SquarEat

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

SquarEat uses proprietary cooking techniques to transform any kind of natural ingredient in pre-cooked and/or “ready to eat” squares that can be eaten directly from the fridge, microwaved, boiled, warmed (pan or oven). Thanks to our proprietary process the squares last up to 3 weeks in the fridge (no additives/loss in nutritional values). We plan to launch a meal-plan service targeting initially the fitness/health conscious consumers, and then expand further to other segments and via additional channels.

In 5 years, we hope to be making $41mn revenues serving ~7,800 active subscriptions and ~85 gyms in 5 years. Plan to launch: Miami 2021, New York 2022, and Los Angeles 2023, for a total of 6 operational laboratories. Our estimates are not including additional and relevant consumption methods (pay-as-you-go / compose your box) and channels (supermarket, vending machines etc.). Additional funding (not included in the plan) can materially speed up expansion to other US cities and to Europe. These projections are not guaranteed.

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

Milestones

SQUAREAT LLC was organized in the State of Florida in November 2020.

Since then, we have:

• 100% natural, 100% ready-to-eat, long lasting, nutritionally balanced... and tasty!
• The healthy prepared food delivery market is fragmented, growing at a 12% CAGR, and will hit $3bn
• Highly scalable: streamlined cooking and storage, 3 weeks conservation, need for fewer deliveries
• We project 135 subscriptions to breakeven, $207k already raised
• Completed several tastings with great feedback and engaged reputable influencers as ambassadors
• Omni-channel product being launched on web/gyms and long term in retail, vending machines, airlines

Historical Results of Operations

Our company was organized in November 2020 and has limited operations upon which prospective investors may base an evaluation of its performance.

• Revenues & Gross Margin. For the period ended December 31, 2020, the Company had revenues of $0.
• Assets. As of December 31, 2020, the Company had total assets of $47,367, including $30,566 in cash.
• Net Loss. The Company has had net losses of $29,508 for 2020.
• Liabilities. The Company's liabilities totaled $0 for 2020.

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 $207,000 in capital contributions.

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 18 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

SQUAREAT LLC cash in hand is $65,135, as of April 2021. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $9,500/month, for an average burn rate of $9,500 per month. Our intent is to be profitable in 10 months.

Since the date our financials cover, we have raised $207K in funding and we have signed a lease agreement for the laboratory, which is now operational.

In the next 6 months, we expect (though don't guarantee) to generate $90k in revenues and $120k in costs. However, we expect to reach a breakeven in ~10 months. In terms of our current traction, we have been conducting tests and trials for 9 months already and we are in final negotiation (LOI signed) for the kitchen. We can start even before closing the campaign most likely. Website is almost finalized with the payment system as well. We need around $200K in funding in order to reach these projections.

The founder has already injected $75k as capital contributions, another $132k was contributed after 31 Dec 2020. We have commitments for $100k that will be invested on Wefunder. Current shareholders have additional capital to inject if needed and shareholder base is diversified providing ample coverage. We are also seeking to obtain bank financing.