Data / Crowdfunding / California / 70 Million Resources, Inc.
70 Million Resources, Inc.: crowdfunding raise on OpenDeal Portal LLC, $25,000 to $371,055 (2021)
70 Million Resources, Inc., a corporation in Los Angeles, CA, filed a Form C with the SEC on July 19, 2021 to raise $25,000 to $371,055 in Crowd SAFE through OpenDeal Portal LLC. The offering closed on August 5, 2021. In its most recent fiscal year it reported $464,874 in revenue and a net loss of $671,480, with 9 employees.
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- Website
- www.commissary.club
- Funding portal
- OpenDeal Portal LLC
- Address
- 145 S. FAIRFAX AVENUE, 200, Los Angeles, CA 90036
- Legal form
- Corporation
- Jurisdiction
- DE
- Incorporated
- August 10, 2016
- SEC CIK
- 0001716822
Offering terms
From the amendment filed July 19, 2021.
- Security
- Crowd SAFE
- Price
- $1.00
- Target
- $25,000
- Maximum
- $371,055
- Deadline
- August 5, 2021
- Portal compensation
- At the conclusion of the offering, the issuer shall pay a fee of six percent (6%) of the amount raised in the offering to the Intermediary.
Financials
From the Form C-U filed August 10, 2021.
| Most recent fiscal year | Prior fiscal year | Source | |
|---|---|---|---|
| Revenue | $464,874 | $73,342 | sec.gov |
| Cost of goods sold | $713 | $48,993 | sec.gov |
| Net income | $-671,480 | $-570,139 | sec.gov |
| Taxes paid | $905 | $536 | sec.gov |
| Total assets | $37,446 | $96,996 | sec.gov |
| Cash | $11,621 | $44,213 | sec.gov |
| Accounts receivable | $10,516 | $34,666 | sec.gov |
| Short-term debt | $2,652 | $23,800 | sec.gov |
| Long-term debt | $1,706,436 | $1,080,358 | sec.gov |
Filings
| Filed | Filing | Target | Maximum | Deadline | Note | Source |
|---|---|---|---|---|---|---|
| August 10, 2021 | Progress update | $25,000 | $371,055 | August 5, 2021 | The Offering closed successfully on 8/06/2021, having received investment commitments of 90,040.00, although a final accounting has not taken place. | sec.gov |
| July 19, 2021 | Amendment | $25,000 | $371,055 | August 5, 2021 | The Company is disclosing additional information concerning its VP of Operations and disclosing the sale and issuance of a SAFE for an aggregate amount of $2,500,000. | sec.gov |
| March 25, 2021 | Amendment | $25,000 | $371,055 | August 5, 2021 | This Form C/A is being filed to correct a typo in the issuer's address. | sec.gov |
| March 19, 2021 | Amendment | $25,000 | $371,055 | August 5, 2021 | This Form C/A adds a disclosure under the section "Bad Actor Disclosure" on page 6 and updates the Security offered to require that investors take certain action upon the occurrence of certain events, as stated in the attached SAFE. | sec.gov |
| March 8, 2021 | Offering | $25,000 | $371,055 | August 5, 2021 | sec.gov | |
| April 29, 2020 | Progress update | $25,000 | $535,000 | April 30, 2020 | The Offering closed successfully on April 29, 2020, having received investment commitments of $163,945, although a final accounting has not taken place. | sec.gov |
| January 13, 2020 | Amendment | $25,000 | $535,000 | April 30, 2020 | Updating Valuation Cap and First Equity Financing terms. | sec.gov |
| January 8, 2020 | Amendment | $25,000 | $535,000 | April 30, 2020 | Updating Form C's Bad Actor disclosure. | sec.gov |
| January 8, 2020 | Offering | $25,000 | $535,000 | April 30, 2020 | sec.gov | |
| December 26, 2019 | Progress update | $50,000 | $107,000 | October 5, 2018 | The offering raised $94,536 and closed on 10/31/2018. | sec.gov |
| March 28, 2019 | Annual report | Not listed | Not listed | sec.gov | ||
| April 24, 2018 | Amendment | $50,000 | $107,000 | October 5, 2018 | Corrected in valuation cap of prior round, fixed typo in question 13, and updated business plan. | sec.gov |
| April 12, 2018 | Offering | $50,000 | $107,000 | October 5, 2018 | sec.gov |
Updated August 10, 2021. Read from SEC EDGAR. Public domain (U.S. government work). Financials are as each company reported them in its Form C, unaudited unless the filing says otherwise. Websites are the ones the companies declared to the SEC. Free to reuse with credit to SpecStream under CC BY 4.0. Spot a wrong value? Write to [email protected] with the link to this page.