Question is whether this money really goes toward expansion?
I feel bad for the suckers who bought into the offering. Joey made grand statements about how that money would go to expanding, too...how much of those funds do you think went straight into his checking account as part of ongoing G&A expenses? Its not like that money was put into an escrow account that could only be accessed for purposes of adding a new location and I suspect the same will hold true here, too.
They'll raise maybe $125,000 or so, and that money will go toward keeping the lights on (i.e. Joey's salary). Who wants to bet that we don't see another location as a result of this crowdfunding effort? It's a ridiculous idea -- name any other successful business in the restaurant industry that had to resort to crowdfunding to expand?
Hint: I bet you can't. Because successful restaurants either have the money to expand, can access the money to expand through lenders, or have investors lined up willing to help expand via franchising. Its pretty clear Giggles has none of these because Joey is a complete failure. The guy was a joke as a stock broker, had all sorts of blemishes on his record if you look up his work history (i.e. "allowed to resign") as well as a history of making statements he cannot keep (i.e. Bahrain, etc).
