iConsumer didn’t work.  It didn’t achieve critical mass.  It ran out of money in 2021.  It borrowed money to keep going, but by July, 2023, the borrowed money was gone.  Everybody was laid off, and no human being has been around to pay attention to it since then.  Just computers on autopilot. iConsumer was shut down.

What follows is basically a summary of information provided in our SEC filings and disclosures and prior posts here.

Equity crowdfunding was the basis of iConsumer – customers could build and own the next great rebate site.  It would radically reduce the amount of cash iConsumer would need to achieve critical mass.  Users would build the business in exchange for earning publicly tradeable ownership – shares.  Which meant that iConsumer didn’t raise a lot of money. 

It went pretty much to plan the first year or three.  But the regulatory environment was changing.  It became increasingly impossible for users or other investors to deposit their shares with a stockbroker – making their shares effectively not tradeable.  Perhaps not worthless, but certainly completely illiquid.  Covid and Amazon going away made a bad story worse.  iConsumer had attracted about 85,000 members, but growth, and then people using iConsumer, stopped.

Without great size, or money in the bank, or the incentive of being able to buy or sell stock to help iConsumer grow to critical mass, iConsumer is just another rebate site.  Even when iConsumer tried offering exclusively rebates, iConsumer didn’t earn enough money to pay all of its web site hosting bills. 

No money for lawyers, accountants, SEC filings, stock transfer agents, programmers, bankruptcy, folks to change prices or rebates, answer support questions, or anybody else.  Continuing iConsumer doesn’t make sense.  iConsumer is history. Our attempt to utilize equity crowdfunding to do something new and different – to make it possible for ordinary people to create a publicly-owned loyalty site – failed.

Thanks to all of the folks who worked hard to make it come true.