The company's own communications, with a record of every one

What an invited person sees in their account

• Only the rooms a company invited them into — there is no public catalog of offerings on this site
• Their own position in each offering, its status, and any amount subscribed
• Their indications of interest, which are not commitments; no money moves from the screen
• The company's cancellation window, counting down in hours — 48 hours unless the company sets another, and not a statutory cooling-off right
• Material-change notices, each with a choice to reconfirm or cancel
• Conferences the company invited them to, and replays of those conferences
• The site terms and the investor education, accepted once on the profile

Before anyone can act

• The investor education must be accepted before a first indication of interest
• Each indication is stored with a checkbox acceptance, its wording version and the time
• A Rule 506(b) invitation is a private link, one per person, that the company can revoke
• A test-the-waters room takes indications only — nobody can subscribe or pay until an offering is qualified

What the company sees

• Each person's status: invited, viewing, indicated, subscribed, paid, cancelled, closed or refused
• Invitations sent, accepted and revoked
• The number of indications and their total
• Payments received, subscribed and still to arrive, per investor
• Who has answered each material-change notice, and how
• Each investor update it sent: how many people, delivered, held back and unsubscribed
• How many times each document was opened and downloaded

After the close

• The cap table and shareholder register stay in the company's file, with an export for a transfer agent
• Counsel can assemble a dated closing binder of sections, documents and the investor register
• Conference recordings stay with the offering file

What it is not