|1||Over 25,000 users and growing exponentially. Thousands of gigs posted and many are added daily|
|2||99% of all users are in the US with large purchasing power|
|3||No debt. Started monetizing the app with advertisers.|
|5||Successfully raised money on Kickstarter.|
I learned about this opportunity from my friend and think this is an interesting investment opportunity. In the world of online companies charging exorbitant fees and subscriptions SwapYourTime offers a great alternative. I think there is a great benefit to being an early investor with a relatively small initial investment. It looks like the guys who started the company have proven their success in their other ventures and are well qualified to run this business.
We have started thinking about Swap Your Time App in late 2016. The main idea was to offer a platform that allows freelancers to do what they enjoy doing and get other services in return or just get paid for their work. We built early prototypes in 2017 after filing a patent application. It was evident in our early consumer tests that there was a strong demand for a freelancing platform like ours. After all, the Gig Economy either as a full-time job or a complementary income has been steadily growing in the US and other countries. Especially in times like we are experiencing today where most of the world is shut down due to Covid-19, the demand for remote work and ability to earn income while working remotely is the highest it has been.
Our first version of the app was functional, but it was not aesthetically appealing according to testing with real users. Take a look at the video below with early designs of the app.
We have acted on the feedback from users and decided to launch a Kickstarter campaign so that we can raise money to completely re-design the UX and UI. Working on preparing the Kickstarter campaign was a blast and we have raised over $5k from over 100 backers (Swap Your Time Kickstarter Campaign). This has allowed us to hire a world-class designer and a team of programmers to integrate those designs into the app's architecture. The results was a success and we have published the app in Google Play and Apple App Store. It is worth noting that our company has no debt and has been funded by Kickstarter as well as the funds from co-owners of Swap Your Time, LLC. Our Android and iOS apps are fully synchronized together with the Web Platform and users can pick whatever device they want to use and start posting services (gigs) or look for services other freelancers advertise. Take a look at the video showing new designs and explaining how the app works:
At this point we have over 25,000 users and growing. Thousands of gigs have been posted and many are added every day. Our immediate focus is on the US. 99% of our user base is in the US, which we believe is an advantage due to high purchasing power. Additionally, the app can serve as a community app as we believe the days of globalization are over and it is time to focus on our communities and neighborhoods. Below, you will find a collection of screenshots from our app as well as our new video.
We hope you liked our story and consider investing in our company to propel it to the next stage. We are confident, Swap Your Time App will continue to be a tremendous success attracting new users and allowing us to reach 1,000,000 users and beyond in the next 2-3 years. Thank you for your interest!
Swap Your Time has financial statements ending December 31 2019. Our cash in hand is $1,000, as of April 2020. Over the three months prior, revenues averaged $150/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $350/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
In the current situation of lock downs and shut downs, working remotely and earning an income is even more important. We have built a successful freelancing platform as a response to a growing need of working remotely and earning either a main or supplementary income. The world will never be the same after Covid-19 and our platform will allow people to connect with each other, get work done, and earn their living.
In 5 years, we hope to have over 1.5 million users, although that cannot be guaranteed.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
Swap Your Time, LLC was organized in the State of Minnesota in June 2016.
Since then, we have:
Historical Results of Operations
Our company was organized in June 2016 and has limited operations upon which prospective investors may base an evaluation of its performance.
Liquidity & Capital Resources
The Company was initially funded with approximately $150,000 from capital contributions of the founding managing members.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 60 months before we need to raise further capital.
We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 60 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
Swap Your Time, LLC cash in hand is $1,000, as of April 2020. Over the last three months, revenues have averaged $150/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $350/month, for an average burn rate of $200 per month. Our intent is to be profitable in 1 months.
Since the date of our financials, we have started earning advertising revenue. In February, it was $106. In March, we earned $148 and we are on track to earn $150+ in April.
We project our advertising revenue to grow substantially as our user base grows. We expect our operational expenses to stay the same. Six months from now, we hope (but not guarantee) that revenues will be approximately $1,000-1,500 per month and expenses to be $2,500 per month.
For additional sources of capital, we can rely on the contributions of our founding team if necessary.
Our ability to operate depends on our cloud and infrastructure partners to continue their services (hosting, email service, push notifications, etc.)
The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company’s assets or profits and have no voting rights or ability to direct the Company or its actions.
Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
Google Firesebase needs to maintain their services for the App to operate properly in the cloud
Mailgun needs to maintain their services for the App to send various communications to the users
One Signal needs to maintain their services for the App to operate properly in the cloud and send push notifications
Algolia needs to maintain their services for the App to continue providing search capabilities to the platform users
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