The Spot on Mill Street

The Spot on Mill Street

Restaurant

Restaurant

Overview

Raised to Date: Raised: $49,161

Total Commitments ($USD)

Platform

Honeycomb

Start Date

02/18/2024

Close Date

04/03/2024

Min. Goal
$25,000
Max. Goal
$124,000
Min. Investment

$100

Security Type

Debt

Series

Pre-Seed

SEC Filing Type

RegCF    Open SEC Filing

Interest Rate

14.00%

Term Length

3.0 years

Rolling Commitments ($USD)

Status
Funded
Reporting Date

04/13/2024

Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise

$1,092

# of Investors

48

Momentum
Funded
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Year Founded

2019

Industry

Food, Beverage, & Restaurants

Tech Sector

Non-Tech

Distribution Model

B2C

Margin

Low

Capital Intensity

Low

Location

Historic Occoquan, Virginia

Business Type

Life Style

The Spot on Mill Street is raising funds on Honeycomb. It is a restaurant, bar, and lounge located in Historic Occoquan, Virginia. The Spot on Mill Street is nestled in an old county structure that lends it a quaint charm and adds to its diverse offerings of breakfast, lunch, and dinner options. The food business has a loyal customer base and has been the recipient of the ‘Best Coffee Shop’ award for four consecutive years. David Ormsby and Denise Ormsby founded The Spot on Mill Street in July 2019. The current crowdfunding campaign has a minimum target of $60,000 and a maximum target of $124,000. The campaign proceeds will be used for renovations of the space, inventory, equipment, and working capital.

Summary Profit and Loss Statement

FY 2023 FY 2022

Revenue

$480,779

$510,328

COGS

$188,836

$240,831

Tax

$0

$0

 

 

Net Income

$-161,258

$-165,407

Summary Balance Sheet

FY 2023 FY 2022

Cash

$25,530

$47,678

Accounts Receivable

$0

$0

Total Assets

$36,533

$60,682

Short-Term Debt

$48,783

$3,439

Long-Term Debt

$477,342

$287,276

Total Liabilities

$526,125

$290,715

Financials as of: 02/18/2024
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The Spot on Mill Street on Honeycomb 2024
Platform: Honeycomb
Security Type: Debt

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