares, or repurchased all issued shares, it would not need to file an annual report. Additionally, if another party repurchases all of the securities issued under the Community Round, including any payment in full of debt securities or any complete redemption of redeemable securities, it would not need to file an annual report.
• If the company has fewer than 300 shareholders, it would only need to file one annual report. 
• If the company has more than 300 shareholders but less than $10 million in assets, it must file three annual reports before being exempt.
• If the company is required to file reports under section 13(a) or section 15(d) of the Exchange Act, it would not need to file an annual report.