Letter from the CEO – February 2, 2018

By: Robert Grosshandler | February 2, 2018

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.

Trading Update

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.

 

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8 Comments

Robert T Scott III, February 2, 2018 at 2:21 pm

Sounds good

VERNA BADUA, February 2, 2018 at 5:23 pm

Souds good too

Evan schmalholz, February 2, 2018 at 9:56 pm

What does that mean for me? Is there a way i can make money off of this?

    Kim Logan, February 2, 2018 at 11:31 pm

    Short answer, yes, there’s potential for you to make money.
    For the long answer, we suggest you take a look at our offering, and some of the earlier posts from this blog:
    Offering
    Supporting Crowdfunded Startups
    Marketing iConsumer to Investors
    We also have had a handful of Webinars for our shareholders – you can see them in the archive.

    Robert Grosshandler, February 2, 2018 at 11:43 pm

    We all fervently hope so. We’re doing this for at least two reasons. First, I think it is important to give folks a chance to learn about being investors, to have a chance to participate in the economy as owners. Second, I want people (including everybody who is part of iConsumer) to make lots of money from iConsumer. I am reasonably sure we’ve done the first (we have over 50,000 shareholders and shareholders in waiting). The second has no guarantees, but we work every day to make it possible.

    Here’s how that second point might work. You shop. You earn Bitcoin, and shares of our stock. No cash out of your pocket. Later, you sell your iConsumer shares. No matter what you sell them for (above zero), you’ll get more than you paid. Later, you sell your Bitcoin. No matter what you sell them for (above zero), you’ll get more cash than you paid.

    Let’s say you buy our shares on the market. Let’s say you pay $.09 for them. If you sell them later for more than $.09, you’ll be making money (don’t forget to calculate how much it cost you to buy and sell them). If you sell them later for less than $.09, it was a bad day. While we hope for only good days, be prepared for bad days.

    One more cool way to earn stock. Tell your friends. They shop, you earn stock. If the stock becomes more valuable and goes up in price, the stock you own goes up in price. When you’re ready, when selling the stock makes sense to you, go sell it.

Ronda Province Hyson, February 8, 2018 at 8:30 am

Thanks so much for the info


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