Invest in Contractor+

Collaborative platform and AI for contractors

FIRST GOAL HIT (You can still invest)

$202,342

raised from 93 investors
INVESTMENT TERMS
Convertible Note
$8.1M valuation cap
$1K, $5K, $10K, $50K, $100K, $250K, $1M

Financials

We have financial statements ending December 31, 2023. Our cash in hand is $31,013, as of February 2024. Over the three months prior, revenues averaged $27,325/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $47,795/month.

At a Glance

Jan 1 – Dec 31, 2023
$234,363
+127%
Revenue
-$129,827
Net Loss
$108,416
+64%
Short-Term Debt
$139,317
Raised in 2023
$31,013
+127%
Cash on Hand
Net Margin:
-55%
Gross Margin:
0%
Return on Assets:
-241%
Earnings per Share:
-$0.02
Revenue per Employee:
$10,189.70
Cash to Assets:
34%
Revenue to Receivables:
1,489%
Debt Ratio:
665%
ContractorPlus-2023-Audit.pdf ContractorPlus-2022-Audit.pdf

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

We're building the definitive mobile-first operating system for contractors. We don't just address the problems within the organizational unit, we connect and facilitate the collaboration of contractors.

Milestones

Contractor Plus, Inc. was incorporated in the State of Delaware in February 2020.

Since then, we have:

  • $360K Annual Run Rate Revenue, 85%+ Gross Margins, 162% YoY growth
  • Multiple Revenue Streams: Subscriptions, Payment Facilitation, Financing, Insurance Referrals & more
  • $60B market opportunity with a CAGR of 19%
  • Available on all platforms with native applications for Web, iOS and Android Phones & Tablets
  • Partnerships & integrations with Thumbtack, Intuit Quickbooks, 1build, CompanyCam, 1build & Square
  • Patent-pending Contractor+ Assistant AI & Strategic network effects for exponential growth
  • $24K MRR, $6k monthly one-time revenue. 40k free users, 5500 MAUs, 800+ active paying customers

Historical Results of Operations

  • Revenues. For the period ended December 31, 2023, the Company had revenues of $234,363 compared to the year ended December 31, 2022, when the Company had revenues of $102,977. 
  • Assets. As of December 31, 2023, the Company had total assets of $53,959, including $18,344 in cash. As of December 31, 2022, the Company had $19,839 in total assets, including $13,306 in cash.
  • Net Loss. The Company has had net losses of $129,827 and net losses of $82,296 for the fiscal years ended December 31, 2023 and December 31, 2022, respectively.
  • Liabilities. The Company's liabilities totaled $358,894 for the fiscal year ended December 31, 2023 and $194,944 for the fiscal year ended December 31, 2022.

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 $252,844 in convertibles and $28,704 in debt.

After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 12 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 16 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

Contractor Plus, Inc. cash in hand is $31,013, as of February 2024. Over the last three months, revenues have averaged $27,325/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $47,795/month, for an average burn rate of $20,470 per month. Our intent is to be profitable in 12 months.

Since the date of our financials, we have applied for a non-provisional patent on our AI assistant. Further, we have raised $45,000 through private angel investors.

We expect our revenue to reach $50k MRR within 6 months of closing our round, and our expenses to be ~$81k/month in the same time frame.

We are not yet profitable, and therefore, we are raising $1.5m to become profitable within the next 12 months, and continue our MRR growth to $350k within 24 months of closing the round. Between accelerating customer acquisition efforts, and increasing our unit pricing, we should achieve profitability within 12 months of closing this round. 

For additional sources of capital aside from Wefunder, we can rely on private investors in our network, as well as loans through Stripe, the founders, and other sources. We also have accounts receivable and lines of credit to cover short-term burn during this offering.

All projections in the above narrative are forward-looking and not guaranteed.

Risks

1
Our company acknowledges several key market trends that present both opportunities and risks in the field service management (FSM) sector. The global FSM market is experiencing significant transformations, driven by emerging trends such as the increased adoption of contactless, cashless, and self-service technologies. These innovations are setting new standards in our industry, offering enhanced flexibility and convenience for both workers and customers.
We are committed to adapting our strategies in response to these trends, but investors should be aware that such market dynamics could influence our revenue growth, market position, and profitability. The ability to respond effectively to these trends while managing the associated risks will be critical to our success in this evolving market landscape
2
Both ends of the fragmented market we're working to consolidate are extremely competitive. Competition in many cases may be more capitalized and efficient than we are at GTM.
3
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.

Other Disclosures

The Board of Directors

Director Occupation Joined
Justin Smith CEO @ Contractor Plus, Inc. 2020
Roshanlal Sethia CTO @ Contractor Plus. Inc. 2020
Liam Bowers Investor @ Teel Mountain Capital 2024

Officers

Officer Title Joined
Justin Smith 2020
Roshanlal Sethia CTO 2020

Voting Power

Holder Securities Held Power
Justin Smith 2,850,000 Common Stock 45.5%
Roshanlal Sethia 2,500,000 Common Stock 39.9%

Past Fundraises

Date Security Amount
Current Convertible Note $94,822
1/2024 Loan $20,800
1/2024 Priced Round $45,000
12/2023 Convertible Note $45,000
5/2023 Convertible Note $94,317
10/2021 Convertible Note $113,527
12/2020 Loan $7,904

Convertible Notes Outstanding

Issued Amount Valuation Cap
12/7/23
$45,000
$8,100,000

Outstanding Debts

Issued Lender Outstanding
12/30/20 Justin Smith
$6,753
1/2/24 Stripe Capital / Celtic Bank
$18,532

Related Party Transactions

Use of Funds

$50,000 After the 7.5% Wefunder platform fees, we will allocate 42.5% to product (extending our current runway as we continue on the path of growth) and 50% to sales and marketing.

$1,500,000 After the 7.5% applicable Wefunder platform fees, we will allocate $625,212 (32.5%) to marketing, $487,500 (20%) to sales/business development, $162,500 (10%) to increase in overhead, $240,000 (16%) auto increase in engineering costs and $216,000 (14%) to sustain current burn. 

Capital Structure

Class of Security Securities (or Amount) Authorized Securities (or Amount) Outstanding
Common 10,000,000 6,262,995

The Funding Portal

Contractor+ is conducting a Regulation Crowdfunding offering via Wefunder Portal LLC. CRD Number: #283503.

Form C Filing on EDGAR

The Securities and Exchange Commission hosts the official Form C on their EDGAR web site.

Details