Form 1-SA

Forms and Documents

Document Name	Status
Form SEC 2914 Form 1-SA Form and Instruction	Modified
20250903_3235-0721_2025-16894_90 FR 42631_30-Day Submission Notice.pdf.pdf Supplementary Document	2025-09-03
Form 1-SA.SupportingStatemen.2025.FinalFinal.pdf Supporting Statement A	2025-08-25
2025 06 27_90 FR 27737_3235-0721_60-Day Collection Notice.pdf Supplementary Document	2025-06-27
March 6, 2025.EDGAR PIA.pdf Supplementary Document	2025-08-25

IC Document Collections

IC ID	Document Title	Status
212628	Form 1-SA Form and Instruction	Modified

ICR Details

OMB Control No: 3235-0721	ICR Reference No: 202504-3235-018
Status: Received in OIRA	Previous ICR Reference No: 202207-3235-025
Agency/Subagency: SEC	Agency Tracking No: CF
Title: Form 1-SA
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 09/03/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2025
Responses	464	55
Time Burden (Hours)	74,163	8,791
Cost Burden (Dollars)	7,852,550	618,420

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Abstract: The Securities Act of 1933, as amended (the “Securities Act”), generally requires that a registration statement be filed with the Securities and Exchange Commission (the “Commission”) disclosing prescribed information before securities may be offered for sale to the public. While the Securities Act already authorizes the Commission to exempt certain securities and transactions from registration, Section 401 of the Jumpstart Our Business Startups Act added Section 3(b)(2) to the Securities Act, creating a new exemption from registration. The Commission has adopted various rules (collectively, “Regulation A”) establishing a limited offering exemption from the registration requirements of the Securities Act. Regulation A provides an exemption for offerings that satisfy certain conditions, such as filing an offering statement with the Commission, limiting the dollar amount of the offering and, in certain instances, filing ongoing reports with the Commission. Form 1-SA is filed with the Commission under Regulation A. The purpose of Forms 1-SA is to better inform the public about companies that have conducted Tier 2 offerings under Regulation A. Form 1-SA provides semiannual, interim financial statements and information about the issuer’s liquidity, capital resources and operations after the issuer’s second fiscal quarter. The Commission will use very little of the collected information itself, except on an occasional basis in the enforcement of federal securities laws.

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Authorizing Statute(s): US Code: 15 USC 77g, 77j, 77s(a), 77z-3 Name of Law: Securities Act of 1933
   US Code: 15 USC 78c(b), 78l, 78m, 78o, 78w(a) Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78mm Name of Law: Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 27737	06/27/2025
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 42631	09/03/2025
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Form 1-SA	SEC 2914	Form 1-SA

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	464	55	0	0	409	0
Annual Time Burden (Hours)	74,163	8,791	0	0	65,372	0
Annual Cost Burden (Dollars)	7,852,550	618,420	0	0	7,234,130	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The increase of 65,372 burden hours and the increase in cost burden of $7,234,130 displayed in the above table are due to two adjustments: the first is an increase of 409 in the number of annual responses, calculated by the difference between 464, the average number of respondents annually filing Forms 1-SA over the last three-year period ended December 31, 2024, and 55, the average number of respondents annually filing the Forms 1-SA over the previously reported three year period; and the second is the Commission’s change in the estimated cost burden per hour for outside professionals from $398 per hour to $600 per hour. Accordingly, based on our estimates, we calculate the burden hours adjustment increase to be 65,372, calculated, as follows: 85% x 188.04 hours per response x 409 responses. We also calculate the cost burden adjustment increase to be $7,234,130, calculated based on the difference between the estimated annual cost burden of $7,852,550, as reported in the table under Question 13 above, assuming 464 responses per year, and the annual cost burden of $618,420, as reported in our supporting statement for the previous reporting period, assuming 55 responses per year.

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Annual Cost to Federal Government: $131,724,880

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 09/03/2025

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