# EDGAR Filing Document

**Accession Number:** 0002069735
**File Stem:** 0001096906-25-000939
**Filing Date:** 2025-6
**Character Count:** 174282
**Document Hash:** 09f7e529f0c6c3359a7cad451ac670a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001096906-25-000939.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001096906-25-000939

**CONFORMED SUBMISSION TYPE**: C

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nutcase Milk Inc.
- **CENTRAL INDEX KEY:** 0002069735

**ORGANIZATION NAME:**
- **EIN:** 921675953
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** C
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-35994
- **FILM NUMBER:** 251033429

**BUSINESS ADDRESS:**
- **STREET 1:** 10300 W CHARLESTONBLVD.,
- **STREET 2:** SUITE 4
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89135
- **BUSINESS PHONE:** 613.240.1976

**MAIL ADDRESS:**
- **STREET 1:** 838 WALKER RD.,
- **STREET 2:** SUITE 21-2
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19904

### Attached PDF Documents

**Attachment 1:** `form_c.pdf`

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

# UNITED STATES
# SECURITIES AND EXCHANGE COMMISSION
# Washington, D.C. 20549

# FORM C

# UNDER THE SECURITIES ACT OF 1933

(Mark one.)

☑ Form C: Offering Statement
☐ Form C-U: Progress Update
☐ Form C/A: Amendment to Offering Statement
☐ Check box if Amendment is material and investors must reconfirm within five business days.
☐ Form C-AR: Annual Report
☐ Form C-AR/A: Amendment to Annual Report
☐ Form C-TR: Termination of Reporting

**Name of issuer**
Nutcase Milk Inc.

**Legal status of issuer**
**Form**
Corporation

**Jurisdiction of Incorporation/Organization**
Delaware

**Date of organization**
January 4, 2023

**Physical address of issuer**
838 Walker Road Suite 21-2, Dover, DE 19904

**Website of issuer**
https://drinknutcase.com

**Name of intermediary through which the Offering will be conducted**
Jumpstart Micro Inc. D/B/A Issuance Express

**CIK number of intermediary**
0001664804

**SEC file number of intermediary**
007-00008

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

CRD number, if applicable, of intermediary
282912

Amount of compensation to be paid to the intermediary, whether as a dollar amount or a percentage of the Offering amount, or a good faith estimate if the exact amount is not available at the time of the filing, for conducting the Offering, including the amount of referral and any other fees associated with the Offering.
3% of the amount raised

Any other direct or indirect interest in the issuer held by the intermediary, or any arrangement for the intermediary to acquire such an interest
No.

Name of qualified third party “Escrow Facilitator” which the Offering will utilize
North Capital Private Securities Corporation

Type of security offered
SAFEs (Simple Agreement for Future Equity)

Target number of Securities to be offered
100,000

Price (or method for determining price)
A SAFE providing its holder a right to acquire certain shares of the Company’s Common Stock or Preferred Stock (together, the “Capital Stock”), as applicable, at a valuation cap of $20 Million. If there is a Preferred Equity Financing before the termination of the SAFE, then the SAFE will automatically convert into shares of Preferred Stock. If there is a Common Equity Financing, or a transaction in which the Company issues and sells Common Stock under Regulation A (17 CFR 230.261 et seq.), then the SAFE will automatically convert into shares of Common Stock.

Target offering amount
$100,000

Oversubscriptions accepted:
☑ Yes
☐ No

Oversubscriptions will be allocated:
☐ Pro-rata basis
☑ First-come, first-served basis

Maximum offering amount (if different from target offering amount)
$1,000,000

Deadline to reach the target offering amount
August 31, 2025

NOTE: If the sum of the investment commitments does not equal or exceed the target offering

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

amount at the Offering deadline, no Securities will be sold in the Offering, investment commitments will be cancelled and committed funds will be returned.

Current number of employees
5

|  | December 31, 2024 | December 31, 2023 |
| --- | --- | --- |
| Total Assets | $421,092 | $181,810 |
| Cash & Cash Equivalents | $48,433 | $181,810 |
| Accounts Receivable | $25,154 | - |
| Short-term Debt | $16,279 | $11,764 |
| Long-term Debt | $950,000 | $350,000 |
| Revenues/Sales | $185,402 | - |
| Cost of Goods Sold | $112,315 | - |
| Taxes Paid | - | - |
| Net Income/(Loss) | ($367,440) | ($180,045) |

The jurisdictions in which the issuer intends to offer the Securities:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District Of Columbia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virgin Islands, U.S., Virginia, Washington, West Virginia, Wisconsin, Wyoming, American Samoa, and Northern Mariana Islands

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

June 6, 2025

FORM C

Up to $1,000,000

Nutcase Milk Inc.

