AGS Capital Group
1200 Brickell Avenue, 4th Floor, Miami, FL, 33131, USA
Overview
AGS Capital Group provides flexible debt and equity financing solutions for growth-stage and mature public companies as well as private companies looking to go public. With offices in New York, Hong Kong and India, AGS Capital Group has facilitated the growth of companies within the U.S. and those domiciled in foreign markets around the globe. AGS Capital Group invests in public companies listed on all exchanges. We perform fundamental analysis including credit risk, technical analysis of market trends and industry, evaluation of management team experience and corporate structure evaluation. AGS Capital Group invests in Fixed Income and offers the Reserve Equity Financing.
- Total investments
- 1
- Lead investments
- 1
- Investments · 12mo
- 0
- Active investors
- 0
Investment portfolio
- cMoney
Led · Debt Financing · Jul 2010
cMoney is developing a mobile application that generates temporary transaction codes linked to users' credit cards and accounts, pitched as a way to replace debit and credit cards. The product is in a demonstration phase and has missed multiple launch targets, with company communications moving an initial summer launch to fall and then to 2011. The company has a very small team (reported six employees) and entered the public markets via a reverse merger in May 2010 with Bonfire, a shell company that had no active operations and a working capital deficit. Filings show more than $2.5 million in accumulated losses and only $47,831 cash on hand, while the company is spending on executive salaries. Jennifer Pharris is CEO and chair; filings show cMoney pays her $500 per week while her company Global 1 receives $1,500,000 per year under a technology license agreement plus $41,543 per year for management services. The company is also facing litigation from a recruited CEO, Lawrence Krasner, who is suing for damages in excess of $700,000 and 1,950,000 fully vested shares, according to filings. C$ cMoney is developing a mobile payment platform that uses cell phones and text messaging to enable consumers to send money or pay for goods and services. The platform is intended to work anywhere cash, checks or credit cards are accepted. The company says its technology will include a significantly improved personal security system designed to eliminate exposure to identity theft. The $15M financing announced will support the company’s expansion and the planned launch of C$ cMoney this summer. Management also intends to build out operations in Houston using the proceeds. Jennifer L. Pharris, President and CEO, commented that the funding will accelerate development and support the launch.
Team
No current team members are available.