|1||📈$740k Annual Recurring Rev. 100% growth in last 6 months|
|2||Engaging 3M+ members for clients such as Planet Fitness, Gold's Gym, F45 & more|
|3||Strong team. Founder is a software veteran and had a successful exit in his previous startup.|
|4||AI enabled netflix style live streaming and video on demand platform with mobile, OTT apps and more.|
|5||$10B Market Opportunity. Projected 2021 revenue of $2.5M (not guaranteed).|
|6||Patent pending technology to acquire, retain & engage members using AI.|
I have experience in the fitness industry as a strategy consultant and I understand how important it is for clubs to reduce attrition. It is difficult for clubs to analyze all of the available data and determine when and how to engage with a member to help them stay active with the club. Gleantap helps solves this problem with AI-enabled technology solutions and marketing actions. The company's partial pivot to helping fitness clubs deliver "virtual fitness" in the early days of the pandemic was also impressive. The technology to help solve the attrition problem combined with an integrated suite of marketing tools and the ability to deliver "digital" fitness solutions brings, in my view, a powerful and highly differentiated offer to the fitness industry.
1. Competition from In-Home / Digital Fitness - Rise in in-home equipment & fitness apps are moving people away from gyms & clubs. Additionally, with health & safety concerns more people are working out from home than before. The Digital Fitness industry is expected to be at $23B by 2022.
2. Customer Attrition aka “Achilles heels” of the fitness industry - Clubs loose on average 50% of their members every year.
3. Fragmented Marketing Infrastructure - An average club uses 4 or more softwares to manage their sales & marketing. Customer data is in silos and are not being leveraged to deliver personalized experience.
Gleantap provides a complete business toolkit to enable sales, marketing & support functions for businesses in the health & fitness domain. It also enables businesses to host virtual on-demand & live content through a branded portal.
In addition to the B2B offering, Gleantap is planning to launch a Netflix-style OTT wellness marketplace connecting trainers & experts from across the globe to fitness & well-being enthusiasts.
The health & fitness software industry is fragmented with legacy tools and outdated me-too applications for single function. The average fitness club uses at-least 4 softwares for their business.
Gleantap replaces these tools to streamline your fitness business, unlocking the power of data & AI. It uses artificial intelligence to learn customer behavior, preferences and the path to customer delight. Gleantap leverages this intelligence to run powerful marketing campaigns, improve sales processes and provide automated & personalized customer support.
For our B2C on-demand marketplace we see a total available market of 1 Billion subscribers worldwide and with a $10/mo price point we are looking at potential of $120B. The immediate serviceable market of 71.5 million (reported fitness members from IHRSA) is valued at $8.5 Billion.
In 2 years, we have acquired over 324 client locations, engaging over 2 million members for some of the biggest brands in the industry.
Our founder, Sagar Babber ran a custom software services company since 2008 and worked with numerous small & medium businesses helping them solve business problems with custom software solutions. In 2017, he was brought on by a big box gym to help find a solution to their customer attrition problem. Sagar created a minimal viable product (MVP) to run a pilot with them and the results were incredible. The gym saw about 10% drop in their churn that year and with that the word spread and we had other gyms reaching out.
Sagar officially launched Gleantap in 2018 and sold his software services startup later that year. We had our product market validation even before our launch and over $12,000 in Monthly Recurring Revenue (MRR) from Day 1.
Gleantap was initially an intelligent marketing platform that unified data from multiple sources such as POS, CRM, Check-Ins etc and created a single view of the customer and used adaptive segmentation to automate journey based campaigns across multiple channels.
As we built on top of our initial MVP, we continued to navigate the Health & Fitness market to gauge market challenges, competition and other dynamics.
As we continued to grow and penetrate the market further, COVID19 hit us. With social distancing measures in place fitness clubs began shutting down temporarily and we had 30% of our clients freeze their billing.
With clubs shutdown, people started working out at home, investing on in-home equipments such as pelotons and online classes. We took this time to identify another big gap in the market - Competition from In-Home & Digital Fitness.
