SiliconBeat

It’s been a slow season for initial public offerings so whenever we see a new one registered, no matter where its located, we like to take a look. Today, Mayetok, a “development stage” company planning to market Ukrainian vacation properties”, registered its intention to offer 700,000 shares of itself to the public at 5 cents each.

Mayetok, founded in April (the 29th, to be exact, lest you were thinking its inception date might have been April 1), is incorporated in Nevada, a state known for its gambling, although it operates out of offices in Bellevue, Wash.

“The Ukraine has approximately 1,725 miles of warm water coastline along the Black Sea in the country’s southern region which is being developed as a destination of choice for vacation homes and rentals,” according to the prospectus.

Don’t bother trying to find Mayetok’s Web site — like the company itself, its “under development.

The shares it’s offering to the public represent about one third of the 2.2 million shares the company expects to be outstanding after completion of the offering, for which there is no underwriter facilitating the selling of its shares.

Finding someone to give your money to, then, may be more difficult than is normal for an IPO. And if you manage to buy shares, selling them may not be easy either, as the company has yet to find a market maker willing to list quotations for the stock.

In case the point needs to be made, there is some risk involved. The $35,000 raised in the offering would go to selling shareholders and not the company. That’s close to the amount of shareholders equity the company lists in its prospectus, considering its 41,576 in current assets minus its $5,215 in liabilities all of the proceeds will be retained by the selling shareholders and none of it will go to the company .

Among the other risks the prospectus identifies are that the company’s sole employee allocates “only a portion of his time” to the business. Oh, and because he’s not a resident of the United States, “it may be difficult to recover a judgment against him.”

Also, “the number of individuals interested in purchasing or renting vacation properties in Ukraine may be limited.” And, the “instability of the Ukrainian government may curtail further economic growth which will negatively impact” the business.

However, one risk factor listed sounds suspiciously boosterish: “The business of marketing Ukrainian vacation homes is competitive.”