On Friday, January 26, 2018, we filed an offering statement with the SEC.
Once the SEC has qualified it, which is taking about 4 weeks on average these days, we’ll be able to do two things.
First, we’ll be able to issue shares to shareholders. And second, we’ll be able to sell shares to the general public. Unlike most early stage companies, we’re allowed to sell shares to ordinary people – unaccredited investors. We think the 99% can assess the rewards and risks of iConsumer for themselves.
It’s a long document. Some highlights:
- We’re announcing our intention to build our own blockchain-based token (preliminarily called REWARDScoin).
- You’ll be able to buy our equity using Bitcoin.
- We’re selling our stock for $.15 per share. That means that once our offering is qualified, and somebody unrelated to iConsumer invests at that price, we’ll use $.15 per share as the market value for determining how many shares of stock you receive from shopping. Currently, the price we use is $.09 per share.
- It includes restated financial statements for 2016 and the first half of 2017. Our auditors decided that we should be booking the balance sheet portion of the equity our members earn for shopping and referring people differently. We have been booking it as a liability. Now we’re booking it to the equity section. The result of that is that our accounting ratios look better.