Form C: Parse Crowdfunding Offerings (Regulation CF)

Overview

Form C is an SEC filing used by companies raising capital through crowdfunding under Regulation Crowdfunding (Regulation CF). These filings provide insights into small business fundraising campaigns, including offering terms, issuer financials, and funding portal information.

The FormC class in edgartools parses Form C XML filings into structured Python objects, making it easy to track crowdfunding campaigns, analyze issuer financials, and monitor offering progress.

What Form C Covers

Form C encompasses several filing types that track the complete lifecycle of a crowdfunding offering:

• Form C - Initial crowdfunding offering
• Form C/A - Amendment to the offering
• Form C-U - Progress update during the offering period
• Form C-AR - Annual report (filed yearly after offering closes)
• Form C-TR - Termination report (when offering is withdrawn)

Access Pattern

from edgar import get_filings

# Get recent Form C filings
filing = get_filings(form="C").head(1)[0]

# Parse into FormC object
formc = filing.obj()

# Access offering details
print(f"{formc.issuer_name}")
print(f"Target: ${formc.offering_information.target_amount:,.0f}")
print(f"Maximum: ${formc.offering_information.maximum_offering_amount:,.0f}")
print(f"Deadline: {formc.offering_information.deadline_date}")

When you call filing.obj() on a Form C filing, edgartools displays a rich formatted panel showing all filing details:

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Core Data Structure

FormC (Top-Level Object)

Property	Type	Description
filer_information	FilerInformation	CIK, filing period, test/live flag
issuer_information	IssuerInformation	Company name, address, website, legal status, jurisdiction
offering_information	Optional[OfferingInformation]	Offering terms (present in C, C-U; absent in C-AR, C-TR)
annual_report_disclosure	Optional[AnnualReportDisclosure]	Financial disclosures (present in C-AR)
signature_info	SignatureInfo	Officer and director signatures
form	str	Form type (C, C/A, C-U, C-AR, C-TR)
description	str	Human-readable form description
issuer_name	str	Convenience property for issuer name
portal_name	Optional[str]	Funding portal name (if present)
campaign_status	str	Derived status (Active, Terminated, Annual Report, etc.)
days_to_deadline	Optional[int]	Days until offering deadline (negative if expired)
is_expired	bool	Whether offering deadline has passed

Computed Properties

Property	Returns	Description
issuer	IssuerCompany	Company wrapper with offering-specific methods
docs	Docs	Access comprehensive API documentation

Methods

Method	Returns	Description
get_offering()	Offering	Complete offering lifecycle (all related filings)
to_context(detail)	str	Token-efficient text representation for AI context

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Offering Information

The offering_information property contains the core fundraising terms. It is present in Form C and Form C-U but not in Form C-AR or C-TR.

OfferingInformation

Property	Type	Description
compensation_amount	str	Portal fees and compensation structure
security_offered_type	Optional[str]	Type of security (Equity, Debt, Other)
security_offered_other_desc	Optional[str]	Description if type is "Other"
offering_amount	Optional[float]	Target offering amount in dollars
maximum_offering_amount	Optional[float]	Maximum offering amount (for over-subscription)
price	Optional[str]	Price per security (as string)
no_of_security_offered	Optional[str]	Number of securities offered (as string)
deadline_date	Optional[date]	Offering deadline
over_subscription_accepted	Optional[str]	"Y" or "N"
over_subscription_allocation_type	Optional[str]	How over-subscriptions are allocated
price_determination_method	Optional[str]	How price was determined

Computed Properties

Property	Returns	Description
security_description	str	Combined type and description
target_amount	Optional[float]	Alias for offering_amount
offering_deadline	Optional[date]	Alias for deadline_date
price_per_security	Optional[float]	Price parsed as float
number_of_securities	Optional[int]	Number of securities as int
percent_to_maximum	Optional[float]	Target as percentage of maximum

Example: Analyzing Offering Terms

from edgar import get_filings

filing = get_filings(form="C").head(1)[0]
formc = filing.obj()

offering = formc.offering_information
if offering:
    print(f"Security: {offering.security_description}")
    print(f"Target: ${offering.target_amount:,.0f}")
    print(f"Maximum: ${offering.maximum_offering_amount:,.0f}")
    print(f"Target is {offering.percent_to_maximum:.0f}% of maximum")

    if offering.price_per_security and offering.number_of_securities:
        print(f"Price: ${offering.price_per_security:.2f} per unit")
        print(f"Units: {offering.number_of_securities:,}")

    # Check deadline
    days_left = formc.days_to_deadline
    if days_left is not None:
        if days_left > 0:
            print(f"Deadline: {days_left} days remaining")
        else:
            print(f"Offering expired {abs(days_left)} days ago")

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Financial Disclosures

The annual_report_disclosure property contains financial statements for the current and prior fiscal year. It is present in Form C-AR (annual reports) and sometimes in Form C.