SAFEs (Simple Agreement for Future Equity)

This Form C (including the cover page and all exhibits attached hereto, the "Form C") is being furnished by Nutcase Milk Inc., a Delaware Corporation (the "Company," as well as references to "we," "us," or "our"), to prospective investors for the sole purpose of providing certain information about a potential investment in the SAFEs (Simple Agreement for Future Equity) of the Company (the "Securities"). Investors in Securities are sometimes referred to herein as "Purchasers." The Company intends to raise at least $100,000 and up to $1,000,000 from Investors in the offering of Securities described in this Form C (this "Offering"). The minimum amount of Securities that can be purchased is $250.00 per Investor (which may be waived by the Company, in its sole and absolute discretion). The offer made hereby is subject to modification, prior to sale and withdrawal at any time.

The rights and obligations of the holders of Securities of the Company are set forth below in the section entitled "The Offering and the Securities--The Securities". In order to purchase Securities, a prospective investor must complete the subscription process through the Intermediary's platform, which may be accepted or rejected by the Company, in its sole and absolute discretion. The Company has the right to cancel or rescind its offer to sell the Securities at any time and for any reason.

The Offering is being made through Jumpstart Micro Inc. D/B/A Issuance Express (the "Intermediary"). The Intermediary will be entitled to receive compensation related to the purchase and sale of the Securities.

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

|  | Price to Investors | Service Fees and Commissions (1) | Net Proceeds |
| --- | --- | --- | --- |
| Minimum Individual Purchase Amount | $250.00 | $7.50 | $242.50 |
| Aggregate Minimum Offering Amount | $100,000.00 | $3,000 | $97,000 |
| Aggregate Maximum Offering Amount | $1,000,000.00 | $30,000 | $970,000 |

(1) This excludes fees to the Company’s advisors, such as attorneys and accountants.

A crowdfunding investment involves risk. You should not invest any funds in this Offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the Offering, including the merits and risks involved. These Securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any Securities offered or the terms of the Offering, nor does it pass upon the accuracy or completeness of any Offering document or other materials. These Securities are offered under an exemption from registration; however, neither the U.S. Securities and Exchange Commission nor any state securities authority has made an independent determination that these Securities are exempt from registration. The Company filing this Form C for an offering in reliance on Section 4(a)(6) of the Securities Act and pursuant to Regulation CF (§ 227.100 et seq.) must file a report with the Commission annually and post the report on its website at https://drinknutcase.com no later than 120 days after the end of the Company’s fiscal year. The Company may terminate its reporting obligations in the future in accordance with Rule 202(b) of Regulation CF (§ 227.202(b)) by 1) being required to file reports under Section 13(a) or Section 15(d) of the Exchange Act of 1934, as amended, 2) filing at least one annual report pursuant to Regulation CF and having fewer than 300 holders of record, 3) filing annual reports for three years pursuant to Regulation CF and having assets equal to or less than $10,000,000, 4) the repurchase of all the Securities sold in this Offering by the Company or another party, or 5) the liquidation or dissolution of the Company.

The date of this Form C is June 6, 2025.

The Company has certified that all of the following statements are TRUE for the Company in connection with this Offering:

1) Is organized under, and subject to, the laws of a State or territory of the United States or the District of Columbia;
2) Is not subject to the requirement to file reports pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d));

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

3) Is not an investment company, as defined in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3), or excluded from the definition of investment company by section 3(b) or section 3(c) of that Act (15 U.S.C. 80a-3(b) or 80a-3(c));
4) Is not ineligible to offer or sell securities in reliance on section 4(a)(6) of the Securities Act (15 U.S.C. 77d(a)(6)) as a result of a disqualification as specified in § 227.503(a);
5) Has filed with the Commission and provided to investors, to the extent required, any ongoing annual reports required by law during the two years immediately preceding the filing of this Form C; and
6) Has a specific business plan, which is not to engage in a merger or acquisition with an unidentified company or companies.

THERE ARE SIGNIFICANT RISKS AND UNCERTAINTIES ASSOCIATED WITH AN INVESTMENT IN THE COMPANY AND THE SECURITIES. THE SECURITIES OFFERED HEREBY ARE NOT PUBLICLY-TRADED AND ARE SUBJECT TO TRANSFER RESTRICTIONS. THERE IS NO PUBLIC MARKET FOR THE SECURITIES AND ONE MAY NEVER DEVELOP. AN INVESTMENT IN THE COMPANY IS HIGHLY SPECULATIVE. THE SECURITIES SHOULD NOT BE PURCHASED BY ANYONE WHO CANNOT BEAR THE FINANCIAL RISK OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME AND WHO CANNOT AFFORD THE LOSS OF THEIR ENTIRE INVESTMENT. SEE THE SECTION OF THIS FORM C ENTITLED "RISK FACTORS."

