Welcome to February
I think it’s important to let you know proactively when we file important information with the SEC. This is your company, we want you to be up to date.
One of the most important things about iConsumer is that we’re regulated. We’re required to file audited financial statements. The auditor, while paid by us, actually works independently, making sure that our financial statements can be relied upon by third parties (like you, our shareholders). It’s a level of transparency that I think is very, very important. As we get bigger and venture into the world of blockchains and ICOs, that’s going to distinguish us from the pack.
Restated Six Month Financial Statements
We filed an amended 1/SA – called a 1/SA/A (isn’t the SEC’s naming nomenclature fun?). This is our restated six month financial statements for the period ending 6/30/17. Sometimes having to restate financials is a bad thing. This time it’s good.
Our auditors, working with us, did six intense weeks of research on the appropriate way to treat the stock our members earn, both for shopping and other activities. The end result improves the optics of our balance sheet. For those folks who analyze balance sheets, many of the important ratios are “better”. The un-issued equity that we know we’ll have to issue is no longer treated as a liability, but appears in the equity portion of the financial statements. It doesn’t affect our profit and loss or cash position at all.
Offering Circular Filed
All I can say is finally and phew. Here it is (it’s called a 1/A). We’ve been waiting to do this since May of last year. We’ve prepared an entire post on this. Quick summary. Once (and if) the SEC qualifies this offering (about a four week process normally), we’ll be able to sell shares at $.15 a share (last time we sold was for $.09/share), and we’ll be able to issue shares earned by our members.
We filed on Friday, January 26, 2018, but who’s counting.
We’re most of the way through the DTC / DWAC eligibility process. I’m being told that late next week we should be ready to transfer the first shares from our transfer agent onto the books of a brokerage firm. After that, we should start seeing some quotes actually happening. As a reminder, I expect that we are going to be very, very thinly traded for a long, long time. Because we’re considered a penny stock (any stock less than $1 in price is typically called a penny stock), there will be hoops to jump through to transfer, sell, or buy our stock (OTCQB: RWRDP). The long-term solution for that is in all of our hands. Help make us bigger and more profitable by telling friends and shopping.