Description
We are an online retailer of loose diamonds and fine jewelry. We provide our customers with a unique and safe online shopping experience that provides extensive product and purchasing information along with a no risk purchase, meaning that customers can return products within 30 days for an exchange or refund. Through our jewelers, we have the ability to custom make any piece of jewelry. Our website showcases thousands of loose diamonds and hundreds of pieces of handcrafted jewelry.
To achieve our objectives, we must be able to maintain the quality of our website, selection of our products and a high level of customer support available through telephone and email. Longer term, we aim to develop a strong base of diamond and jewelry suppliers to allow us to expand the product line and knowledge base content on our website. If we are successful in continuing to increase our sales volume, we must also build the infrastructure to accommodate increased order fulfillment.
In order to improve our liquidity, in the fall of 2006 we began negotiations to acquire additional equity financing through discussions with investment bankers and private investors. We are currently in final negotiations regarding a convertible note and a standby equity distribution agreement. If we are unable to raise equity or obtain alternative financing, we may not be able to continue operations with respect to the continued operation of our website.
Following the initial development stage, the organizational objective is to be "lean and mean". Because our business is web based and the majority of our customer interface is electronic, we anticipate a slower growth plan for the organization.
If operations and cash flow improve through future financing efforts, management believes that we can continue to operate. However, no assurance can be given that management's actions will result in profitable operations.
Since inception, we have issued:
º 10,500,000 shares of common stock to our directors for $1,050 in 2004 and cancelled 750,000 shares in 2005;
º 252,000 shares of common stock pursuant to a Search Engine Optimization Agreement, in consideration for 18 months of services; and
º 2,876,625 shares to approximately 52 investors and one officer for gross proceeds of $116,640.
On July 18, 2006, we registered 3,123,625 shares of common stock for selling shareholders under a Registration Statement on Form SB-2. On November 13, 2006, the common stock of the Company became eligible for trading on the NASDAQ-operated Over-the-Counter Bulletin Board ("OTCBB"). The shares of the Company trade under the ticker symbol "NOVO.OB".
Products & Services
jewelry,
diamond engagement rings
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