|1||THE WORLD NEEDS HAPPINESS! PEOPLE NEED A NEW SOCIAL NETWORK!|
|2||COMBINING MULTI BILLION DOLLAR MARKETS!|
|3||Impact! Unique design and brand! First to market! Financial incentives! Low fees! Privacy first!|
|4||Generating job opportunities, encouraging donation, volunteering, and philanthropy. Donates 10% NGOs|
|5||Upcoming NYE 2021, a 24 hours virtual party connecting 10k-50k people across the globe.|
|6||Have connected thousands of people and listed hundreds of events. Our 2020 NYE party generated $83k.|
|7||Participating in the Newchip Accelerator.|
|8||Team grew explosively from 3 to 25+ in 2020. Driven, and professional. World-class advisors!|
Boonoob is a social networking platform aiming to connect 1 billion people by 2030 to meaningful activities for a happier lifestyle, meeting needs, and helping each other during the pandemic and beyond. These activities range from leisure like parties all the way to volunteering, donations, and paid services. Our business model mainly focuses on listing and promoting these activities. Starting in 2016 we have connected thousands of people and listed hundreds of public and private events. Today, we are excited to connect more.
Update: In the recent development to host a record breaking worldwide New Year's Eve party which would go for 24 hours and hosts more the 10,000+ people, we have decide to create our own virtual platform. This will reduce our cost by 1/10, empower us to host unlimited guests, we would be able use it again, and would go hand in hand with our social networking platform to create a virtual activity echo system to attract more users and increase the value we can add to our partners as an adoption strategy.
From a simple "Aha" moment to creating a social network that aims to connect the world, our story is full of thrill moments, our market is massive, and our team is strong.
Hesam built the first MVP in 2016 for University of New Hampshire where thousands of students joined the social network. He dreamed bigger and moved to San Francisco.
From there, Boonoob explosively expanded where he met friends to do weekly gatherings. These weekly gatherings went viral to become legitimate massive parties. Through these events he met like-minded friend and also his co-founders Yves Songolo and Kishan Trivedi.
Since 2018, Boonoob has listed hundreds of private events and connected thousands of people. Our party highlights include a Costume Cruise in 2018 and ScaryGoodTimes in 2019, both Halloween events. To date, our biggest event took place during our 2020 New Years Eve Dance Party, pooling in over 1,000 attendees, $83k in revenue, and was ranked the most popular party in San Francisco.
This New Year's Eve we are bringing 10,000 people together virtually across the globe in breaking records in human history.
We have built Boonoob with methodological approach and based on science of happiness. Science of happiness is a scientific approach to happiness. Let us touch briefly on the subject. The most prominent happiness theory is called PERMA model which we call REMAP:
Relationships: An important factor in happiness is the people you are connected with. The stronger your friendships the happier you become. Quality is much important than the number of the friends.
Meaning: The more meaningful life you live, the more goals you have the more happier, stronger, and resilient you will become.
Accomplishment: The more you get things done the happier you become. Even getting simple daily tasks done will help you become happier.
Positive emotions: the more you feel positive the happier you become. Such as the feelings of confidence, gratitude, and hope. This factor has two components: intensity and frequency. Also seeing others doing nice things make you happier. Watch video: Simon Sinek.
You can read more about PERMA model of science of happiness here.
The global pandemic has caused millions of unemployment and more than a million deceased globally. It changed health care, international relations, education, urban life, and many other aspects of our lives. Luckily, we are living in the digital age where more than 4.5 billion people are connected through the internet in just 31 years. Technology kept people connected, productive and collaborative on economic, social and environmental issues.
Imagine a world where everyone is happier because meeting our needs is easy, cheap, and fast with the aid of technology; Where there is an abundance of employment opportunities, easy health care access, more safety, social support, and protection. We want to bring this vision to life.
Boonoob connect people to activities encompassing anything from leisure to paid services solving all the problems mentioned above directly or indirectly. You can list your activities. You can add friends and make new ones. Your timeline shows what your circle has done for your community and keep up on what activities your friends are participating in.
In the same manner we have connected people to leisure activities, our unique design has enable us to expand to volunteering and servicing activities as well.
We will be offering the ability to list numerous types of paid services such as housekeeping, handy work, tutoring, shopping, health and wellness, event planning, and etc. Moreover, we are offering the chance to volunteer/get the help needed for free, and donate goods/raise funds.
