Offer: The entity and its attributes #

Find more: creation process, funding process, closing process.

Attributes #

Parameter Name	Parameter Description
ID	Unique identifier
Status	Offer’s status. Possible options: new, draft, legal-review, legal-accepted, legal-declined, legally-closed, successfully-closed, unsuccessfully-closed
Name	Offer’s name
Slug	Offer’s slug
Legal Name	formal name of the offer
Esign ID	ID of template from e-sign provider
Entity ID	Escrow account reference number
Wallet ID	Dwollla wallet ID, wallet created for collecting fund for investments after escrow release
Created at	date of offer creation
Updated at	date of the last offer update
Publication_date	date when offer is published for investing
Closse at	Expected date of the offer closing
Author	djadmin user who created the offer
Valuation	$, estimated or assigned value of the offer, reflecting its perceived worth
Min Investment	Minimal amount of shares to purchase
Total shares	Number of total shares
Subscribed shares	Number of shares reserved for investors according to submitted investments
Confirmed shares	Number of shares reserved for investors according to created trades on escrow provider end
Price er Share	$, prise per share
Capital being raised	$, funds amount to be raised, calculated as `Total shares * Price per Share`
Security type	category of the offer based on its nature, rights, and characteristics, such as ownership (equity), debt obligations, or derivative contracts. Possible options: equity, preferred equity, debt, convertable debt, equity warrants, preference shares, convertible bonds
data.wire_to	Wire instructions to be sent to the investor, beneficiary
data.swift_id	Wire instructions to be sent to the investor, swift ID
data.custodian	Wire instructions to be sent to the investor, custodian name or account name
data.account_number	Wire instructions to be sent to the investor, account number of the escrow account
data.routing_number	Wire instructions to be sent to the investor, routing number of the escrow account
data.nc_stamping_text	offer’s indicator for the escrow provider
data.nc_escrow_account_number	account number of the escrow account
data.nc_escrow_routing_number	routing number of the escrow account
address 1	offer’s address 1
address 2	offer’s address 2
city	offer’s city
state	offer’s state
country	offer’s country, default to US
zipcode	offer’s zipcode

For frontend purpose only: #

Documents #

Another important offer’s parameter is a document list. It could include documents relevant for the different offer’s stages.

Each document attached has a flag public (true/false) to specify if document could be accessible for preview by potential investors. Documents (tax, offer update) that are attached as a report for investors have a read flag (true/false) which will represent if the invetor reviewed the document.

Mandatory documents for offer approval include the Investment Agreement, Articles of Organization, and EIN Application, all of which can be marked as public.

Other possible documents: offer, update, tax documents, financial statements, offering memorandum, etc.

Investment list #

List of successfully finished investments and list of unfinished/cancelled investments. List of successfully finished investments represents final shares owners at the closing stage.

Logs #

Offer’s log list contains info of approval process. The offer status is Legally Accepted, with the following parameters filled out with information from North Capital and Dwolla:

North Capital offeringId
North Capital Document Upload
North Capital Submit form
Dwolla Customer ID
Dwolla status = verified
Attached funding source
Dwolla Documents Upload

Shares booking mechnism #

The share booking mechanism plays a crucial role in facilitating investment opportunities within offerings. Several key attributes define its operation:

Total Shares This represents the total number of shares offered within the investment opportunity. It is determined by dividing the capital_being_raised by the minimum_investment.
Minimum Investment Investors can book shares in increments of the minimum investment step, ensuring accessibility and flexibility in investment amounts.
Capital Being Raised This sets the target amount of capital to be raised through the offering, providing a clear objective for investors and administrators.

Investors can book shares by making investments, with each completed investment resulting in the booking of shares.

The number of shares booked is controlled by the subscribed_shares parameter. When an investment is successfully submitted the review step, the number of subscribed_shares increases by the number of shares associated with that investment.

Conversely, if an investment is canceled by the manager for any reason, the number of subscribed_shares decreases by the number of shares originally booked for that investment.

Additionally, there are confirmed_shares, representing the number of shares booked on the escrow provider(North Capital) end. A trade is created for each successful investment on the NC end, confirming the shares booked.

In the case of a 100% funded offer, the total shares, subscribed shares, and confirmed shares should all be equal. This ensures consistency and accuracy in the allocation of shares.

The availability of investing opportunities is determined by the internal parameter “subscribed shares.” Once the subscribed shares reach the total shares available, the offering is considered 100% subscribed, and further investments are restricted until an existing investment is canceled.

Offer’s wallet #

Each offer has own wallet to collect funds after they are settled on escrow end and offer is legally closed.
The wallet feature is fully powered by Dwolla.
The wallet is created when offer is being in legal review status, sent for approval.
The Wallet is considere as created successfully and could be used right after dwolla returned Verified status for it.
Dwolla Customer ID for the offer’s dwolla wallet is built as admin+<offer.slug>@example.io
After request for wallet creation Dwolla can return error statuses that should be resolved by retry request. Note: if dwolla wallet for offer is not Verified, then offer does not pass legal review and gets legally declined status.
Dwolla wallet statuses are matched with our internal wallet statuses:

wallet status	dwolla status	description
created	-	internal status, request to create a wallet was sent
error	-	internal status, request to create a wallet was failed
verified	-	dwolla created verified wallet for the customer
error_retry	`retry`	Dwolla requires additional information
error_document	`document`	Dwolla requires additional documentation
error_pending	`retry_sent/document_sent`	Dwolla is reviewing additional data sent
error_suspended	`suspended`	Dwolla refuses to verify the wallet