Each month, I’m going to try to post an update to this blog, sometime after the 10th of the month.
A couple of reasons for doing this.
First, we really believe in transparency, the more we can tell our members and shareholders, the better they’ll be able to support our growth.
Second, as a public company, we’re not allowed to give anybody an inside track on information about us. By posting that information on this blog, we’ll have one place to point to when folks want to know “what’s up” with iConsumer.
So, here’s our first update:
On September 29, 2016, the SEC qualified our offering. In December, 2016, we did our first closing because we received in excess of our minimum subscription amount. We’re now on to Act II – getting ready to be quoted (that is, getting a stock ticker symbol assigned to our stock) and then traded on the OTC QB. The funds we’ve raised so far are assisting us in that quest. We’re planning a large marketing campaign to leverage our getting a ticker symbol and being listed. The goal of the campaign is to get new members.
We had hoped to be listed and traded this month, but it looks more likely it’ll be February.
As part of getting ready for Act II, we transferred the shares earned by our members to our new Transfer Agent: Direct Transfer, LLC. We were able to transfer the shares for about 1,600 shareholders who had provided the necessary contact information. Sometime soon we’ll be sending out a link to the transfer agent so that shareholders can confirm and manage their iConsumer stock. Most companies don’t have 1,600 shareholders, so the transfer agent has some work to do. We’re on our way to 1,000,000 shareholders.
Soon, the electronic magic that is supposed to allow shareholders to transfer their stock from the transfer agent into their own brokerage accounts should be in place. Other companies have had problems with this step, so we’re moving cautiously.
Moving forward, we’re preparing to resubmit our offering to the SEC with two major changes. We’re increasing the valuation of the company in recognition of the progress we’ve made. And we’re lowering the minimum amount an investor can invest to $25. We’re very interested in having the greatest number of shareholders possible. As we say, the ultimate loyalty program is ownership.
To recap: since qualification, we’ve accomplished securing a Transfer Agent, we’re in negotiations for a market maker (necessary to have our stock traded on the OTC QB), we raised some capital (establishing third party validation for our stock price), we’ve filed for DTC (necessary to have our shareholders’ stock transferable into brokerage accounts), gained a thousand more customers, sent out money and stock to thousands of people, filed our six month financial statements with the SEC, and established the basis for a wide audience marketing campaign.