The important news this month is no real news, so this post is going to be brief. Elsewhere I’ve written about our next raise and the success we had at our first prospective investor conference. We’re still waiting for FINRA to approve our filing and give us a ticker symbol. And member growth has been good. Lastly, you’re going to see an increased focus on revenue generation.
Marketing – Member and Investor Growth
We continue to add new member / shareholders at the rate of around 250 – 300 per day. Our cash cost of acquisition stayed low. It’s very rewarding to see that our members are recruiting friends to help change the faces of Wall Street. It bears repeating: the 99% are truly building a new kind of company.
If the market values us like it valued our role models, back in the day, each of those members is worth $200 – $400.
While I’m not going to speak to precise numbers (I need to wait for our six month financial report, due later this summer, or the lawyers will be upset), I am going to talk about the importance of revenue. Before now in these letters I’ve only focused on member growth and the fun of getting through the regulatory hurdles. But unless members actually go and buy things at our 1,700+ retailers, we don’t make any money. And that’s bad.
So, before you continue reading this post, go buy something. You’ll earn more shares and get some cash back, too. Don’t buy stuff you don’t need, don’t be wasteful. But if you need it, use iConsumer and one of those 1,700+ retailers!
Really want to help make your company more valuable? Go shop at Amazon. While Amazon won’t allow you to earn shares or get cash back, iConsumer earns a lot of money when you shop there. And that money pays our bills, and looks really good to prospective investors. Those prospective investors are the people we want to be interested in buying your stock, when you’re ready to sell. So having them think our stock is worth more, because our revenues are good, benefits all of us.
You’ll begin to see more emphasis from us on shopping, earning stock and cash back, and helping to grow the business.
Financing & Regulatory Compliance
FINRA, the SEC, and Cash
This is mostly a repeat from my May letter, but it’s good stuff, so here goes. Closing our offering was the first step in getting FINRA to review and hopefully approve our submission. Once they do that, they’ll assign us a ticker symbol. We submitted over 3000 pages of documentation, all of which needs to be reviewed first by our broker / dealer (market maker). We also still need to get final approval from the OTC (our application to be quoted on the OTC QB has been submitted and preliminarily approved) and have our stock DTC qualified (that’s the process that allows our stock to be electronically transferred into shareholder accounts that are NOT held at Issuer Direct – our transfer agent).
Stupid fun fact. The ticker symbol FINRA assigns to us will probably be meaningless and forgettable. We’ll need to apply to them again to give us a fun, easy to remember ticker symbol.
The end result of that process is that the stock you own (whether you purchased it or earned it) is more easily traded. In other words, while you “can” sell your stock today, it’s hard to do, because nobody knows that you want to sell it. Getting quoted on a market makes it easier.
We grew over 10% since last month’s letter. We’ll need more cash to fund continued growth. I spend most of my time on that subject.
As always, you can see our latest SEC filings here. No new filings since my last CEO letter.
Become an Investor – But Not This Month
We’d love for current member / shareholders to consider investing cash to help us grow. However, until we have an open, qualified offering, we can’t accept your money. We expect to be able to accept your money later this summer. We’ll be certain to let you know. The $25 minimum is a wonderful way to get your feet wet.