We quickly used this opportunity to pivot. We created and added to our product offering - a digital content platform that helps fitness clubs go virtual with their classes - host on-demand videos, stream live classes, sell memberships & products and provide guidance and value beyond their physical locations.
Our sales went 4X, and we doubled our Monthly Recurring Revenue in just a few months.
The $100B Fitness industry is going to disrupt in this next decade touching billions of lives globally. You'll be part of it one way or the other so why not lead the change today. Join us!
Gleantap.ai has financial statements ending December 31 2019. Our cash in hand is $42,020.30, as of June 2020. Over the three months prior, revenues averaged $40,410/month, cost of goods sold has averaged $12,778/month, and operational expenses have averaged $58,350/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.
We help health & fitness clubs acquire, engage & retain customers effortlessly through our artificial intelligent sales & marketing platform. It enables businesses to pull customer data from their multiple systems creating a single view of customer and leverage individual context to automate campaigns across multiple channels - sms, email, facebook and push. It also enables clubs to host on-demand / live classes, sell memberships, take bookings & gate exclusive members-only content.
We want to transform the health & fitness industry digitally and be a leader in this niche in 5 years. We are targeting $45M in annual recurring revenue with a 10X valuation by 2024 serving over 18,000 locations across our primary & secondary market segments. These projections cannot be guaranteed.
Gleantap, Inc was incorporated in the State of Delaware in April 2018.
Since then, we have:
Historical Results of Operations
Our company was organized in April 2018 and has limited operations upon which prospective investors may base an evaluation of its performance.
Liquidity & Capital Resources
To-date, the company has been financed with $254,679 in SAFEs.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 4 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
Gleantap, Inc cash in hand is $42,020.30, as of June 2020. Over the last three months, revenues have averaged $40,410/month, cost of goods sold has averaged $12,778/month, and operational expenses have averaged $45,572/month, for an average burn rate of $17,940 per month. Our intent is to be profitable in 18 months.
We pivoted our product during COVID and our customer segmentation changed a bit to attract a lot smaller boutique studios with 1 location averaging $200 per client. However, our growth accelerated and we added on average $7k/mo in the last 3 months and have grown 100% in last 6 months.
We expect our monthly revenues to touch $90k/mo in the next 6 months and our expenses to be around $110k/mo. These projections cannot be guaranteed.
Subscription from our products is the only source of capital. Although, we have multiple products - marketing tool, sales tool, virtual club and a support tool.
To fund short-term operations, we have an active relationship with 2 lenders we can borrow from when needed. The Company's Founder and CEO, Saga Babber, can also provide capital if necessary.
We rely on certain integrated partners to provide us access to client data. If these partners revoke our access for any reason it will reduce our value proposition to our client and will negatively affect our ability to keep our clients and / or retain new clients.
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.
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.
Through our operations, we collect and store certain personal information of our customer’s customer. This info is pulled from their CRM / Member database.
Security could be compromised and confidential customer or business information misappropriated. Loss of customer or business information could disrupt our operations, damage our reputation, and expose us to claims from customers, financial institutions, payment card associations and other persons, any of which could have an adverse effect on our business, financial condition and results of operations. In addition, compliance with tougher privacy and information security laws and standards may result in significant expense due to increased investment in technology and the development of new operational processes.
Our business could be negatively impacted by changes in marketing or privacy laws or non-compliance of those laws
Our business sends and receives text messages through our application on behalf of our customers. These marketing messages are subjected to TCPA, CAN-SPAM and other laws. While we make every effort to stay compliant, software glitches or user error could damage our reputation or could cause heavy penalties as damages in lawsuits. In addition, we can lose customers & revenue that can adversely affect our business. Moreover, these laws can change at any time requiring us to update our software & our practices to adapt to the new laws which can delay or halt services to our clients and can cause us to lose customers & revenue.
Failure to obtain new clients or renew client contracts on favorable terms could adversely affect results of operations.
