11/21/2024 | Press release | Distributed by Public on 11/21/2024 13:18
FORM C |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 |
OMB APPROVAL |
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OMB Number: ####-#### Estimated average burden hours per response: ##.# |
Filer CIK: |
0001719420
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Filer CCC: |
XXXXXXXX
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File Number: |
020-34879
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Is this a LIVE or TEST Filing? | LIVE TEST |
Is this an electronic copy of an official filing submitted in paper format in connection with a hardship exemption? | |
Would you like a Return Copy? |
Name: |
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Phone Number: |
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Contact E-Mail Address: |
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Notify via Filing Website only? |
Name of Issuer: |
MAGFAST, LLC
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Check box if Amendment is material and investors will have five business days to reconfirm | |
Describe the Nature of the Amendment: |
updated cover image
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Form: |
Limited Liability Company
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Jurisdiction of Incorporation/Organization: |
DELAWARE
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Date of Incorporation/Organization: |
10-03-2017
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Address 1: |
1 Grandview Ave
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City: |
Cornwall on Hudson
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State/Country: |
NEW YORK
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Mailing Zip/Postal Code: |
12520
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Website of Issuer: |
https://www.magfast.com/
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CIK: |
0001669191
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Company Name: |
NetCapital Funding Portal Inc.
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Commission File Number: |
007-00035
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CRD Number: |
283596
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Amount of compensation to be paid to the intermediary, whether as a dollar amount or a percentage of the offering amount, or a good faith estimate if the exact amount is not available at the time of the filing, for conducting the offering, including the amount of referral and any other fees associated with the offering: |
Up to 4.9% of amount raised for a successful offering and a listing fee of up to $10,000
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Any other financial interest in the issuer held by the intermediary, or any arrangement for the intermediary to acquire such an interest: |
Up to 2,282 units to be issued, along the same terms as investors.
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Type of Security Offered: |
Common Stock
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Target Number of Securities to be Offered: |
635
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Price: |
15.77000
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Price (or Method for Determining Price): |
The price of the Securities was determined solely by the management and bears no relation to traditional measures of valuation such as book value or price-to-earnings ratios. We expect that any future valuation will take the same approach.
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Target Offering Amount: |
10013.95
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Maximum Offering Amount (if different from Target Offering Amount): |
3600007.14
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Oversubscriptions Accepted: | Yes No |
If yes, disclose how oversubscriptions will be allocated: |
First-come, first-served basis
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Deadline to reach the Target Offering Amount: |
11-29-2024
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NOTE: If the sum of the investment commitments does not equal or exceed the target offering amount at the offering deadline, no securities will be sold in the offering, investment commitments will be cancelled and committed funds will be returned.
Current Number of Employees: |
2
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Total Assets Most Recent Fiscal Year-end: |
3598953.00
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Total Assets Prior Fiscal Year-end: |
4571573.00
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Cash and Cash Equivalents Most Recent Fiscal Year-end: |
1271585.00
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Cash and Cash Equivalents Prior Fiscal Year-end: |
1102966.00
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Accounts Receivable Most Recent Fiscal Year-end: |
0.00
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Accounts Receivable Prior Fiscal Year-end: |
0.00
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Short-term Debt Most Recent Fiscal Year-end: |
662123.00
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Short-term Debt Prior Fiscal Year-end: |
233174.00
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Long-term Debt Most Recent Fiscal Year-end: |
0.00
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Long-term Debt Prior Fiscal Year-end: |
0.00
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Revenue/Sales Most Recent Fiscal Year-end: |
2639314.00
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Revenue/Sales Prior Fiscal Year-end: |
1063544.00
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Cost of Goods Sold Most Recent Fiscal Year-end: |
1677253.00
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Cost of Goods Sold Prior Fiscal Year-end: |
716521.00
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Taxes Paid Most Recent Fiscal Year-end: |
0.00
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Taxes Paid Prior Fiscal Year-end: |
0.00
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Net Income Most Recent Fiscal Year-end: |
-3634653.00
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Net Income Prior Fiscal Year-end: |
-3305927.00
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Using the list below, select the jurisdictions in which the issuer intends to offer the securities: |
ALABAMA
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ALASKA
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ARIZONA
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ARKANSAS
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CALIFORNIA
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COLORADO
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CONNECTICUT
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DELAWARE
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DISTRICT OF COLUMBIA
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FLORIDA
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GEORGIA
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HAWAII
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IDAHO
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ILLINOIS
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INDIANA
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IOWA
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KANSAS
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KENTUCKY
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LOUISIANA
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MAINE
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MARYLAND
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MASSACHUSETTS
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MICHIGAN
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MINNESOTA
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MISSISSIPPI
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MISSOURI
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MONTANA
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NEBRASKA
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NEVADA
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NEW HAMPSHIRE
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NEW JERSEY
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NEW MEXICO
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NEW YORK
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NORTH CAROLINA
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NORTH DAKOTA
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OHIO
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OKLAHOMA
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OREGON
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PENNSYLVANIA
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RHODE ISLAND
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SOUTH CAROLINA
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SOUTH DAKOTA
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TENNESSEE
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TEXAS
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UTAH
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VERMONT
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VIRGINIA
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WASHINGTON
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WEST VIRGINIA
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WISCONSIN
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WYOMING
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AMERICAN SAMOA
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GUAM
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NORTHERN MARIANA ISLANDS
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PUERTO RICO
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VIRGIN ISLANDS, U.S.
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Issuer: |
MAGFAST, LLC
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Signature: |
Seymour Segnit
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Title: |
Principal Executive Officer
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Signature: |
Seymour Segnit
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Title: |
Principal Executive Officer
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Date: |
11-21-2024
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Signature: |
Seymour Segnit
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Title: |
Principal Financial Officer
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Date: |
11-21-2024
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Signature: |
Seymour Segnit
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Title: |
Principal Accounting Officer
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Date: |
11-21-2024
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Signature: |
Seymour Segnit
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Title: |
Board Member
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Date: |
11-21-2024
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Signature: |
Amy Rau Segnit
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Title: |
Board Member
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Date: |
11-21-2024
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