Acres Technology
View this filing on EDGAR (filing index, accession 0001683168-24-008153) | All Form C filings by this company on EDGAR
Filing details
| Company | Acres Technology | (Form C, issuer information) |
|---|---|---|
| State | NV | (Form C, issuer information) |
| Platform | DEALMAKER SECURITIES LLC | (Form C, issuer information) |
| Filing date | 2024-11-15 | (EDGAR filing index) |
| Date of incorporation | 2007-06-22 | (Form C, issuer information) |
| Employees | 4 | (Form C, issuer information) |
| Security offered | Other Non-Voting Common Stock | (Form C, offering information) |
| Price per security | $3 | (Form C, offering information) |
| Target amount | $10,299 | (Form C, offering information) |
| Maximum ask | $999,999 | (Form C, offering information) |
| Offering deadline | 2025-04-30 | (Form C, offering information) |
| Platform compensation | DealMaker Securities LLC will receive cash compensation of 8.5% of the aggregate amount raised, and a one-time advance of $30,000 for diligence and onboarding, and $12,000/month for account management and marketing services. | (Form C, offering information) |
Financial summary
Figures are as entered by the company in the financial summary on the cover of its Form C. They are self-reported and unaudited, and they are not taken from the financial statements filed as exhibits to the Form C, which we do not read mechanically.
| Item | Most recent fiscal year | Prior fiscal year | Source |
|---|---|---|---|
| Revenue | $6,346,196 | $12,040,524 | (Form C, financial summary) |
| Cost of goods sold | $5,222,204 | $7,965,012 | (Form C, financial summary) |
| Net income | -$9,006,842 | -$10,945,340 | (Form C, financial summary) |
| Taxes paid | $0 | $0 | (Form C, financial summary) |
| Cash and equivalents | $1,892,509 | $727,475 | (Form C, financial summary) |
| Accounts receivable | $552,694 | $80,949 | (Form C, financial summary) |
| Total assets | $23,008,744 | $16,410,326 | (Form C, financial summary) |
| Short-term debt | $16,020,094 | $7,766,889 | (Form C, financial summary) |
| Long-term debt | $28,874,428 | $20,147,255 | (Form C, financial summary) |
Mechanical checks that fired
- Going-concern language. Going-concern language appears in this offering's own Form C filing or in an amendment to it, in a sentence that states it rather than ruling it out. The quoted sentence is below. Read the auditor or accountant notes in the filing for the full context. Found in: 0001683168-24-008153, 0001683168-24-008163.
"Going Concern Uncertainty The accompanying financial statements have been prepared assuming that the Company will continue as a going concern."
"Going Concern Uncertainty The accompanying financial statements have been prepared assuming that the Company will continue as a going concern."
- Related-party language. Related-party language appears in this offering's own Form C filing or in an amendment to it, in a sentence that states it rather than ruling it out. The phrase can describe routine or unusual arrangements, so read the quoted sentence and the filing. Found in: 0001683168-24-008153, 0001683168-24-008163, 0001683168-24-008530.
"Related Party Transactions In January 2021, the AMC entered into an operating lease for offices with AMC’s sole shareholder and the Company’s CEO, John Acres."
"Related Party Transactions In January 2021, the AMC entered into an operating lease for offices with AMC’s sole shareholder and the Company’s CEO, John Acres."
- Net loss in both years. Net income is negative in both fiscal years reported in the Form C financial summary.
- Cash below one year of losses. Net loss for the most recent fiscal year is larger than year-end cash, both as reported in the Form C financial summary.
- Debt above assets. Short-term plus long-term debt is larger than total assets in the Form C financial summary.
- Platform compensation of 8% or more. The platform compensation stated in the Form C is 8% or more of the offering.
A check means "read this part of the filing closely." It is not a judgment about how the company will do.
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