Myslabs crowdfunding on Republic

Rage · 11-29-2023, 06:33 PM

Not sure how relevant they are anymore (been a while since I used the site) but got an email from them today about their new crowdfunding campaign. Missed the hype by a couple years...

Anyways here's the link to the info

https://r20.rs6.net/tn.jsp?f=001tzog...yu5oAdW-lI1A==

Never heard of republic before, looks like a Kickstarter for stock shares?

MiamiMarlinsFan · 11-29-2023, 06:57 PM

Crowdfunding? That can’t be a good sign for them…

ThoseBackPages · 11-29-2023, 07:04 PM

go fund me?

hammertime · 11-29-2023, 07:10 PM

What a coincidence, just today I was debating whether it was worth my time to continue listing cards on Myslabs. It feels like no one is using it anymore. I don't even get laughable lowball offers anymore. Just crickets.

NYBBFAN · 11-29-2023, 07:41 PM

Same ^ zero offers in a year. 2 watchers but that’s it

rngrdanny22 · 11-29-2023, 07:43 PM

Quote:

Originally Posted by Rage

Missed the hype by a couple years...

Then that deserves an old GIF...

whitmm · 11-29-2023, 07:44 PM

They had $137k in profit in 2021, a $133k loss in 2022, and had to borrow $50k from their CFO in 2023. I can't imagine how bad the financials for this year look if they are trying to raise $1.24 million in capital, $300k of which is earmarked for tradeshows and marketing

For a small investment of $10k, you can score yourself a t-shirt and a one day pass to the National. For an additional $40k, you can turn that pass into a 5 day one and score a dinner with the leadership

rngrdanny22 · 11-29-2023, 07:52 PM

For just $50,000 you can get a t-shirt and a dinner. What's not to love?

anusinha · 11-29-2023, 07:55 PM

Quote:

Originally Posted by whitmm

They had $137k in profit in 2021, a $133k loss in 2022, and had to borrow $50k from their CFO in 2023. I can't imagine how bad the financials for this year look if they are trying to raise $1.24 million in capital, $300k of which is earmarked for tradeshows and marketing

For a small investment of $10k, you can score yourself a t-shirt and a one day pass to the National. For an additional $40k, you can turn that pass into a 5 day one and score a dinner with the leadership

Im impressed at how high their expenses are for running a simple website.

rngrdanny22 · 11-29-2023, 08:01 PM

Net Income Most Recent Fiscal Year-end: -133154.00
Net Income Prior Fiscal Year-end: -136945.00

Yikes...

whitmm · 11-29-2023, 08:03 PM

Quote:

Originally Posted by anusinha

Im impressed at how high their expenses are for running a simple website.

As someone who spent year analysing financial statements, I hate the kind they provided. Only two expense categories, general/administrative and sales/marketing. As a start up company, I want to see what the owners are taking for a salary. I want more explanation to something that makes up $492k in expenses on $572k in revenue than just "general/administrative"

whitmm · 11-29-2023, 08:04 PM

Quote:

Originally Posted by rngrdanny22

Net Income Most Recent Fiscal Year-end: -133154.00
Net Income Prior Fiscal Year-end: -136945.00

Yikes...

Prior year, 2021, was a positive 137k, not a loss

rngrdanny22 · 11-29-2023, 08:07 PM

Quote:

Originally Posted by whitmm

Prior year, 2021, was a positive 137k, not a loss

Check, check it, yo.

Form C from the SEC link:

Form C from the PDF upload:

Boredlawyer · 11-29-2023, 08:08 PM

Was always put off to a degree by how non-transparent their owner was on FB when he was active on the FB page. Never posted photos of himself, always had pictures of cards as his profile pictures.

Could be nothing, but always thought it was bizarre that he wouldn't put his face out while starting a business.

With that said, I've never had an issue buying or selling on the site.

whitmm · 11-29-2023, 08:15 PM

Quote:

Originally Posted by rngrdanny22

Check, check it, yo.

Form C from the SEC link:

Form C from the PDF upload:

I'd say the SEC link is incorrect. The numbers are from the independent accounting financial statements. No, I don't believe they magically missed some expenses that conveniently equaled the exact amount to result in it going from a profit to the exact same number as a loss

rngrdanny22 · 11-29-2023, 08:16 PM

Quote:

Originally Posted by whitmm

I'd say the SEC link is incorrect. The numbers are from the independent accounting financial statements. No, I don't believe they magically missed some expenses that conveniently equaled the exact amount to result in it going from a profit to the exact same number as a loss

So, they just made an egregious error in a filing with the Securities and Exchange Commission? Yeah, that makes me trust them and want to invest all my monies.

NYBBFAN · 11-29-2023, 08:27 PM

Stats on industry CAGR and not company-specific CAGR sets off my BS detectors.

rngrdanny22 · 11-29-2023, 08:29 PM

Quote:

Originally Posted by NYBBFAN

Stats on industry CAGR and not company-specific CAGR sets off my BS detectors.

Company-specific would be negative, so...

rngrdanny22 · 11-29-2023, 08:34 PM

This is under the section called "The Problem" and supposed to be used as a benefit of using MySlabs.

Peer-to-peer marketplaces and social media platforms have become a haven for bad actors and fraudulent activity.

Isn't MySlabs a peer-to-peer marketplace?

dfenno · 11-29-2023, 08:35 PM

Quote:

Originally Posted by rngrdanny22

So, they just made an egregious error in a filing with the Securities and Exchange Commission? Yeah, that makes me trust them and want to invest all my monies.

