Fast Bags Corp

Fast Bags Corp

Early Stage

Biodegradable* Trash Bags, inside America's First Trash Bag Dispensing System

Biodegradable* Trash Bags, inside America's First Trash Bag Dispensing System

Overview

Raised this Round: Raised: $158,440

Total Commitments ($USD)

Platform

Wefunder

Start Date

01/11/2023

Close Date

04/29/2024

Min. Goal
$50,000
Max. Goal
$499,999
Min. Investment

$100

Security Type

Equity - Preferred

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share

$2.00

Early Bird Valuation

$8,588,599

Pre-Money Valuation

$9,542,888

Year Founded

2007

Industry

Consumer Products, Goods & Services

Tech Sector

Cleantech

Distribution Model

B2B/B2C

Margin

Medium

Capital Intensity

Low

Location

Bernardsville, New Jersey

Business Type

Growth

Fast Bags Corp, with a valuation of $9.54 million, is raising funds on Wefunder. The company makes biodegradable trash bags that break down in two years. The trash bags of Fast Bags Corp, BagUps, are patent-protected and offer ease of use, convenience, and a good experience to the customers. Fast Bags Corp increased its sales by 277% from January to July 2022, compared to the same period in 2021, and plans to introduce many new products in the future. Jack Licata founded Fast Bags Corp in January 2007. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $499,999. The campaign proceeds will be used for advertising and repayment of advanced advertising loans, production equipment, and R&D for new products.

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$560,032

$270,850

COGS

$153,922

$84,195

Tax

$1,085

$681

 

 

Net Income

$-285,027

$-74,039

Summary Balance Sheet

FY 2022 FY 2021

Cash

$34,552

$34,741

Accounts Receivable

$0

$0

Total Assets

$64,094

$64,572

Short-Term Debt

$344,464

$107,315

Long-Term Debt

$0

$0

Total Liabilities

$344,464

$107,315

Financials as of: 01/11/2023
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Fast Bags Corp on Wefunder 2023
Platform: Wefunder
Security Type: Equity - Preferred
Valuation: $9,542,888
Price per Share: $2.00

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