Also very interesting
We have filed with NASD Regulation entitlement forms for access to the
Investment Advisor Registration Depository (IARD) and have established an IARD
User Account. Although this process has been delayed by the Company as we have
been focused on improvements to our Web site, we anticipate filing Form ADV to
apply for registration with the Securities and Exchange Commission as an
investment advisor within the next 6 to 9 months. We believe that such
registration will be effected approximately six weeks after filing Form ADV.
Until such time, we will not be able to commence certain components of our
planned operations. The requirement to register as an investment advisor with
the Securities and Exchange Commission will cause us to incur additional costs
and expenses, will result in delays in our operations and the execution of our
strategic plan, and may require us to refuse to accept new subscribers, obtain
new customers and will prevent us from generating revenues from our planned
operations.
We have used the gross proceeds from these offerings to, among other things, pay
for our obligations to Michael Adams Consulting, Inc., a company wholly owned by
Vito W. Lucchetti, Jr., our president and CEO pursuant to a consulting agreement
which has since expired, obtain additional office space and for other general
and administrative expenses, including the construction and redesign of our Web
site.
Based on our current plans, we do not believe that our cash and cash equivalents
and cash flows will be sufficient to enable us to meet our planned operating
needs. To execute our business plan over the next twelve months, we believe that
we will require approximately $60,000 per month over the next 12 months, which
will require us to raise, approximately, an additional $520,000. We anticipate
that we will raise these additional funds through the private sale of our
securities and/or through loans issued to us by our officers and/or directors. |
