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How do you know for sure he is even collecting his salary? He has mentioned several times that he does not pay himself when the company needs and did not take a salary for the first four years. See excerpt below from WeFunder board regarding that question. We are quick to make accusations but we do not truly see reality at times. Perhaps if you were in his shoes you would see things a bit differently.
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"In regard to justifying my salary, you should know that I did not take a salary for the first four years following founding the company. Given that I have invested over $2mm personally and have only sold shares once in the past nine years, I believe that I am entitled to some income too. You asked about deferring my salary, I have in fact deferred my salary on a number of occasions as is the case with many startups but I too have to feed my family and pay my mortgage."
It is more like lack of funds then mismanagement IMO.
Joey has addressed all queries related to how company has been funded (a lot from his own pocket) and how funds have been used that were raised in the Rights offering (see excerpt below from Joeys answer to that question on the WeFunder board). This is a struggling company trying to keep operations going and also raise enough capital to expand and grow. Can you blame them from trying to keep the lights on and keep the vision alive?
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"Regarding funds raised in the prior rights offering, after all fees and expenses that were paid to bankers, lawyers, subscription agent, information agent, transfer agent, etc, we were left with a nominal amount that has been used in the past few months for operating costs of the company. These costs include about $100K per year for legal, $70K per year for accounting, and about $50K per year for audit. It is expensive to be a publicly traded growth company and until we augment our operations by acquiring several new stores, the overhead of being a public company will continue to be a drain on our available cash flow. "
Well said PI!
If we want a better reality we have to train our minds to achieve it. What you put out is what you get back. I bet if we all worked together to achieve a more positive outcome we could have a big impact on the WeFunder campaign and consequently the stock price. Just go out on the WeFunder board and show your support by spreading some positivity so others may be encouraged to invest.
If all the investors in here spent as much time trying to encourage and promote the concept instead of criticizing it this stock could actually make it. It's strange that no one here seems to understand the effect all this negativity has had on this stock. Take a look at wefunder. Ever since this negativity spilled over we have not made a cent but actually gone down $100.
If everyone would stop complaining here and go over to wefunder and start promoting it and taking it in a positive direction we could still make the campaign succeed. Doubt though anyone is going to do anything about it as they would rather complain then do something to remedy the situation.
Cheers to that!
Well they do have more than one so it's multiple....we can count that as a positive..lol
Great idea lets talk about some positives!
- Great last quarter report
- Loved by customers: 18,000 visitors/location/month, LA Yelp Review, Glendale Yelp Review, Facebook Review
- Endorsed by celebrities
- Red carpet from mall owners who want the foot traffic and are willing to give significant incentives to have GIGL at their location
- Phillip Gay (Co-CEO) : Anyone who has done any research on him will know that he has expertise in taking small companies and helping them grow. He has also made it clear that he is behind GIGL and has been on the last two conference call answering questions. Philip Gay Linkedin
- Well established company: Not your average penny stock company. Unlike most penny stocks which are either trash or pump and dump schemes this is a well rounded and established company with with a great board of people trying to help it succeed.
Most of the arguments against GIGL being floated around have already been tackled in this conference call hosted by Philip and Joey for anyone willing to do any research.
Conference Call Transcript
Joey has been more than transparent in admitting his faults and has promised to do better and has held to his word so far (for e.g. no more PR’s not thoroughly vetted). Both Joey and Philip have made themselves accessible and I know of one person on this board that has talked to Philip personally on the phone and has had his questions answered. I personally have received emails from Joey that I have shared on this board.
The only thing against GIGL is the fact they don’t have enough capital to expand. Something they are hoping to correct with WeFunder but has been an uphill climb which has not been helped by the toxicity on this board which has also affected the WeFunder campaign. Regardless a good concept can not be kept down forever. It only takes a few investors with deep pockets to realize its worth and help it out of its slump.
Anyone else got anything positive to say please feel free to add on to this.
Yep just about sums it up.
There is still time to fix this if the people who posted their negative questions would just do the rest of us a favor and delete the question on wefunder.
The comments are definitely killing it as well.
Since the negative comments began not a single more funding commitment has come in but only more questions piggy backing off of the negative ones that were started.
I hope eventually investors will do their own research and come to their own conclusions instead of listening to others. For those of us that still believe and have hope it's time we let our voices be heard as well and try and put this back on track. Now is not the time to sit back and let some people destroy the only good thing that we have all been waiting for. If you have something to say in favor of GIGL now is the time to let your voices be heard.
I would be surprised if HC waited this long and gave up now. I still see a tiny flicker of hope beating in his heart :)
And what purpose would that achieve..lol
You are comparing apples to oranges.
If you dont believe this stock will ever recover then why stick around and make yourself miserable. There are only three reasons to still be here
a) you still have hope to see where this goes
b) you are here to deny that hope to yourself and others
c) you want justice by holding people accountable
If a) then it makes sense to nurture that hope
If b) then I ask you why are you truly here and what is your purpose in crushing people's hopes? Do you have some nefarious hidden agenda?
If c) then go through proper channels...LTG has already filed a SEC complaint. File complaints with agencies that have the power to do something about it if you feel the need to do so but coming over here re-hashing the same things over and over again is not going to achieve different results.
