Garrett Music Academy
MUSIC AND EDUCATIONAL SERVICES
Overview
Raised: $41,020
Total Commitments ($USD)
Platform
SMBX
Start Date
08/23/2021
Close Date
10/27/2021
Min. Goal
$25,000
Max. Goal
$125,000
Min. Investment
$10
Security Type
Debt
Series
Pre-Seed
SEC Filing Type
RegCF
Rolling Commitments ($USD)
Status
Funded
Reporting Date
10/30/2021
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$641
Momentum
Funded
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Year Founded
2004
Industry
Education, Training, & Coaching
Tech Sector
Non-Tech
Distribution Model
B2C
Margin
Low
Capital Intensity
High
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: 08/23/2021
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