FinLitX
Early Stage
FinLitX is an autonomous app that teaches financial literacy without the need of human interaction.
Overview
Raised: $41,255
Total Commitments ($USD)
Platform
Netcapital
Start Date
03/05/2021
Close Date
04/29/2022
Min. Goal
$10,000
Max. Goal
$249,995
Min. Investment
$100
Security Type
Equity - Common
Series
Pre-Seed
SEC Filing Type
RegCF
Price Per Share
$5.00
Pre-Money Valuation
$10,000,000
Rolling Commitments ($USD)
Status
Funded
Reporting Date
05/01/2022
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$98
Momentum
Funded
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Year Founded
2014
Industry
Education, Training, & Coaching
Tech Sector
EdTech
Distribution Model
B2B/B2C
Margin
Medium
Capital Intensity
Low
FinLitX, with a post-money valuation of $10.2 million, is raising funds on NetCapital. The company has developed an autonomous app to provide financial literacy using advanced AI. The app identifies the vulnerabilities of users and applies machine learning, virtual reality, and other means to improve grades and self-esteem. Dwayne Samuels founded FinLitX in 2014. The current crowdfunding campaign of the company has a minimum target of $10,000 and a maximum target of $249,995. The proceeds of the raise will target product development, marketing and sales, debt repayment, salaries, and managers’ compensation. FinLitX is endorsed by NBA analyst Kenny Smith and has expanded its service to 11 states and three countries.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$519,070 |
$844,014 |
|
COGS |
$445,339 |
$768,102 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-1,654,752 |
$47,075 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$148,677 |
$102,214 |
|
Accounts Receivable |
$695,896 |
$772,457 |
|
Total Assets |
$1,354,332 |
$1,384,430 |
|
Short-Term Debt |
$0 |
$0 |
|
Long-Term Debt |
$1,225,000 |
$1,296,022 |
|
Total Liabilities |
$1,225,000 |
$1,296,022 |
Financials as of: 03/05/2021
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