Data / Crowdfunding / New York / Proof of Concept, LLC
Proof of Concept, LLC: crowdfunding raise on Wefunder Portal LLC, $50,000 to $500,000 (2016)
Proof of Concept, LLC, a limited liability company in Brooklyn, NY, filed a Form C with the SEC on November 29, 2016 to raise $50,000 to $500,000 in common stock through Wefunder Portal LLC. The offering closed on December 13, 2016. In its most recent fiscal year it reported $682,021 in revenue and a net loss of $254,105, with 3 employees.
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- Website
- barrowsintense.com
- Funding portal
- Wefunder Portal LLC
- Address
- 67 35th St. C405, Brooklyn, NY 11232
- Legal form
- Limited Liability Company
- Jurisdiction
- NY
- Incorporated
- April 22, 2011
- SEC CIK
- 0001677340
Offering terms
From the amendment filed November 29, 2016.
- Security
- Common Stock
- Price
- $1.00
- Target
- $50,000
- Maximum
- $500,000
- Deadline
- December 13, 2016
- Portal compensation
- 3.0% of the offering amount upon a successful fundraise.
Financials
From the Form C-AR filed April 30, 2018.
| Most recent fiscal year | Prior fiscal year | Source | |
|---|---|---|---|
| Revenue | $682,021 | $540,097 | sec.gov |
| Cost of goods sold | $243,096 | $175,898 | sec.gov |
| Net income | $-254,105 | $-142,386 | sec.gov |
| Taxes paid | $0 | $0 | sec.gov |
| Total assets | $211,610 | $88,228 | sec.gov |
| Cash | $2,949 | $5,857 | sec.gov |
| Accounts receivable | $100,540 | $45,979 | sec.gov |
| Short-term debt | $284,631 | $201,320 | sec.gov |
| Long-term debt | $90,000 | $70,000 | sec.gov |
Filings
| Filed | Filing | Target | Maximum | Deadline | Note | Source |
|---|---|---|---|---|---|---|
| April 30, 2018 | Annual report | Not listed | Not listed | sec.gov | ||
| November 29, 2016 | Amendment | $50,000 | $500,000 | December 13, 2016 | Update the Subscription Agreement and include the Operating Agreement for signature. | sec.gov |
| October 24, 2016 | Amendment | $50,000 | $500,000 | December 13, 2016 | Increase maximum goal to $500K, include CPA reviewed financials, update most recent / prior fiscal year financials, and updated business plan. | sec.gov |
| July 8, 2016 | Amendment | $50,000 | $100,000 | December 13, 2016 | Correction in financials regarding long-term debt, include pitch deck and updated business plan. | sec.gov |
| June 17, 2016 | Offering | $50,000 | $100,000 | December 13, 2016 | sec.gov |
Updated April 30, 2018. 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.