IX Power Clean Water, Inc.
View this filing on EDGAR (filing index, accession 0001555127-25-000002) | All Form C filings by this company on EDGAR
Filing details
| Company | IX Power Clean Water, Inc. | (Form C, issuer information) |
|---|---|---|
| State | CO | (Form C, issuer information) |
| Platform | STARTENGINE PRIMARY LLC | (Form C, issuer information) |
| Filing date | 2025-04-08 | (EDGAR filing index) |
| Date of incorporation | 2014-09-17 | (Form C, issuer information) |
| Employees | 1 | (Form C, issuer information) |
| Security offered | Other Series CF Non-Voting Preferred Stock | (Form C, offering information) |
| Price per security | $2 | (Form C, offering information) |
| Target amount | $20,000 | (Form C, offering information) |
| Maximum ask | $2,750,000 | (Form C, offering information) |
| Offering deadline | 2025-04-30 | (Form C, offering information) |
| Platform compensation | $10,000 plus a fee of 7.5% of the total amount of investments raised in the offering, collected from the issuer. In addition, a fee up to 3.5% of the total investment amount, collected from the investor. | (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 | $100,000 | $0 | (Form C, financial summary) |
| Cost of goods sold | $167,890 | $0 | (Form C, financial summary) |
| Net income | -$513,714 | -$617,569 | (Form C, financial summary) |
| Taxes paid | $0 | $0 | (Form C, financial summary) |
| Cash and equivalents | $10,292 | $21,148 | (Form C, financial summary) |
| Accounts receivable | $6,520 | $0 | (Form C, financial summary) |
| Total assets | $317,853 | $526,860 | (Form C, financial summary) |
| Short-term debt | $561,676 | $418,964 | (Form C, financial summary) |
| Long-term debt | $96,332 | $158,890 | (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: 0001555127-25-000002, 0001555127-25-000004, 0001555127-25-000006, 0001555127-25-000007, 0001555127-25-000008, 0001555127-25-000009.
"Our financial audit includes a going concern note."
"Our financial audit includes a going concern note."
- 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: 0001555127-25-000002, 0001555127-25-000004, 0001555127-25-000006, 0001555127-25-000007, 0001555127-25-000008, 0001555127-25-000009.
"Date: May 31, 2022 Offering exemption relied upon: 506(b) NOTE-additional information, related party debt conversion: All Series B Non-Voting Preferred Stock shares issued in this offering were issued in exchange for conversion of indebtedness (including interest) owed by the Company to certain existing stockholders/investors, including existing stockholders/investors currently holding positions as directors and/or o"
"Date: May 31, 2022 Offering exemption relied upon: 506(b) NOTE-additional information, related party debt conversion: All Series B Non-Voting Preferred Stock shares issued in this offering were issued in exchange for conversion of indebtedness (including interest) owed by the Company to certain existing stockholders/investors, including existing stockholders/investors currently holding positions as directors and/or o"
- 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.
- Maximum ask above 10x revenue. The maximum offering amount is more than 10 times the most recent fiscal year revenue (or revenue is $0), per the Form C.
A check means "read this part of the filing closely." It is not a judgment about how the company will do.
Company website as listed in the Form C: https://ixwater.com
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