We may face pricing pressure in obtaining and retaining our clients. Our clients may be able to seek price reductions from us when they renew a contract, when a contract is extended, or when the client’s business has significant volume changes. They may also reduce services if they decide to move services in-house. On some occasions, this pricing pressure results in lower revenue from a client than we had anticipated based on our previous agreement with that client. This reduction in revenue could result in an adverse effect on our business and results of operations.
Further, failure to renew client contracts on favorable terms could have an adverse effect on our business. Our contracts with clients generally run for several years and include liquidated damage provisions that provide for early termination fees. Terms are generally renegotiated prior to the end of a contract’s term. If we are not successful in achieving a high rate of contract renewals on favorable terms, our business and results of operations could be adversely affected.
The Company could be negatively impacted if found to have infringed on intellectual property rights.
Technology companies, including some of the Company’s competitors, frequently enter into litigation based on allegations of patent infringement or other violations of intellectual property rights. In addition, patent holding companies seek to monetize patents they have purchased or otherwise obtained. As the Company grows, the intellectual property rights claims against it will likely increase. The Company intends to vigorously defend infringement actions in court and before the U.S. International Trade Commission. The plaintiffs in these actions frequently seek injunctions and substantial damages. Regardless of the scope or validity of such patents or other intellectual property rights, or the merits of any claims by potential or actual litigants, the Company may have to engage in protracted litigation. If the Company is found to infringe one or more patents or other intellectual property rights, regardless of whether it can develop non-infringing technology, it may be required to pay substantial damages or royalties to a third-party, or it may be subject to a temporary or permanent injunction prohibiting the Company from marketing or selling certain products. In certain cases, the Company may consider the desirability of entering into licensing agreements, although no assurance can be given that such licenses can be obtained on acceptable terms or that litigation will not occur. These licenses may also significantly increase the Company’s operating expenses.
Regardless of the merit of particular claims, litigation may be expensive, time-consuming, disruptive to the Company’s operations and distracting to management. In recognition of these considerations, the Company may enter into arrangements to settle litigation. If one or more legal matters were resolved against the Company’s consolidated financial statements for that reporting period could be materially adversely affected. Further, such an outcome could result in significant compensatory, punitive or trebled monetary damages, disgorgement of revenue or profits, remedial corporate measures or injunctive relief against the Company that could adversely affect its financial condition and results of operations.
In order for the Company to compete and grow, it must attract, recruit, retain and develop the necessary personnel who have the needed experience.
Recruiting and retaining qualified personnel is important to our success. These demands may require us to hire additional personnel. If we experience difficulties in hiring and retaining personnel in key positions, we could suffer from delays in product development, loss of customers and sales and diversion of management resources, which could adversely affect operating results.
Indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement and other losses.
Our agreements with advertisers, advertising agencies, customers and other third parties may include indemnification provisions under which we agree to indemnify them for losses suffered or incurred as a result of claims of intellectual property infringement, damages caused by us to property or persons, or other liabilities relating to or arising from our products, services or other contractual obligations. The term of these indemnity provisions generally survives termination or expiration of the applicable agreement. Large indemnity payments would harm our business, financial condition and results of operations. In addition, any type of intellectual property lawsuit, whether initiated by us or a third party, would likely be time consuming and expensive to resolve and would divert management’s time and attention.
Security breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer.
We pull & store personally identifiable data of customers of our clients in our data centers and on our networks. The secure processing, maintenance and transmission of this information is critical to our operations and business strategy. Despite our security measures, our information technology and infrastructure may be vulnerable to attacks by hackers or breached due to employee error, malfeasance or other disruptions. Any such breach could compromise our networks and the information stored there could be accessed, publicly disclosed, lost or stolen. Any such access, disclosure or other loss of information could result in legal claims or proceedings, liability under laws that protect the privacy of personal information, and regulatory penalties, disrupt our operations and the services we provide to customers, and damage our reputation, and cause a loss of confidence in our products and services, which could adversely affect our business and competitive position.