AnnualReportDisclosure

Property	Type	Description
current_employees	int	Number of employees
total_asset_most_recent_fiscal_year	float	Total assets (current year)
total_asset_prior_fiscal_year	float	Total assets (prior year)
cash_equi_most_recent_fiscal_year	float	Cash and equivalents (current)
cash_equi_prior_fiscal_year	float	Cash and equivalents (prior)
act_received_most_recent_fiscal_year	float	Accounts receivable (current)
act_received_prior_fiscal_year	float	Accounts receivable (prior)
short_term_debt_most_recent_fiscal_year	float	Short-term debt (current)
short_term_debt_prior_fiscal_year	float	Short-term debt (prior)
long_term_debt_most_recent_fiscal_year	float	Long-term debt (current)
long_term_debt_prior_fiscal_year	float	Long-term debt (prior)
revenue_most_recent_fiscal_year	float	Revenue (current)
revenue_prior_fiscal_year	float	Revenue (prior)
cost_goods_sold_most_recent_fiscal_year	float	Cost of goods sold (current)
cost_goods_sold_prior_fiscal_year	float	Cost of goods sold (prior)
tax_paid_most_recent_fiscal_year	float	Taxes paid (current)
tax_paid_prior_fiscal_year	float	Taxes paid (prior)
net_income_most_recent_fiscal_year	float	Net income (current)
net_income_prior_fiscal_year	float	Net income (prior)
offering_jurisdictions	List[str]	States where offering is available

Computed Financial Metrics

Property	Returns	Description
total_debt_most_recent	float	Short-term + long-term debt (current year)
total_debt_prior	float	Short-term + long-term debt (prior year)
debt_to_asset_ratio	Optional[float]	Debt-to-asset ratio as percentage
revenue_growth_yoy	Optional[float]	Year-over-year revenue growth percentage
asset_growth_yoy	Optional[float]	Year-over-year asset growth percentage
is_pre_revenue	bool	True if no revenue in current year
burn_rate_change	Optional[float]	Change in net income (shows burn rate trend)

Convenience Aliases (Most Recent Year)

For easier access to current year data:

Property	Returns	Maps To
total_assets	float	total_asset_most_recent_fiscal_year
cash_and_cash_equivalents	float	cash_equi_most_recent_fiscal_year
accounts_receivable	float	act_received_most_recent_fiscal_year
short_term_debt	float	short_term_debt_most_recent_fiscal_year
long_term_debt	float	long_term_debt_most_recent_fiscal_year
revenues	float	revenue_most_recent_fiscal_year
cost_of_goods_sold	float	cost_goods_sold_most_recent_fiscal_year
taxes_paid	float	tax_paid_most_recent_fiscal_year
net_income	float	net_income_most_recent_fiscal_year
number_of_employees	int	current_employees

Example: Analyzing Issuer Financials

from edgar import get_filings

# Get a Form C-AR (annual report)
filing = get_filings(form="C-AR").head(1)[0]
formc_ar = filing.obj()

financials = formc_ar.annual_report_disclosure
if financials:
    # Basic metrics
    print(f"Employees: {financials.number_of_employees}")
    print(f"Total Assets: ${financials.total_assets:,.0f}")
    print(f"Cash: ${financials.cash_and_cash_equivalents:,.0f}")

    # Revenue analysis
    if financials.is_pre_revenue:
        print("Status: Pre-revenue")
    else:
        print(f"Revenue: ${financials.revenues:,.0f}")
        if financials.revenue_growth_yoy is not None:
            print(f"Revenue Growth: {financials.revenue_growth_yoy:+.1f}% YoY")

    # Profitability
    print(f"Net Income: ${financials.net_income:,.0f}")

    # Debt analysis
    total_debt = financials.total_debt_most_recent
    if total_debt > 0:
        print(f"Total Debt: ${total_debt:,.0f}")
        if financials.debt_to_asset_ratio:
            print(f"Debt-to-Asset Ratio: {financials.debt_to_asset_ratio:.0f}%")

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Issuer Information

IssuerInformation

The issuer_information property contains company details.

