For implementers and compliance readers
Methodology, version 0.2.
The Screen is a rule applied to public filings. It is published so it can be reproduced, argued with, and used by someone who has to document why they relied on it.
What the Screen is
An issuer that files financial statements on a schedule and discloses what they say is instrumenting its disclosures, which is the Form dimension, and reporting on a cadence, which is the Streak dimension. The Screen recognizes that. It reads the record; it does not vouch for the business.
Scores run from zero to 100 across four scored Proof Dimensions, and an issuer must pass both mandatory criteria: reviewed financials and timely compliance. The composite is a reading of reporting quality. It is not what assigns a designation: the designation ladder below is a set of predicates over the filed record, and where a predicate is underdetermined the issuer resolves downward.
The rubric
FormProof Dimension
36 points
reviewed financialsmandatory
14
Financial statements on file, and whether a third party reviewed or audited them.
unit economics
12
Cost of goods disclosed beside revenue, so gross margin is derivable rather than asserted.
timely compliancemandatory
10
The most recent annual report is on file and the issuer is not lapsed.
PlaybookProof Dimension
20 points
structure fit
10
Revenue share, defined-return debt, open access, or employee and community ownership.
community impact
10
Community and impact orientation, scored from the filing record: the filed security description, the use-of-proceeds narrative, the industry label, the intermediary, and the legal name. Website text is context, not score.
ConversionProof Dimension
22 points
disclosed revenue
12
Revenue disclosed, across two fiscal years where the form carries both, and its direction.
repeat raises
10
More than one offering cycle, which means someone funded the last one.
StreakProof Dimension
22 points
reporting cadence
16
Annual reports on file. One is a filing. Four is a cadence.
operating history
6
Years since formation, employees, and assets, against the DERA medians for the exempt market.
Proof Dimensions the filing record cannot reach
Stats
What the venture reports directly beyond its filings. This is issuer self-reporting with no filing-record path, so there is nothing in the public record to score. It stays unscored in version 0.2 until that data exists, rather than being approximated from something else.
The designation ladder, and how many hold each
Each state is a predicate over stored signals, ascending. An issuer holds the highest state all of whose predicates it satisfies, and resolves downward at any step the filed record cannot yet support. The composite never assigns a state and there is no composite tiebreak. Where a predicate rests on commit-and-prove cycle detection this version does not yet fully implement, the state resolves down: the ladder is defined and published in full, and issuers occupy the states their filed record can currently support, with the higher rungs populating as that detection matures.
Rostered
In the corpus, not yet evaluated.
Fails the mandatory floor: financial statements on file AND a current annual report. Carries a visible reason distinguishing an issuer whose financials were never owed to the SEC from one whose owed disclosure is not current.
Activated
Current on all required ongoing disclosure.
Passes both mandatory criteria: financials on file AND not lapsed.
Committed
A specific, verifiable forward commitment is on record.
Activated, plus a commitment verified from the filed record: a revenue-share or defined-return security, a cooperative legal form, or an employee-ownership plan matched with confidence. A commitment inferred only from website text does not count.
Proven
At least one completed commit-and-prove cycle is checkable from filings.
Committed, plus a repeat raise after a prior offering cycle, which is the one commit-and-prove cycle v0.1 can check directly from the filing record. Where a cycle cannot be checked, the issuer resolves down to Committed.
Seasoned
Commitments fulfilled across three or more consecutive reporting cycles.
Proven, plus three or more annual-report periods on an unbroken cadence.
Champion
The single Seasoned issuer with the strictly longest unbroken reporting streak.
Held by the one Seasoned issuer whose fulfilled-reporting streak is strictly longer than every other Seasoned issuer's. Vacant when the longest streak is tied, or when no issuer has reached Seasoned. Re-decided every refresh, with no composite tiebreak, so sole possession must be strictly earned.
The apex, Champion, is unheld. No issuer has reached Seasoned in version 0.2, so the apex is unheld. The Seasoned predicate rests on unbroken commit-and-prove cycle detection this version does not yet implement, so it resolves down. The summit is earnable and contested rather than withheld: the two longest reporting streaks in the corpus are tied at eleven periods, so even under the full predicate sole possession would not be settled without a strictly longer streak, and there is no composite tiebreak. The two longest reporting streaks in the corpus are tied at eleven periods, so even before the Proven and Seasoned filters the summit is demonstrably contested. That tie is the reason Champion is unheld, and it is inspectable. Where the record does not single out a winner, we do not invent one.
