Data / Crowdfunding / Texas / PenPal News, Inc.
PenPal News, Inc.: crowdfunding raise on OpenDeal Portal LLC, $25,000 to $1,070,000 (2019)
PenPal News, Inc., a corporation in Austin, TX, filed a Form C with the SEC on January 29, 2019 to raise $25,000 to $1,070,000 in Crowd SAFE Units of SAFE (Simple Agreement for Future Equity) through OpenDeal Portal LLC. The offering closed on April 30, 2019. In its most recent fiscal year it reported $7,465 in revenue and a net loss of $460,354, with 6 employees.
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- Website
- www.penpalschools.com
- Funding portal
- OpenDeal Portal LLC
- Address
- 411 W MONROE ST SUITE 1626, Austin, TX 78704
- Legal form
- Corporation
- Jurisdiction
- DE
- Incorporated
- August 27, 2012
- SEC CIK
- 0001644649
Offering terms
From the amendment filed January 29, 2019.
- Security
- Crowd SAFE Units of SAFE (Simple Agreement for Future Equity)
- Price
- $1.00
- Target
- $25,000
- Maximum
- $1,070,000
- Deadline
- April 30, 2019
- Portal compensation
- The issuer shall pay to the intermediary at the conclusion of the offering a fee consisting of six percent (6%) 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 May 1, 2019.
| Most recent fiscal year | Prior fiscal year | Source | |
|---|---|---|---|
| Revenue | $7,465 | $4,397 | sec.gov |
| Cost of goods sold | $0 | $0 | sec.gov |
| Net income | $-460,354 | $-417,936 | sec.gov |
| Taxes paid | $0 | $214 | sec.gov |
| Total assets | $157,114 | $56,331 | sec.gov |
| Cash | $148,914 | $48,131 | sec.gov |
| Accounts receivable | $0 | $0 | sec.gov |
| Short-term debt | $12,274 | $192,661 | sec.gov |
| Long-term debt | $0 | $505,630 | sec.gov |
Filings
| Filed | Filing | Target | Maximum | Deadline | Note | Source |
|---|---|---|---|---|---|---|
| May 1, 2019 | Progress update | $25,000 | $1,070,000 | April 30, 2019 | The offering exceeded its target offering amount, receiving approximately $74,473 in investment commitments, although a final accounting has not taken place. | sec.gov |
| January 29, 2019 | Amendment | $25,000 | $1,070,000 | April 30, 2019 | The offering is hereby extended to April 30, 2019. | sec.gov |
| January 29, 2019 | Offering | $25,000 | $1,070,000 | April 10, 2019 | sec.gov |
Updated May 1, 2019. 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.