Doodeo

Fans booking their favorite musicians for a virtual performance

Last Funded June 2023

$513,506

raised from 173 investors

Financials

We have financial statements ending December 31, 2022. Our cash in hand is $32,000, as of December 2022. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $1,500/month, and operational expenses have averaged $5,500/month.

At a Glance

Jan 1 – Dec 31, 2022
$0
-100%
Revenue
-$221,068
Net Loss
$29,469
Short-Term Debt
$0
Raised in 2022
$32,000
-100%
Cash on Hand
Net Margin:
0%
Gross Margin:
0%
Return on Assets:
-426%
Earnings per Share:
-$0.03
Revenue per Employee:
$0
Cash to Assets:
100%
Revenue to Receivables:
~
Debt Ratio:
57%
Reviewed FS 2022 and 2021 Doodeo.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

Doodeo will allow anyone to book a musician for a virtual performance.

We aspire to help all middle-class musicians generate a sustainable income by changing the behavior of the people to book a virtual performance to enjoy music rather using any other methods.

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

Milestones

Doodeo Inc. was incorporated in the State of Delaware in October 2018.

Since then, we have:

  • 💰 $429k raised to date
  • 👋 Team and advisors from The Voice, Sony Music, Amazon, and Google.
  • 📈 145% average WOW growth on new accounts
  • 🥳 $390,000 in gigs income to our artists (GMV)
  • ❤️ 3,400 registered users with limited marketing
  • 🌎 30M middle-class musicians in the US with 880M globally.

The Company is subject to risks and uncertainties common to early-stage companies. Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future.

Historical Results of Operations

  • Revenues & Gross Margin. For the period ended December 31, 2022, the Company had revenues of $0 compared to the year ended December 31, 2021, when the Company had revenues of $32. Our gross margin was 100.0% in 2021.
  • Assets. As of December 31, 2022, the Company had total assets of $51,834, including $51,834 in cash. As of December 31, 2021, the Company had $32,908 in total assets, including $31,981 in cash.
  • Net Loss. The Company has had net losses of $221,068 and net losses of $229,064 for the fiscal years ended December 31, 2022 and December 31, 2021, respectively.
  • Liabilities. The Company's liabilities totaled $29,469 for the fiscal year ended December 31, 2022 and $0 for the fiscal year ended December 31, 2021.

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 $166,281 in equity and $510,246 in SAFEs via Re CF.

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 3 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

Doodeo Inc. cash in hand is $32,000, as of December 2022. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $1,500/month, and operational expenses have averaged $5,500/month, for an average burn rate of $7,000 per month. Our intent is to be profitable in 12 months.

Doodeo is the LinkedIn for entertainers to empower them to connect, collaborate, and find gigs. In Q1 2022, we will be launching Doodeo 2.0, pivoting into a livestreaming platform allowing anyone in the world to book a musician, virtually. 

In six months, we aim to be generate $800,000 in gross revenues and incur $1,099,000 in expenses.

We need $1,200,000 in order to fund the operation until profitability. With the funds we will hire additional members and inject 16% into marketing. 

The above projections are forward-looking and cannot be guaranteed.

We will continue on raising through crowdfunding, VCs, and angel investors the full amount needed to reach our funding goals. 

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

Risks

1

The Company might not sell enough securities in this offering to meet its operating needs and fulfill its plans, in which case the Company might need to reduce sales & marketing, engineering, or other expenses. Were recurring revenue to decrease, further cuts would be needed and hurt the Company’s ability to meet its goals. Even if the Company raises the entire round successfully, we may need to raise more capital in the future in order to continue. 

2

While the Company believes in good faith that its business plans have a reasonable chance of success, the operation of the Company is ultimately speculative and involve the possibility of a total loss of investment, due to any number of considerations. Investment is suitable only for individuals who are financially able to withstand the total loss of their investment.

3

The Company’s revenue model may be impaired or changed. The Company’s success depends mainly on its ability to receive revenue as earnings from the Company’s software. The company may generate but retain some or all of the earnings for growth and development of its business and accordingly, not make distributions to the shareholders. If the Company does not generate revenue, its business, financial condition, and operating results will be materially adversely affected.


Other Disclosures

The Board of Directors

Director Occupation Joined
Rony Hage Founder @ Doodeo 2018

Officers

Officer Title Joined
Rony Hage CEO 2018

Voting Power

Holder Securities Held Power
Rony Hage 6,400,000 Common Stock 76.8%

Past Fundraises

Date Security Amount
SAFE $64,250
5/2021 SAFE $260,956
1/2019 Priced Round $20,000
11/2018 Priced Round $97,600
11/2018 Priced Round $48,681

Outstanding Debts

None.

Related Party Transactions

From time-to-time, the Company’s founding member advances the company funds or incur expenses on the Company’s behalf. These advances are considered short-term, due on demand. As of 12/31/22, these advances totaled $29,469.

Use of Funds

$50,000 17% Development, 12% Business Development, 7% Customer support, 16% Marketing & Sales, 42% Work force, 6% Wefunder fees.

$426,000 By hitting our maximum target, we'll be able to hire 2 additional engineers and another growth hacker to help accelerate our growth. 17% Development, 12% Business Development, 7% Customer support, 16% Marketing & Sales, 42% Work force, 6% Wefunder fees.

Capital Structure

Class of Security Securities (or Amount) Authorized Securities (or Amount) Outstanding
Common Stock 10,000,000 8,327,869

Form C Filing on EDGAR

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

Details