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.

Overview

TurboPass digitally transforms the validation of income, employment, and identity, for buyers, sellers and creditors.

We hope (but cannot guarantee) to be a $100mm Revenue company with strong returns for investors as we deliver more equitable credit opportunities for Americans.

Milestones

TurboPass Corporation was incorporated in the State of Delaware in June 2018.

Since then, we have:

• Scalable Saas platform for buyers, sellers, and creditors.
• Eliminates paper and fraud for parties to a credit transaction.
• Two patents pending (1 utility, 1 process) for "User-authorized distribution of trusted source data."
• CoFounders have SKIN IN THE GAME, having Bootstrapped for almost 3 years!
• Users include #1 Independent Auto Lender in the USA, Westlake Financial (with over 14,000 dealers).
• #1 Toyota Dealer South Texas as an early customer!
• Reduces payment delays for buyers/sellers/creditors.

Historical Results of Operations

Our company was organized in June 2018 and has limited operations upon which prospective investors may base an evaluation of its performance.

• Revenues & Gross Margin. For the period ended December 31, 2019, the Company had revenues of $17,100 compared to the year ended December 31, 2018, when the Company had revenues of $0. Our gross margin was 0.58% in fiscal year 2019, compared to % in 2018.
• Assets. As of December 31, 2019, the Company had total assets of $24,871, including $24,871 in cash. As of December 31, 2018, the Company had $0 in total assets, including $0 in cash.
• Net Loss. The Company has had net losses of $41,879 and net income of $0 for the fiscal years ended December 31, 2019 and December 31, 2018, respectively.
• Liabilities. The Company's liabilities totaled $66,670 for the fiscal year ended December 31, 2019 and $0 for the fiscal year ended December 31, 2018.

Liquidity & Capital Resources

To-date, the company has been financed with $135,000 in SAFEs.

After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 9 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 6 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

TurboPass Corporation cash in hand is $17,000, as of May 2020. Over the last three months, revenues have averaged $2,500/month, cost of goods sold has averaged $6,300/month, and operational expenses have averaged $1,700/month, for an average burn rate of $5,500 per month. Our intent is to be profitable in 18 months.

We raised a small friend and family round over the first half of 2019 to get us to the crowdfunding campaign and we are kicking off a concurrent Reg D Raise to finish out our $1.5mm Seed round, over the next 3-6 months.

The Reg D Raise continues, and we are estimating 15-20 new dealership subscribers per month with the addition of a part-time outside sales associate. brought aboard in September 2019.