THESE SECURITIES INVOLVE A HIGH DEGREE OF RISK THAT MAY NOT BE APPROPRIATE FOR ALL INVESTORS.

THIS FORM C DOES NOT CONSTITUTE AN OFFER IN ANY JURISDICTION IN WHICH AN OFFER IS NOT PERMITTED.

PRIOR TO CONSUMMATION OF THE PURCHASE AND SALE OF ANY SECURITY THE COMPANY WILL AFFORD PROSPECTIVE INVESTORS AN OPPORTUNITY TO ASK QUESTIONS OF AND RECEIVE ANSWERS FROM THE COMPANY, AND ITS MANAGEMENT CONCERNING THE TERMS AND CONDITIONS OF THIS OFFERING AND THE COMPANY. NO SOURCE OTHER THAN THE INTERMEDIARY HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS FORM C, AND IF GIVEN OR MADE BY ANY OTHER SUCH PERSON OR ENTITY, SUCH INFORMATION MUST NOT BE RELIED ON AS HAVING BEEN AUTHORIZED BY THE COMPANY.

PROSPECTIVE INVESTORS ARE NOT TO CONSTRUE THE CONTENTS OF THIS FORM C AS LEGAL, ACCOUNTING OR TAX ADVICE OR AS INFORMATION NECESSARILY APPLICABLE TO EACH PROSPECTIVE INVESTOR'S PARTICULAR FINANCIAL SITUATION. EACH INVESTOR SHOULD CONSULT HIS OR HER OWN FINANCIAL ADVISER, COUNSEL AND ACCOUNTANT AS TO LEGAL, TAX AND RELATED MATTERS CONCERNING HIS OR HER INVESTMENT.

THE SECURITIES OFFERED HEREBY WILL HAVE TRANSFER RESTRICTIONS. NO SECURITIES MAY BE PLEDGED, TRANSFERRED, RESOLD OR OTHERWISE DISPOSED OF BY ANY INVESTOR EXCEPT PURSUANT TO RULE 501 OF REGULATION CF. INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

# NASAA UNIFORM LEGEND

IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE PERSON OR ENTITY ISSUING THE SECURITIES AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED.

THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

# SPECIAL NOTICE TO FOREIGN INVESTORS

IF THE INVESTOR LIVES OUTSIDE THE UNITED STATES, IT IS THE INVESTOR'S RESPONSIBILITY TO FULLY OBSERVE THE LAWS OF ANY RELEVANT TERRITORY OR JURISDICTION OUTSIDE THE UNITED STATES IN CONNECTION WITH ANY PURCHASE OF THE SECURITIES, INCLUDING OBTAINING REQUIRED GOVERNMENTAL OR OTHER CONSENTS OR OBSERVING ANY OTHER REQUIRED LEGAL OR OTHER FORMALITIES. THE COMPANY RESERVES THE RIGHT TO DENY THE PURCHASE OF THE SECURITIES BY ANY FOREIGN INVESTOR.

# SPECIAL NOTICE TO CANADIAN INVESTORS

IF THE INVESTOR LIVES WITHIN CANADA, IT IS THE INVESTOR'S RESPONSIBILITY TO FULLY OBSERVE THE LAWS OF A CANADA, SPECIFICALLY WITH REGARD TO THE TRANSFER AND RESALE OF ANY SECURITIES ACQUIRED IN THIS OFFERING.

# NOTICE REGARDING ESCROW FACILITATOR

NORTH CAPITAL PRIVATE SECURITIES CORPORATION, THE ESCROW FACILITATOR SERVICING THE OFFERING, HAS NOT INVESTIGATED THE DESIRABILITY OR ADVISIBILITY OF AN INVESTMENT IN THIS OFFERING OR THE SECURITIES OFFERED HEREIN. THE ESCROW FACILITATOR MAKES NO REPRESENTATIONS, WARRANTIES, ENDORSEMENTS, OR JUDGEMENT ON THE MERITS OF THE OFFERING OR THE SECURITIES OFFERED HEREIN. THE ESCROW FACILITATOR'S CONNECTION TO THE OFFERING IS SOLELY FOR THE LIMITED PURPOSES OF ACTING AS A SERVICE PROVIDER.

# FORWARD LOOKING STATEMENT DISCLOSURE

This Form C and any documents incorporated by reference herein or therein contain forward-looking statements and are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this Form C are forward-looking statements. Forward-looking statements give the Company's current reasonable expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate,"

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

"estimate," "expect," "project," "plan," "intend," "believe," "may," "should," "can have," "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.

