b'How to Legally Raise Private Moneydevelopment, coupled with a contract for cultivating, marketing and re-mitting the net proceeds to the investor, was an offering of an investment contract," U.S. v. Howey, 328 U.S. 293 (1946). The Supreme Court held that: The test is whether the scheme involves an investment of money in a common enterprise with profits to come solely from the efforts of others. Based on Howey and subsequent case law, the current standard for de-termining whether an investment constitutes an investment contract has been reduced to a four-prong test including: 1.An investment of money2.In a common enterprise3.With the expectation of profit and4.Based solely on the efforts of the promoter or a third party 36'