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http://m.bizjournals.com/dallas/news/2014/09/23/usa-restaurants-inc-files-for-penny-stock-offering.html?r=full

USA Restaurants Inc. files for penny stock offering to raise $100K

Korri Kezar

Dallas Business Journal

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USA Restaurants Inc. filed last week for an initial public offering that could bring in $100,000.

The restaurant company is planning to issue 2.5 million shares at 4 cents each on the Over the Counter Bulletin Board exchange. Profits will go directly to shareholders and the company will not receive any proceeds, according to filings with the the U.S. Securities and Exchange Commission.

Based in Dallas, the company owns Pho House Dallas/Galleria, a Euro-Asian-themed restaurant. According to regulatory documents, the company plans to expand in the Dallas and Houston markets.

However, filings also state the company has not generated any revenue since its founding on July 23. As of Sep. 15, it had no cash or cash equivalents. The SEC forms state that the company will have to raise funding before implementing its business plan.

USA Restaurants is the second offering out of Dallas to be filed on the OTC market in two weeks. On Sept. 9, Bedford energy company Galenfeha filed for a 40-cent IPO that could net $26 million.