We rely on agreements with third parties to provide certain services, goods, technology, and intellectual property rights necessary to enable us to implement some of our applications.
Our ability to implement and provide our applications and services to our clients depends, in part, on services, goods, technology, and intellectual property rights owned or controlled by third parties. These third parties may become unable to or refuse to continue to provide these services, goods, technology, or intellectual property rights on commercially reasonable terms consistent with our business practices, or otherwise discontinue a service important for us to continue to operate our applications. If we fail to replace these services, goods, technologies, or intellectual property rights in a timely manner or on commercially reasonable terms, our operating results and financial condition could be harmed. In addition, we exercise limited control over our third-party vendors, which increases our vulnerability to problems with technology and services those vendors provide. If the services, technology, or intellectual property of third parties were to fail to perform as expected, it could subject us to potential liability, adversely affect our renewal rates, and have an adverse effect on our financial condition and results of operations.
An intentional or unintentional disruption, failure, misappropriation or corruption of our network and information systems could severely affect our business.
Such an event might be caused by computer hacking, computer viruses, worms and other destructive or disruptive software, "cyber attacks" and other malicious activity, as well as natural disasters, power outages, terrorist attacks and similar events. Such events could have an adverse impact on us and our customers, including degradation of service, service disruption, excessive call volume to call centers and damage to our plant, equipment and data. In addition, our future results could be adversely affected due to the theft, destruction, loss, misappropriation or release of confidential customer data or intellectual property. Operational or business delays may result from the disruption of network or information systems and the subsequent remediation activities. Moreover, these events may create negative publicity resulting in reputation or brand damage with customers.
The Company’s success depends on the experience and skill of the board of directors, its executive officers and key employees.
In particular, the Company is dependent on Sagar Babber, Shubham Sethi and Gabe Conville who are CEO, Head of Product and Director of Sales Company. The Company has or intends to enter into employment agreements with Shubham Sethi and Gabe Conville although there can be no assurance that it will do so or that they will continue to be employed by the Company for a particular period of time. The loss of any of these key team members or any member of the board of directors or executive officer could harm the Company’s business, financial condition, cash flow and results of operations.
We are subject to income taxes as well as non-income based taxes, such as payroll, sales, use, value-added, net worth, property and goods and services taxes, in the U.S.
Significant judgment is required in determining our provision for income taxes and other tax liabilities. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is uncertain. Although we believe that our tax estimates are reasonable: (i) there is no assurance that the final determination of tax audits or tax disputes will not be different from what is reflected in our income tax provisions, expense amounts for non-income based taxes and accruals and (ii) any material differences could have an adverse effect on our financial position and results of operations in the period or periods for which determination is made.
We are not subject to Sarbanes-Oxley regulations and lack the financial controls and safeguards required of public companies.
We do not have the internal infrastructure necessary, and are not required, to complete an attestation about our financial controls that would be required under Section 404 of the Sarbanes-Oxley Act of 2002. There can be no assurance that there are no significant deficiencies or material weaknesses in the quality of our financial controls. We expect to incur additional expenses and diversion of management’s time if and when it becomes necessary to perform the system and process evaluation, testing and remediation required in order to comply with the management certification and auditor attestation requirements.
Our operating results may fluctuate due to factors that are difficult to forecast and not within our control.
Our past operating results may not be accurate indicators of future performance, and you should not rely on such results to predict our future performance. Our operating results have fluctuated somewhat in the past, and could fluctuate in the future. Factors that may contribute to fluctuations include:
* changes in aggregate capital spending, cyclicality and other economic conditions, or domestic and international demand in the industries we serve;
* our ability to effectively manage our working capital;
* our ability to satisfy consumer demands in a timely and cost-effective manner;
* pricing and availability of services from our third party vendors;
* our inability to adjust certain fixed costs and expenses for changes in demand;
If we fail to attract and retain enough sufficiently trained customer service associates and other personnel to support our operations, our business and results of operations will be seriously harmed.
