MyHaystack.com is an Internet marvel. Imagine if your mail carrier not only delivered mail to your front door, but also cleared the piles of documents off your desk and filed everything in the appropriate folder in your filing cabinet. MyHaystack.com delivers, organizes, and files your documents electronically, without ever entering your home. Like a home filing cabinet, MyHaystack.com stores product owner’s manuals, insurance policies, financial statements, and other product and service information. An electronic gatekeeper protects your privacy by allowing you to determine what information is added or removed from your files.
2.1 Company Ownership
MyHaystack.com was formed as a C-Corporation and is headquartered in California. The two founders are currently the directors of the company and the majority shareholders. In addition to shares held by the founding partners, a number of shares have been set aside to accommodate an employee incentive plan. Shares have been authorized to accommodate future investors. MyHaystack.com corporate offices are located in San Francisco, CA.
2.2 Start-up Summary
MyHaystack.com is raising $450,000 in private investment. The funds will be used to complete the prototype development, add members to both the management team and board of advisors, and to establish additional corporate relationships necessary to launch the complete service.
|Research and development||$5,000|
|Total Start-up Expenses||$37,000|
|Other Current Assets||$10,000|
|Start-up Expenses to Fund||$37,000|
|Start-up Assets to Fund||$463,000|
|Total Funding Required||$500,000|
|Non-cash Assets from Start-up||$10,000|
|Cash Requirements from Start-up||$453,000|
|Additional Cash Raised||$0|
|Cash Balance on Starting Date||$453,000|
|Liabilities and Capital|
|Accounts Payable (Outstanding Bills)||$0|
|Other Current Liabilities (interest-free)||$0|
|Additional Investment Requirement||$450,000|
|Total Planned Investment||$500,000|
|Loss at Start-up (Start-up Expenses)||($37,000)|
|Total Capital and Liabilities||$463,000|