Property	Type	Description
name	str	Legal name of the issuing company
address	Address	Business address
website	str	Company website
co_issuer	bool	Whether there is a co-issuer
funding_portal	Optional[FundingPortal]	Crowdfunding portal intermediary
legal_status	str	Legal structure (Corporation, LLC, etc.)
jurisdiction	str	State/country of incorporation
date_of_incorporation	date	Date company was formed

FundingPortal

The intermediary platform facilitating the crowdfunding raise.

Property	Type	Description
name	str	Portal name (e.g., "StartEngine", "Wefunder")
cik	str	SEC Central Index Key for the portal
crd	Optional[str]	FINRA CRD number
file_number	str	SEC commission file number for the portal

IssuerCompany

The issuer property returns an IssuerCompany object that provides offering-specific methods:

Method	Returns	Description
as_company()	Company	Convert to full Company object
get_offerings()	List[Offering]	All crowdfunding offerings by this issuer
latest_offering()	Optional[Offering]	Most recent offering

Example: Working with Issuers

from edgar import get_filings

filing = get_filings(form="C").head(1)[0]
formc = filing.obj()

# Basic issuer info
print(f"Company: {formc.issuer_name}")
print(f"Incorporated: {formc.issuer_information.jurisdiction} "
      f"({formc.issuer_information.date_of_incorporation.year})")
print(f"Website: {formc.issuer_information.website}")

# Funding portal
if formc.portal_name:
    print(f"Portal: {formc.portal_name}")

# Get all offerings by this company
issuer = formc.issuer
offerings = issuer.get_offerings()
print(f"{issuer.name} has {len(offerings)} crowdfunding offerings")

# Convert to full Company object for more data
company = issuer.as_company()
print(f"All SEC filings: {len(company.get_filings())}")

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Offering Lifecycle

Each crowdfunding campaign goes through multiple filing stages. The get_offering() method returns an Offering object that tracks the complete lifecycle.

Example: Tracking an Offering Over Time

from edgar import get_filings

# Get a Form C filing
filing = get_filings(form="C").head(1)[0]
formc = filing.obj()

# Get the complete offering lifecycle
offering = formc.get_offering()

# View all filings for this offering
print(offering.timeline())

# Access specific filing types
initial_filing = offering.initial()      # Original Form C
updates = offering.updates()             # Form C-U progress updates
annual_reports = offering.annual_reports()  # Form C-AR reports
amendments = offering.amendments()       # Form C/A amendments

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Form Variants and Data Availability

Different Form C variants contain different data sections:

Form	offering_information	annual_report_disclosure	funding_portal
C	Yes	Sometimes	Yes
C/A	Yes	Sometimes	Yes
C-U	Limited	Sometimes	Yes
C-AR	No	Yes	No
C-TR	No	No	Usually minimal

Key patterns:

• Form C (initial offering): Has full offering terms and portal info
• Form C-U (progress update): May have limited offering info updates
• Form C-AR (annual report): Has financial disclosures, no offering terms
• Form C-TR (termination): Minimal data, indicates offering withdrawn

Always check for None before accessing offering_information or annual_report_disclosure:

if formc.offering_information:
    print(f"Target: ${formc.offering_information.target_amount:,.0f}")

if formc.annual_report_disclosure:
    print(f"Revenue: ${formc.annual_report_disclosure.revenues:,.0f}")

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Signature Information

SignatureInfo

Property	Type	Description
issuer_signature	IssuerSignature	Company signature
signatures	List[PersonSignature]	Individual officer/director signatures
signers	List[Signer]	Consolidated list of unique signers

IssuerSignature

Property	Type	Description
issuer	str	Company name as signed
title	str	Title of signer (e.g., "Chief Executive Officer")
signature	str	Signature as signed

PersonSignature

Property	Type	Description
signature	str	Person's name as signed
title	str	Title (e.g., "Director")
date	date	Date signed

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Common Use Cases

Finding Active Offerings

from edgar import get_filings

# Get recent Form C filings
active_offerings = get_filings(form="C").head(20)

for filing in active_offerings:
    formc = filing.obj()

