There's some seriously strange maths going on here.

From the contract:

"The first batch is a initial sale of 14,500,000  (14.5 million) shares, which will be sold on BitFunder for 0.0014 BTC per share. "

"The second batch of 3,500,000 (3.5 million) shares and will be sold at 0.0015 BTC per share."

That's 18 million shares in total - and adds up to 25550 BTC.  Call it 25400 BTC to allow for transaction fees.

Yet the table quoted in the post above claims that with 18.5 million shares sold (500k more) only 20k BTC has been raised.  Somewhere over 5K BTC ($0.5 million) has vanished.  Have some private unpaid shares somehow accidentally got into the public section?

There's further problems with the math in the table.  Look at the 3 different examples.  They're 20k BTC, 27.5K BTC and 35K BTC - so same gap of 7.5k BTC between each set.

Now look at the hashing-power.

When capital increases from 20K to 27.5K hashing power increases from 235.3 Th to 303.03 Th - an increase of just under 68 Th.
When capital increases from 27.5k to 35K hashing power increases from 303.03 to 363 Th -- an increase of just under 60 Th.

Somehow extra hashes get MORE expensive per hash the more you buy?  That's the opposite way round to how pricing usually works on bulk purchases.

I think there's just been a cockup on BTC raised in each line (and not anything dodgy going on) - as it appears from the table that 4 million shares at .0016 raise the first extra 7.5k public BTC then 3 million more public shares (at the same price) raise another 7.5k BTC.  When in fact neither of those sizes of public share sales raises anywhere near 7.5k.  It looks like the table was changed at some point and one of the columns (BTC raised) didn't get updated when the others did.

EDIT:  Was reviewing the BTC-TC listing as it claimed to be updated.  It also has silly things like "These assets have to be sold by the 25th of October (00:00:00 UTC, 4 November 2013) before the offer expires."  In the Financial Planning section.

I appreciate you're only asking for a few million dollars - so can't really justify someone proof-reading a few paragraphs of text - but noone even skim-read it for obvious howlers like that? (which also totally contradicts the contract which claims the IPO ends in September anyway).