27v, Inc. was originally founded in Utah as a limited liability company on May 19, 2016. Pursuant to Section 265 of the Delaware General Corporation Law, we converted into a Delaware corporation on April 17, 2018. We are a pre-revenue startup company seeking capital to fund the development of a restaurant review platform that will utilize established blockchain technology to solve what we believe are certain core problems with the existing restaurant review model. Our restaurant review platform, the 27v Platform, will seek to significantly improve upon the existing restaurant review model in our targeted geographic areas.
We intend to leverage blockchain technology and the Stellar Network (as defined and discussed under “—The 27v Platform and 27v Token—Stellar Network” below) to help address what we consider to be five problems faced by restaurant owners and customers under the existing restaurant review service model, namely:
a lack of transparency regarding ranking system and algorithms; the possibility for review manipulation by restaurant review platforms; the lack of incentives for customers with positive or neutral experiences to write reviews; limited options for restaurants to remediate negative reviews; and limited ability to use review platforms to find new customers and entice existing customers to return, other than through advertising.
The 27v Platform, which is described in greater detail under “—The 27v Platform and 27v Token” below, is intended to address each of these issues using the unique strengths of distributed ledger technology, as discussed below. In developing our operating model and the proposed attributes of the 27v Platform, our officers interviewed approximately 40 restaurant owners and 150 restaurant review platform users to understand their views of the strengths and weaknesses of existing restaurant review services. The people we interviewed were generally located in Utah County, Utah. Additionally, our officers considered news reports, academic articles, and other information regarding the existing restaurant review industry. We believe that this process has given us helpful insight into the problems of the existing restaurant review model allowing us to create what we believe are much needed solutions to such problems. See “Risk Factors—Risks Related to Our Operations and the 27v Platform—We have done limited industry research and the information we have gained and relied upon in developing our operating model may be insufficient to support a viable business.”