While there is a technical definition of a disclosure under securities laws, the best way to think about a disclosure is information which would be relevant or material for an investor to hear, listen to, discuss, or think about before making an investment. The one thing you don’t ever want is to have an investor at a later time come back and say, as they certainly have done in situations like this is: “hey, that is something you should have told me.” By being very clear, complete and direct in the information you communicate in your offering documents, that should never happen.