The forward-looking statements contained in this Form C and any documents incorporated by reference herein or therein are based on reasonable assumptions the Company has made in light of its industry experience, perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. As you read and consider this Form C, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond the Company's control) and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performance and cause its performance to differ materially from the performance anticipated in the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect or change, the Company's actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements.

Any forward-looking statement made by the Company in this Form C or any documents incorporated by reference herein or therein speaks only as of the date of this Form C. Factors or events that could cause our actual operating and financial performance to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

# DISCLAIMER OF TELEVISION PRESENTATION

The Company's officers may participate in the filming of a television series and in the course of the filming, may present certain business information to the investor panel appearing on the show (the "Presentation"). The Company will not pass upon the merits of, certify, approve, or otherwise authorize the statements made in the Presentation. The Presentation commentary being made should not be viewed as superior or a substitute for the disclosures made in this Form-C. Accordingly, the statements made in the Presentation, unless reiterated in the offering materials provided herein, should not be applied to the Company's business and operations as of the date of this offering. Moreover, the Presentation may involve several statements constituting puffery, that is, exaggerations not to be taken literally or otherwise as indication of factual data or historical or future performance.

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

# ONGOING REPORTING

The Company will file a report electronically with the Securities &amp; Exchange Commission annually and post the report on its website, no later than 120 days after the end of the Company's fiscal year.

Once posted, the annual report may be found on the Company's website at: https://drinknutcase.com.

The Company must continue to comply with the ongoing reporting requirements until:

1) the Company is required to file reports under Section 13(a) or Section 15(d) of the Exchange Act;
2) the Company has filed at least three annual reports pursuant to Regulation CF and has total assets that do not exceed $10,000,000;
3) the Company has filed at least one annual report pursuant to Regulation CF and has fewer than 300 holders of record;
4) the Company or another party repurchases all of the Securities issued in reliance on Section 4(a)(6) of the Securities Act, including any payment in full of debt securities or any complete redemption of redeemable securities; or
5) the Company liquidates or dissolves its business in accordance with state law.

# About this Form C

You should rely only on the information contained in this Form C. We have not authorized anyone to provide you with information different from that contained in this Form C. We are offering to sell, and seeking offers to buy the Securities only in jurisdictions where offers and sales are permitted. You should assume that the information contained in this Form C is accurate only as of the date of this Form C, regardless of the time of delivery of this Form C or of any sale of Securities. Our business, financial condition, results of operations, and prospects may have changed since that date.

Statements contained herein as to the content of any agreements or other document are summaries and, therefore, are necessarily selective and incomplete and are qualified in their entirety by the actual agreements or other documents. The Company will provide the opportunity to ask questions of and receive answers from the Company's management concerning the terms and conditions of the Offering, the Company or any other relevant matters and any additional reasonable information to any prospective Investor prior to the consummation of the sale of the Securities.

This Form C does not purport to contain all of the information that may be required to evaluate the Offering and any recipient hereof should conduct its own independent analysis. The statements of the Company contained herein are based on information believed to be reliable. No warranty can be made as to the accuracy of such information or that circumstances have not changed since the date of this Form C. The Company does not expect to update or otherwise revise this Form C or other materials supplied herewith. The delivery of this Form C at any time does not imply that the information contained herein is correct as of any time subsequent to the date of this Form C. This Form C is submitted in connection with the Offering described herein and may not be reproduced or used for any other purpose.

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

# SUMMARY

The following summary is qualified in its entirety by more detailed information that may appear elsewhere in this Form C and the Exhibits hereto. Each prospective Investor is urged to read this Form C and the Exhibits hereto in their entirety.

Nutcase Milk Inc. (the "Company") was incorporated under the laws of Delaware on January 4, 2023. The Company is located at 838 Walker Road Suite 21-2, Dover, DE 19904.

The Company's website is https://drinknutcase.com.

The information available on or through our website is not a part of this Form C. In making an investment decision with respect to our Securities, you should only consider the information contained in this Form C.

# The Business

Nutcase Milk Inc. combines the nostalgic appeal of Nesquik with a premium, better-for-you nut milk, in sleek adult packaging. Made with cashews and naturally sweetened with dates and agave, it has no refined sugar, no artificial sweetener, and no oils.

