Swiftdine

Swiftdine

Reservable, Pay-Ahead, Sit-Down Dining

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Security Type
Convertible Note
Categories
Other
Min Investment
$500
Offering Date
January 25, 2019
Expected Close Date
April 27, 2019
Target Raise
$10.00K-$107.00K
Deal Notes

Discount Rate: 15.0%

Annual Interest Rate: 8.0%

Conversion Trigger: $1,000,000.00

Company Description

Convertible Promissory NotesNote converts to Common Stock when the company raises $1,000,000 in a qualified equity financing.Maturity Date:  11/20/2020Valuation Cap: $15,000,000 Discount Rate: 15% Annual Interest Rate: 8%**Annual Interest Rate subject to adjustment 10% bonus for StartEngine shareholders. See 10% Bonus below

Use of Proceeds

Intermediary Fees: 6%

Marketing: 84% - 62%

Working Capital: 10%

Company Employment: 0%- 20%

Inventory: 0% - 2%

Management Team / Advisory Board Bios

Tobie Azeez - Founder and CEO
Tobie came up with the initial idea that became
Swiftdine during study hall in his junior year of high school. He studied finance and economics at Wright State University.

Toyosi Azeez - Co-founder and COO
Toyosi graduated from The Ohio State University with a degree in Economics, and worked in finance before Swiftdine where he mastered his salesmanship selling life insurance to physicians. As COO, his primary focus is on restaurant partnerships, in addition to providing support in product development

Deal Notes

Discount Rate: 15.0%

Annual Interest Rate: 8.0%

Conversion Trigger: $1,000,000.00

Valuation Notes

Swiftdine, Inc. will offer 10% additional bonus interest for all investments that are committed, within 24 hours of this offering going live, by StartEngine Crowdfunding Inc. shareholders who invested over $1,000 in the StartEngine Reg A offering which closed earlier this year. StartEngine shareholders who have invested $1,000+ in the StartEngine Reg A+ campaign will receive a 10% increase in the annual interest rate on Convertible Promissory Notes in this Offering if they invest within a 24-hour window of their campaign launch date. For example, if invest in the first 24 hours, your annual interest rate will be 8.8% instead of 8%. This 10% Bonus is only valid for one year from the time StartEngine Crowdfunding Inc. investors receive their countersigned StartEngine Crowdfunding Inc. subscription agreement.
Amount Raised : $2,600
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Valuation

Security Description

A convertible security is a security that can be converted into another security, typically equity in the next round of financing.

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