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Posted On: 11/20/2020 7:06:32 PM
Post# of 7474
S-1 Mostly Goes MYFLIX
2). USE OF PROCEEDS – The Board has limited the amount of proceeds that can be allocated towards existing debt and payables management to thirty percent (30%) of the new revenues generated as a result of the S-1 Registration. The purpose of this limitation is to provide assurance to new shareholders and investors that the majority of new funding generated from the S-1 Registration will be earmarked for costs associated with the develop0ment, launch and maintenance of the MyFlix Streaming Service. The restrictions on this Use of Proceeds shall be a conditioned and disclosed as an essential element of the prospectus and S.E.C. Filings.
2). USE OF PROCEEDS – The Board has limited the amount of proceeds that can be allocated towards existing debt and payables management to thirty percent (30%) of the new revenues generated as a result of the S-1 Registration. The purpose of this limitation is to provide assurance to new shareholders and investors that the majority of new funding generated from the S-1 Registration will be earmarked for costs associated with the develop0ment, launch and maintenance of the MyFlix Streaming Service. The restrictions on this Use of Proceeds shall be a conditioned and disclosed as an essential element of the prospectus and S.E.C. Filings.
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