The Offering

| Minimum Offering Amount | $100,000 |
| --- | --- |
| Maximum Offering Amount | $1,000,000 |
| Purchase price per Security | A SAFE providing its holder a right to acquire certain shares of the Company’s Common Stock or Preferred Stock (together, the “Capital Stock”), as applicable, at a valuation cap of $20 Million. If there is a Preferred Equity Financing before the termination of the SAFE, then the SAFE will automatically convert into shares of Preferred Stock. If there is a Common Equity Financing, or a transaction in which the Company issues and sells Common Stock under Regulation A (17 CFR 230.261 et seq.), then the SAFE will automatically convert into shares of Common Stock. |
| Minimum investment amount per investor | $250.00 |
| Offering deadline | August 31, 2025 |

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

| Use of proceeds | See the description of the “use of proceeds” in this Form C. |
| --- | --- |
| Voting Rights | SAFE holders do not have any voting rights. See the description of the voting rights in this Form C. |

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

# RISK FACTORS

## Risks Related to the Company's Business and Industry

### Limited Operating History.

We are an early-stage company with a limited operating history. As such, we have little historical financial data or track record to help you evaluate our business and prospects. Our success will depend on our ability to develop our brand, produce and sell our products, and achieve profitability, which may not occur.

### Lack of Revenue and Reliance on External Financing.

We have generated minimal revenue to date and continue to rely heavily on external financing to fund our operations. There is no guarantee that we will generate significant or sustained revenue in the near future or that we will be able to raise additional capital when needed. If we are unable to obtain additional funding on acceptable terms, our business may fail.

### Food Safety and Regulatory Compliance.

We operate in a highly regulated industry and are subject to extensive federal, state, and local food safety laws, including regulations enforced by the FDA and other health departments. Any failure to comply with these regulations could result in fines, product recalls, or business shutdowns, all of which would adversely impact our business.

### Consumer Preferences and Brand Acceptance.

Our success depends on consumer demand for nut milk and related plant-based products. Consumer tastes can be unpredictable, and failure to build a strong brand or adapt to changing preferences may negatively impact our sales and growth potential.

### Supply Chain Disruptions.

We rely on a consistent supply of raw materials including nuts, packaging, and other inputs. Disruptions in our supply chain, due to climate events, shortages, or shipping delays, could hinder our ability to produce and deliver our products.

### Reliance on a Limited Number of Key Suppliers.

We rely on a small number of suppliers for critical components of our production, including manufacturing and packaging. For example, one company handles both the co-packing of our milk and supplies our cans and packaging materials. If this supplier experience disruptions, increase prices, or terminate their relationship with us, it could significantly hinder our ability to produce and deliver products, thereby affecting our sales and reputation.

### Dependence on Third-Party Manufacturers.

We intend to rely on third-party manufacturers or co-packers for production. If these manufacturers fail to meet our quality standards, timelines, or production volume needs, our business and reputation could suffer.

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

## Scaling Production and Distribution.

As we grow, we may encounter operational challenges related to scaling production, managing inventory, and expanding distribution. Failure to manage this growth effectively could result in delays, inefficiencies, or product shortages.

## Dependence on Key Personnel.

Our success depends heavily on the continued service of our founders and key personnel. The loss of any of these individuals could disrupt our operations and hinder growth.

## Limited Industry Experience of Management.

Our management team has limited experience in the food and beverage industry and has not previously managed a business subject to the specific operational, regulatory, and competitive challenges we face. This inexperience may lead to decisions that negatively impact our business, delay our growth, or hinder our ability to operate efficiently.

## Marketing and Customer Acquisition Risks.

Our ability to generate sales depends on effectively marketing our brand and acquiring customers. If our marketing efforts are unsuccessful or too costly, we may fail to achieve profitability.

## Competition from Established Brands

We face significant competition from well-established brands in the plant-based milk industry, many of which have greater financial resources, brand recognition, and distribution networks. Competing effectively may require significant investment in marketing and product development.

## Rising Costs of Raw Materials.

Prices for nuts and other raw materials can fluctuate due to factors beyond our control, such as weather conditions, tariffs, and global demand. Rising input costs may increase our cost of goods sold and reduce profitability.

## Environmental and Sustainability Concerns.

Production of certain nut milks, such as almond milk, requires significant water and natural resources. We may face scrutiny from environmental groups or consumers concerned about sustainability, which could impact our reputation and sales.

## Product Liability and Recall Risks.

As a food company, we are subject to the risk of product contamination, mislabeling, or spoilage. Any product liability claims or recalls could result in significant costs and damage to our brand.

## Dependence on Shelf Space or Digital Ad Spend.

Our success may depend on securing retail shelf space or investing in paid digital advertising. Failure to achieve visibility in key channels could limit our growth.

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

# Risks Related to the Securities

## No Public Market/Lack of Liquidity.

There is no public market for the Securities, and none is expected to develop. Investors may be unable to sell their investment or realize a return in the near term, if at all.

## Speculative Nature of the Investment.

An investment in our Securities is speculative and involves a high degree of risk. You should be prepared to lose your entire investment.