Glad you are beginning to see the truth behind people's words Night. This board is a good reflection of the battle between the forces that are trying to do good and the ones that think they are but the more they scream the more they show their true colors. One has to choose wisely which side one should stand by.
There is a difference between dreams and fantasies..one of them is actually worth striving for...
The only real failure is when one gives up on their dreams. Joey said in the last conference that he would never give up and I believe him. Isn't history full of anecdotes of people who failed many times before they finally succeeded, Thomas Alva Edison for one. If he had given up we may still be in the dark. Joey hasn't given up yet and I think he is bound to eventually succeed because his vision of bringing joy and happiness to kids and parents is inspired.
Here are few more stories to derive inspiration from.
https://www.uky.edu/~eushe2/Pajares/OnFailingG.html
We could be so close to the finish line if WeFunder succeeded. Now is not the time to be impatient and unwise. Let's choose our words and actions wisely lest we loose this opportunity and delay this further. A project is only as successful as the team that drives it and we are also a part of that team being investors and our opinions matter. I would urge all investors to weigh their words and actions carefully as it impacts all those that it reaches. If I was a potential investor who had say a couple of grand to throw around and read all the negativity I would not be willing to invest with these shadow of doubts in my mind. Is this what we truly want...for the WeFunder to fail? If not then let's get behind it 100% so it succeeds and so do we along with it.
I think he is well aware of his failure every day he looks at his stock. We are all in this together so either we are all in or all out. If people have lost faith in this stock then perhaps sell and take your losses and move on but if you still have hope then lets feed and nurture it and not destroy it.
You are a breath of fresh air TF. Thanks for being here.
You believe Joey is a crook but perhaps he is a man who is learning and has made mistakes in the past.
He has admitted to his mistakes and is trying to do better. Perhaps he deserves a second chance.
He has answered all questions in the past truthfully in my opinion and admitted his mistakes. If there are any questions left ask him in the next call.
Also if he was really guilty do you think Phil would be onboard with it or do you think he is in cahoots too and is a crook as well?? Why doesn't anyone point fingers at him? Its coz ppl love to pin their frustrations on others and Joey is the scapegoat here.
Also how do you think spreading your negativity on WeFunder is going to help the stock price if you are so worried about the price?
...and what is wrong with wanting others to join in on a concept that you wholeheartedly believe in and want to support? Is wanting to feed children healthy meals and give them a happy place to play in such a bad thing to wish for and invest in? There are worse places to put your money in.
Have nothing invested in WeFunder as I have enough invested in stocks as you well know since I've told you in the past my investment history.
You should try looking this one up
'Pessimist'
An SEC vigilante then I see...lol. I am sure you a lot of the crooks are shaking in their boots right now ...better not do anything wrong under the watchful eyes of LTG....:D
I could say the same for you. You could sell yours and be done with all the negativity that you have to deal with daily. I am here for the long haul coz I believe in the concept. What's your purpose?
Yes you have a right to your opinion but have you considered how it affects others in a positive or negative way or you simply don't care.
Why are you all posting all your negative questions on WeFunder? Are the current investors seriously that hell bent on drowning out such a great opportunity to raise money for expansion? What part of axing the branch on which you thrive don't people out here understand? Really sad to see all this negativity spill over into Wefunder. Talk about having a death wish... it looks to me a lot of people here would rather see their investment drown just to have their point be proven right. You might just get your wish....
To be fair it's not GIGL's position to be in charge of your financial health. If you are having money issues coming over here and venting is not going to help much. You might want to think about doing a fund raiser for yourself. I have helped friends in the past with financial issues successfully raise needed funds through indiegogo. Usually friends and family chip in to help the person out. Like I said before... re-hashing same issues will not bring different results. Think differently.
Patience LTG....the race isn't over yet. Withhold the frustration for a couple of months and if nothing happens it would be justified. Too early to pass judgement at this point. If you look at other new startups a lot of them are behind GIGL.
Yes things should be a lot clearer as to where this is going by end of January. It only takes a couple of big investors to get this on the right track.
You are welcome :)
That's from WeFunder from Nancy Cortes. She was the first investor to put in $20000 as Priced Round.
$20,000 is currently Priced Round
See https://blog.propelx.com/priced-rounds-vs-convertible-debt/
This just went out to all WeFunder investors in an email digest
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New Startups This Week
Giggles N' Hugs – Gourmet restaurant for parents and kids; combined with a giant play space.
Celebrity clients include Beyonce, Halle Berry, Adele and Adam Sandler.
Existing locations have combined annual revenues of $2.6M.
Up to 18K visitors per month in existing locations.
GIGL crossed the $5000 threshold on WeFunder and is now searchable and is also being listed and promoted via the site! Hang on for a ride and watch GIGL soar people!
Woohoo go GIGL!
Good point. It would do Joey good to change his perception and attitude on success to make this work by taking some suitable courses.
Stocks will come and go but the lessons you take away will stay with you 'long term' (pun intended :) and determine the future course of your life. Hopefully you will be long term giggling your way through life with the choices you make and not LT regretting. Choose wisely LTG.
And to you as well PatientInvestor and to all on this board.
May we find much to be grateful for this Thanksgiving and pray that next Thanksgiving may GIGL be on the top of everyone's list to be thankful for after it breaks the bank :)
Glad to see someone shares my views around here *waves to TF* :)