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Originally Posted by Cod |
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They don't technically have or share the workspace. The company is a member of the facility. No different than being a member of the YMCA. Not sure how you can use that as your business address for government filings, but whatever.
Another thing that puzzles me is the Rule 506(b) filing. If I'm not mistaken, that means you can only sell an unlimited number of securities to banks, business, and people with a networth of over $1M (USD) and a limited number of "non-accredited investors" (aka, normal people). If the filing is retroactive, and they have more than 35 "early backers" that don't meet the aforementioned requirements, will they have to refund people?
Along the same lines, they checked "First Sale Yet To Occur". So are they calling the early backers "investors" for this purpose?
Again, I'm no lawyer or SEC-guru, just a curious learner.
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I think they are in a weird gray area probably yet to be challenged in the "crowd funding" era.
Interesting that they incorporated in Wyoming as that is where the phantom company Flonamix is incorporated. Most companies with big expectations, or want to look big, incorporate in Delaware/Nevada. Wyoming is where the mom and pop shops incorporate because it's super cheap.
I said it before, this has a lot of the same feels of a pink sheet stock. Lot's of
PR's with "fancy" wording and forms, but with little real information.