Elio Crowdfunding

[AriLea]

last check before bed..
116%
Reserved
$29,162,997
137k left to reach 117%....Another thing we don't know, if any additional money has been coming from the equipment sales. But probably not a lot since if it were they definately would have highlighted that for the PR value.

 

[Adamant]

last check before bed..
116%
Reserved
$29,162,997
137k left to reach 117%....Another thing we don't know, if any additional money has been coming from the equipment sales. But probably not a lot since if it were they definately would have highlighted that for the PR value.

Damn. That's over $100,000 in just a couple of days. Nice.

 

[AriLea]

Damn. That's over $100,000 in just a couple of days. Nice.

I like your b-movie avatar by the way. How about SiFi too, remember 'Plan 9 from Outerspace'?
My 11year old, sooo funny, he can watch all kinds of blood and gore. But one of those old movies where they didn't actually show any monster and no square answer on what was killing people, this creeped him out so bad he had to leave the room. Black and white has it's moments!

For some reason spirit possession on another planet is worse than on a magical earth setting. lol.

 

[Adamant]

I like your b-movie avatar by the way. How about SiFi too, remember 'Plan 9 from Outerspace'?
My 11year old, sooo funny, he can watch all kinds of blood and gore. But one of those old movies where they didn't actually show any monster and no square answer on what was killing people, this creeped him out so bad he had to leave the room. Black and white has it's moments!

For some reason spirit possession on another planet is worse than on a magical earth setting. lol.

Yeah, I love all those old movies. Suspense and Atmosphere >>>>> Brutality and Gore.

I just bought the Universal Monster movie set. Its got every character you see in my Av, plus a few. It's a great set!

I do miss black and white. If done right, it works incredibley well.

 

[bowers baldwin]

 

[Cache Man]

But was Paul specifically talking about this money? Even when it hits $30 million, how is he going to get it? I thought this was something they couldn't touch until a certain point, moreso than just reaching $30 million?

Rusty stated that this is a very small portion of the needed money. It is more to show interest and viability of the Elio. They are at 80% approx. of funding needed to start production thru other fund raising activities. This is per our conversation. So hang tight. We will be seeing news here in a few months.

 

[Ekh]

Let's not forget that the current campaign is basically gauging interest in investing. The next step will be to seek SEC approval to offer stock for sale. Then, Elio will see some money from all this. I'm not sure how long the approval process is but I'd guess it won't be very fast. It could be several months before Elio sees this $29M-$30M.

My understanding is SEC will move in less than two months, possibly only a few weeks, after receiving Elio's formal application.

 

[Ekh]

Rusty stated that this is a very small portion of the needed money. It is more to show interest and viability of the Elio. They are at 80% approx. of funding needed to start production thru other fund raising activities. This is per our conversation. So hang tight. We will be seeing news here in a few months.

Rusty? I've missed something.

 

[Ty]

My understanding is SEC will move in less than two months, possibly only a few weeks, after receiving Elio's formal application.

If that's the case, that's great! Unfortunately, that may not be the case. This isn't definitive but it isn't looking great either.

Filing an offering circular to the SEC for a Reg A+ offering is a herculean task, nearly as complex as filing a prospectus for an initial public offering. The SEC proffers estimates of $50,000 to $100,000 in legal expenses alone. What is more, it takes the SEC about ten months to approve the average Reg A filing, and even with that delay, the SEC still accepts only 23% of the filings it receives. The hand of bureaucracy moves slowly and expensively.

The page goes on to say the SEC only accepts about 23% of the applicants. The above is found here:

http://www.crowdfundinsider.com/201...re-the-hype-regulation-a-is-not-crowdfunding/

It is also listed here (though they quote 6 months):
http://www.syndicationlawyers.com/reg-d-rule-506c-reg-crowdfunding-powerful-tools-raise-big-money/

 

[Ekh]

If that's the case, that's great! Unfortunately, that may not be the case. This isn't definitive but it isn't looking great either.

Filing an offering circular to the SEC for a Reg A+ offering is a herculean task, nearly as complex as filing a prospectus for an initial public offering. The SEC proffers estimates of $50,000 to $100,000 in legal expenses alone. What is more, it takes the SEC about ten months to approve the average Reg A filing, and even with that delay, the SEC still accepts only 23% of the filings it receives. The hand of bureaucracy moves slowly and expensively.

The page goes on to say the SEC only accepts about 23% of the applicants. The above is found here:

http://www.crowdfundinsider.com/201...re-the-hype-regulation-a-is-not-crowdfunding/

It is also listed here (though they quote 6 months):
http://www.syndicationlawyers.com/reg-d-rule-506c-reg-crowdfunding-powerful-tools-raise-big-money/

I appreciate that. But this is RegA+, new rules specifically for crowd funding start-ups. I do recall having a chat with someone at Elio about this and was told "we can't tell for sure, but most likely no more than three months from starting the campaign." I don't know if "starting" equals "submitting." But I am quite certain that the RegA+ rules are designed to less stringent in some and more in other ways than 506c (which does not require audited financials, while RegA+ does, for instance). But you're right that the onus is on the applicant to dot all the i's and cross the t's, and it's a daunting task. I'm sure the Elio folks have been on this tighter than ants on a sponge cake trying to get it done right and fast.

I'm sure you're right about the cost. Luckily, with Elio's level of interest at this point, $200K plus the $400K they'll owe StartEngine.com, it's a good deal for Elio/