|1||Top competitor to Yelp and disrupter of online review platforms.|
|2||Amazon AWS Activate, $100,000 recipient.|
|3||Sircles to mark the Founders' 3rd consecutive, successful multi-million $ business.|
|4||Maxed out beta-tester program at 3,000 in a matter of days.|
|5||30 day retention maintained at 80% for 8 consecutive months.|
|6||On the forefront of ESG values and a socially responsible investment.|
|7||#1 Trending App on Kickstarter on launch day.|
|8||All about positivity!|
"There is nothing more powerful than an idea whose time has come". This quote by French poet Victor Hugo embodies the force that is Sircles. A revolutionary platform, built on positivity, that is everything we subconsciously knew we needed. Like all great ideas, this one has manifested into reality. It has become a force of its own, and there is no stopping it now.
I have gotten to know the Sircles founders well over the past year. They are intelligent, focused, and passionate. They are fully committed to make Sircles successful or die trying. I believe that level of commitment is just as important as the product itself. In this case, we have the best of both.
Biased algorithms and a deliberate intent to force small businesses to comply with their corrupt practices, makes Yelp one of the most despised online review platforms for small businesses whilst creating an unreliable and untrusted source of recommendations for the unsuspecting consumer.
Positivity is the future. People are exhausted by online bullying, politics, and drama. Sircles was designed to promote sharing and positive vibes only!
Sircles works in two ways:
1. When you favorite a business, it stores that business for you to recall later (like a digital rolodex).
2. Sircles also displays your recommendation publicly for all your friends and followers to see.
Friends can simply tap on a category to find recommendations from their friends in the app—it's that simple.
Here's a short video that shows this in action:
Sircles is subscription based and aims to stay away from the ad based revenue model. When businesses claim their profile page ($20/mo), they unlock the ability to place coupons on a local map, gain full control over their profile, and get access to detailed analytics, such as which users have "favorited" their business. Very simple, affordable, and automated.
Sircles entered into an invite-only beta that was closed off at 3,000 users. The beta was full in a matter of days! Word of mouth recommendations have always been far more trusted than online reviews written by strangers, that's no secret, in fact, platforms such as Facebook have made an attempt to incorporate a similar feature for recommendations but there's one thing they will never be able to copy; the positivity. People are starved for a more positive social experience and Sircles was built from the ground up with that in mind. Sircles takes two of the most important aspects of social and aims to build a thriving community with both at its core; two values we teach our children: Sharing and Positivity!
Sircles has financial statements ending December 31 2019. Our cash in hand is $15,804, 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 $15,500/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.
Sircles is Yelp meets Facebook for recommendations, minus the negativity. Sircles was constructed from the ground up with painstaking attention to detail, to be nearly impossible to use in a negative way and, further, to reward good behavior. There are many safeguards and unique features to Sircles which allow it to stand out and capture a network effect. Sircles provides a frictionless way to store (favorite) places, movies, books, etc. which are then immediately visible (shared) to friends and followers.
We hope for Sircles to be in the hands of over 100 million people around the world, with a valuation exceeding $20B (this cannot be guaranteed). Sircles is a mass market product that fulfills a missing need for everyone - young and old.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
Sircles Media Inc. was incorporated in the State of Delaware in December 2019.
Since then, we have:
Historical Results of Operations
Our company was organized in December 2019 and has limited operations upon which prospective investors may base an evaluation of its performance.
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 $100,000 in debt, $318,000 in equity, and $327,000 in convertibles.
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
Sircles Media Inc. cash in hand is $8,898, as of July 2020. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $15,500/month, for an average burn rate of $15,500 per month. Our intent is to be profitable in 36 months.
Since the start of the year there have been significant changes in the development of the team and product strategy. We decided to scale down the team to create more agility, and to strip out all unfinished features to get the app to market. The end result has been approximately a 60% reduction in burn rate and we've seen an increase in product velocity.
We expect our revenue to be $0 per month and expenses to average around $25,000 per month three to six months after the raise.
Tech 2U is a related party entity. Tech 2U was Founded by our CEO, John Worthington, who has used Tech 2U resources to self fund the project at various different times.
Projected versus actual results: Sircles Media’s business plan and projections were prepared by its management and are based on numerous assumptions, which are subject to uncertainty due to the effects that economic, legislative, political or other changes may have on future events. Changes in the facts or circumstances underlying such assumptions could materially and adversely affect the projections. To the extent assumed events do not materialize, actual results may vary substantially from the projected results. As a result, no assurance can be given that Sircles Media will achieve the operating or financial results set forth in its financial projections and, accordingly, investors are cautioned about placing undue reliance thereon.
Valuation of SAFEs: The purchase price for the SAFEs offered have been arbitrarily determined by Sircles Media and bear no direct relationship to its book value or the value of its assets. As such, the purchase price for the SAFEs is not necessarily indicative of their value. No assurance is or can be given that any of the SAFEs, if transferable, could be sold for the purchase price or for any amount.
