Please read the end, especially if you invested in the last 2 weeks..
Hi everyone, first of all I wanted to thank you for supporting Shark Wheel. We hit our maximum goal. Awesome. And I wanted to congratulate you on joining the team!
Every one of you can now say that you helped reinvent the wheel.
Work As Usual
Shark Wheel is hard at work not missing a beat when it comes to day-to-day work activities. We have a unique viewpoint on the current global crisis seeing industries that are suffering heavily (luggage) and industries that are thriving (medical) for reasons we all do not wish to have of course. Our large medical cart deal that we hope to close within the next 12 months is pushing us to get our casters to commercialization as fast as possible. The company (industry leader) is overwhelmed with orders and has moved all of their production to the US. Everything except for the casters that is. Shark Wheel has sourced a cost-effective manufacturer in the US and the prototyping process has begun. The wheels will be put through stringent test requirements, as they will be used in emergency rooms in hospitals around the world. These medical carts are also used at all TSA stations at airports, as well as most car manufacturers. It is essentially a battery-powered cart on wheels that must swivel easily and go over obstacles it encounters.
Regarding skateboard sales, Shark Wheel has not yet received its largest order to date from Walmart due to obvious reasons, but we do expect to receive the full order once things become more normal again. Our online sales have skyrocketed and we are averaging multiples of our normal online sales volume.
SEC Filing
Companies that have done an equity crowdfunding campaign must submit their annual report tomorrow to the SEC. Due to Covid19 reasons and other factors, Shark Wheel will rely on the temporary final rules of the SEC and extend the submission of the annual report 45 days. This is allowed by the SEC and the verbiage can be seen below:
"Compliance with Regulation A and Regulation Crowdfunding: To address potential compliance issues for Regulation A and Regulation Crowdfunding issuers, the Commission adopted temporary final rules that extend the filing deadlines for specified reports and forms that companies must file pursuant to those regulations. The rules provide, subject to certain conditions, affected companies with an additional 45 days to file certain disclosure reports that would otherwise have been due between March 26, 2020 and May 31, 2020. Among other conditions, a company relying on the temporary final rules must promptly disclose to its investors such reliance and when a company files the required report or form, it must disclose that it is relying on the temporary final rules and state the reasons why, in good faith, it could not file such report or form on a timely basis."
Shark Wheel is in the middle of an audit right now that should be done in a month. The audit numbers will be used for the annual report filing numbers.
TV Show
Right around the time the audit is completed in May, Shark Wheel will air on a new tv show called America's Next Investment (ANI). The pilot episode was filmed several months ago and sold to the networks. We just signed on with the show last week and they are re-editing the pilot episode to include us in the premiere episode. It will air 4 times in the next 6 months I'm told and will air on a combination of the following channels: CNBC, FOX Business and Bloomberg TV Network. Shark Wheel is not able to film the show in person, so we sent in a ton of past videos the show will edit into a story. I will update everyone with the exact air date once I receive it. The show aligns with today's modern world of remote fundraising and viewers can call in to invest live during the show.
If you invested in the last 2 weeks, there is a chance the Wefunder was already at its maximum. Your investment may not go through. But, you're in luck! Shark Wheel plans to have another campaign live in approximately one month. We will email those whose investments did not go through very soon to explain next steps.