Crowdfund Recon: Terms of Service

Crowdfund Recon is published by Seven-Deuce Offsuit, LLC, a Virginia limited liability company (Virginia SCC ID 12093989), doing business as Crowdfund Recon ("we", "us"). Contact: [email protected]. Mailing address: 600 Reusens Rd, M137, Lynchburg, VA 24503.

Last updated: October 29, 2026. By using our website, reading our emails or subscribing, you agree to these Terms. If you do not agree, do not use the service.

1. What we publish

Crowdfund Recon is a research newsletter and database about offerings made under Regulation Crowdfunding (Reg CF). We read public filings on SEC EDGAR, mainly Form C and its updates and annual reports, and report what they show. We publish a free weekly briefing, public pages for offerings, and a paid tier with the full scored database, alerts and tracking lists.

2. Not investment advice, no adviser relationship

• Everything we publish is impersonal, general research sent on a regular schedule to all readers at the same tier. It is not advice about whether you, specifically, should buy, sell or hold any security.
• We are not investment advisers, brokers, dealers or a funding portal. We do not sell securities, take orders or handle investor money.
• Reading, subscribing to or contacting us does not create an adviser, client, fiduciary or any similar relationship.
• We do not answer personal investment questions. Our standing reply is: "We do not give individual investment advice."
• Alerts and search filters in the paid tier may describe an offering (for example industry, state or raise size). They never describe you. We do not offer filters based on your income, net worth, risk tolerance or portfolio.
• Red flags and scores are indicators computed from filings by a published method, applied the same way to every offering and dated. They show where a filing deserves a closer look. They are not a prediction, a rating of the company's honesty, or a reason to buy or avoid anything.
• Reg CF investments are speculative. You can lose all of your investment, and the securities generally cannot be resold for at least one year. Read the full offering documents and consider a licensed professional before investing.

3. Independence and conflicts

• No payment from issuers or platforms. We accept no advertising, sponsorship, affiliate fee, referral fee, free service or equity from any company raising money, funding portal, broker-dealer or other intermediary. This is permanent, written policy. Our revenue is reader subscriptions.
• Editor's holdings. The editor, Kristofer Hickson, discloses any investment he holds in a company we cover. The current list is on our Editor's Holdings page. The editor makes no new investments in any Reg CF offering while he runs this publication.
• Our disclosures and policies are in our Disclaimer, Independence and Conflicts page, which is part of these Terms.

4. How we work, and AI assistance

We use AI tools to help gather filings and draft summaries. A human editor checks every fact against the source documents and makes every rating decision. Filings are written by the companies and are not verified by the SEC or by us. Our own processing can also contain inaccuracies. Our Corrections and Right of Reply Policy explains how we fix them, including the 2 business day acknowledgment and correction times and the 200 word reply we offer every company we name.

5. Accounts and subscriptions

• You must be at least 18.
• The paid tier costs $14.99 per month or $149 per year. Prices may change; see our Refund and Cancellation Policy.
• Subscriptions are sold and billed through Substack, with payments processed by Stripe. Their terms also apply to those transactions.
• Automatic renewal. Paid plans renew automatically until cancelled. We show the renewal terms at checkout and ask for your clear agreement before charging you. We email a confirmation, you can cancel online, and we email annual subscribers 30 days before each annual renewal.
• Refunds and cancellation. Monthly: no refunds, cancel any time, access through the paid month. Annual: full refund on days 1 to 7, a prorated refund for the unused part of the year on days 8 to 60, no refund after day 60, and access to the end of the paid year. The full terms are in the Refund and Cancellation Policy, which is part of these Terms.
• Keep your login private. You are responsible for activity under your account.

6. Your use of the service

You may read and use our content for yourself. You may not:

• resell, republish or share paid content, or share your login, beyond brief quotation with credit and a link;
• copy the database, or scrape or bulk download our site or pages, with automated tools;
• interfere with the site, or try to reach parts of it you are not allowed to reach;
• use our content to tell others that we endorse any security or company.

We may suspend an account that breaks these rules, including an account whose login or password is shared. These Terms are your notice of that. When we suspend an account we email the account holder, say which rule we believe was broken, and explain how to appeal.

• Suspended for breaking these rules: the unused part of your current paid period is not refunded.
• Suspended or closed for any other reason: we refund the unused part of your current paid period.

Appeals. You can appeal any suspension. Email [email protected] within 30 days of our notice and tell us why you think it was wrong, with anything that supports it. The editor reviews the appeal and what you sent, and replies in writing with a decision and the reason within 10 business days. If the appeal succeeds, we restore the account and add back the time it was suspended, or refund the unused part of the paid period if you prefer.

7. Our content and your content

• We own the site, the database structure, scores, text and design, except for material from public filings and third parties. Filings are public records; short quotes from them are used for analysis and linked to the source.
• We give you a personal, non-exclusive, non-transferable license to read the content for your own use.
• If you send us a message, a correction or a reply, you allow us to use it to run the publication, and to publish a company's reply as set out in our Corrections Policy.
• Company names and logos belong to their owners. Their use does not suggest an endorsement.

8. Third-party links and data

We link to SEC EDGAR, funding portals and other sites. We do not control them, are not responsible for them, and do not endorse them. Links to a funding portal are for reference only and earn us nothing.

9. No warranty

The service and all content are provided "as is" and "as available". We do not promise that the content is complete, current or free of inaccuracies, that the service will run without interruption, or that any result will follow from using it. To the fullest extent the law allows, we disclaim all warranties, express or implied, including fitness for a particular purpose.

10. Limits on our liability

• To the fullest extent the law allows, Seven-Deuce Offsuit, LLC, its member, editor and agents are not liable for any investment decision, investment loss, lost profit, or indirect, incidental, special or consequential damage arising from your use of the service.
• Our total liability to you for any claim about the service is limited to the amount you paid us in the 12 months before the claim arose, or $100 if you paid nothing.
• Nothing here limits liability that cannot be limited by law. Some places do not allow some of these limits, so they may not apply to you.

11. Indemnity

If your breach of these Terms causes a third party to make a claim against us, you agree to cover our reasonable costs of that claim, to the extent the law allows.

12. Changes to the service and to these Terms

We may change the service or these Terms. We post the new version with a new date. For material changes we email subscribers at least 30 days ahead where practical. If you keep using the service after the change takes effect, you accept it. If you do not agree, you can cancel under the Refund and Cancellation Policy.

13. Privacy

Our Privacy Policy explains what data we collect and how to request deletion.

14. Governing law and disputes

These Terms are governed by the laws of the Commonwealth of Virginia, without regard to its conflict of laws rules. Any dispute that cannot be resolved informally will be brought in the state or federal courts located in Lynchburg City, Virginia, and you agree to those courts. Before filing, please contact us at [email protected] and give us 30 days to try to resolve it.

15. General

If part of these Terms is found unenforceable, the rest stays in force. These Terms, with the policies they refer to, are the whole agreement between you and us about the service. You may not transfer your rights; we may transfer ours to a successor of the business. Not enforcing a term is not a waiver of it.