## No Voting Rights.

The Securities do not carry voting rights. As a result, investors will have no ability to influence company decisions or the election of directors.

## Broad Discretion in Use of Proceeds

We will have broad discretion in how we use the proceeds from this Offering. Our management may allocate capital in ways that do not improve our financial results or increase shareholder value.

## Risk of Future Dilution.

We may raise additional capital in the future through the issuance of equity securities, which could dilute existing investors' ownership and economic interests.

## Exceeding 2,000 Investors May Trigger Reporting Requirements.

If we raise capital from more than 2,000 investors and have more than $10 million in assets, we may be required to register with the SEC under the Exchange Act, resulting in increased compliance costs and administrative burdens.

Docusign Envelope ID: 1977B35B-8ABC-410C-AF21-94DBCEF39779

# BUSINESS

## Overview

Nutcase Milk Inc. ("Nutcase" or the "Company") is a Delaware corporation founded in 2023 and headquartered in Las Vegas, Nevada. Nutcase develops and markets shelf-stable, plant-based cashew milk beverages designed to offer a nostalgic and nutritious alternative to traditional dairy-based chocolate milk. Its initial product line includes Chocolate, Vanilla, and Strawberry flavors - all dairy-free, gluten-free, and naturally sweetened with dates and agave syrup, without added oils, refined sugars, or artificial ingredients.

Nutcase targets health-conscious consumers seeking clean-label, functional beverages that balance flavor with nutritional benefits. The Company sells its products through direct-to-consumer channels including its Shopify website, Amazon, and TikTok Shop, and has begun retail placements with partners such as Fountainbleu and Terrible's. It partners with a California-based co-packer to manage production and quality control.

Nutcase is led by a founding team with experience at companies including Gopuff, Whole Foods, and successful influencer-led consumer brands. The Company is supported by strategic investors and public figures, and aims to build a culturally resonant brand in the plant-based beverage space.

## Business Plan

### Mission &amp; Vision

Nutcase's mission is to fuel mind and body with clean, premium cashew milk - evoking joy and nostalgia while supporting modern health and wellness values. The brand focuses on simple, functional ingredients and indulgent flavors that resonate with consumers who want better-for-you versions of familiar favorites.

### Product Line

Nutcase currently offers three ready-to-drink cashew milk flavors:

1. Chocolate - with alkalized cocoa, dates, agave, and Himalayan salt
2. Vanilla - enhanced with vanilla and cinnamon
3. Strawberry - naturally flavored with clean, minimal ingredients

Each product is shelf-stable and formulated to deliver potassium, protein, and healthy fats. Products are free from dairy, gluten, refined sugar, oils, dyes, and artificial additives.

### Target Market

Nutcase serves millennials, Gen Z consumers, athletes, and individuals with dietary restrictions such as dairy-free, gluten-free, and vegan lifestyles. The brand also appeals to adults nostalgic for childhood favorites but seeking cleaner, functional alternatives.

### Distribution Strategy

Nutcase sells primarily through e-commerce channels including its Shopify website, Amazon, and TikTok Shop. Retail distribution began with local placements at Fountainbleu and Terrible's, with plans to scale into national retail and grocery outlets.

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In addition to retail and online channels, Nutcase plans to expand into foodservice, hospitality, and school partnerships as part of its long-term growth strategy.

## Marketing &amp; Community Engagement

The Company is building a highly engaged community through social media, influencer partnerships, and organic marketing efforts. Influencer backing has driven early brand recognition and contributed to product virality.

## Product Development &amp; Innovation

Future innovation may include limited-time or seasonal flavors to drive repeat engagement and expand the product line. The Company has not yet filed for patents or trademarks but intends to do so as the brand grows.

## Operations

Nutcase partners with a California-based co-packer who oversees manufacturing and quality control, supporting scalable and consistent production.

## Financial Strategy

The Company is targeting gross margins of approximately 60% and plans to reinvest in marketing, distribution, and team growth. Proceeds from this offering will be used to support product development, marketing and customer acquisition, and hiring.

## Competitive Landscape

Nutcase competes with brands such as Nesquik, Yoohoo, Slate, Oatly, Califia Farms, and Elmhurst. It differentiates itself through nostalgic flavors, clean ingredients, and a culturally relevant, community-driven brand.

## Revenue Streams

Nutcase generates revenue through multiple channels, with a focus on direct-to-consumer and retail sales:

1. E-Commerce
Sales
Nutcase sells directly to consumers via its Shopify-powered website, Amazon storefront, and TikTok Shop. These channels allow for higher-margin transactions, direct customer engagement, and efficient brand storytelling.

2. Retail
Distribution
The Company has launched in select retail and convenience locations, including Fountainbleu and Terrible’s. Nutcase intends to scale retail placements into regional and national grocery chains, health food stores, and specialty retailers.

