HHSE Board of Directors approves Uplisting / Registration Costs
Dear HHSE Friends, Followers & Shareholders: At a special meeting of the Board of Directors of Hannover House, Inc., held on Thursday, October 19 at 11:00-am, the Board voted unanimously to immediately reinstate the prior filing activities to register the company's stock shares with the Securities and Exchange Commission (Form 10). The Board also authorized the following budgetary expenditures - to be funded from ongoing cash flows - to promptly complete this task:
HHSE
Steps and Budget for UPLISTING
Item
Description
Amount
1
Internal Data Entry
$ 4,000
2
Completion of New Library Valuation
$ 20,000
3
Outside CPA Review
$ 4,500
4
PCAOB Audit
$ 50,000
5
Legal Review & Drafting
$ 6,500
6
Registration S.E.C. Filings & XBRL
$ 3,250
FIRST TIME - UPLIST REGISTRATION COSTS
$ 88,250
Ongoing Quarterly Auditor's Review
$ 5,000
Ongoing Quarterly Attorney's Review
$ 2,000
Annual Review of Q4 & prior 3-Q's
$ 20,000
Annual Attorney review and drafting
$ 3,000
ANNUAL MAINTENANCE TOTALS
$ 44,000
The one-time costs for the registration / uplist are estimated at $88,250. The ongoing (annualized) maintenance costs are estimated at $44,000 (inclusive of the Quarterly Reviews by the PCAOB Auditing firm, and the annual year-end report and legal review).
Based on current cash flow and resources - and considering the anticipated benefits to the Company and its shareholders for HHSE as a fully registered equity - the Board has authorized the immediate implementation of this plan and the authorization of these expenditures.
The Board believes that Fully Registered Shares will be more attractive to HHSE program suppliers and investors - as well as to institutional investors and hedge funds - and that pursuing these activities now is a good use of ongoing cash flows.
