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SEC Comment Letter for Freedom Internet Group Inc. (FIGI) (CIK 0001791325) — Feb 4, 2020

Freedom Internet Group Inc. (FIGI) (CIK 0001791325)
Date: Feb. 4, 2020 · CIK: 0001791325 · Accession: 0000000000-20-001097

AI Filing Summary & Sentiment

File numbers found in text: 333-235873

Date
February 4, 2020
Author
Not clearly detected
Form
UPLOAD
Company
Freedom Internet Group Inc. (FIGI) (CIK 0001791325)

Letter

February 4, 2020 Alton “Ace” Chapman, Jr. Chief Executive Officer Freedom Internet Group Inc. 151 Calle San Francisco, Suite 200 San Juan, Puerto Rico 00901 Re:Freedom Internet Group Inc. Registration Statement on Form S-1 Filed January 10, 2020 File No. 333-235873 Dear Mr. Chapman: We have reviewed your registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments. Form S-1 filed January 10, 2020 Principal Shareholders, page 20 1.Please identify any greater than 5% beneficial owners underlying the SAFE conversions or advise. See Item 403(a) of Regulation S-K. Also disclose whether your officers and directors plan to acquire shares in the offering. We note your assumption in footnote (1) to the table. Description of Our Business Customers, page 22 2.Please describe the material terms of your agreements with Wiz Motions, LLC, Offito, LLC, and Growth Stack, Inc., such as the duration, events of default and termination provisions.

FirstName LastNameAlton “Ace” Chapman, Jr. Comapany NameFreedom Internet Group Inc. February 4, 2020 Page 2 FirstName LastName Alton “Ace” Chapman, Jr. Freedom Internet Group Inc. February 4, 2020 Page 2 Material Agreements, page 24 3.Please disclose the milestones that would result in the company's obligations to pay additional cash consulting fees. Related Party Transactions, page 28 4.We note your related party transaction disclosure in footnote 5 to the financial statements and your statement that “the Company is a member of a group of entities affiliated through common management.” Please provide the disclosure required by Item 404(d) of Regulation S-K or advise. We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement. You may contact Jeffrey Lewis at 202-551-6216 or Jennifer Monick at 202-551-3295 if you have questions regarding comments on the financial statements and related matters. Please contact Ronald (Ron) Alper at 202-551-3329 or Brigitte Lippmann at 202-551-3713 with any other questions. Sincerely, Division of Corporation Finance Office of Real Estate & Construction cc: David Bovi

Show Raw Text
February 4, 2020
Alton “Ace” Chapman, Jr.
Chief Executive Officer
Freedom Internet Group Inc.
151 Calle San Francisco, Suite 200
San Juan, Puerto Rico 00901
Re:Freedom Internet Group Inc.
Registration Statement on Form S-1
Filed January 10, 2020
File No. 333-235873
Dear Mr. Chapman:
            We have reviewed your registration statement and have the following comments.  In
some of our comments, we may ask you to provide us with information so we may better
understand your disclosure.
            Please respond to this letter by amending your registration statement and providing the
requested information.  If you do not believe our comments apply to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why in your
response.
            After reviewing any amendment to your registration statement and the information you
provide in response to these comments, we may have additional comments.
Form S-1 filed January 10, 2020
Principal Shareholders, page 20
1.Please identify any greater than 5% beneficial owners underlying the SAFE conversions
or advise.  See Item 403(a) of Regulation S-K.  Also disclose whether your officers and
directors plan to acquire shares in the offering.  We note your assumption in footnote (1)
to the table.
Description of Our Business
Customers, page 22
2.Please describe the material terms of your agreements with Wiz Motions, LLC, Offito,
LLC, and Growth Stack, Inc., such as the duration, events of default and termination
provisions.

 FirstName LastNameAlton “Ace”  Chapman, Jr.
 Comapany NameFreedom Internet Group Inc.
 February 4, 2020 Page 2
 FirstName LastName
Alton “Ace”  Chapman, Jr.
Freedom Internet Group Inc.
February 4, 2020
Page 2
Material Agreements, page 24
3.Please disclose the milestones that would result in the company's obligations to pay
additional cash consulting fees.
Related Party Transactions, page 28
4.We note your related party transaction disclosure in footnote 5 to the financial statements
and your statement that “the Company is a member of a group of entities affiliated
through common management.”  Please provide the disclosure required by Item 404(d) of
Regulation S-K or advise.
            We remind you that the company and its management are responsible for the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action or absence of
action by the staff.
            Refer to Rules 460 and 461 regarding requests for acceleration.  Please allow adequate
time for us to review any amendment prior to the requested effective date of the registration
statement.
            You may contact Jeffrey Lewis at 202-551-6216 or Jennifer Monick at 202-551-3295 if
you have questions regarding comments on the financial statements and related matters.  Please
contact Ronald (Ron) Alper at 202-551-3329 or Brigitte Lippmann at 202-551-3713  with any
other questions.
Sincerely,
Division of Corporation Finance
Office of Real Estate & Construction
cc:       David Bovi