3. Wholesale and Foodservice (Planned)
Nutcase plans to enter the wholesale and foodservice markets by supplying its products to hospitality venues, gyms, schools, and other institutional partners that align with its wellness and lifestyle brand positioning.

4. Limited Edition &amp; Seasonal Products (Planned)
Nutcase may introduce limited-time or seasonal flavors to drive brand engagement, support retail activations, and create scarcity-based buying incentives that increase repeat purchases and customer loyalty.

The Company anticipates that e-commerce will continue to drive early revenue while retail and wholesale channels become significant contributors as distribution expands.

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# Customer Base

Nutcase serves a growing audience of health-conscious consumers who value clean ingredients, plant-based nutrition, and nostalgic flavors. Key customer segments include:

- Millennials and Gen Z: Young adults who prioritize wellness, sustainability, and brand values when making purchasing decisions. This group is highly engaged on social media and responsive to influencer-backed, culturally relevant brands.
- Athletes and Active Lifestyles: Consumers who seek functional nutrition to support endurance, recovery, and performance. Nutcase appeals to this group with products rich in potassium, healthy fats, and natural sugars from dates and agave.
- Diet-Conscious Shoppers: Individuals with dietary restrictions or preferences such as dairy-free, gluten-free, or vegan lifestyles. Nutcase offers a clean-label option free from common allergens and artificial additives.
- Modern Nostalgics: Adults who grew up with traditional chocolate milk and are now seeking a healthier alternative that still delivers indulgent taste and familiar comfort.

Nutcase’s branding and ingredient profile position it to appeal to a wide range of consumers seeking flavorful, better-for-you beverages without compromise.

# Intellectual Property

As of the date of this filing, Nutcase Milk does not own any registered trademarks, patents, or other formal intellectual property. The Company does intend to pursue trademark registration for its brand and product names as it scales and expands into broader retail distribution.

The Company relies on trade dress, proprietary formulations, and brand identity to differentiate its products in the marketplace. The Company intends to file federal trademark applications for its brand and product names in the second half of 2025 as part of its broader brand protection strategy.

# Governmental/Regulatory Approval and Compliance

Nutcase Milk operates in the food and beverage industry and is subject to applicable federal, state, and local regulations related to food production, labeling, and distribution.

The Company’s products are manufactured by a third-party co-packer in California, which is responsible for compliance with all relevant food safety and quality control standards, including those established by the U.S. Food and Drug Administration (FDA) and state health authorities. Nutcase’s beverages are shelf-stable and labeled in accordance with FDA requirements for nutritional content, ingredient disclosures, and allergen statements.

As the Company expands into additional retail and foodservice channels, it may be subject to further regulatory oversight depending on the jurisdictions and distribution partners involved. The Company currently has no outstanding regulatory actions, investigations, or non-compliance notices.

# Litigation

There are no existing legal suits pending, or to the Company’s knowledge, threatened, against the Company.

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# USE OF PROCEEDS

The following table lists the use of proceeds of the Offering if the Minimum Amount and Maximum Amount are raised.

| Use of Proceeds | % of Minimum Proceeds Raised | Amount if Minimum Raised | % of Maximum Proceeds Raised | Amount if Maximum Raised |
| --- | --- | --- | --- | --- |
| Intermediary Fees | 3% | $3,000 | 3% | $30,000 |
| Marketing and Brand Development | 40% | $40,000 | 40% | $400,000 |
| Retail Sales Expansion | 26% | $26,000 | 26% | $260,000 |
| Inventory and Fulfillment | 20% | $20,000 | 20% | $200,000 |
| Overhead and Operating Expenses | 11% | $11,000 | 11% | $110,000 |
| Total | 100% | $100,000 | 100% | $1,000,000 |

The Use of Proceeds chart is not inclusive of fees paid to financial and legal service providers, and escrow related fees, all of which were incurred in preparation of the campaign.

The Company has discretion to alter the use of proceeds described above. Actual uses may vary depending on the amount of capital raised, the timing of receipt, evolving business needs, and emerging opportunities. If less than the maximum amount is raised, the Company may reallocate proceeds among the listed categories in a manner it deems necessary to support operations and growth.

# DIRECTORS, OFFICERS AND EMPLOYEES

The table below sets forth the officers and directors of the Company as of June 6, 2025.

| Name | Position | Term of Office (if indefinite, give date appointed) | Does the employee work full time for the company, and if not, where else does the employee work? |
| --- | --- | --- | --- |
| Joelle Weinand | CEO, President, Secretary, Treasurer and Director | January 4, 2023 | Yes |

Joelle Weinand

President, Secretary and Director

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Joelle Weinand is our Founder &amp; CEO. A proven founder with 4 startups under her belt, she has a keen ability to see unique opportunities and create disruptive brands that challenge the status quo. Prior to Nutcase, she started fast casual Wolf Down, bringing Germany's #1 street food, and best kept secret, to North America. A big hit, the restaurant is now franchising. Having laid that foundation, she has now shifted her focus to disrupting the food world yet again - this time in CPG with her premium cashew milk brand Nutcase.

