|1||The world needs more HAPPINESS, and HELP!|
|2||A MULTI BILLION dollar opportunity!|
|3||GENERATING JOB opportunities, encouraging DONATION, VOLUNTEERING , and PHILANTHROPY.|
|4||IMPACTING with good values of planet, people, products, parties, places, privacy, and prices!|
|5||DONATING 10% to CHARITIES and NON-PROFITS across the world to empower humanity.|
|6||Have connected THOUSANDS of people and listed hundreds of events. Our 2020 NYE Party generated $83K.|
|7||Participating in the Newchip Accelerator. Future expansion to a full blown activity platform!|
|8||Team grew from 2 to 25+ in 2020. Driven, well educated, and professional. World-class advisors!|
We are living in the digital age where more than 4.5 billion people are connected through the internet in just 31 years. The global pandemic has caused a 195-million job loss and almost a million deceased globally. The pandemic changed health care, international relations, education, urban life, and many other aspects of our lives. Luckily, technology kept people connected, productive and collaborative on economical, 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 and protection and needs are met cheaper and faster. People can move toward a better and healthier life with more social support and extensive social relationships as well as ample time for volunteering and donating. What would happen if 4.5 billion people connected through the internet willingly contributed 10 minutes of their daily time to volunteer or chose to donate 1 cent each to different causes across the world? This will result in 45 billion minutes and 45 million dollars daily toward helping each other. The world would be a better place for everyone. So we wanted to bring this impactful vision to life using technology!
Boonoob is a social network for daily life activities aiming to connect 1 billion people by 2030 to meet their needs, to help each other, and spread happiness.
During the pandemic and beyond, one of our biggest missions has become to provide a tool to connect people in need of jobs to people in need of services.
Future expansion will include all other daily life activities such as entertainments, events, hangouts and more.
Simply put, Boonoob is LinkedIn for Craigslist. This way, users can enjoy a trustful environment to produce and consume opportunities (aka activities) all in one platform with the least friction freely and lowest cost possible to meet their needs and help each other out.
We offer 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 offer the chance to volunteer/get the help needed for free, donate goods/raise funds, and negotiate prices for paid services.
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.
To draw another big differentiation, Boonoob is a social platform around activity where 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. You can also see which one of your friends need help or assistance, generating even more opportunities.
By combining these two booming markets, we will have a big space to explore and grow. This is truly a multi-billion dollar opportunity!
Currently, Boonoob is in the works of developing an iOS app to bring our users in one platform where help is at their fingertips. A web app and an Android version is to follow.
To download our iOS app please visit:
Yes! You read it right! You can make money on Boonoob!
People in need of services will post their requests on Boonoob like learning to play guitar, cat sitting, cleaning, tutoring, and other things.
Convert your skills to cash and connect with other in 3 easy steps:
1. See who needs help.
2. Help them.
3. Get paid.
Boonoob will generate revenue from listings, events, subscriptions, products, promotions, and more.
But, let's dive deeper.
Have you watched The Social Dilemma film on Netflix?
The main point of the film is that social media makes money from your data. 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, we have solved this issue already!!
Our business model derives revenue from multiple sources, reducing our reliance on advertisements.
1. We will not sell your data,
2. We only promote good things.
3. You can make money by doing nice things and helping others.
We believe technology is a tool which can be used for good or for bad alike. From our perspective, promoting good products that are good for our planet or volunteering opportunities for good causes are perfectly fine.
All is all, our business model will allow us to be less reliant on advertisements and manipulative algorithms and be more focused on the happiness of our costumers.
Yes that's very true. The world has much more potential to become happier, more productive, and efficient in many aspects of life. Scientist have been tracking happiness of people around the world. For the past decade or more scientists have been measuring happiness based on factors like geography, gender, marriage, and age. Interesting right? That's we thoughts too!! You can read more here: The World Happiness Report
In 2016, the question we asked ourselves was: "What happens if we create an app that goes inside everyone's phone and give them a daily dose of positivity, happiness, and love?"
Indeed such a science exists. Positive psychology or science of happiness is a new field that studies how people become happier!!
We have worked hard to incorporate and code the science of happiness into the DNA of Boonoob to create a platform that everyone can benefit from and grow with.
The most prominent happiness theory is called PERMA model which for the sake of simplicity we call it REMAP:
Relationships: one of the most important factors 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. For example you might have thousands of friends on Facebook but how many of them can you rely on in the times of hardship? Boonoob will bring you stronger relationships by interacting with others in a more meaningful and unique way.
Engagement: another factors of happiness is engagement in an activity. The more you are engaged in doing something the more joyful you become. For example have you spent sometime with someone and or doing something that you completely forgot about time? This is also called the state of Flow or being in the zone presented by Mihály Csíkszentmihályi. Boonoob will help you engage in the activities you enjoy.
Meaning: some scientist argue this is the single most important factor. Simply the more meaningful you live your life the more happier, stronger, and resilient you will be. When you have meaning in your life you are focused and you jump out of the bed early morning to pursue your goal. Boonoob is a purposeful platform so you can find meaning in being with others, helping them, and being active toward better health and as such.
Accomplishment: this factor is about how much you move toward your goals. How much you get done on a daily basis, weekly, monthly, or yearly. The more you get done the happier you become. Even getting simple daily tasks done will help you become happier. Boonoob is designed to help you accomplish more.
Positive emotions: the more you feel positive the happier you become. This factor has two components: intensity and frequency. Think about it this way, the amount of the joy you get from an activity and the number of times you do the activity matters. Boonoob will deliver your daily dose of these nice emotions through variety of things like seeing others doing nice things, positive reinforcements and more. Watch video: Simon Sinek.
You can read more about PERMA model of science of happiness here.
Boonoob enables philanthropy in a very easy and fun way. Friends will get together and do nice things for each other and others. On the top of that we are also giving 10% to non-profits and charities across the world so we can help every human across the globe to have a happy life.
We are a team of hard working and passionate professionals who understand the pains and struggles of our customers, because we are all from the bottom of the society ourselves who climbed the ladder of success one way or another.
Boonoob started as a private social platform at the University of New Hampshire in 2016 by Hesam Jafari. Thousands of students joined. From there, Boonoob explosively expanded when he moved to San Francisco the following year where he met co-founders Yves Songolo and Kishan Trivedi.
Since 2018, Boonoob has listed hundreds of private events and connected thousands of people lover together. 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.
Hesam wants to take this moment and thank staff members of University of New Hampshire and University of San Francisco for all the amazing opportunity and all the nice colleagues who help in ideation, execution, all the professors and teachers all the way from kindergarten to our current world-class startup advisors who thought nice lessons for life, all of our family members who supported us in the thick and thin, all the amazing friends, and all the team crew for this once in a life time honor to able to aim for serving billions on a technological platform that once was just an idea, a spark, and a gift.
Boonoob has been recently accepted into and backed by Newchip Accelerator's program which will aide in improve and accelerate our business in every aspect.
We are well on our path becoming the safest social network to bring happiness to daily lives of people by connecting billions across the globe. Boonoob will evolve into a platform where people can choose to do all variety of activities with like-minded individuals.
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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