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

Boyish is a music record label and media company.  Instead of industry standard contracts that strip artists' ownership of their art, we invest in artists as entrepreneurs with startup capital, mentorship, and infrastructure in exchange for equity investment in their company; artists are supported while maintaining control of their art and financial health. We also provide label as service products to artists. Media prototypes include 3 podcasts on music, culture, & entrepreneurship.

Boyish will be the premier record label for emerging artists, built on trust and the long-term success/health of our artists.  Our podcasts are viewed as thought leaders for artists as entrepreneurs.  Our education and business support products for artists/creators have reached scale.  We're viewed as an exemplar in the intersection between art, business, and education.  We have locations in Oakland, LA, and New York housing production studios and event space.

Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.

Milestones

Boyish Records, Inc. was incorporated in the State of Delaware in May 2019.

Since then, we have:

• Co-founders' experience and relationships in music, education, and business
• Market opportunity. The music industry is rapidly changing. Rising number of creators: 3M on Spotify, 20M on SoundCloud.
• Creating powerful art and influencing culture through underrepresented voices on terms that are healthy for artists.
• Be a part of the journey to help launch ASTU's debut album in Spring 2020
• Co-founder diversity across race, gender, and sexual orientation
• Founded by artists (with business experience) for artists.

Historical Results of Operations

Our company was organized in May 2019 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 $500.
• Assets. As of December 31, 2019, the Company had total assets of $ -21.07, including $ -21.07 in cash.
• Net Loss. The Company has had net losses of $591.07 for 2019.
• Liabilities. The Company's liabilities totaled $0 for 2019.

Liquidity & Capital Resources

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 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

Boyish Records, Inc. cash in hand is $201.93, as of August 2019. Over the last three months, revenues have averaged $167/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $289/month, for an average burn rate of $122 per month. Our intent is to be profitable in 12 months.

Will will be launching the following revenue-generating activities: (a) streaming revenue of music, (b) digital downloads of music, (c) merchandise sales, (d) pilot of subscription services, (e) ticket sales to performance / live events.  We hope to start generating revenue in Q4 of 2019.  Although we can't guarantee it, we expect revenues to be $24,000 6 months from now and expenses to be $36,300. 

In lieu of a successful raise, we'll continue to bootstrap the business.  We will also be applying for business grants in the coming months targeted at female founders, people of color founders, and the arts.