$120,000 worth of convertible debt was sold by late filer UpMeSocial to two investors. The non-brokered security placement was initiated almost six months ago according to information filed under regulation D. The offering’s estimated net proceeds amount to $70,000 excluding $50,000 earmarked for the payment of officers’ salaries. No securities were previously sold under a registration exemption with the SEC.
The company markets a social platform designed for users to interact with their friends and gain popularity points. The platform revolves around a popularity based ranking system, follower and following, and all the other staples a social platform has. The application, which is currently in beta, is available for iOS and Android.
The company, headquartered in Ann Arbor MI, was registered in 2012. Revenues were not reported. The executive team includes James Buford and Petrus Alcindor.
Amount offered: $120,000
Amount placed: $120,000
First sale: 2013-08-30