Three Magnets Brewing Company
View this filing on EDGAR (filing index, accession 0001665160-24-001694) | All Form C filings by this company on EDGAR
Filing details
| Company | Three Magnets Brewing Company | (Form C, issuer information) |
|---|---|---|
| State | WA | (Form C, issuer information) |
| Platform | StartEngine Primary, LLC | (Form C, issuer information) |
| Filing date | 2024-11-21 | (EDGAR filing index) |
| Date of incorporation | 2013-06-26 | (Form C, issuer information) |
| Employees | 4 | (Form C, issuer information) |
| Security offered | Other Class B Shares | (Form C, offering information) |
| Price per security | $1 | (Form C, offering information) |
| Target amount | $124,000 | (Form C, offering information) |
| Maximum ask | $1,235,000 | (Form C, offering information) |
| Offering deadline | 2025-02-20 | (Form C, offering information) |
| Platform compensation | 7 - 13 percent | (Form C, offering information) |
Financial summary
Figures are as entered by the company in the financial summary on the cover of its Form C. They are self-reported and unaudited, and they are not taken from the financial statements filed as exhibits to the Form C, which we do not read mechanically.
| Item | Most recent fiscal year | Prior fiscal year | Source |
|---|---|---|---|
| Revenue | $543,096 | $1,158,093 | (Form C, financial summary) |
| Cost of goods sold | $322,905 | $522,642 | (Form C, financial summary) |
| Net income | -$344,681 | -$481,744 | (Form C, financial summary) |
| Taxes paid | $0 | $0 | (Form C, financial summary) |
| Cash and equivalents | $11,818 | $301,905 | (Form C, financial summary) |
| Accounts receivable | $0 | $2,468 | (Form C, financial summary) |
| Total assets | $46,403 | $354,392 | (Form C, financial summary) |
| Short-term debt | $656,229 | $561,276 | (Form C, financial summary) |
| Long-term debt | $952,461 | $1,010,722 | (Form C, financial summary) |
Mechanical checks that fired
- Related-party language. Related-party language appears in this offering's own Form C filing or in an amendment to it, in a sentence that states it rather than ruling it out. The phrase can describe routine or unusual arrangements, so read the quoted sentence and the filing. Found in: 0001665160-24-001810.
C/A 0002045378 XXXXXXXX 020-35185 LIVE false false false true Reduced minimum to $20,000, updated use of proceeds, extended deadline, added related party loan to indebtedness, updated results of operations, added Articles of Incorporation.
Quoted from a financial statement table, so it reads as columns rather than a sentence. Open the filing for the layout. - Net loss in both years. Net income is negative in both fiscal years reported in the Form C financial summary.
- Cash below one year of losses. Net loss for the most recent fiscal year is larger than year-end cash, both as reported in the Form C financial summary.
- Debt above assets. Short-term plus long-term debt is larger than total assets in the Form C financial summary.
- Platform compensation of 8% or more. The platform compensation stated in the Form C is 8% or more of the offering.
A check means "read this part of the filing closely." It is not a judgment about how the company will do.
Company website as listed in the Form C: https://www.3magbrewing.com/
Want the weekly briefing? Subscribe free.