Just 2 questions:
1) When will Y2024 Tax documents be available?
2) When will re-payments resume? The last investor update I received on 8/30/24 indicated that payments would resume starting in October on an 8-week cycle, but I have not heard or received anything since then. Do you have a status update?
Thanks
1. They won't be filed for 2024. We figured that the troubles that Mainvest has caused, we'll just not file 2024 taxes because of the large mess that Mainvest has left us to clean up.
2. Repayments have not restarted because of the runaround with the SEC in trying to get access to our filing account. Mainvest used some arbitrary username and we've been trying to figure it out. The SEC is requiring us to run through hoops providing hard paper proof that we're the owner of the company and it takes 30-60 days for a response. We haven't been able to get ahold of anyone in Mainvest as they have disappeared, or fallen off the planet. They do have a "catch-all" email but goes unanswered.
We need to be able to get in our filing account in order to be able to declare repayments so everything is on the up and up. We were assuming that the repayments would be running back then in Q4 but we've been hit with all these obstacles.
We have also been trying to get small details sorted with specific funding members to arrange repayments.
TL;DR, it's been a massive mess left to us to clean up. I'm only one guy running the business back-end with a few people made available for consults. If we don't want to raise our prices on beer to recover the funding to cover lawyers, accountants, beyond what is necessary, then this is going to be a bit of a pinch for everyone. More for me.
Clarification, we're filing 2024 taxes for the business, but won't be filing relevant 1099s for Mainvest note-holders. So proceed with assurance that your taxes will be OK to file.
Thanks for the quick response Ian. That's what I needed to know. Hopefully the SEC issue gets resolved soon.
Eric