Data / Crowdfunding / New Mexico / First Crop Inc.
First Crop Inc.: crowdfunding raise on MicroVenture Marketplace Inc., $50,000 to $1,070,000 (2021)
First Crop Inc., a corporation in Santa Fe, NM, filed a Form C with the SEC on May 20, 2021 to raise $50,000 to $1,070,000 in preferred stock through MicroVenture Marketplace Inc.. The offering closed on September 13, 2021. In its most recent fiscal year it reported $331,362 in revenue and a net loss of $1,480,084, with 7 employees.
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- Website
- www.firstcrop.com
- Funding portal
- MicroVenture Marketplace Inc.
- Address
- 1340 CANYON ROAD, Santa Fe, NM 87501
- Legal form
- Corporation
- Jurisdiction
- DE
- Incorporated
- March 18, 2019
- SEC CIK
- 0001774638
Offering terms
From the amendment filed May 20, 2021.
- Security
- Preferred Stock
- Price
- $1.00
- Target
- $50,000
- Maximum
- $1,070,000
- Deadline
- September 13, 2021
- Portal compensation
- The issuer shall pay to the intermediary at the conclusion of the offering a fee consisting of five percent (5%) commission based on the amount of investments raised in the Offering and paid upon disbursement of funds from escrow at the time of closing.
Financials
From the Form C-U filed September 16, 2021.
| Most recent fiscal year | Prior fiscal year | Source | |
|---|---|---|---|
| Revenue | $331,362 | $0 | sec.gov |
| Cost of goods sold | $341,320 | $0 | sec.gov |
| Net income | $-1,480,084 | $-1,549,170 | sec.gov |
| Taxes paid | $0 | $0 | sec.gov |
| Total assets | $2,587,352 | $1,925,609 | sec.gov |
| Cash | $323,401 | $199,692 | sec.gov |
| Accounts receivable | $10,877 | $0 | sec.gov |
| Short-term debt | $394,908 | $4,108 | sec.gov |
| Long-term debt | $551,127 | $647,459 | sec.gov |
Filings
| Filed | Filing | Target | Maximum | Deadline | Note | Source |
|---|---|---|---|---|---|---|
| September 16, 2021 | Progress update | $50,000 | $1,070,000 | September 13, 2021 | $179,492.00 in investments. Payments still processing; final figure not yet determined. | sec.gov |
| May 20, 2021 | Amendment | $50,000 | $1,070,000 | September 13, 2021 | Updating pitch deck to include 2019 and 2020 financial information and information regarding the securities currently offered and previous securities issued, and adding a webinar transcript. | sec.gov |
| April 23, 2021 | Amendment | $50,000 | $1,070,000 | September 13, 2021 | Disclosing that related parties have made investments in excess of 10% of the total amount raised, an increase of $7,455 in 2020 salary expenses, and to correct and provide additional information concerning monthly burn rate. | sec.gov |
| April 12, 2021 | Offering | $50,000 | $1,070,000 | September 13, 2021 | sec.gov |
Updated September 16, 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.