|1||US Patent # 9985922: A message sent in one language translated to multiple recipients simultaneously|
|2||US Trademark # 4994376: "GlobeChat" is a registered Trademark|
|3||$1M+ raised outside of Wefunder|
|4||Champion - 2016 Tech Coast Angeles Startup Competition (#1 of 120 companies)|
|5||Finalist - 2016 Startup Battle in London, UK (#2 of 350 companies globally)|
|6||Presenter - 2016 WebSummit in Lisbon, Portugal & Phocuswright Travel Conference in Los Angeles, CA|
|7||Comparably Awards 2017 - Best Teams Marketing, Best Company Los Angeles & Best Company eNPS score|
|8||Comparably Awards 2018 - Best Company Diversity, Best Company Los Angeles & Best CEO Los Angeles|
Existing language translation solutions are limited to one-to-one communications, and are either expensive or highly inconvenient: human translators; online cut and paste translation; voice translation software; translation mobile applications; and wearable solutions. Language creates natural barriers between people and cultures, preventing meaningful social and business connections. We live in world that in theory is global, and yet the multitudes of interesting cultures rarely intersect, leaving us with only brief and random glimpses of far away people and places. Ultimately we live our lives, have our daily routines, and are never exposed to all the beauty and opportunity the world has to offer.
Existing social networks are no longer neutral and arbitrary platforms, with the companies instead choosing sides, injecting bias, and fueling division. These companies show clear favoritism in regards to social and political issues by making the concious and intentionally decision to pick and choose the information people are allowed to view. Personal opinions contradicting this bias are selectively banned from public view, labeled as "independently fact checked", "inappropriate" and "misinformation". Social networks have become platforms for hostility, creating a toxic and superficial environment for young people. How can we truly be connected when the next generation is viewing the world through a microscope as opposed to a telescope. Advertisers and social users have responded with a mass exodus from the existing platforms, leaving by the millions seeking alternatives, and these alternatives are scarce and fragmented.
We have developed a fun and simple app called "GlobeChat" which allows even the most non-technical users to easily chat and share content worldwide. Our app is available in 200 countries, 60 languages, and the focus is on global experience, connection, and engagement.
GlobeChat is the world's first and only multi-lingual software which translates languages instantly and automatically to all members of a group, even if everyone speaks a different language. We have been awarded a patent for our innovative language translation technology, which dramatically simplifies global communication, while completely eliminating geographic and cultural boundaries.
We connect people based on advanced filter searches that include, age, gender, occupation, hobbies, interests, political views, and more. Searches are global and can be very broad or very specific, based on the preference of the individual user. GlobeChat is intended to bring people together from all corners of the world based on shared interests and commonalities.
GlobeChat is a fully social and political neutral platform that respects and values free speech. We do not takes sides by applying our personal bias to the platform and opinions will not be censored. Our app offers a platform for the user to positively engage with people in different cultures and demographics.
We are a California-based company and the privacy of our user data is a priority.
Travel is my passion. I love meeting new people, learning about foreign cultures, visiting historical sites and seeing the world through the eyes of other people. When traveling, it was extremely frustrating to not have the ability to meet locals and communicate. And, for those I did meet while traveling, keeping in contact when returning home to the United States was virtually impossible. I would stay in touch by cutting and pasting from Google translate, then sending emails, however over time and the busy nature of our lives, these beautiful new friendships began to fade and the connections eventually and inevitably disappeared. I wanted to create a platform that provided the ability to easily communicate with anyone in the world. A solution that was simple and automated and allowed for real-time communications. Leveraging my extensive background in the telecom industry, I got started designing the platform. I diagrammed on paper what the network might look like to and how it would function. My first question was, “How do I make this as easy for the user as possible, where they won’t have to think about anything other than simply sending their message?”
The GlobeChat platform translates languages real-time in more than 60 languages providing for seamless global interaction. Each person receives messages automatically in their own native language regardless of the language of the sender.
Families, friends and business owners can chat easily and privately across the world with instantly translated messages. Travelers, influencers, actors, athletes, musicians and politicians have the ability to broadcast videos and share photos with a global audience. Whether you are a private person, public person, or both, the GlobeChat platform is right place for you!
Users can easily filter others globally based on age, gender, religion, political affiliation, education, career, interests, commonalities and more with the search results immediately displayed. GlobeChat is dedicated to connecting people based on shared interests, regardless of where they live or the language they speak! If a person loves video games, they can now connect and converse with gamers in 200 countries! If a person loves cooking, they can now share recipes with foodies in 200 countries! If a person is a doctor or nurse, they can now connect with peers in 200 countries! With 1000s of selectable filters on GlobeChat, the possibilities and search combinations are infinite!
This current round of funding is dedicated exclusively to company growth and revenue generation. GlobeChat utilizes a standard freemium model. Users will have access to a wide range of basic free features on the application. However to have content featured, 4X larger sized posts on the global wall, providing direct links to the user's other social media accounts, and a customized bio section, the user must subscribe to a premium membership.
The premium membership is a reasonable $4.99 per month. We calculate that ~4% of downloads will ultimately result in a premium membership. Therefore, 100,000 downloads will result in ~4,000 premium memberships. $4.99 X 4,000 premium users = $19,800 per month of revenue. $19,800 gross revenue minus the 30% App Store fee of $5,940 results in a net pre-tax revenue of $13,860. So for every 1M downloads on GlobeChat, the company will net pre-tax ~$138,600 of monthly revenue and ~$1,663,200 of annual revenue.
