We keep track of your iConsumer stock that we haven’t yet delivered to you. The stock you earn goes through three phases.
First, it may be pending. For instance, it'll be pending if you earned stock through shopping, and your purchase may still be reversed. Or perhaps stock you've earned through referrals is pending because the person you referred has a purchase that may still be returned and therefore reversed.
The second phase: once purchases or membership are final and irreversible, we call your stock "earned."
The third phase: we actually deliver the stock by issuing and transferring
the stock in your name to our transfer agent, upon your request and assuming that we have an "effective offering"
allowing us to issue and transfer this stock. We utilize "book entry", which means that we never use paper certificates. There may be a fee associated with our issuing and transferring the stock to you. For more on certificates, please see this article
IMPORTANT: In order to deliver your iConsumer stock to you, we must have your name, mailing address, and if you're a U.S. citizen or resident, your Social Security Number (SSN). These can be updated on the My Settings page.
In the SEC regulated world of stock ownership, delivering stock to you is called “transferring” stock. The SEC mandates that we use a “Transfer Agent” to do that.
What's an Effective Offering?
iConsumer is only allowed to issue and transfer stock when there is an offering that has been qualified by the SEC active. An active, open, qualified offering is called an effective offering.
As of January 31, 2018, we do NOT have an effective offering, and so we are not issuing and transferring shares at the present time. We hope to be able to resume this process in March, 2018.
Post Delivery / What's a Transfer Agent?
It's a company whose sole job it is to keep track of shareholder records on behalf of its clients, like iConsumer. The SEC requires us to use a transfer agent. One of the things they can do for you is record if you sell your stock, or even if you gift it to somebody. They can transfer your stock into your brokerage account, like a Schwab or eTrade account. The broker to whom you're transferring your iConsumer stock must be capable of accepting it. As of December, 2017 no brokerage firms are yet able to accept a transfer of your stock from Issuer Direct.
Will I receive stock certificates?
To keep record keeping sane for 1,000,000 shareholders, we are only allowing "book entry” of the stock with the transfer agent. That means we do not issue physical pieces of papers to represent your ownership. That is, no official stock certificates. You may access a pretty PDF of a thing that looks like a stock certificate,by going to "My Stats
" and clicking on "Generate Stock Certificate". (NOTE: it isn't anything other than pretty!)
When can I request?
Beginning late winter 2018, you'll be able to instruct us to deliver your earned stock whenever you want so long as we have an open offering. There may be a fee for this.
Stock that we've marked "Earned" will be transferred. Stock marked "Pending" (usually stock you've earned from shopping that is waiting for stores' return periods to pass) cannot be transferred. And so you know, stock marked "Transferred" is no longer under our control. We’ve delivered it to you, so we have no way of knowing if you still own it or not. On our books, “Earned” stock is “unvested”, but when you instruct us to deliver it to you, it immediately vests.
Because transferring stock costs us money, we may charge you to transfer your stock.