Arizona Administrative Code
Title 14 - PUBLIC SERVICE CORPORATIONS; CORPORATIONS AND ASSOCIATIONS; SECURITIES REGULATION
Chapter 4 - Corporation Commission - Securities
Article 1 - IN GENERAL RELATING TO THE ARIZONA SECURITIES ACT
Section R14-4-107 - Promoters Equity

A. An amount equal to the following percentages of a proposed public offering shall, before new stock is offered to the public, be paid in or contributed in cash, or other tangibles by the organizers and promoters, except in unusual instances and the burden shall rest on the applicant to justify its exclusion from the following schedule:

10% of the first $200,000.00

5% of the second $200,000.00

1% of the balance

B. The value placed on any non-cash assets so paid in or contributed must be fully substantiated.