Wind Craft Aviation

Wind Craft Aviation

Developing a hydrogen-powered eVTOL aircraft that is scheduled for its first flight test this year

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Security Type
Crowd Note
Min Investment
$100
Location
Lowell, MI
Offering Date
August 03, 2020
Expected Close Date
December 07, 2020
Target Raise
$50.00K-$250.00K
Deal Notes

Discount: 25%

In connection with equity financing of at least $1 million, the Company has the option to convert the Crowd Note into non-voting preferred stock (Conversion Shares) at a price based on the lower of (A) a 25% discount to the price per share for Preferred Stock by investors in the Qualified Equity Financing or (B) the price per share paid on a $15 million valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.

Company Description

Wind Craft Aviation (WCA) aims to disrupt the aviation industry by developing advanced aviation technology, including an Electric Vehicle Take-Off and Landing (eVTOL) aircraft and its technological sub-components, which will consist of an avionics package and a hydrogen fuel cell. The company expects to provide its aircraft and technological sub-components to various customers on a contracted service or for purchase basis. Through partnership agreements, its own research and development efforts, and other support in the form of grants and in-kind donations, Wind Craft Aviation is attempting to build an affordable and efficient aircraft that can compete with incumbent competitors offering similar solutions to cargo and human transport.

Perks

$500 – A $500 investment entitles an investor to an investor t-shirt.
$1,000 –An investment of $1,000 entitles an investor to receive a “ticket” to tour WCA’s facilities, the ability to use an SJX flight simulator, a meet & greet with the team and access to other festivities at the first SJX flight demonstration.
$5,000 – An investment of $5,000 entitles an investor to have an opportunity to ride the SJX.
$10,000 – An investment of $10,000 entitles an investor to receive a production slot to purchase an SJX kit-built.

Key Deal Facts

Developing an aircraft powered by a carbon-neutral fuel cell, which can offer greater efficiency than traditional lithium-ion batteriesi
Founder was the youngest Part 107 commercial drone pilot in the U.S. in 2017, at age 16ii
Plans to complete first test launch this year and start beta testing in foreign markets by 2021
Awarded a grant from PlanetM to further develop its aircraft and test it at military sites throughout the state

Use of Proceeds

In order to meet its product development goals, Wind Craft Aviation intends to allocate a majority of the proceeds from this raise to hire new staff and on research and development initiatives. If the minimum raise amount is met ($50,000), WCA anticipates allocating 40% to research and development, 5% to operations, 34% to staffing needs, 16% to intellectual property (“IP”) and legal fees, and 5% to cover the intermediary fees associated with this raise. If the maximum raise amount is met ($250,000), WCA anticipates allocating 64% to research and development, 1% to operations, 24% to staffing needs, 6% to IP and legal fees, and 5% to cover the intermediary fees associated with this raise. The company has the discretion to alter the use of proceeds based on general economic conditions or a change in business needs.

Management Team / Advisory Board Bios

Alex Taylor - CEO and Co-Founder
Alex founded Wind Craft Aviation in 2017 and currently serves as the company’s CEO. His passion for disruptive technologies and aviation began at age 12, when he built his first unmanned aerial system (UAV). At age 14, he founded a company to develop and manufacture commercial UAVs. At age 16, a year before he founded Wind Craft Aviation, he became the youngest Part 107 Commercial drone pilot in the U.S.lvi Alex uses his experience and passion for aerial systems and disruptive technology to engineer sustainable solutions for the aerospace market. Alex has his Commercial UAS Pilot License from the FAA and is FOD Certified from the NCATT.

Allen Henviveld - CFO and Legal Counsel
Allen has more than 25 years of experience across various industries including manufacturing, management consulting, mortgage banking, and legal consulting. He also brings executive experience as he’s served as CEO, COO, and CFO for a number of organizations. Allen currently is a managing member at his own law firm, LAH Law, where he provides businesses and estate planning legal services to start ups and family estates. He also is the CEO and Founder of GPS Executives, where he and other seasoned executives work with small business owners to help them eliminate growing pains and achieve profitability. Allen holds a BA in Accounting and Economics from Hope College, an MBA from Duke University, and a JD from George Washington University.

Dr. John Rusek - Director and Strategic Partner
John serves as Director of the Board for WCA and is the Research Director and Co-Owner of Swift Enterprises, one of the company’s strategic partners. John’s research at Swift is focused on rocket propulsion and power generation through urea peroxide decomposition via heterogeneous and homogeneous catalysis. His research could provide WCA with a carbon neutral fuel cell that has more energy density and ultimately more power than traditional lithium ion batteries used in eVTOL vehicles. Early in his career, he served with the U.S. Air Force Rocket Propulsion Laboratory, where he focused on advanced propulsion concepts and materials. He also was selected as Chief Engineer of the Energetic Materials Division at the China Lake Naval Air Warfare Center. John holds a BS and MS in Chemical Engineering and a Doctor of Philosophy in Chemical Engineering with a minor in Atomic Physics from Case Western Reserve University.

Deal Notes

Discount: 25%

In connection with equity financing of at least $1 million, the Company has the option to convert the Crowd Note into non-voting preferred stock (Conversion Shares) at a price based on the lower of (A) a 25% discount to the price per share for Preferred Stock by investors in the Qualified Equity Financing or (B) the price per share paid on a $15 million valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.

Amount Raised : $125,370
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Security Description

A Crowd Note modifies the typical convertible note so that the crowd does not automatically convert to equity shareholders on the next financing and remain off the issuer’s capitalization table, but the crowd will still participate in any exit as if they had converted to equity. If there is no future financing, the holders of the Crowd Note still have upside, but could miss out significantly.

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