SAN FRANCISCO, CA--(Marketwired - Oct 17, 2016) - VinCompass™ Corp. (
The Company has continued to invest heavily in upscale technology with the Development Expenses in the August 2016 period of $96,859 compared to the prior year of $51,175 growing by 89%. These expenses will accelerate the goal to have more than 25,000 restaurants under management compared to over 10,000 restaurants and over 1,000,000 wines under management currently. Founder & CEO Peter Lachapelle commented "We are making significant progress towards next year's goal of 25,000 Restaurants. This will help accelerate the business plan."
We have continued to raise capital to support our growth plans. During the period ending August 31, 2016 we secured a total of $136,500 from third parties as a combination of Equity ($79,500) and Convertible Notes ($67,000). While Equity was the below market, priced at $0.80, it is in line with our previous placements earlier in the year.
We are also considering additional options to the private placements as we continue to raise additional capital. For example, but not limited to debt, crowd funding or a registration statement. We have not made any statement or time table other than what was previously disclosed.
On June 10, 2016 the Company released a research study that indicated that 92% of consumers experience anxiety when pairing wine in a restaurant. This phenomenon, known as "fear of the wine list" (FoWL™).
On July 11, 2016 the Company announced an addition to the board of directors, Mike Profita. "We are at a point of corporate growth and we believe Mike's business acumen, network, and experience with public companies would help us get to the next level," said Peter Lachapelle
On August 30, 2016 the Company announce receiving registration acceptance by the U. S. Patent Trade Office (PTO) and updates on its intellectual property (IP) portfolio. Founder & CEO Peter Lachapelle said "VinCompass is pleased to have our IP recognized by the PTO. As part of our overall strategy, these IP investments in both technology and the registration process will allow us to uniquely solve the personal wine curation problem and accelerate VinCompass' monetization process."
For more detail on these and other updates, please refer to
On October 5, 2016, the Company executed a convertible Promissory note for $73,500. The note bears an interest rate of 10% per annum and is due by September 28, 2017. We will continue to secure capital towards our goal of $750,000 of working capital objective, we also expect that this rate will accelerate as we look to next year. The total amount converted or raised from third parties totals $368,114 for the period between Jan 15, 2016 and October 15, 2016.
About the Company
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