18,804 issuers were scored in this run. The Screen produced an adverse designation for the large share that have not cleared the mandatory floor. That ratio is the point.
Where this departs from the original rubric
Reviewed or audited financials is not mandatory. Filed financials is.
The original rubric made reviewed or audited statements a hard gate. Regulation CF only requires CPA review above one hundred and twenty four thousand dollars of target offering, so that gate would have excluded every community issuer raising under it, which is the population this index exists to find. What is mandatory here is that financial statements were filed at all, and that the issuer has not gone dark. The review and audit tiers still carry the most weight inside the criterion.
A disclosed zero scores.
Some issuers report zero revenue truthfully for years, because a timber rotation pays at harvest and a solar project pays at interconnection. Filing the statement and reporting the zero is the behavior the Standard asks for. Scoring it identically to a blank would penalize a business model rather than a reporting practice, so a disclosed zero backed by a real balance sheet earns partial credit and the evidence line says exactly that.
Stats is not scored in version 0.2.
Stats is what a venture reports directly beyond its filings: issuer self-reporting with no filing-record path. There is nothing in the public record to score, so it is stated in the Standard and left unscored until that data exists, rather than approximated from something else.
Nothing below the floor is discarded.
Every issuer that clears the entry gate is scored and published, whatever its designation. The site asserts the publisher position only: the full comparison set is methodology transparency, demonstrating that the Screen produces adverse outcomes and is not built to reach a predetermined result. Advisers make their own use of public data under their own obligations.
Worked examples: why the rule holds both ways
A screen is only honest if the rule that keeps a page can also remove one. These two issuers are pinned as validation anchors, referenced by CIK because several entities share each name. One keeps its page because the filed record supports it; the other loses its page, and the loss is stated here rather than shipped silently.
Keeps its page. CIK 1687316 (WORLD TREE USA, LLC).
Activated · composite 65.4
Clears the mandatory floor and carries a first-class context section explaining its long-cycle model. Shown as an anchor that passes: the page exists because the record supports it, not because it was chosen. See the profile.
No page. CIK 1806029 (Proactive Realty Income Fund, LLC).
Rostered · composite 9.0
Rostered (composite 9.0, outside our evidence base) and a pooled realty fund raising to deploy into other people's real estate. Under the direct-issuer principle it is a middleman, not a principal raising for its own operations, so it is out of the field and gets no standalone page. Stated here rather than shipped silently.
Its company-published figures cannot be verified against any filing, and the page that advertised them cannot be inspected: the only capture on record is a dated snapshot that returned 404 Not Found. They are carried below only as dated, unverified observations, never as facts.
- “about $36 to $50 million in real estate repositioned” unverified
- “returns of 25 percent or more” unverified
- “a $25 million bridge program” unverified
- “an offering identified as RA-CF-2025, advertised on sppx.io/proactivefunds” unverified
Source: https://sppx.io/proactivefunds, snapshot 2343, retrieved 2026-07-20, 404 Not Found.
What the impact classifier gets wrong
The community and impact score is read off filing fields, the intermediary, and the legal name. Mission language a company puts in a filing is a declaration made under a filing obligation; the same language on a website is marketing, so website text is carried as context and never scored. A keyword classifier nobody checks is a keyword classifier that is wrong, so it is checked against a labeled set: issuers found on community and impact platforms with a stated mission, and a group of deliberate controls gathered to test whether the Screen can say no.
One thing has to be said plainly about that labeled set. It is automated-research-labeled: the comparison labels were assigned by automated research reading the same kind of portal and issuer pages the classifier reads, not by a person at assembly. So the recall and specificity below measure agreement between two automated readings, not accuracy against a human ground truth. A hand spot-check of a drawn sample is what converts that into a real accuracy claim, and it is not yet run; a hand sample of about 40 is scheduled. The thresholds in use are provisional until it is reviewed.
Recall
42%
Of 208 mission-labeled issuers, the share the classifier flagged.
Specificity
83%
Of 36 controls, the share it correctly left unflagged.