We rely on customer service associates, and our success depends to a significant extent on our ability to attract, hire, train and retain qualified customer service associates. A significant increase in the attrition rate among our customer service associates could decrease our operating efficiency and productivity. Our failure to attract, train and retain customer service associates with the qualifications necessary to fulfill the needs of our existing and future clients would seriously harm our business and results of operations.
We may be adversely affected by cyclicality, volatility or an extended downturn in the United States or worldwide economy, or in or related to the industries we serve.
Our revenues are generated primarily from customers looking for marketing technology to help them acquire & retain more members in the fitness & wellness industry. Demand for these technologies could be tied to economic and business cycles. Increases in the unemployment rate, specifically in the fitness & wellness industry and other vertical industries we serve, cyclicality or an extended downturn in the economy could cause our revenues to decline. Therefore, our operating results, business and financial condition could be significantly harmed by an extended economic downturn or future downturns, especially in regions or industries where our operations are heavily concentrated. Further, we may face increased pricing pressures during such periods as customers seek to use lower cost or fee services, which may adversely affect our financial condition and results of operations.
We are subject to rapid technological change and dependence on new product development.
Our industry is characterized by rapid and significant technological developments, frequent new product introductions and enhancements, continually evolving business expectations and swift changes. To compete effectively in such markets, we must continually improve and enhance our products and services and develop new technologies and services that incorporate technological advances, satisfy increasing customer expectations and compete effectively on the basis of performance and price. Our success will also depend substantially upon our ability to anticipate, and to adapt our products and services to our collaborative partner’s preferences. There can be no assurance that technological developments will not render some of our products and services obsolete, or that we will be able to respond with improved or new products, services, and technology that satisfy evolving customers’ expectations. Failure to acquire, develop or introduce new products, services, and enhancements in a timely manner could have an adverse effect on our business and results of operations. Also, to the extent one or more of our competitors introduces products and services that better address a customer’s needs, our business would be adversely affected.
Our business and financial condition may be impacted by military actions, global terrorism, natural disasters and political unrest.
Military actions in Iraq, Afghanistan and elsewhere, global terrorism, natural disasters and political unrest in the US and other countries are among the factors that may adversely impact regional and global economic conditions and our clients’ ability, capacity and need to invest in our services. Additionally, hurricanes or other unanticipated catastrophes, both in the U.S. and globally, could disrupt our operations and negatively impact our business as well as disrupt our clients’ businesses, which may result in a further adverse impact on our business. As a result, significant disruptions caused by such events could materially and adversely affect our business and financial condition.
We must acquire or develop new products, evolve existing ones, address any defects or errors, and adapt to technology change.
Technical developments, client requirements, programming languages, and industry standards change frequently in our markets. As a result, success in current markets and new markets will depend upon our ability to enhance current products, address any product defects or errors, acquire or develop and introduce new products that meet client needs, keep pace with technology changes, respond to competitive products, and achieve market acceptance. Product development requires substantial investments for research, refinement, and testing. We may not have sufficient resources to make necessary product development investments. We may experience technical or other difficulties that will delay or prevent the successful development, introduction, or implementation of new or enhanced products. We may also experience technical or other difficulties in the integration of acquired technologies into our existing platform and applications. Inability to introduce or implement new or enhanced products in a timely manner could result in loss of market share if competitors are able to provide solutions to meet customer needs before we do, give rise to unanticipated expenses related to further development or modification of acquired technologies as a result of integration issues, and adversely affect future performance.
The products we sell are advanced, and we need to rapidly and successfully develop and introduce new products in a competitive, demanding and rapidly changing environment.
To succeed in our competitive industry, we must continually improve, refresh and expand our product and service offerings to include newer features, functionality or solutions, and keep pace with price-to-performance gains in the industry. Shortened product life cycles due to customer demands and competitive pressures impact the pace at which we must introduce and implement new technology. This requires a high level of innovation by both our software developers and the suppliers of the third-party software components included in our systems. In addition, bringing new solutions to the market entails a costly and lengthy process, and requires us to accurately anticipate customer needs and technology trends. We must continue to respond to market demands, develop leading technologies and maintain leadership in analytic data solutions performance and scalability, or our business operations may be adversely affected.
