In a too-good-not-to-be-true story, Lisboa Leisure, Inc., operator of beachfront micro-hospitality services, will conduct an initial public offering (IPO) on the Over-the-Counter Bulletin Board (OTCBB), in hopes of realizing $32,000 in proceeds.

That’s right: A whopping thirty-two thousand dollars.

If successful, the offering’s 1,600,000 shares, at $0.02 each, will constitute 29.6% of Lisboa Leisure’s [current] total; a further 3,800,000 shares are owned by the company’s president, Ms. Maria Fernandes. The company expects the offering itself to cost $12,000.

But numbers alone cannot capture the essence of the offering. The prospectus, however, evokes the sounds of squawking seagulls and gentle surf of the Indian Ocean lapping against the warm sands of a Goan beach:

Our plan of operation is to operate beach front eating establishments on the beaches on Goa, India that are commonly referred to as "beach shacks". A beach shack is akin to a restaurant and is a part of the food and beverage sector of the tourism industry and predominately caters to tourists to the State of Goa, India. We will apply for permission from the Tourism Department, Government of State of Goa, to erect and operate a temporary shack at Velledo beach in Benaulim, South Goa, with a view to expanding operations over time. All beach shacks in Goa are temporary and beach shack owners are required to apply for permission to erect and operate a beach shack each year. Our President, Ms. Maria Fernandes, who operates a guest house (bed and breakfast) in Goa, has experience in the tourism business in Goa.

It’s not all fun and games, though. The prospectus discloses that Ms. Fernandes, who acquired her shares at a price of $0.005 each, currently “devotes approximately five hours a week to the Company.”

Incorporated in Nevada, in May 2010, Lisboa Leisure is candid about its prospects: “The Company is considered to be in unsound financial condition. Persons should not invest unless they can afford to lose their entire investment.” (bolded in original) Moreover, the risks beyond those of simply the penny stock category, include: the caveat that “the beach shack industry is highly competitive”; the possibility of never receiving government permission to operate; “the lack of public company experience of [Lisboa Leisure’s] sole officer and director”; the risks attending “compliance with health and other government regulations”; possible further dilution if the company issues the remainder of its authorized 75 million shares; and a number of others.

The world economic crisis has cast 21st century capitalism in a dim light. Goldman Sachs and Lehman Brothers have had their turn; perhaps the day of Jeff Spicoli and The Dude is at hand.