Mean score, mission
11.1
Mean score, control
4.0
The hand spot-check is not yet run; a hand sample of about 40 is scheduled. Until it is reviewed, the figures above measure agreement between two automated readings, and the agreement rate and its Wilson interval are not yet reported.
The comparison set was assembled by automated research reading Reg CF portal listings and issuer-published pages. Its labels are machine-generated and were not human-reviewed at assembly, so recall and specificity here measure agreement between two automated readings of the same pages, not accuracy against a human ground truth. A hand spot-check of a drawn sample is reported alongside under hand_checked, and its agreement rate is the bound on how far these figures can be trusted. It is also a convenience sample, not a random sample of the market, so it does not measure accuracy across the whole universe. 259 of 278 labeled issuers matched the registry by name; not disclosed did not and are excluded from the measurement rather than counted as misses.
What each flag threshold would buy and cost
The flag threshold in use is 16, and the community and impact floor is 32. The Screen wants recall, because an issuer it misses never gets looked at, but not at the price of flagging the controls.
Definitions that decide the numbers
offerings vs filings
The SEC publishes two Regulation D series. Offerings counts new Form D filings and excludes amendments. Filings counts both. They differ by roughly twenty thousand a year and are never mixed.
regcf dollars
Regulation CF dollar figures depend entirely on definition. The SEC reads proceeds off Form C-U progress updates and calls its own total a lower bound. KingsCrowd and Crowdfund Capital Advisors count investor commitments at investment date and report more. Both are correct for what they measure. Every figure here states which basis it uses.
regd dollars
Form D amendments restate the cumulative amount sold, so summing filings counts the same capital repeatedly. Collapsing each offering to the largest figure in its amendment chain is the defensible correction. It does not reproduce the SEC published total, so the SEC total is cited here and never re-derived.
amount sold is a lower bound
No closing amendment is required for an increase under ten percent, and many issuers never file a final amendment.
Sources
Every source is free and public. There is no licensed data in the canonical layer, so anyone can reproduce this from the same files.
The published series every ingested count is checked against. Read live each run, so a target is never a stale transcription.
1,124,075 rows
Authoritative accession to issuer mapping, and the Reg A continuing reports the DERA sets do not model.
412,356 rows
Regulation D offerings, exemption claimed, pooled-fund flag, amounts.
35,919 rows
Form C, C/A, C-U and C-AR, including the two-year financial fields and the intermediary.
13,048 rows
Form 1-A and 1-K, tier, audit status, auditor, and the financial statement fields.
The registered intermediary list, cross-referenced to the intermediary named on each Form C.
13,226 rows
ESOP identification by pension benefit code 2O, 2P and 2Q. A lead source, not proof of employee ownership.
Issuer-published pages
3,110 rows
The issuer's own words, fetched from the website stated on its Form C. Supplementary. Never carries a mandatory criterion.
Registered funding portals, 75 on the FINRA list
| Portal | SEC file | Offerings, all years | 2024 |
|---|---|---|---|
| Wefunder Portal LLCwefunder.com | 7-33 | 2,851 | 337 |
| Honeycomb Portal LLChoneycombcredit.com | 7-119 | 1,161 | 309 |
| MainVest, Inc.mainvest.com | 7-162 | 779 | 36 |
| OpenDeal Portal LLCrepublic.co; https: | 7-167 | 739 | 65 |
| NetCapital Funding Portal Inc.netcapital.com | 7-35 | 484 | 60 |
| SMBX, Inc.thesmbx.com | 7-129 | 227 | 58 |
| PicMii Crowdfunding LLCpicmiicrowdfunding.com | 7-246 | 107 | 30 |
| NSSC Funding Portal, LLCsmallchange.co | 7-12 | 59 | 7 |
| GigaStar Portal LLCgigastarmarket.io | 7-376 | 44 | 16 |
| Climatize Earth Securities LLCclimatize.earth | 7-360 | 42 | 9 |
| StartEngine Capital LLCstartengine.com | 7-7 | 30 | 1 |
| Jumpstart Micro, Incissuanceexpress.com | 7-8 | 27 | 9 |
| ALAO Invest LLCjoincommonwealth.com | 7-331 | 25 | 15 |
| Equifund Crowd Funding Portal Inc.equifund.com | 7-115 | 24 | 4 |
| Fundify Portal, LLCfundifyportal.com | 7-216 | 23 | 0 |
| Invown Funding Portal LLCinvown.com | 7-329 | 17 | 5 |
| Wunderfund, Inc.wunderfund.co | 7-116 | 15 | 1 |
