MagFast LLC

11/21/2024 | Press release | Distributed by Public on 11/21/2024 13:18

Amendment to Offering Statement under Regulation A - Form C/A

FORM C UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
OMB APPROVAL


FORM C/A

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Form C: Filer Information

Filer CIK:
0001719420
Filer CCC:
XXXXXXXX
File Number:
020-34879
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Submission Contact Information

Name:
Phone Number:
Contact E-Mail Address:
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Form C: Issuer Information

Issuer Information

Name of Issuer:
MAGFAST, LLC


Check box if Amendment is material and investors will have five business days to reconfirm
Describe the Nature of the Amendment:
updated cover image


Legal Status of Issuer:

Form:
Limited Liability Company


Jurisdiction of Incorporation/Organization:
DELAWARE


Date of Incorporation/Organization:
10-03-2017


Physical Address of Issuer:

Address 1:
1 Grandview Ave


City:
Cornwall on Hudson


State/Country:
NEW YORK


Mailing Zip/Postal Code:
12520


Website of Issuer:
https://www.magfast.com/


Intermediary through which the Offering will be Conducted:
CIK:
0001669191


Company Name:
NetCapital Funding Portal Inc.


Commission File Number:
007-00035


CRD Number:
283596


Form C: Offering Information

Offering Information

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


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.


Type of Security Offered:
Common Stock


Target Number of Securities to be Offered:
635


Price:
15.77000


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.


Target Offering Amount:
10013.95


Maximum Offering Amount (if different from Target Offering Amount):
3600007.14


Oversubscriptions Accepted: Yes No
If yes, disclose how oversubscriptions will be allocated:
First-come, first-served basis


Deadline to reach the Target Offering Amount:
11-29-2024


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.

Form C: Annual Report Disclosure Requirements

Annual Report Disclosure Requirements

Current Number of Employees:
2


Total Assets Most Recent Fiscal Year-end:
3598953.00


Total Assets Prior Fiscal Year-end:
4571573.00


Cash and Cash Equivalents Most Recent Fiscal Year-end:
1271585.00


Cash and Cash Equivalents Prior Fiscal Year-end:
1102966.00


Accounts Receivable Most Recent Fiscal Year-end:
0.00


Accounts Receivable Prior Fiscal Year-end:
0.00


Short-term Debt Most Recent Fiscal Year-end:
662123.00


Short-term Debt Prior Fiscal Year-end:
233174.00


Long-term Debt Most Recent Fiscal Year-end:
0.00


Long-term Debt Prior Fiscal Year-end:
0.00


Revenue/Sales Most Recent Fiscal Year-end:
2639314.00


Revenue/Sales Prior Fiscal Year-end:
1063544.00


Cost of Goods Sold Most Recent Fiscal Year-end:
1677253.00


Cost of Goods Sold Prior Fiscal Year-end:
716521.00


Taxes Paid Most Recent Fiscal Year-end:
0.00


Taxes Paid Prior Fiscal Year-end:
0.00


Net Income Most Recent Fiscal Year-end:
-3634653.00


Net Income Prior Fiscal Year-end:
-3305927.00


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
ALABAMA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
ALASKA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
ARIZONA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
ARKANSAS


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
CALIFORNIA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
COLORADO


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
CONNECTICUT


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
DELAWARE


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
DISTRICT OF COLUMBIA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
FLORIDA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
GEORGIA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
HAWAII


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
IDAHO


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
ILLINOIS


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
INDIANA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
IOWA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
KANSAS


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
KENTUCKY


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
LOUISIANA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
MAINE


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
MARYLAND


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
MASSACHUSETTS


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
MICHIGAN


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
MINNESOTA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
MISSISSIPPI


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
MISSOURI


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
MONTANA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
NEBRASKA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
NEVADA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
NEW HAMPSHIRE


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
NEW JERSEY


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
NEW MEXICO


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
NEW YORK


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
NORTH CAROLINA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
NORTH DAKOTA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
OHIO


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
OKLAHOMA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
OREGON


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
PENNSYLVANIA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
RHODE ISLAND


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
SOUTH CAROLINA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
SOUTH DAKOTA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
TENNESSEE


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
TEXAS


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
UTAH


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
VERMONT


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
VIRGINIA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
WASHINGTON


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
WEST VIRGINIA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
WISCONSIN


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
WYOMING


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
AMERICAN SAMOA


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
GUAM


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
NORTHERN MARIANA ISLANDS


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
PUERTO RICO


Using the list below, select the jurisdictions in which the issuer intends to offer the securities:
VIRGIN ISLANDS, U.S.


Form C: Signature

Signature

Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100-503), the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form C and has duly caused this Form to be signed on its behalf by the duly authorized undersigned.
Issuer:
MAGFAST, LLC


Signature:
Seymour Segnit


Title:
Principal Executive Officer


Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100-503), this Form C has been signed by the following persons in the capacities and on the dates indicated.

Signature:
Seymour Segnit


Title:
Principal Executive Officer


Date:
11-21-2024


Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100-503), this Form C has been signed by the following persons in the capacities and on the dates indicated.

Signature:
Seymour Segnit


Title:
Principal Financial Officer


Date:
11-21-2024


Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100-503), this Form C has been signed by the following persons in the capacities and on the dates indicated.

Signature:
Seymour Segnit


Title:
Principal Accounting Officer


Date:
11-21-2024


Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100-503), this Form C has been signed by the following persons in the capacities and on the dates indicated.

Signature:
Seymour Segnit


Title:
Board Member


Date:
11-21-2024


Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100-503), this Form C has been signed by the following persons in the capacities and on the dates indicated.

Signature:
Amy Rau Segnit


Title:
Board Member


Date:
11-21-2024