Elio Crowdfunding

[outsydthebox]

The assumption is that they need $12.5M. But the SEC says they have to get at least half the offering value, or they have to give it all back. Therefore they ask for twice what they need: $25M. That way if they get anything, they get at least what they need. We assume that they got the $12.5M in the pre-sale, so they could announce the start of the Es. The reality is that we don't know, and they have stated they aren't allowed to tell us until it's over. Maybe they only got $9M, an believe they can get the remaining $3.5 in the public sale. Or maybe they got $23.5M, and just want to fill out that last $1.5M in a public sale. Or... Or ... Or ... All we know for sure is that they didn't hit $30M because if they had, there would be no public sale. Let's just hope that when Dec 31 rolls around, they get the full $25M.

If I understand correctly, until they get "half" or $12.5mil, the money stays in escrow ( not available). So, "IF" EM is saying, "we can NOW start building the E's," it seems reasonable to believe money IS available.
They cannot "legally" commit to spend money that they do not have the legal right to access yet. EM is under intense scrutiny, due to their request for government (atvm) money. ANY impropriety could/would lead to (at the very least) major major MAJOR delays in receiving funding (ie, start the application process all over again), and (more seriously)possible disqualification for funding. EM would not dare to risk it.

 

[RUCRAYZE]

Seems doable. One person sets up the account through SE and pays for it from there. That person presumably sets up a written contract with others in the pool describing each contributor's portion of the purchased shares.

good idea- send me the checks made out to bearer and ill take it from there! p. o. box attention rucrayze wa 98107

 

[Coss]

good idea- send me the checks made out to bearer and ill take it from there! p. o. box attention rucrayze wa 98107

........... it's in the mail, let me know when you get it ............

 

[floydv]

good idea- send me the checks made out to bearer and ill take it from there! p. o. box attention rucrayze wa 98107

Are u crazy??? Wait, apparently you are!

 

[AriLea]

Just a thought.....sometimes people will "get together" and buy lottery tickets as a group.
Why not stocks?

I thought about that a lot. According to Bernie Madeoff (spelling?) , it takes trust, lots of it.

 

[Rob Croson]

If I understand correctly, until they get "half" or $12.5mil, the money stays in escrow ( not available). So, "IF" EM is saying, "we can NOW start building the E's," it seems reasonable to believe money IS available.

I understand it the same way with regard to the $12.5M. They may or may not have the money. All they may have is the stats from Startengine that say they got more than $12.5M, and took that to TechoSports with a promise to pay them later. Remember, TechnoSports and IAV have already done work for EM on promises of being paid at a future date. At the time that the offering was first released, it was found that EM owes IAV over a million dollars for development work on the engine.

Has anyone gotten the letter that states that they now own EM stock? IIRC EM doesn't get the money until the stock is issued. It is held in escrow by Fundamerica, or StartEngine, or something. That means the funds are not technically available to EM yet. They may not be until the stock sale is complete, which means they hit $25M/$30M, or Dec 31st.

They cannot "legally" commit to spend money that they do not have the legal right to access yet.

Why not? Companies do it all the time. "If you do this design work for my startup, then when we hit it big, I will pay you for it." In other words: "I will gladly pay you Tuesday, for a hamburger today."

 

[LillyMayPatterson #1685 & #5648]

Hey, You Guys !!! The BABY is coming. Granddaughter went in the hospital about noon. I visited at 3:30 for a half hour. And again at 6:00 with my three other (much younger) granddaughters. It is their visitation weekend. Then we picked up my daughter 5 year old, so she could go up to be with her daughter. Now, I am putting four grandchildren to bed for the night. Some in sleeping bags, one on the sofa and two in the bunk beds, one of the floor. Their eating pie for breakfast. We got a busy day planned for tomorrow. Thanks Buddies for keeping me updated through all this.

 

[HonestTex]

I'm going to Lilly's for breakfast.....

 

[Norahsbed]

Hey, You Guys !!! The BABY is coming. Granddaughter went in the hospital about noon. I visited at 3:30 for a half hour. And again at 6:00 with my three other (much younger) granddaughters. It is their visitation weekend. Then we picked up my daughter 5 year old, so she could go up to be with her daughter. Now, I am putting four grandchildren to bed for the night. Some in sleeping bags, one on the sofa and two in the bunk beds, one of the floor. Their eating pie for breakfast. We got a busy day planned for tomorrow. Thanks Buddies for keeping me updated through all this.

Hey Lily great news! Hope everyone is doing well! Let us know when we can officially call you GGMa!

 

[Rob Croson]

You should have stopped by for dinner after your 6PM visit. I bet you were about a mile from my house.