Let's compare the costs, shall we? Currently, Craigslist charges $10 for a gig listing in San Francisco while Thumbtack charges service providers 20% ($100) for amounts less than $500.
In contrast, Boonoob charges only $0.99 flat fee for any type of paid services of any amount while volunteering and donation listings are absolutely for free. 10x times less than Craigslist and 100x times less than Thumbtack.
Our market is a unique combination of three massive markets because we are revolutionizing how a next generation social network should work: Event ticketing, gig economy, and online ads.
Event Ticketing: with about $54 Billion global market at 2019 this market has only penetration rate of about 9%. Meaning there is 91% of market left to be penetrated. We will be charging a % of tickets sold.
Gig economy: with 57 Million gig workers in US alone for 2019, this booming ever expanding market is here to stay. With recently passed prop 22, this economy is it's just getting bigger and better. We will charge a flat listing fee of only $1 for pad services.
Online ad spending: another gigantic market of $36 Billion in US alone for 2019. We would enable good products and activities to be seen more. However our goal is to reduce our reliance on this market alone. For few good reason which goes back to caring about our costumers.
Have you watched The Social Dilemma film on Netflix?
The main point of the film is that social media makes money from your data and manipulations to get you back on the platform so they can sell more ads to you. Around the end of the movie however, Jaron Lanier the author of the book Ten Arguments For Deleting Your Social Media Accounts Right Now and others propose that a solution to this problem is financial incentivization and a change in these business models.
Well, the good news is, by offering financial incentives such as events and gigs we are already solving these issues!! Additionally we are planning to move toward subscription plans where costumers can choose how they would like to interact with the platform.
Very similar to other social networking platforms, Boonoob is easy to use and very friendly! Starting an activity from the start to finish will be smooth and engaging.
Our iOS app is being published on the AppStore. A web app and an Android version is to follow. You can join the network at Boonoob.com.
Among many competitive advantage we have, are:
Impact: Although we are sure that will make a lot of money, our platform has been created with a good heart to bring happiness to it's costumers ground up. We believe in costumer first approach and create meaningful change in people's lives across the world. We live by 7 core values: Good Planet, Good People, Good Products, Good Places, Good Parties, Good Privacy, and Good Prices. Aligned with our values we are giving 10% to NGOs across the globe to empower humanity.
Financial Incentives: Our costumers are incentivized to use our platform for their own good to make and save money. This is in contrast to most social networks out there which costumers are in fact the product. Proudly this will put us ahead in the transition to more sustainable platforms.
A Reputation Based system: Our platform is a reputation-based platform meaning costumers will get to create their reputation by doing good for others. This will in turn will create a safer environment to explore and additionally will generate more opportunities for active costumers.
Low Fees: One of our core values is low prices. Compared to other platform offering same functionality we will always try to make it even cheaper. As mentioned before for gig platforms for example we are at least 10X cheaper while offering much better experience. Making us even harder defeat.
Design & Brand: Boonoob is made of two words: Boon (skillful) , and Noob (newbie). Not only the name speaks for itself the colorful design separates us instantly from most one color(blue) social networks. Additionally our B logo (hand logo/OK) is obviously a catchy gesture in contrast to old overly used thumbs up known for Facebook.
First to Market: We are first to market in few perspective. We understand that we will be a major activity based social network. We also understand that no social network has ever tried to incorporate gig economy into daily life of it's costumers where people can produce and consume these activities. We additionally appreciate the fact the we have combined few functionalities in one platform like having few apps in just one app.
Boonoob has financial statements ending December 31 2019. Our cash in hand is $5,000, as of September 2020. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $2,000/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.
Boonoob is a social networking platform that aims to connect people in the most sustainable and unique ways to meet their needs, to do good, and spread happiness with our core values of Good planet, Good people, Good products, Good places, Good parties, Good privacy, and Good prices. We strive to connect people amidst this pandemic who can freelance and volunteer for opportunities posted by fellow users.
In 5 years, we hope to be the biggest social networking platform that encourages a happier and healthier lifestyle. We strive to connect hundreds of millions of people in order to remain active, help each other in their daily lives, improve physical and mental health, run errands for others, buy and sell products and services, and facilitate activities like volunteering, donations, events, and parties. These are future projections that 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.
Fabulous Technologies Inc. was incorporated in the State of New Hampshire in January 2016.
