I sent Conrad a few questions on the confusion/concerns that are being talked about. This was his reply:
Tom,
So that you are fully in the picture, I believe you are correct with the figures and I am not sure why Jason has the numbers stated incorrectly but when I return from Singapore, I will speak to him directly.
As you are aware, the vision for 8000 Inc is for a global brand to match our partners such as Playboy. In order to do this, 8000 Inc must progress not only as a brand and business, but also as a corporation. You will no doubt be aware that there are several actions which any company must undertake in order to progress, move up the boards and to become a filing company. These include 15c2-11, Current Information, Corporate Diligence, DTC, legal consultancy for board progression and so on. Very expensive but ultimately worthwhile, particularly for the current shareholders.
In order to achieve these objectives, 8000 Inc has recruited and employed to undertake these key actions in order to achieve our corporate goals. Several milestones have already been completed as per the agreed plan. In order to attain these milestones which 8000 Inc has had to pay for. You will have noted that the 15c was filed, which took 7 months of hard graft to achieve and was the first step. Also Current information was achieved which is also a long tedious process. Added to that I can confirm again that DTC eligibility has been applied for through 3 Market Makers. This is not just a simple request, you have to identify a DTC participant, who has to have a trading position and who is willing to file on behalf of the company. Without boring you the list goes on and on in terms of the actions 8000 Inc has to deliver and is a constant and on going undertaking.
The costs of the entire process, irrespective of increased time or cost has now been covered and is result driven. So please note that there is no dilution, there is no financing through 504 or any other stock modality and 8000 Inc would have to pay for these legal and professional services at some point. For your reference the typical cost of undertaking a full 15c2-11 is in the region of $40K or 1m shares and a minimum of 6 months work. So as you can see all of the corporate actions necessary for progression are extremely costly when you add up all the facts.
What dumbfounds me is that there is a lot of scare mongering and alarms, when all of this is in the share holders benefit, is for the share holders and will positively effect the corporation and the shareholders. The alternatively would be that we stay where we are and just keep the company as a non-reporting under the radar pinkie or find someone somewhere who will do all the corporate filings and actions for free!
As the saying goes, you're dammed if you do and dammed if you don't, but my view is we will and we will take 8000 Inc to a higher board, through professional services, undertaking all the legal and corporate actions necessary and ultimately achieve the Global Brand Cannonball 8000 on a board to match our corporate partners. If people have issues with that, then they don't share the vision of a real, progressive and successful global corporation and they are only interested in penny stocks at penny prices.
Please do not hesitate to get back to me and hope you understand that somewhere and somehow, corporate progression has to be paid for otherwise we stay where we are.
Yours,
Conrad.
