Data / Crowdfunding / Michigan / Boaz Bikes Inc
Boaz Bikes Inc: crowdfunding raise on Wefunder Portal LLC, $50,000 to $3,000,000 (2023)
Boaz Bikes Inc, a corporation in Detroit, MI, filed a Form C with the SEC on December 7, 2023 to raise $50,000 to $3,000,000 in Convertible Note through Wefunder Portal LLC. The offering closed on April 29, 2024. In its most recent fiscal year it reported $753,160 in revenue and $7,183 in net income, with 21 employees.
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- Website
- www.boazbikes.com
- Funding portal
- Wefunder Portal LLC
- Address
- 7600 Chrysler dr. Unit 101, Detroit, MI 48211
- Legal form
- Corporation
- Jurisdiction
- DE
- Incorporated
- December 31, 2018
- SEC CIK
- 0001819713
Offering terms
From the amendment filed December 7, 2023.
- Security
- Convertible Note
- Price
- $1.00
- Target
- $50,000
- Maximum
- $3,000,000
- Deadline
- April 29, 2024
- Portal compensation
- 7.5% of the offering amount upon a successful fundraise, and be entitled to reimbursement for out-of-pocket third party expenses it pays or incurs on behalf of the Issuer in connection with the offering.
Financials
From the Form C/A filed December 7, 2023.
| Most recent fiscal year | Prior fiscal year | Source | |
|---|---|---|---|
| Revenue | $753,160 | $576,970 | sec.gov |
| Cost of goods sold | $536,987 | $230,384 | sec.gov |
| Net income | $7,183 | $97,031 | sec.gov |
| Taxes paid | $751 | $761 | sec.gov |
| Total assets | $1,469,864 | $1,299,893 | sec.gov |
| Cash | $262,962 | $106,767 | sec.gov |
| Accounts receivable | $0 | $0 | sec.gov |
| Short-term debt | $15,513 | $761 | sec.gov |
| Long-term debt | $1,370,732 | $1,222,696 | sec.gov |
Filings
| Filed | Filing | Target | Maximum | Deadline | Note | Source |
|---|---|---|---|---|---|---|
| December 7, 2023 | Amendment | $50,000 | $3,000,000 | April 29, 2024 | Lowering minimum from $125,000 to $50,000 | sec.gov |
| August 18, 2023 | Offering | $125,000 | $3,000,000 | April 29, 2024 | sec.gov | |
| August 16, 2023 | Annual report | Not listed | Not listed | sec.gov | ||
| March 3, 2023 | Progress update | $9,998 | $3,799,996 | March 1, 2023 | At the close of the offering, the issuer closed on $152,576.26 and 93,431 number of securities. | sec.gov |
| January 27, 2023 | Amendment | $9,998 | $3,799,996 | March 1, 2023 | Issuer is extending their end date and had minor page updates | sec.gov |
| November 1, 2022 | Offering | $9,998 | $3,799,996 | January 30, 2023 | sec.gov | |
| August 1, 2022 | Progress update | $10,000 | $3,783,715 | July 28, 2022 | At the close of the offering, the issuer closed on $137,634.45 and 33,018 number of securities. | sec.gov |
| June 23, 2022 | Amendment | $10,000 | $3,783,715 | July 28, 2022 | Issuer is extending campaign end date. | sec.gov |
| April 29, 2022 | Annual report | Not listed | Not listed | sec.gov | ||
| April 26, 2022 | Amendment | $10,000 | $3,783,715 | June 28, 2022 | Issuer is extending by 60 days and updating 2020/2021 Financials | sec.gov |
| February 22, 2022 | Offering | $10,000 | $3,783,715 | April 29, 2022 | sec.gov | |
| February 17, 2022 | Annual report | Not listed | Not listed | sec.gov | ||
| February 15, 2022 | Progress update | $125,000 | $3,000,000 | April 30, 2022 | Company closed on $1,216,270 and 0 number of shares sold | sec.gov |
| August 13, 2021 | Amendment | $125,000 | $3,000,000 | April 30, 2022 | Added 2019 and 2020 audited financials; increased the max fundraise amount to $3M | sec.gov |
| May 17, 2021 | Amendment | $125,000 | $1,070,000 | April 30, 2022 | Increased valuation cap; Added 2020 reviewed financials; converted from an LLC to a C-Corp | sec.gov |
| April 21, 2021 | Amendment | $125,000 | $1,070,000 | April 30, 2022 | added CPA reviewed financials for 2020, extended the closing date | sec.gov |
| January 27, 2021 | Amendment | $125,000 | $1,070,000 | February 28, 2021 | added CPA reviewed financials for 2018 / 2019, named lead investor, increased early bird term threshold | sec.gov |
| July 31, 2020 | Offering | $125,000 | $1,070,000 | December 2, 2020 | sec.gov |
Updated December 7, 2023. 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.