It’s been a busy month for iConsumer.
On February 13, 2017, the SEC re-qualified our offering. When we started this process, I was most worried that the SEC would be a major challenge. As I have stated before, I was worried for no reason. They have been terrific. This time around, they had a couple of good questions, which led us to make a couple of changes to our site to be clearer in our presentation around the ownership and valuation of the shares our members receive.
There were two major changes in the offering. We lowered the minimum investment required to purchase our shares to $25. Making this economic for iConsumer was a real accomplishment (patting ourselves on the back.) Historically, investing in early stage companies was the realm of the rich. We’re changing that. The second change was an increase in the price of the shares we’re offering from $.045 to $.09 per share.
We’ve started our Change the Faces of Wall Street campaign. Early results are confirming our testing results, so we’re optimistic about the campaign’s success. Check it out at Facebook.
Click the image to see the video
We’ve added a shareholder count to just about every page of our site. Watch it, it gets addictive. We’re moving ever faster to our goal of 1,000,000 shareholders.
We made progress towards getting listed on the OTC QB. We’ve got our first market maker on board. The next step in that process is approval by FINRA. That process could be quick, it could be slow, it could be forever. Where I’ve loved working with the SEC, FINRA has been challenging. They’re short staffed, and still are getting their feet wet in the Reg. A+ world.
Once FINRA says yes, we’ll get a ticker symbol (which we’ll want to change to something memorable), and move on to applying to the OTC listing process. Part of the process includes the DTC back end electronic transfer mechanism being put into place. (That is necessary for the ability to transfer shares from our transfer agent onto the books of a shareholder’s broker – like Schwab or eTrade.)
While we watch revenue, we’re not focused on it yet. This is our member-growth phase. Our strategy is to attract members, and then get them to shop and perhaps invest.
We continue to watch cash carefully. Our $150,000 raise doesn’t go very far, so we are making sure our investments have maximal return.