Old Flame Mending
Sewing service
Overview
Raised: $50,000
Total Commitments ($USD)
Platform
Honeycomb
Start Date
08/03/2023
Close Date
09/02/2023
Min. Goal
$25,000
Max. Goal
$50,000
Min. Investment
$100
Security Type
Debt
Series
Pre-Seed
SEC Filing Type
RegCF
Interest Rate
14.00%
Term Length
5.0 years
Year Founded
2019
Industry
Consumer Products, Goods & Services
Tech Sector
Non-Tech
Distribution Model
B2C
Margin
High
Capital Intensity
Low
Old Flame Mending is raising funds on Honeycomb. It is a sewing service in Pittsburgh, Pennsylvania that offers services including tailoring, clothing repair, alterations, and custom work. Old Flame Mending works out of its shop in Avalon and also offers mending kits, classes, and a seasonal cloth swap event. The business has serviced more than 6,000 garments and won the 2022 Best of Pittsburgh Award for Tailors. Rebecca Harrison founded Old Flame Mending in August 2019. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $50,000. The campaign proceeds will be used for purchasing industrial sewing machines, refinancing loans, employee education and training, marketing, exterior signage, and working capital.
Summary Profit and Loss Statement
| FY 2022 | FY 2021 | |
|---|---|---|
|
Revenue |
$58,698 |
$32,563 |
|
COGS |
$3,363 |
$2,070 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$19,367 |
$6,269 |
Summary Balance Sheet
| FY 2022 | FY 2021 | |
|---|---|---|
|
Cash |
$1,971 |
$552 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$8,958 |
$2,138 |
|
Short-Term Debt |
$10,294 |
$0 |
|
Long-Term Debt |
$12,625 |
$0 |
|
Total Liabilities |
$22,919 |
$0 |
Financials as of: 08/03/2023
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Raise History
| Offering Name | Close Date | Platform | Valuation | Total Raised | Security Type | Status | Reg Type |
|---|---|---|---|---|---|---|---|
| Old Flame Mending | 09/02/2023 | Honeycomb | - | $50,000 | Debt | Funded | RegCF |
No prior online funding rounds.
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