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TurboPass Corporation
Paperless and instant way to verify income when buying a car
Last Funded February 2020!
$217,109
total funds raised
158
total investors
Why you may want to support us...
| 1 | Scalable Saas platform for buyers, sellers, and creditors. |
| 2 | Eliminates paper and fraud for parties to a credit transaction. |
| 3 | Two patents pending (1 utility, 1 process) for "User-authorized distribution of trusted source data." |
| 4 | CoFounders have SKIN IN THE GAME, having Bootstrapped for almost 3 years! |
| 5 | Users include #1 Independent Auto Lender in the USA, Westlake Financial (with over 14,000 dealers). |
| 6 | #1 Toyota Dealer South Texas as an early customer! |
| 7 | Reduces payment delays for buyers/sellers/creditors. |
| 8 | Testing application across medical, M&A, commercial credit and investor due diligence verticals. |
Why investors us
we've raised $217,109 since our founding
I think you have a very good understanding of your niche of the market! All the best for all of us.
Our team
Michael Jarman
Co-Founder/CEO
Besides my family, I'm proudest of the contributions I've made to enterprises from early traction to ultimate success. Along with great partners, I've helped build great solutions and experiences that materially improved the lives of others.
Jude Samson
Board Member/CTO
In my family and professional life, creating an environment where people grow together is my greatest accomplishment.
I specialize in developing business models, process design & networks focused on unleashing human potential.
In the news
AFN Announces DEMOvation Participants
Auto Finance News has selected seven startup companies to compete in the third annual DEMOvation Challenge, a showcase of new technology. The event, sponsored by Market Scan, takes place at the Auto Finance Innovation Summit - part of Auto Finance Accelerate - at the Omni Hotel in San Diego, California on Tuesday, May 14.
September 20, 2019
@ autofinancenews.net
Downloads
Investor Q&A
What does your company do?
TurboPass digitally transforms the validation of income, employment, and identity, for buyers, sellers and creditors.
Where will your company be in 5 years?
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.
Why did you choose this idea?
Why is this a good idea, right now? What changed in the world? Why wasn't this done a few years ago?
What is your proudest accomplishment?
How far along are you? What's your biggest obstacle?
Who are your competitors? Who is the biggest threat?
What do you understand that your competitors don't?
How will you make money?
What are the biggest risks? If you fail, what would be the reason? What has to go right for you to succeed?
What do you need the most help with?
What would you do with the money you raise?
Financials
TurboPass Corporation has financial statements ending December 31 2019. Our cash in hand is $1,254, as of December 2019. Over the three months prior, revenues averaged $1,656/month, cost of goods sold has averaged $667/month, and operational expenses have averaged $23,461/month.
At a Glance
January 1
to December 31
$47,765
+179%
Revenue
-$220,508
Net Loss
$44,599
+307%
Short Term Debt
$137,500
Raised in 2019
$1,254
Cash on Hand
A note from Wefunder. Unlike companies on the NASDAQ, early-stage startups have little operating history. Financial analysis is not as useful when there is limited data. It's more important to predict the size of the future market. If the founder achieves their vision, will enough customers pay the company enough money?
It's also common for fast-growing startups to lose money even faster: they are investing in future growth. In these cases, it's often better to check if the Cost of User Acquisition (CAC) is lower than the Lifetime Value (LTV) of that customer. If one spends $1000 today to make $10,000 over the next five years, that may be a smart bet. Amazon is a famous example of re-investing potential profits to maximize growth over 20 years.
It's also common for fast-growing startups to lose money even faster: they are investing in future growth. In these cases, it's often better to check if the Cost of User Acquisition (CAC) is lower than the Lifetime Value (LTV) of that customer. If one spends $1000 today to make $10,000 over the next five years, that may be a smart bet. Amazon is a famous example of re-investing potential profits to maximize growth over 20 years.
Net Margin:
-462%
-462%
Gross Margin:
31%
31%
Return on Assets:
-17,584%
-17,584%
Earnings per Share:
-$0.03
-$0.03
Revenue per Employee:
$23,883
$23,883
Cash to Assets:
100%
100%
Revenue to Receivables:
7,729%
7,729%
Debt Ratio:
21,548%
21,548%
TurboPass.MJ.SignedAttestation.of.2019Financials.pdf
TurboPass Balance Sheet 2019.pdf
TurboPass P and L 2019.pdf
TurboPass Financial Statements- Reviewed.pdf
Risks
| 1 | Material changes in State and Federal Regulations like the Fair Credit Reporting Act, TILA, and State Retail Installment Acts could materially affect our ability to grow the business. |
| 2 | There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business. |
| 3 | Our future success depends on the efforts of our management team to attract sufficient long-term capital to grow and sustain business operations. |
The Board of Directors
| Director | Occupation | Joined |
|---|---|---|
| Kenneth Jarman | CoFounder/COO @ TurboPass Corporation | 2018 |
| Michael Jarman | CoFounder/CEO @ TurboPass Corporation | 2018 |
| Jude Samson | CTO Board Member @ Samson Advisory | 2018 |
Officers
| Officer | Title | Joined |
|---|---|---|
| Kenneth Jarman | CFO Treasurer Secretary | 2018 |
| Michael Jarman | President | 2018 |
Voting Power
| Holder | Securities Held | Voting Power |
|---|---|---|
| Kenneth Jarman | 4,000,000 Common Stock | 50.0% |
| Michael Jarman | 4,000,000 Common Stock | 50.0% |
Past Equity Fundraises
| Date | Amount | Security |
|---|---|---|
| 02/2020 | $79,609 | Convertible Note |
| 09/2019 | $137,500 | SAFE |
Outstanding Debts
None.Related Party Transactions
None.Use of Funds
| $50,000 | 40%: Customer acquisition mostly through paid ads targeting automotive, boat, and motorsport dealerships, banks, and finance companies.
40%: Product development through increasing tech stack and outsourced engineering.
12.5%: Legal and administrative costs.
7.5% Wefunder intermediary fee.
|
| $1,070,000 |
35%: 2-3 sales and marketing hires.
25%: Customer acquisition through paid ads and attending 12-15 trade shows.
25%: Product development through full-time engineering hires in addition to increasing our tech stack.
7.5%: Legal and administrative fees.
7.5% Wefunder intermediary fees.
|
Capital Structure
| Class of Security | Securities (or Amount) Authorized |
Securities (or Amount) Outstanding |
Voting Rights |
|---|---|---|---|
| Common | 10,000,000 | 8,000,000 | Yes |
Form C Filing on EDGAR
The Securities and Exchange Commission hosts the official Form C on their EDGAR web site.
on Sep 14 2020
on Jan 23 2020
on Jan 9 2020
on Dec 21 2019
on Oct 15 2019
on Oct 9 2019
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1) These numbers include startups currently live on Wefunder if they pass their minimum target.
2) Some startups use two different laws at the same time (i.e., Regulation D and Regulation Crowdfunding).
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