"Grease their hands if true" !This was copied straight from their Rights Circular
How will we use the available funds?
We plan to use the net proceeds of the Rights Offering to continue research and development of our Glance Pay app, to expanding the availability of our Glance Pay app and other marketing services, and for general corporate purposes. Description of intended use of available funds listed in order of priority Assuming Minimum Offering ($) Assuming 50% of offering ($) Assuming 75% of offering ($) Assuming 100% of offering ($) Research and Development 331,8301 351,1501 482,3101 613,4701 Expansion of the Glance Pay app, including all sales and marketing 403,8902 427,4052 587,0452 746,6902 General corporate purposes 493,2803 522,0003 716,9773 911,9493 Total: (Equal to G above) 1,229,000 1,300,555 1,786,332 2,272,109
1. $120,000 of which will be paid to Angela Griffin, our Chief Technology Officer. 2. $100,000 of which will be paid to Paola Ashton, our Vice President of Business and Client Development; $36,000 of which will be paid to Christina Rao, our Vice President of Investor Relations; and $43,600 of which will be paid to Peter Haggarty, our Chief Marketing Officer. 3. $120,000 of which will be paid to Desmond Griffin, our Chief Executive Officer and a Director; $120,000 of which will be paid to Penny Green, our President, Chief Operating Officer and a Director.
We anticipate that we will use the available funds allocated towards research and development primarily to continue developing the core functionalities of our payment processing technology, including: faster payment methods, improving and adding to our ability to integrate the Glance Pay app into restaurants’ pre-existing Point of Sale systems, improving the app’s promotional capabilities and enhancing its analytic functions. We also intend to use the available funds to develop the Glance Pay app’s functionality for quick-serve restaurants, and to modify the Glance Pay app for use in different vertical markets.