What am I missing here? Aren’t they the same numbers?

rngrdanny22 · 11-29-2023, 08:36 PM

Quote:

Originally Posted by dfenno

What am I missing here? Aren’t they the same numbers?

The figures on the SEC form clearly have a negative sign in front of both numbers...

whitmm · 11-29-2023, 08:39 PM

Quote:

Originally Posted by rngrdanny22

So, they just made an egregious error in a filing with the Securities and Exchange Commission? Yeah, that makes me trust them and want to invest all my monies.

Yes, I'm saying the number was incorrectly entered as a negative instead of a positive. The supporting documents are in the PDF.

Looking at the Republic website, they offer a service and attorneys to consult with and file the Form C for you.

no10pin · 11-29-2023, 08:40 PM

If you go to their sold card archive, it appears that they've sold 19 cards today. That doesn't seem like a lot for a platform of any alleged size.

rngrdanny22 · 11-29-2023, 08:41 PM

Quote:

Originally Posted by whitmm

Looking at the Republic website, they offer a service and attorneys to consult with and file the Form C for you.

Considering an error was made, seems like a service well worth the money!

rngrdanny22 · 11-29-2023, 08:51 PM

Quote:

Originally Posted by no10pin

If you go to their sold card archive, it appears that they've sold 19 cards today. That doesn't seem like a lot for a platform of any alleged size.

Those 19 or so cards that have sold today have a total sold value less than $10K. At 1% fees, they collected a whopping $100 in fee revenue.

This company reminds me of the Michael Scott Paper Company.

11-29-2023, 06:33 PM	#1
Rage Member Join Date: Jul 2019 Location: CA Posts: 3,467 santacruzbaseballcards1	Myslabs crowdfunding on Republic Not sure how relevant they are anymore (been a while since I used the site) but got an email from them today about their new crowdfunding campaign. Missed the hype by a couple years... Anyways here's the link to the info https://r20.rs6.net/tn.jsp?f=001tzog...yu5oAdW-lI1A== Never heard of republic before, looks like a Kickstarter for stock shares? __________________ Check out my eBay store

11-29-2023, 07:04 PM	#3
ThoseBackPages Member Join Date: Feb 2010 Location: Long Island Posts: 90,338 ThoseBackPages	go fund me? __________________ Pumpers Paradise #YouCryIBuy Four things that we cannot change each others minds about: Politics, Religion, Third Party Grading, and 2021 Bowman's Best Rookie Cards

11-29-2023, 07:41 PM	#5
NYBBFAN Member Join Date: Apr 2019 Posts: 5,112	Same ^ zero offers in a year. 2 watchers but that’s it __________________ https://gallery.us175.com/ https://inv.us175.com/wantlist

11-29-2023, 07:44 PM	#7
whitmm Banned Join Date: Jan 2019 Location: Wisc Posts: 11,373	They had $137k in profit in 2021, a $133k loss in 2022, and had to borrow $50k from their CFO in 2023. I can't imagine how bad the financials for this year look if they are trying to raise $1.24 million in capital, $300k of which is earmarked for tradeshows and marketing For a small investment of $10k, you can score yourself a t-shirt and a one day pass to the National. For an additional $40k, you can turn that pass into a 5 day one and score a dinner with the leadership Last edited by whitmm; 11-29-2023 at 07:50 PM.

11-29-2023, 08:27 PM	#17
NYBBFAN Member Join Date: Apr 2019 Posts: 5,112	Stats on industry CAGR and not company-specific CAGR sets off my BS detectors. __________________ https://gallery.us175.com/ https://inv.us175.com/wantlist

11-29-2023, 06:57 PM	#2
MiamiMarlinsFan Member Join Date: Jun 2020 Location: Florida Posts: 13,716	Crowdfunding? That can’t be a good sign for them…

11-29-2023, 07:10 PM	#4
hammertime Member Join Date: May 2020 Location: OH->MI->MD->VA Posts: 6,902	What a coincidence, just today I was debating whether it was worth my time to continue listing cards on Myslabs. It feels like no one is using it anymore. I don't even get laughable lowball offers anymore. Just crickets.

11-29-2023, 07:52 PM	#8
rngrdanny22 Member Join Date: Jan 2015 Posts: 12,372	For just $50,000 you can get a t-shirt and a dinner. What's not to love?

11-29-2023, 08:01 PM	#10
rngrdanny22 Member Join Date: Jan 2015 Posts: 12,372	Net Income Most Recent Fiscal Year-end: -133154.00 Net Income Prior Fiscal Year-end: -136945.00 Yikes...

11-29-2023, 08:08 PM	#14
Boredlawyer Member Join Date: Jan 2019 Posts: 2,162	Was always put off to a degree by how non-transparent their owner was on FB when he was active on the FB page. Never posted photos of himself, always had pictures of cards as his profile pictures. Could be nothing, but always thought it was bizarre that he wouldn't put his face out while starting a business. With that said, I've never had an issue buying or selling on the site.

11-29-2023, 08:34 PM	#19
rngrdanny22 Member Join Date: Jan 2015 Posts: 12,372	This is under the section called "The Problem" and supposed to be used as a benefit of using MySlabs. Peer-to-peer marketplaces and social media platforms have become a haven for bad actors and fraudulent activity. Isn't MySlabs a peer-to-peer marketplace?

11-29-2023, 08:40 PM	#23
no10pin Member Join Date: Apr 2011 Location: Kansas City, MO Posts: 16,901 no10pin no10pin	If you go to their sold card archive, it appears that they've sold 19 cards today. That doesn't seem like a lot for a platform of any alleged size. __________________ Always looking for more George Brett stuff. Need more rookies, low numbered inserts/parallels and on-card autos (no Panini).