Data / Crowdfunding / Michigan / Life Magnetics, Inc.
Life Magnetics, Inc.: crowdfunding raise on Wefunder Portal LLC, $50,011 to $617,999 (2023)
Life Magnetics, Inc., a corporation in Ann Arbor, MI, filed a Form C with the SEC on October 16, 2023 to raise $50,011 to $617,999 in preferred stock through Wefunder Portal LLC. The offering closed on April 29, 2024. In its most recent fiscal year it reported $3,195 in revenue and a net loss of $258,709, with 4 employees.
SpecStream is the live web data engine for teams and agents. It reads every Form C on SEC EDGAR each morning, and this page is that reading. Ask for your own cut (a portal, a state, a size, a revenue range) and new raises arrive in your sheet, CRM, Slack or agent as they land.
- Website
- magnetics.life
- Funding portal
- Wefunder Portal LLC
- Address
- 333 Jackson Plaza, Ann Arbor, MI 48167
- Legal form
- Corporation
- Jurisdiction
- MI
- Incorporated
- October 10, 2013
- SEC CIK
- 0001848586
Offering terms
From the offering filed October 16, 2023.
- Security
- Preferred Stock
- Price
- $64.95
- Target
- $50,011
- Maximum
- $617,999
- 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-AR filed March 14, 2025.
| Most recent fiscal year | Prior fiscal year | Source | |
|---|---|---|---|
| Revenue | $3,195 | $2,440 | sec.gov |
| Cost of goods sold | $89,303 | $77,346 | sec.gov |
| Net income | $-258,709 | $-286,924 | sec.gov |
| Taxes paid | $0 | $0 | sec.gov |
| Total assets | $299,435 | $124,854 | sec.gov |
| Cash | $180,036 | $24,275 | sec.gov |
| Accounts receivable | $1,275 | $0 | sec.gov |
| Short-term debt | $8,648 | $272,077 | sec.gov |
| Long-term debt | $20,000 | $20,000 | sec.gov |
Filings
| Filed | Filing | Target | Maximum | Deadline | Note | Source |
|---|---|---|---|---|---|---|
| March 14, 2025 | Annual report | Not listed | Not listed | sec.gov | ||
| October 16, 2023 | Offering | $50,011 | $617,999 | April 29, 2024 | sec.gov | |
| October 13, 2023 | Annual report | Not listed | Not listed | sec.gov | ||
| March 8, 2021 | Offering | $200,022 | $1,000,008 | April 30, 2022 | sec.gov |
Updated March 14, 2025. 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.