Fast Bags Corp

Early Stage

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

Overview

Raised to Date: 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
likely
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

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

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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Fast Bags Corp on Wefunder 2023
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Platform: Wefunder
Security Type: Equity - Preferred
Valuation: $9,542,888

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