Letter from the CEO – July 2017

By: Robert Grosshandler | July 16, 2017

Overview

Three highlights this month.  First, over 42,000 member / shareholders have joined iConsumer.  Second, our FINRA application made progress.  Third, our focus on revenue is beginning to bear fruit.

Marketing – Member Growth

42,000 Members!

We continued to add new member / shareholders at the rate of  around 250 – 300 per day.  Our cash cost of acquisition stayed low. It bears repeating: the 99% are truly building a new kind of company.  We’re going to reduce our marketing budget during the balance of the summer to focus on revenue generation.  We’ve proven that we can get people to sign up.  Now it’s time to work with our members to make our company stronger and more valuable through shopping.

Revenue

We published a new article on how revenue (and even more importantly, cash generated by shopping) affects the valuation of iConsumer.  The article focuses on Amazon, but it applies to all 1,700+ stores.  As I’ve stated before, cash generated by our members’ shopping is the lifeblood of our business.  It provides the cash we need to operate, and provides most of the basis that investors are going to consider when they decide whether to invest in us or not.  And that directly affects the price you’ll receive when you go to sell your shares.

So, before you continue reading this post, go buy something.  You’ll earn more shares and usually get some cash back, too.

Earlier this month, we tried some new promotions.  The results were interesting (and good).  And in this context, good translates into people shopped and earned us money!

Financing & Regulatory Compliance

FINRA, the SEC, and Cash

A quick review.  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 needed to be reviewed first by our broker / dealer (market maker).  They’ve reviewed each and every page of our submission, and in turn, they submitted our documentation to FINRA.  I am told that FINRA may take a long time, and then when they do respond, they’ll have comments we’ll need to address.  After that, we get a ticker symbol and we’ll be quoted on the OTC QB, and then, the final step will be to 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).

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.

Again, we grew over 10%.  We’ll need more cash to fund continued growth.  I spend most of my time on that subject.  We’re talking with a lot of potential funding sources.  Because we’ve used a new way of financing our growth, iConsumer requires more explanation than many companies.  And that means the number of potential investors is smaller than it might be if we were the standard, boring company.

It looks like we’ll be doing a Reg. D debt offering aimed at accredited investors (wealthy people) this time around.  In great part, that’s because until FINRA issues us our ticker symbol, we can’t sell more stock.

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, about three weeks after FINRA issues our ticker symbol.  It’ll depend on the SEC and how fast (and if) they qualify our next offering.  We’ll be certain to let you know.  The $25 minimum is a wonderful way to get your feet wet.

Member’s Stock Issuance Delayed

Until we have an open, qualified offering, we can’t actually issue and transfer our members’ stock.  Please see this article for more on that.

16 Comments

JEFF REYNOLDS, July 20, 2017 at 3:38 pm

So what you are saying is that any stick.we currently hold is worthless because you had no prior authorization offer it according to legal terms?

    Robert Grosshandler, July 23, 2017 at 5:31 pm

    Trying to say the complete opposite of that. If you have stock that we issued and transferred to you, you’re set. If you’ve earned stock that we have not yet issued and transferred to you, we’ll be doing that important step later this year, once the SEC has qualified our next offering. If you have stock you’ve earned, but isn’t issued and transferred, we owe it to you, and there are other ways (less convenient) to get it to you if the SEC didn’t qualify our next offering.

Ton, July 20, 2017 at 4:27 pm

Well it’s a good branch too be part of I’m happy too be aboard..

Mark Campbell, July 20, 2017 at 4:31 pm

Can I sell my stocks and how do I do this

    Robert Grosshandler, July 23, 2017 at 5:27 pm

    Yes. Once you find somebody who wants to buy them, you’ll instruct the transfer agent (Issuer Direct) to transfer them to your buyer.

    We’re working on making it easier to find a buyer. First step is getting a ticker symbol, but there are lots of steps after that to truly make it easier.

Mike, July 20, 2017 at 5:30 pm

I would like to cash out

    Robert Grosshandler, July 23, 2017 at 5:25 pm

    Cash back you earn at iConsumer is automatically sent to you. The iConsumer site has information about that at http://support.iconsumer.com/kb/a231/cash-back-payments.aspx.

    You are free to sell your shares at any time. We’re working hard to make it easy to sell your shares. The first step in that is getting a ticker symbol, but there are more steps necessary to make it easier.

joe, July 20, 2017 at 6:57 pm

I would love to invest in a company if and when we can ever actually give invest I mean money and get returns on it it nice would be great. If it worked out it would be a nice retirement plan

    Robert Grosshandler, July 23, 2017 at 5:22 pm

    We want you to be able to invest money. Once we get approval from FINRA, we’ll be filing with the SEC to enable you to be able to do that again. Of course, there is always risk involved with investing, so you’ll need to consider that before you invest money.

Joseph Gay, July 20, 2017 at 7:46 pm

How can i get more shares

David Stuart-Alexander, July 21, 2017 at 1:28 am

I’m real happy abou your company. I only wish that my acquaintances and other people that i interact with during the day would open their eyes and discover the opportunity to become well off It;s all good, whether as a customer or an investor. No other company offers what you do and if there is one, i’ve never heard of it. Keep up the good work.

Susan Deaver, July 25, 2017 at 2:44 am

How much stock do i have how can i find out

Colby Koklas, August 10, 2017 at 3:58 pm

If we were one of the first to get stock at $.07 per share and now that the stock is at $.09, does that mean we have made money on those first shares? Is IssuerDirect keeping track of the price of the shares?

    Robert Grosshandler, August 29, 2017 at 11:48 am

    Hi

    Shares you have earned as a member iConsumer does keep track of the share price when it was issued to you. Keeping track of the original share price for those shares you purchased is your responsibility. Issuer Direct does not keep track of that for you.

    In theory, if the share price being quoted is higher than the price you paid, you’ve made money. Do remember that the price you eventually sell at may not be the quoted price.


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