We must also anticipate and respond to customer demands regarding the compatibility of our current and prior offerings. These demands could hinder the pace of introducing and implementing new technology. Our future results may be affected if our products cannot effectively interface and perform well with software products of other companies and with our customers’ existing IT infrastructures, or if we are unsuccessful in our efforts to enter into agreements allowing integration of third-party technology with our database and software platforms. Our efforts to develop the interoperability of our products may require significant investments of capital and employee resources. In addition, many of our principal products are used with products offered by third parties and, in the future, some vendors of non-Company products may become less willing to provide us with access to their products, technical information and marketing and sales support. As a result of these and other factors, our ability to introduce new or improved solutions could be adversely impacted and our business would be negatively affected.
Industry consolidation may result in increased competition, which could result in a loss of customers or a reduction in revenue.
Some of our competitors have made or may make acquisitions or may enter into partnerships or other strategic relationships to offer more comprehensive services than they individually had offered or achieve greater economies of scale. In addition, new entrants not currently considered to be competitors may enter our market through acquisitions, partnerships or strategic relationships. We expect these trends to continue as companies attempt to strengthen or maintain their market positions. The potential entrants may have competitive advantages over us, such as greater name recognition, longer operating histories, more varied services and larger marketing budgets, as well as greater financial, technical and other resources. The companies resulting from combinations or that expand or vertically integrate their business to include the market that we address may create more compelling service offerings and may offer greater pricing flexibility than we can or may engage in business practices that make it more difficult for us to compete effectively, including on the basis of price, sales and marketing programs, technology or service functionality. These pressures could result in a substantial loss of our customers or a reduction in our revenue.
Our business could be negatively impacted by cyber security threats, attacks and other disruptions.
Like others in our industry, we continue to face advanced and persistent attacks on our information infrastructure where we manage and store various proprietary information and sensitive/confidential data relating to our operations. These attacks may include sophisticated malware (viruses, worms, and other malicious software programs) and phishing emails that attack our products or otherwise exploit any security vulnerabilities. These intrusions sometimes may be zero-day malware that are difficult to identify because they are not included in the signature set of commercially available antivirus scanning programs. Experienced computer programmers and hackers may be able to penetrate our network security and misappropriate or compromise our confidential information or that of our customers or other third-parties, create system disruptions, or cause shutdowns. Additionally, sophisticated software and applications that we produce or procure from third-parties may contain defects in design or manufacture, including "bugs" and other problems that could unexpectedly interfere with the operation of the information infrastructure. A disruption, infiltration or failure of our information infrastructure systems or any of our data centers as a result of software or hardware malfunctions, computer viruses, cyber attacks, employee theft or misuse, power disruptions, natural disasters or accidents could cause breaches of data security, loss of critical data and performance delays, which in turn could adversely affect our business.
Natural Disaster events such as COVID19 that will lead to shutdown of our client businesses resulting in loss of revenue for our company.
Events such as COVID19 that will change the way of life making social distancing the norm and shutting down retail businesses can result in loss of revenue. Any similar natural disaster event that will inhibit our client’s ability to pay us or their need for our product & services can pose a big risk to our sustainability.
In addition to the risks listed above, businesses are often subject to risks not foreseen or fully appreciated by the management. It is not possible to foresee all risks that may affect us. Moreover, the Company cannot predict whether the Company will successfully effectuate the Company’s current business plan. Each prospective Purchaser is encouraged to carefully analyze the risks and merits of an investment in the Securities and should take into consideration when making such analysis, among other, the Risk Factors discussed above.
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) and, as a result, the following must be disclosed: (i) the financial information that has been omitted is not otherwise available and will be provided by an amendment to the offering materials; (ii) the investor should review the complete set of offering materials, including previously omitted financial information, prior to making an investment decision; and (iii) no investment commitments will be accepted until after such financial information has been provided.
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