Limited capitalization: Sircles Media has limited capitalization and may need additional financing to support existing and ongoing operations. There is no assurance that Sircles Media would be able to successfully obtain additional financing or do so on favorable terms.
Inability to liquidate SAFEs: There is no public market for the SAFEs and investors may be unable to liquidate them if they need money. It is unlikely that an active market for the SAFEs will develop or be sustained after the crowdfunding or in the foreseeable future. Therefore, investors may not be able to sell the SAFEs they purchase or the Underlying Securities into which they may be converted.
Management’s judgment regarding use of proceeds: Sircles Media’s management, including the Board of Directors, will have broad discretion over the use of the net proceeds from the crowdfunding. Management has made only preliminary determinations as to the amount of net proceeds to be used based on its current expectations regarding Sircles Media’s financial performance and business needs over the foreseeable future. These expectations may prove to be inaccurate, as actual financial performance may differ from management’s current expectations, or Sircles Media’s business needs may change as its business and its industry evolve. As a result, the proceeds received by Sircles Media in crowdfunding may be used in a manner significantly different from its current plans.
Risks relating to developing technology: The market for products and services in peer to peer referrals and marketing industry is characterized by rapid technological developments, frequent new product introductions, innovations, and evolving industry standards. The emerging character of these products and services and their rapid evolution will require Sircles Media’s continuous improvement in the performance, features and reliability of its products and services, particularly in response to competitive offerings. Sircles Media may not be successful in responding quickly, cost effectively and sufficiently to these developments. In addition, the widespread adoption of new technologies or standards could require Sircles Media to make substantial expenditures to modify or adapt its products and services. This could harm Sircles Media’s business, financial condition and operating results.
Design flaws/defects: Sircles Media services or features may contain design flaws or other defects that could require expensive modifications or result in a loss of client confidence. To the extent that the Sircles Media does not effectively address or plan for design flaws or other defects or any capacity constraints or system failures, Sircles Media’s business, results of operations and financial condition could be significantly harmed.
Protection of Intellectual Property: Although Sircles Media intends to take commercially reasonable actions to protect its intellectual property rights, including evaluating and potentially filing for and obtaining certain copyrights, trademarks and patents with the United States Patent and Trademark Office (“USPTO”), if applicable, no assurances can be given that the intellectual property of Sircles Media (i) will not infringe upon the intellectual property rights of others, (ii) that the USPTO filings will occur, or if they do, that they will be approved and enforceable, or (iii) ultimately will be the sole property of Sircles Media. Sircles Media’s ability to compete effectively depends in part on developing and maintaining the proprietary aspects of its products. Sircles Media also cannot assure that any patents, copyrights or trademarks, if obtained, will not be successfully challenged, invalidated or circumvented in the future. In addition, no assurance can be given that competitors, many of which have substantial resources, have not already applied for, or obtained, or will not seek to apply for and obtain, patents, copyrights or trademarks that will prevent, limit or interfere with Sircles Media’s ability to make, use and sell its products and services either in the United States or in international markets. Sircles Media expects to rely heavily on trade secrets and proprietary know-how, which Sircles Media will seek to protect, in part, through confidentiality and proprietary information agreements. Sircles Media requires its employees and key consultants to execute confidentiality agreements upon the commencement of employment or a consulting relationship with Sircles Media. No assurance can be given that employees or consultants will not breach these agreements, that Sircles Media will have adequate remedies for any breach or that Sircles Media’s trade secrets will not otherwise become known to or be independently developed by competitors.
Reliance on key personnel: Sircles Media’s ability to achieve anticipated revenues is substantially dependent on its ability to attract and retain skilled personnel, especially management, software and app developers and service personnel. The loss of the services of one or more of Sircles Media’s executives, officers, and key employees, including John Worthington, Sircles Media’s CEO, or Daniel Hinkle, Sircles Media’s COO, or the decision of one or more of such officers or employees to join a competitor or otherwise compete directly or indirectly with Sircles Media could have a material adverse effect on Sircles Media’s business, operating results and financial condition. John Worthington and Daniel Hinkle, and the other officers and board members of Sircles Media own and/or manage a related party, Tech Service 2U, Inc. (Tech 2U), a computer service and repair company, and its wholly owned subsidiary FireUp Esports Lounge. Tech 2U, FireUp Esports Lounge and Sircles Media will continue to be simultaneously managed by the same officers and board members for the foreseeable future. The active management of several entities simultaneously by the same officers and board members could negatively impact their ability to successfully manage these entities. Sircles Media does not currently maintain key-man life insurance on any officer or employee of Sircles Media. In addition, Sircles Media believes that its future success will depend on its ability to attract and retain additional skilled developers, business development, sales, management, and marketing personnel. There is and will continue to be competition for such personnel in Sircles Media’s industry. New employees hired by Sircles Media generally require significant training. No assurance can be given that Sircles Media will be successful in attracting, training and retaining qualified personnel, and the failure to do so could have a material adverse effect on Sircles Media’s business, operating results and financial condition.
Todd Fiore 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.
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