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Status Update
August 3, 2011
Things are going well as we progress toward the launch of eDoorways 2.0. We’ve been busy working on the following things:
1. Implementation of Beta Test Feedback
We have received valuable suggestions and feedback about our new service offering from beta testers. Most of the feedback has been in regard to fixing software errors that come up. In addition, some things have not been intuitively obvious to users and have required clarification. There have also been suggestions about things we should add to enhance the functionality and value of the site. In most cases we have implemented beta tester suggestions or we have gone beyond their request. We think we are nearing the end of this process barring unforeseen circumstances.
2. Implementation of Additional Functionality
A number of ideas have arisen as we have been working on the project that we believe are too good to pass up. We have taken the time to add functionality in certain areas that was not originally contemplated. An example is the “QR” code. The “QR” code is a new tool that can be used by PowerChannel operators to bring interested parties directly to their site. It looks much like a bar code, but is square in shape. Smart phones can be used to capture its image when it’s placed on a voucher coupon or computer screen; the QR code takes the interested party directly to a pre-established URL associated with the PowerChannel operator.
3. Payment Processing
We have been working with several merchant service companies to gain their commitment to do our payment processing. Normally you would think this would be an easy process. People set up merchant accounts with PayPal and credit card companies all of the time.
However, our situation is more complex. Our business model calls for us to offer a shopping experience similar to Amazon.com. At Amazon.com, a shopper can select a number of items for purchase that are offered by different vendors and place them in their shopping cart. When they complete the purchase, they make one payment. We want to bring this level of convenience to PowerChannel shoppers so that they do not have to pay multiple times as they shop at different PowerChannels. Merchant service companies get nervous with this type of an approach due to the higher level of risk from charge-backs. We are working with three different companies to secure their services. All are very interested and are attempting to make their risk management departments comfortable with our approach.
Another complicating factor is the issue of successfully handling international transactions. We anticipate that we will experience commerce transactions in Latin America and international markets. This requires commitments from multiple merchant service providers.
Having said all of this, we have already implemented software and are prepared to go with “Plan B.” Plan B involves using PayPal and requiring each PowerChannel operator to secure their own merchant service contract. We may decide to proceed with this approach while we are waiting for answers regarding our original plan.
4. Creation of Initial “Terms and Conditions”
eDoorways 2.0 combines a broad range of functionalities that include search, social networking, targeted marketing and e-commerce. We are also introducing the concept of ownership of PowerChannels. The rules and regulations associated with our operation have to be determined in advance of a launch. Otherwise, we open ourselves to unnecessary risk and exposure.
There are many details to be considered and decisions to be made. Examples of key issues are: who can own and operate a PowerChannel? How can PowerChannels be sold? How is commerce going to be conducted? What rules and governing entities must be put in place to oversee the community we are creating? How will PowerChannel names be made available and distributed? Will certain names be withheld? These and other questions deserve careful thought and consideration so that the service we offer is of the highest caliber. We have been engaged in identifying and resolving these issues for several weeks. We now think we have a good plan. We are in the process of completing the “Terms and Conditions” documentation and will make it available to you in draft form for your ideas and suggestions.
5. Completion of the Financial Audit
Several weeks ago we secured the services of Fred Vogt, Jr., an Austin-based CPA, to review our financial books and prepare them for audit. This has been a time-consuming process, since he has had to review two and a half years of transactions, characterize each of them properly, and put them in a form that will expedite an audit.
Gary Kimmons has worked with Mr. Vogt to assist with the effort. Mr. Vogt completed the preparation process on Friday of last week. We are now ready to send the financials to a CPA in New Jersey selected by our auditor to prepare the first draft of a Form 10 document and to write financial footnotes. When completed, the entire package will be ready for the auditor to review. Our investment banker in New York is in the process of retaining the New Jersey CPA.
We will continue to keep you updated regarding our status. Thanks for your continued interest and support!
The eDoorways Team
