The Spot on Mill Street
Restaurant
Overview
Raised: $49,161
Total Commitments ($USD)
Platform
Honeycomb
Start Date
02/18/2024
Close Date
04/04/2024
Min. Goal
$25,000
Max. Goal
$124,000
Min. Investment
$100
Security Type
Debt
Series
Pre-Seed
SEC Filing Type
RegCF
Interest Rate
14.00%
Term Length
3.0 years
Rolling Commitments ($USD)
Status
Funded
Reporting Date
04/29/2024
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
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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