|1||First to market soul food on a biscuit crust pizza.|
|2||Renowned restaurateur Karter Louis is the mastermind behind this menu and mission.|
|3||B Corp offering employees not only a livable wage and profit-sharing but ultimately ownership.|
|4||Growth opportunity fueled by an assertive expansion plan.|
|5||The $8.2 billion gourmet pizza market has proven to be pandemic proof.|
At its core, Soul Slice aims to bring healthy, affordable soulful pizza to underserved urban communities, while nurturing skills, talent and entrepreneurship in its family of employees. Founder Karter Louis is visionary, talented and experienced in creating a menu that will nourish, delight and overwhelm its patrons - by blending soul food ingredients that are delicious and heart-warming. As a kid, he made his own pizza on biscuit crust when the family didn't have money to order in. There’s no end to his creative genius - he’s also a very talented musician, which helps him bring artistic flair to every idea.
Karter's vast range of experience includes hillbilly tea and the Mina Group. I know the ingredients and the employee training and profit sharing model is well-thought out, inspiring and innovative. Karter’s team includes two experts in operations/finance, and branding/ marketing. Like the visionary entrepreneur and philanthropist, George Eastman, who pioneered the ideas of employee profit-sharing, while promoting the arts, and investing in the community and local talent through the building Kodak, the University of Rochester, the Eastman School of Music and the Eastman Theater. I hope more entrepreneurs follow Karter’s lead and build products and services that truly serve their employees, customers and communities, by investing in underserved communities and investing in every employee while offering them chances to become an inherent part of the business. We are not in it for the short-term, we are in it for the long-haul.
Soul Slice has financial statements ending December 8 2020. Our cash in hand is $0, as of December 2020. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $0/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.
Soul Slice is first-to-market with soul food on pizza at a time when the pandemic is going to be around for a while.
As a Benefit "B" Corp, we give our employees full-time, salaried jobs, profit-sharing and ownership opportunities to help them build wealth.
With simple, fresh, low cost ingredients, our fine-casual To-go/Delivery stores are designed to be fast to launch, high margin and easy to take to new markets.
If pizza and soul food can both heal, imagine them together.
Pizza is a proven to-go/delivery and high-margin model and Soul Slice hopes to be riding that wave. After a few locations in Oakland, CA, leased and built out at pandemic prices, we aim to quickly scale to additional stores in these early markets: Atlanta, NY, Louisville, L.A., Chicago and Houston. Annual revenues are hoped to to be $25 million in Year 5, with a 24% margin before employee profit-sharing. After that? It's our hope that a lot of partners/acquirers will be interested and we will ride that wave, too!
These projections 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.
Soul Slice BC was incorporated in the State of California in December 2020.
Since then, we have:
Historical Results of Operations
Our company was organized in December 2020 and has limited operations upon which prospective investors may base an evaluation of its performance.
Liquidity & Capital Resources
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
Soul Slice BC cash in hand is $0, as of December 2020. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $0/month, for an average burn rate of $0 per month. Our intent is to be profitable in 2 months after we open for business.
There have been no material changes since the date of our financials. We will be opening a bank account and making an initial deposit of $10,000 as soon as we finalize our bank selection.
We expect to launch in Q1 2021, provided we hit our minimum target of $140,000. Average monthly expenses are expected to be $75,000, and revenues of $90,000 3-6 months after launch. With low start up costs, we expect to break even in month 2. We believe we will be able to start the second location in month 9. These projections cannot be guaranteed.
For additional capital, we are planning to deposit an initial injection from the founders of $10,000 before year end 2020.
Pandemic - Restaurants are struggling, except for those able to thrive, or built to thrive in the case of Soul Slice, with a delivery/to-go format. These conditions may continue through 2021.
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.
Startup - Although we've created successful restaurants and startups before, Soul Slice is a startup and the model is not yet proven.
Key man liability - Karter Louis is the architect of our unique approach to sourcing, menu, brand experience, employee skills and wealth building, and replicability of the model. As such, Soul Slice has engaged two advisers who have the background and experience to ensure that the plan can be fully implemented in his absence if every needed.
Training - Our model has a strong training component which makes personnel costs higher than other fast casual restaurants.
Part-time employees. Our CEO is full-time but other founders are part-time. We will hire more full-time employees after the funds are raised.
Carla Dearing is a part-time officer. As such, it is likely that the company will not make the same progress as it would if that were not the case.
We are an emerging growth company, and, for as long as we continue to be an emerging growth company, we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to “emerging growth companies,” including: not being required to have our independent registered public accounting firm audit our internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act; reduced disclosure obligations regarding executive compensation in our periodic reports and annual report on Form 10-K; and exemptions from the requirements of holding nonbinding advisory votes on executive compensation and stockholder approval of any golden parachute payments not previously approved. We can continue to be an emerging growth company, as defined in the JOBS Act, for up to five years following our IPO.
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