Garrett Music Academy

Early Stage

MUSIC AND EDUCATIONAL SERVICES

Analytics

Raised to Date: Raised: $41,020

Aggregate Commitments $

Platform

SMBX

Start Date

08/24/2021

Close Date

10/27/2021

Min. Goal

$25,000

Max. Goal

$125,000

Min. Investment

$10

Security Type

Debt

Funding Type

RegCF

Series

Pre-Seed

Rolling Commitments $

Status
Funded
Reporting Date

10/31/2021

Days Remaining
Funded
% of Min. Goal

164%

% of Max. Goal

33%

Likelihood of Max
Funded
Avg. Daily Raise

$641

Momentum
Funded
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Location

Owings, Maryland

Industry

Education, Training, & Coaching

Tech Sector

Non-Tech

Distribution Model

B2C

Margin

Low

Capital Intensity

High

Business Type

Life Style

Garrett Music Academy is raising funds on SMBX. It is a music school that provides high-quality music lessons and specialty programs to people passionate about music. The academy offers one major summer program, two year-round programs and has won ten community awards. It has 1,500 enrolled students and tailors private lessons for its students according to their abilities and goals. Krista Garrett founded Garrett Music Academy in May 2004. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $125,000. The campaign proceeds will be used to develop new student programming, purchase new equipment and software, and refinance debt.

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$289,671

$340,183

COGS

$152,331

$162,736

Tax

$7,311

$5,754

 

 

Net Income

$-43,815

$-17,739

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$6,144

$-3,479

Accounts Receivable

$13,821

$13,963

Total Assets

$207,255

$111,570

Short-Term Debt

$113,597

$2,290

Long-Term Debt

$170,006

$141,813

Total Liabilities

$283,603

$144,103

Financials as of: 08/24/2021
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Garrett Music Academy on SMBX 2021
$
Platform: SMBX
Security Type: Debt

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