Fast Bags Corp
Early Stage
Biodegradable* Trash Bags, inside America's First Trash Bag Dispensing System
Overview
Raised: $127,157
Total Commitments ($USD)
Platform
Wefunder
Start Date
01/12/2023
Close Date
04/30/2023
Min. Goal
$50,000
Max. Goal
$499,999
Min. Investment
$100
Security Type
Equity - Preferred
Series
Seed
Funding Type
RegCF
Price Per Share
$2.00
Pre-Money Valuation
$9,542,888
Rolling Commitments ($USD)
Status
Active
Reporting Date
02/03/2023
Days Remaining
86
% of Min. Goal
254%
% of Max. Goal
25%
Likelihood of Max
Avg. Daily Raise
$5,780
# of Investors
343
Momentum
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Location
Bernardsville, New Jersey
Industry
Consumer Products, Goods & Services
Tech Sector
Cleantech
Distribution Model
B2B/B2C
Margin
Medium
Capital Intensity
Low
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
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$270,850 |
$13,353 |
|
COGS |
$84,195 |
$10,836 |
|
Tax |
$3,055 |
$0 |
| ||
| ||
|
Net Income |
$-74,039 |
$-1,169 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$34,741 |
$631 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$64,572 |
$33,694 |
|
Short-Term Debt |
$107,315 |
$2,400 |
|
Long-Term Debt |
$0 |
$0 |
|
Total Liabilities |
$107,315 |
$2,400 |
Financials as of: 01/12/2023
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