Read the filing. Not just the pitch.
Startups now raise millions directly from the public with slick videos, “pre-IPO” badges and reserved tickers. We read what they file with the SEC, follow the product, and compare the two.
IMMERSED
SCAM ALERT
A pre-IPO pitch, a headset nearly three years in the making, $5.22M owed to vendors and a going-concern warning in the audited financials.
News & investor guides
How startup fundraising works, where the warnings hide in public filings, and what to do when a product you paid for does not arrive.
“Pre-IPO” is not an IPO: what a reserved ticker and a Reg A offering really mean for your money
Startups raising money online borrow the language of Wall Street: tickers, listings, “get in early.” Here is what those words do and do not promise.
Two words to find before you invest in any startup: “going concern”
It is often buried in the notes to the financial statements. It is also the clearest warning a company can give that it may not survive the year without new money.
Paid for a gadget that never shipped? Preorders, delays and your rights
When a hardware startup takes deposits years before delivery, customers carry the risk. What the numbers show, and what rules protect buyers.
Companies under scrutiny
Each report sets the company's investor pitch beside its audited numbers, product record and public complaints, with links to the source documents.
Immersed: the headset that was always almost ready
Immersed sells investors on spatial computing, 1.5 million users and a reserved Nasdaq ticker. Its 2025 audited statements show $677K in revenue, $11.23M in liabilities and a formal going-concern warning, while Visor preorder customers kept waiting.
Six red flags in a startup pitch
Every one of these can be checked in minutes against the company's own filings. If you find two or more, slow down.
“Revenue to date”
Cumulative numbers over many years can look like one year's sales. Find the audited annual revenue and compare.
Projections as headlines
A forecast of tens of millions is a hope, not a result. Look for how far the last three projections were from reality.
“Reserved ticker”
Reserving a symbol costs little and guarantees nothing. It is not a listing, and your shares may have no market to sell into.
Going-concern note
If the financial statements say there is “substantial doubt” the company can continue, your money may be what keeps it alive.
Insiders selling in the offering
Check the offering circular for “selling stockholders.” Money from those shares goes to insiders, not to the company.
Preorders, no product
Taking customer deposits years before delivery means buyers are funding development, often with fewer protections than investors.
Filings first. Then the story.
Companies raising money from the public must file documents with the SEC. That is where our reporting starts.
Collect
Offering circulars, annual and semiannual reports, current event filings and the company's own investor page.
Compare
We put the marketing claims next to the audited numbers and the product record reported by independent media.
Right of reply
Companies can send corrections or a response. Material responses are added to the report.
Update
New filings change the picture. Reports are dated and updated when they do.
Invested, preordered or left with an unpaid invoice?
Tell us what happened. Include the company name, dates, amounts and any documents. We read every submission and never publish your identity without permission.