Here you go. Courtesy of the FB MYEC Investor Page, which is way better than this crap board.
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James Boorsma
4 hrs
Here you go Ron Active. I pulled only the questions that had answers given. Strictly copy/paste so the typos aren't mine.
Q. Hi Ed, thanks for taking the time to chat. My two questions are 1) what is happening with the MJ Pay App release, which was expected in early July, (what's the holdup and what does it look like now for a release date), and 2) is the audit still on schedule and will it be done by the time second quarter financials are released? Thanks in advance for your response.
A. 1) MJ-Pay will launch soon, we underestimated the timeline for bank integration. 2) Yes, the audit is on track.
Q. Was a lease finalized on the additional space for future expansion?
A. We are putting the additional space on temp hold until we have a mobile app launch date confirmed. But we still want that space.
Q. What are the requirements for a business to use your corporate/enterprise software? I.E. Is there a minimum amount of revenues (resulting from merchant services) needed? Also, I am assuming this software is already available for use?
A. We like to see minimum $10M/mo. Yes.
Q. Short recap of what happened yesterday? the PR?
A. Apparently we misunderstood Simplifiles intent, they approached us with a much larger volume commitment, we gave them a new contract and price based upon much more transactions. Im sorry they didn't like the PR.
Q. Have you reconciled with them over this matter?
A. Yes we have.
Q. Ed all these delays with banks ... myecheck 3.0 didnt rely on banks .. as of lately we are relying heavily on banks?
A. The stored value component of the app system resides in a bank account, our original timelines were too ambitious given the this fact.
Q. Will estimated value of the patent and check engine be added to financials with the release of the audit.or shortly after ?
A. We have been working on this issue, we will likely value the asset with a very conservative value.
Q. Will the audited financials be done according to GAPP generally accepted accounting principles?
A. YES
Q. Where is the share holders meeting what date in August and what location? Can we have it in las vegas? Will this happen or it won't?
A. With the later app launch it put into question the timeline for a shareholders meeting. Late August is still a possibility, we will make announcement on this after we have a confirmed launch day for our mobile apps (#1 priority right now)
Q. What is the status of the MJ-Pay product? Is it being used and by whom?
A. We still just have small tests going and are awaiting our banking integration to complete.
Q. With Bill Delgado's background in government solutions management and Rod's in the health care industry can you tell us how you plan to capitalize on these industries?
A. They are using their experience to benefit MyECheck.
Q. Hello Ed, Can you give us some clarification regarding the number of shares outstanding and shares in the public float? Or does this have to wait for the audit? Thank you.
A. It is what we reported for Q1
Q. I just want to know if the MJ-pay app will be released before the end of the month.
A. I am hopeful but cannot guarantee this month at this time.
Q. Status of icard1?
A. iCard1 ran into a delay with their bank, they are working through the issue.
Q. Here are a few of my concerns:
1. The share count discrepancy with transfer agent has still not been addressed.
2. There are just too many shares in general! I have to believe that you will have to retire more shares in order for us to achieve any sustained gains. Am I being naive?
3. Of course the PR from yesterday. Who released it and why are their discrepancies between simplifile and what our PR states? Replacing ACH was a big deal for me! When I read the PR I was ecstatic, because I thought if this company does it now we have broken the ice!
4. The delay in the "July PR Campaign" and App releases
5.The lack of info about the impending August shareholder meeting
A. The share count has been addressed, we are using the larger number as reported in Q1.
Q. Whats the status of vxgateway?
A. vxgateway is moving forward.
Q. When will the media campaign start?
A. When the mobile apps launch.
Q. Rather than answering questions on Facebook, can we get an official Press Release clearing up the Simplifile issue. It needs to be addressed in a PR either rescinding the previous release, or clarifying the details. Thank you.
A. We sent them an amended PR yesterday and have been waiting on their commnets.
Q. How's the new office coming along?
A. The office is all set up and operating.
Q. MJ-Pay says Merchants receive funds in the time it takes the bank to process, is that unique to MJ Merchants?
A. All our mobile apps function the same.
Q. Will the biggest banks in the country refuse to use MyECheck's system as their backend processor because of their interests in ACH?
A. ACH is still resisting but its only a matter of time before they are categorically displaced.
