Rule 505 of Regulation D also allows for shorter disclosure forms when small offerings are made of no more than $5 million in a period of one year. However, the issuer cannot have a history of securities fraud or related crimes. Rule 505 does not allow general selling efforts and requires disclosure similar to Rule 506, but purchasers do not have to be experienced with investments. Rule 504 exempts SEC registration of a nonpublic issuer of $1 million or less in securities within a period of one year as long as the issuer discloses the relevant information required by state law. Rule 504 also allows general selling efforts, has no limit on how many purchasers, and purchasers do not need specific qualifications. Regulation A provides an exemption to SEC registration of small market offerings of $5 million or less, and there is less of a disclosure requirement. The disclosure statement is called an offering circular, which contains a balance sheet from at most 90 days before the file date, two years of income statements, cash flow information, and shareholder equity reports. Regulation A does not specify purchaser number, sophistication, or resale requirements. In some cases, the SEC will exempt offerings of $50 million or less since the amendment created by the JOBS Act.