Longer term, additional revenue will be generated through language, location and interest based advertising specific to each individual user's filter selections, as well as through non-intrusive advertising placement on our global wall.
We have created a unique and innovative niche within one of the hottest technology growth markets in the world. GlobeChat allows individuals and groups in nearly every country to discover and interact with people globally right from their mobile device. Our app translates multiple languages concurrently, which means a message sent in English to 60 people in 60 countries would be instantly translated and received in 60 different languages!
We are a company in the right place at the right time, with a solid technology protected by a patent and a name protected by a trademark! The social and chat market is wide open and growing for all, both big and small, and a rising tide lifts all boats. What we've successfully accomplished is to combine the best elements of our competitors, then add a patented multilingual simultaneous translation engine with search filter capability. We provide the ability to search people anywhere on the planet based on thousands of specific filters. Our users have the ability to request for example, "I want to search every female in the world between 28 and 44, who speaks Italian, likes to travel, enjoys wine, classical music, romantic comedies, cars, and yoga.” When they hit enter on their search, GlobeChat then filter searches everyone on the planet that fits within that description and displays the results. Finally a global application that is truly and uniquely global!
We have a launch party scheduled in Los Angeles in very early 2021! All investors are invited! Too far to travel to attend in person? Global Pandemic restricting your mobility? No problem! We will be broadcasting the event live to all our investors through a private link which we will provide! So pour a glass of wine, get settled on your couch, then join in the celebration from anywhere in the world!
GlobeChat has financial statements ending March 31 2020. Our cash in hand is $1,800, 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 $100/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.
GlobeChat is a fun and simple mobile app that allows users to easily share content and engage with others in over 60 languages. Our app is the world's first and only multilingual software that translates instantly to all members of a group chat, even if everyone speaks a different language. GlobeChat connects people based on advanced filter searches that include, age, gender, occupation, hobbies, interests, political views, and more.
We envision a world where there are no communication barriers between cultures. GlobeChat unifies people throughout the world, regardless of where they live or the language they speak. By removing language barriers, GlobeChat will be the basis of a world connected by similarities in age, gender, career, politics, music, sports, and all manner of hobbies and interests. Acquistion targets are numerous - but the real end game is a platform that truly connects the world.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
GlobeChat, Inc. was incorporated in the State of Delaware in April 2016.
Since then, we have:
Historical Results of Operations
Liquidity & Capital Resources
To-date, the company has been financed with $1,048,795 in equity.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 24 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 24 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
GlobeChat, Inc. cash in hand is $1,800, 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 $100/month, for an average burn rate of $100 per month. Our intent is to be profitable in 12 months.
Although we cannot guarantee it, we hope that it'll take us $50,000 to get us to a revenue generating point. The funds for this raise will be used majority to promote the company and grow our user base.
Since the start of 2020 we've rebuilt the GlobeChat App by an inhouse team of developers. We have eliminated our dependence on outside third party development teams. This has resulted in a massive decrease in costs, while also improving significantly our operational efficiency, expediency, and quality of product.
GlobeChat plans to launch in January, 2021 and we project six months from that date to have revenues that will begin to exceed expenses. Our primary expenses will be advertising which will target Instagram, Facebook and YouTube. Our revenues are recurring and when we reach ~4,000 premium users is when we anticipate becoming a profitable company (about 20k gross revenue per month and $20k in monthly expenses). These projections cannot be guaranteed.
If needed the founder can continue to contribute capital to fund the business. We also hope to raise additional investment funds if only our minimum is reached on Wefunder.
GlobeChat, Inc. has made certain assumptions about the chat marketplace in order to create financial projections for the business. There is risk associated with the accuracy of these projections due to continuous changes in technology, new feature introductions by competitors, changes in user preferences and shifts in user demographics. In order to mitigate this risk, GlobeChat has taken great care to ensure the reliability and source quality of key assumptions used in the business plan. GlobeChat, Inc. diligently researches publicly-available information and initiatives of competitors. changes in the marketplace and changes in user preferences. The company makes every effort to innovative and stay ahead of the technology curve.
GlobeChat, Inc., has created an innovative and unique user experience combining the best elements of our competitors. Our Intellectual Property and primary technological differentiator in the marketplace titled "The System and Method for Multi-Lingual Networking and Communication" was approved in 2018 and puts GlobeChat in a position of strength within the marketplace. However, as with any patent, there are always loopholes and weaknesses sought by competitors. GlobeChat will actively and aggressively defend our patent as appropriate.
The United States Patent and Trademark Office Patent for The "System and Method for Multi-Lingual Networking and Communication" was originally submitted by and in the name of Kevin Strom, the Founder of GlobeChat. This patent is used entirely towards the success of GlobeChat, and it should be noted that the patent is now specifically assigned to, and owned 100% by, the company GlobeChat.
The technology sector, in which GlobeChat, Inc. operates, is a highly competitive market, where competition risks are significant. To succeed, we must be able to respond quickly to changes in consumer and market preferences. For example, we are now repurposing and rebranding our existing live video to adjust to an increased consumer emphasis on one to many video content. GlobeChat, Inc will continue to work diligently in anticipating market shifts and respond accordingly to actions by competitors.
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 GlobeChat Team primarily works on nights and weekends. We have full-time paid positions with other companies during the week which also takes some of our time and attention. We do this to ensure we take care of our families and additionally so that we do not wastefully use even a penny of investor funding towards paying salaries. We are extremely passionate and dedicated to the success of GlobeChat, however we want our investors to know we still have day jobs to pay the bills!
Slade Simpson is a part-time officer. As such, it is likely that the company will not make the same progress as it would if that were not the case.
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.
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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