    # Filter for non-expired offerings
    if not formc.is_expired and formc.offering_information:
        offering = formc.offering_information
        print(f"{formc.issuer_name}")
        print(f"  Target: ${offering.target_amount:,.0f}")
        print(f"  Deadline: {offering.deadline_date}")
        print(f"  Days left: {formc.days_to_deadline}")
        print()

Analyzing Issuer Financial Health

from edgar import get_filings

# Get Form C-AR annual reports
annual_reports = get_filings(form="C-AR").head(10)

for filing in annual_reports:
    formc = filing.obj()
    fin = formc.annual_report_disclosure

    if fin:
        print(f"{formc.issuer_name}")
        print(f"  Assets: ${fin.total_assets:,.0f}")
        print(f"  Cash: ${fin.cash_and_cash_equivalents:,.0f}")

        if fin.is_pre_revenue:
            print(f"  Status: Pre-revenue")
        else:
            print(f"  Revenue: ${fin.revenues:,.0f}")
            if fin.revenue_growth_yoy:
                print(f"  Growth: {fin.revenue_growth_yoy:+.1f}% YoY")

        print(f"  Net Income: ${fin.net_income:,.0f}")
        print()

Tracking a Company's Crowdfunding History

from edgar import Company

# Get a company that has done crowdfunding
company = Company("1881570")  # Example: ViiT Health

# Get all crowdfunding filings
cf_filings = company.get_filings(form=['C', 'C/A', 'C-U', 'C-AR', 'C-TR'])

# Group by offering
from edgar.offerings.formc import group_offerings_by_file_number
grouped = group_offerings_by_file_number(cf_filings)

print(f"{company.name} has {len(grouped)} crowdfunding offerings")

for file_num, offering_filings in grouped.items():
    print(f"\nOffering {file_num}:")
    for filing in offering_filings:
        print(f"  {filing.form:8} - {filing.filing_date}")

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AI-Optimized Context

The to_context() method provides a token-efficient text representation optimized for AI/LLM context windows:

from edgar import get_filings

filing = get_filings(form="C").head(1)[0]
formc = filing.obj()

# Minimal detail (~100-200 tokens)
print(formc.to_context(detail='minimal'))

# Standard detail (~300-500 tokens)
print(formc.to_context(detail='standard'))

# Full detail (~600-1000 tokens)
print(formc.to_context(detail='full'))

This is useful when passing Form C data to language models or building AI-powered analysis tools.

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Quick Reference

Properties Quick Lookup

Access	Returns	Example
formc.issuer_name	str	Company name
formc.portal_name	Optional[str]	Funding portal
formc.campaign_status	str	"Active", "Terminated", etc.
formc.days_to_deadline	Optional[int]	Days remaining (negative if expired)
formc.is_expired	bool	Deadline passed?
formc.offering_information	Optional[OfferingInformation]	Offering terms
formc.annual_report_disclosure	Optional[AnnualReportDisclosure]	Financial data
formc.issuer	IssuerCompany	Company wrapper with offering methods

Methods Quick Lookup

Method	Returns	Use Case
formc.get_offering()	Offering	Get complete offering lifecycle
formc.to_context(detail)	str	Token-efficient text for AI
formc.issuer.get_offerings()	List[Offering]	All offerings by this company
formc.issuer.as_company()	Company	Convert to full Company object

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Things to Know

Monetary amounts are floats. All dollar amounts are parsed as floats and can be used directly in calculations.

Check for None before accessing optional sections. The offering_information and annual_report_disclosure fields may be None depending on the form type.

Deadlines can be in the past. Use days_to_deadline to check if an offering is still active. Negative values mean the deadline has passed.

Pre-revenue companies are common. Many crowdfunding issuers have zero revenue. Use is_pre_revenue to detect this.

Portal file numbers identify the portal, not the offering. To track a specific offering, use the issuer file number from filing.file_number or the Offering object.

Form C-AR has no offering information. Annual reports focus on financial disclosures and don't include the original offering terms.

State jurisdictions are abbreviated. The jurisdiction field uses state codes like "DE", "CA", "NY".

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Related

• User Guide: Working with Form C Filings (coming soon)
• API Reference: edgar.offerings.formc module
• Related Filings: Form D: Private Placements
• Company Data: Find a Company