| CrowdsourceFunded.comcrowdsourcefunded.com | 7-27 | 12 | 0 |
| Fundme.com, Inc.fundme.com | 7-78 | 12 | 0 |
| Infrashares Inc.infrashares.com | 7-107 | 11 | 0 |
| Miventure, Inc.portals.syndicatepath.com | 7-227 | 11 | 0 |
| Vesterrvesterr.com | 7-341 | 11 | 6 |
| Crowdfund My Deal, LLCinvest.crowdfundmydeal.com | 7-399 | 10 | 2 |
| WeVidIt, Inc.invest.goodworkshub.com | 7-328 | 9 | 1 |
| FlashFunders Funding Portal, LLCflashfunders.com | 7-9 | 8 | 0 |
| Loupt Portal LLCinvestloupt.com | 7-446 | 8 | 2 |
| Timestamp Portal LLCtimestampfinancial.com | 7-456 | 8 | 2 |
| RealRise Capital LLCrealrisecapital.net | 7-324 | 7 | 0 |
| Common Owner CF LLCcommonowner.com | 7-229 | 6 | 0 |
| Community Bond, LLCmainstreetbond.com | 7-443 | 5 | 4 |
Vocabulary
One word per layer, used the same way every time.
Adopting instruments cite these names, so they are fixed. The Standard defines the terms; this states how they are used.
- Proofscaling
- The bare word is the practice and the publisher. It never means the specification on its own.
- the Standard
- The specification, always cited by version and content hash, both printed in the masthead of the Standard page.
- the Screen
- The instrument. An assessment is what it produces. Screened, assessed and scored are all fair verbs for what it does.
- a designation
- The output: a named place on the ladder, held by predicate. It is never a rating, and there is no rank-ordering inside a state.
- the composite
- A reading of reporting quality that orders issuers inside a state. It is a working number, never an issuer's public standing, and the designation is what the ladder publishes.
- conforms
- What a Domain Thesis does when it follows the extension rule and is pinned. Nothing on this property is certified.
The build refuses to publish copy that breaks this. The retired words are checked on every build, alongside the locked designation and dimension names, so the vocabulary holds without anyone having to remember it.
What this property is, and is not
Proofscaling.org is a publisher. It publishes analysis of filings that are already public: it hosts no offering, takes no compensation from the issuers it writes about, handles no investor funds, and gives no advice attuned to any reader's circumstances.
No issuer pays to be screened, scored, or listed, and there is no paid tier. The methodology is published in full above and is not designed to produce a predetermined result. It produces adverse outcomes, and those outcomes are published beside the favorable ones on the screen page rather than filtered out.
A score describes reporting behavior. It is not a view on the merits of any security, an assurance of accuracy, or a prediction of any outcome.
As a publisher, it draws its data from public filings and reproduces it without independently verifying what those filings assert; an issuer that files an inaccurate statement will be scored on the inaccurate statement. Nothing here has been reviewed or approved by any regulator, and the figures are as of the run named below and go stale between runs.
Issuer and funding-portal addresses link where the offering is lawfully public on its face, which is the case for the Regulation CF, Regulation A, 506(c) and 504 issuers this screen scores. A live 506(b) private placement is the one exception: it is neither linked nor named while it is open, and it does not appear on the site at all until it closes, at which point it becomes citable history. Filing citations always go to sec.gov.
The Standard itself is version 0.2 and is a draft open for comment. The Screen reads public data under that draft and places each issuer on the designation ladder. A designation describes what the filed record shows; it is not a certification, and not a status the property confers. There is no certification program behind it.
Alongside the designations, a Verified profile mark identifies an issuer that has confirmed its own identity and accepted annual re-verification. No issuer has done so yet, so the mark currently identifies none. It reads from a single source of truth and shows nothing until that source says otherwise, rather than standing in for a status we have not confirmed.
Refresh
Filings reload from the SEC and reconcile against published totals on every run. Scores are recomputed from scratch each time, so an issuer that lapses is demoted by the same rule that promoted it. This run is run_20260722T063720Z_a02cd6, generated 2026-07-22.