Overview
Raised: $11,850
Total Commitments ($USD)
Platform
SMBX
Start Date
01/30/2023
Close Date
03/20/2023
Min. Goal
$40,000
Max. Goal
$120,000
Min. Investment
$10
Security Type
Debt
Series
Seed
SEC Filing Type
RegCF
Interest Rate
10.00%
Term Length
3.0 years
Rolling Commitments ($USD)
Status
Not Funded
Reporting Date
03/20/2023
Days Remaining
Not Funded
% of Min. Goal
Not Funded
% of Max. Goal
Not Funded
Likelihood of Max
Not Funded
Avg. Daily Raise
$247
Momentum
Not Funded
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Year Founded
2018
Industry
Media, Entertainment & Publishing
Tech Sector
MediaTech
Distribution Model
B2B/B2C
Margin
Low
Capital Intensity
Low
Innovative Recordings is raising funds on SMBX. The company is raising funds for its food and beverage business, Potomac Foods & Beverages. The main offering of the business is its drink, Shorty’s Sangria, which comes in three flavors: strawberry with cognac, green apple with cognac, and passion fruit with cognac. Potomac Foods & Beverages aims for people to enjoy the flavor, quality, and fun of its drink. Charles Garris founded Innovative Recordings in July 2018. The current crowdfunding campaign has a minimum target of $40,000 and a maximum target of $120,000. The campaign proceeds will be used for manufacturing and distribution, marketing, and working capital.
Summary Profit and Loss Statement
| FY 2021 | FY 2020 | |
|---|---|---|
|
Revenue |
$654,269 |
$635,578 |
|
COGS |
$160,400 |
$137,352 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$5,568 |
$127,674 |
Summary Balance Sheet
| FY 2021 | FY 2020 | |
|---|---|---|
|
Cash |
$73,151 |
$124,288 |
|
Accounts Receivable |
$41,011 |
$4,763 |
|
Total Assets |
$118,729 |
$250,988 |
|
Short-Term Debt |
$79,906 |
$53,427 |
|
Long-Term Debt |
$0 |
$0 |
|
Total Liabilities |
$79,906 |
$53,427 |
Financials as of: 01/30/2023
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Raise History
| Offering Name | Close Date | Platform | Valuation/Cap | Total Raised | Security Type | Status | Reg Type |
|---|---|---|---|---|---|---|---|
| Innovative Recordings | 03/19/2023 | SMBX | - | $11,850 | Debt | Not Funded | RegCF |
| Innovative Recordings | 07/12/2022 | SMBX | - | $225,230 | Debt | Funded | RegCF |
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