Hangover Joe's Holding Corp. (fka HJOE)

[I-Glow]

The Morning Recovery website (https://www.morningrecoverydrink.com) has a Alexa Global of 169,190 and a US rank of 36,260.

The HJOE website (http://www.hangoverjoes.com/) - now this is funny - on Alexa "We don't have enough data to rank this website."

The Morning Recovery drink in 3 months has a tremendous amount of traffic - while HJOE basically doesn't have any traffic.

Then more bad news for HJOE.

His Indiegogo goal was $25,000 and he blew by it. Morning Recovery raised $100,000 in just 10 days. It finished the month at over $250,000.

His team raced to build its own ecommerce website using Shopify. He thought that demand might die down after the hype of Indiegogo died, but it didn't.

It stayed steady through August and in September. Some people were starting to come back to order more, and orders soon doubled. He sold $500,000 that month. All told, from July through September, he sold $1 million worth, he said. That revenue number was verified to us by one of his angel investors.

At this pace, he'll bring in $5 million his first year, he said.

But he's still shocked at the terms these VCs are offering him. "We're getting crazy valuations, like at $50 million. They are putting a 10X multiple on our revenue. That's what you do as a software company," Lee said. A $50 million valuation for a 3-month-old company seems "absurd," he said.

Damn, Morning Recovery has far surpassed what HJOE has done in over 5 years in just 3 months.

The HJOE revenue was so embarrassing that Adamson stopped filing any financial information.

IG