Since then, we have:
Historical Results of Operations
Related Party Transaction
Refer to Question 26 of this Form C for disclosure of all related party transactions.
Liquidity & Capital Resources
To-date, the company has been financed with $56,604 in debt.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 6 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 4 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
Fabulous Technologies Inc. cash in hand is $5,000, as of September 2020. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $2,000/month, for an average burn rate of $2,000 per month. Our intent is to be profitable in 4 months.
Since December 2019, due to the pandemic, there have been drastic changes in the company finances and operations. As the main source of income comes from events, the company has not been able to host or list any events. Therefore, there have not been any revenue generated from operations.
However, as a social good platform we saw elderly people and those with autoimmune disorders trapped in their homes as healthy, able-bodied people were able to walk around outside, get groceries etc. Thus we doubled down on our efforts to connect people from these two worlds to help each other out. We had a soft launch of our app in July 2020; the size of the company grew from 3 to 30 people and the operations now include multiple teams and functions. Even though the head count has increased, the company has been able to keep the operating expenses as low as an average of $2,000/month over the past three months. We have kept expenses low through hiring volunteers and unpaid university interns.
In the first 6 months, we hope that revenues will total $50k, and will come primarily from our NYE virtual party 2021, event listings, and ads. We expect expenses to total $40k (salaries to interns, marketing, development & operations). Since we're not charging any fees from users in the first six months, we will not have significant revenue. On the other hand, we will continue to keep expenses low as we have done over the past year by continuing to work with unpaid interns and work remotely.
We need $50,000 to go to the market, and it will take us a projected 1-2 months to get there. More money and resources will enable us to create a strong product faster and market it to people better. We have multiple alternative sources of funding, including family and friends, social connections, offline investors (angels / VCs) and loans such as SBA, banks as well as private funds.
Investors have a possibility of facing the risk in financial investments caused by changing conditions or adverse price movements or changes in active user growth rates which would have an affect on our revenue to costs ratio and proportionally lead to less profits than expected. This will have an impact on the investors as well as the company.
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.
Risks may occur in ordinary company activities such as fraud risk, lawsuits, business model risks, etc. There is also a possibility of operational risks from catastrophic events such as natural disasters or pandemics like COVID-19 which would have an adverse affect on the business operations and our ability to seek for further investment.
There are possibilities of certain macroeconomic conditions such as political stability or government regulations which could act as a hinderance for businesses to operate further and will have an affect of investors.
The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company’s assets or profits and have no voting rights or ability to direct the Company or its actions.
The investments in our company, especially at an early stage, involves a high degree of risk. During the early stages, our company is more vulnerable to developments such as rapid changes in technology, fluctuations of demand and prices and to marketing competition from larger and more well established competitors. Hence, there is no guarantee that we will ever achieve or maintain the profitability.
For Boonoob to execute on its multi-year growth plan, it needs to add key people in target geographies to build sales channels and drive sales growth. If we are unable to hire these key people, it can potentially slow sales growth and could adversely effect the company
We are a growth startup company and are not currently profitable. We expect to raise additional capital to further develop our business. We can give no assurance that we will successfully negotiate or obtain additional financing on terms favorable or acceptable to us, or at all. We do not have any commitments for additional financing. Our ability to obtain additional capital will depend on market conditions, the U.S. economy and other factors outside our control. If we do not obtain adequate financing or such financing is not available on acceptable terms, our ability to continue our operations would be significantly limited.
Offerings here are exempt from state and federal registration requirements. Therefore, there is less disclosure of, or publicly available, information contained in this document than would typically be provided in a registered offering. While we have attempted to summarize the risks to the best of our ability, there may in fact be risks associated with participating in this offering, and Company-specific risks that have not been contemplated in this document.
The market values of investments in early stage companies such as Boonoob are difficult to determine. They generally are subject to negotiations between company management and prospective investors, and may result in values that are highly arbitrary. Furthermore, a private investment made in our company will be illiquid and likely will be long term in nature and may require years from the date of initial investment before disposition, if ever. The value of your investment may be lost or substantially devalued at liquidity.
Temporary Rule 201(z)(2) provides temporary relief from certain financial information requirements by allowing issuers to omit the financial statements required by Rule 201(t) in the initial Form C filed with the Commission. This offering has commenced in reliance of Temporary Rule 201(z)(2).
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