## Indemnification

Indemnification is authorized by the Company to directors, officers or controlling persons acting in their professional capacity pursuant to Delaware law. Indemnification includes expenses such as attorney's fees and, in certain circumstances, judgments, fines and settlement amounts actually paid or incurred in connection with actual or threatened actions, suits or proceedings involving such person, except in certain circumstances where a person is adjudged to be guilty of gross negligence or willful misconduct, unless a court of competent jurisdiction determines that such indemnification is fair and reasonable under the circumstances.

## Employees

The Company currently has 5 employees.

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# CAPITALIZATION AND OWNERSHIP

## Capitalization

The Company has issued the following outstanding Securities:

| Class and Series of Security | Securities Authorized | Securities Outstanding | Voting Rights | Other Rights |
| --- | --- | --- | --- | --- |
| Common Stock | 10,000,000 | 8,500,000 | One vote per share | No Material Other Rights |
| Issued Stock Options |  | 700,000 | No voting rights until exercised | No Material Other Rights |
| Unallocated Option Pool (Common Stock) |  | 800,00 | No voting rights | No Material Other Rights |

| Type of security | Common Stock |
| --- | --- |
| Amount\outstanding | 8,500,000 |
| Voting Rights | 1 vote per share |
| Anti-Dilution Rights | None |

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| How this Security may limit, dilute or qualify the Notes/Bonds issued pursuant to Regulation CF | N/A |
| --- | --- |
| Percentage ownership of the Company by the holders of such Securities (assuming conversion prior to the Offering if convertible securities). | 70% |

| Type of security | Stock Options |
| --- | --- |
| Amount authorized | 1,500,000 |
| Amount outstanding | 700,000 |
| Voting Rights | The holders of options do not have any voting rights until they exercise. |
| Anti-Dilution Rights | None |
| How this Security may limit, dilute or qualify the Notes/Bonds issued pursuant to Regulation CF | The Company, for business purposes, may issue additional options, which may result in dilution of existing shareholders. Dilution is a reduction in the percentage of a stock caused by the issuance of new stock. |
| Percentage ownership of the Company by the holders of such Securities (assuming conversion prior to the Offering if convertible securities). | 12% - including allocated but unissued options |

| Type of security | SAFEs |
| --- | --- |
| Amount Raised | $1,300,000 |
| Voting Rights | SAFE holders do not have voting rights unless and until their SAFEs convert to equity. |
| Anti-Dilution Rights | None |
| How this Security may limit, dilute or qualify the Notes/Bonds issued pursuant to Regulation CF | SAFE holders are entitled to convert into equity-typically at a discount or valuation cap-which may result in dilution to other equity holders, including investors whose Notes/Bonds convert into equity. If the Company issues additional SAFEs, further dilution may occur. |

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| Percentage ownership of the Company by the holders of such Securities (assuming conversion prior to the Offering if convertible securities). | 18% |
| --- | --- |

## Valuation

The $20 million valuation cap referenced in the SAFE represents a Company-determined valuation and has not been independently appraised or confirmed by a third party. This valuation reflects management's assessment of the Company's market potential, growth trajectory, and brand development stage. The SAFE instruments convert at a $20M valuation cap.

## Ownership

Prior to this offering, the Company has been owned by the officers and directors of the Company.

The following people own 20% or more of the Company's outstanding voting equity securities, calculated on the basis of voting power.

| Name of Beneficial owner | Amount and class of securities held | Percent of voting power prior to the Offering |
| --- | --- | --- |
| Joelle Weinand | 6,000,000 | 71% |
| Tyler Blevins | 2,000,000 | 24% |

## FINANCIAL INFORMATION

Please see the financial information listed on the cover page of this Form C and attached hereto in addition to the following information. Financial statements are attached hereto as Exhibit A.

## Liquidity and Capital Resources

As of December 31, 2024, Nutcase reported total assets of $421,092, primarily comprising inventory valued at $346,930, and cash and cash equivalents of $48,433. The Company's short-term liabilities total $16,279 and long-term liabilities total $950,000 of long-term liabilities in the form of convertible SAFEs.

Equity financing has been the primary source of capital, with safeholders contributing an additional $800,000 in 2025, totaling $1,750,000 to date.

The company's financial condition shows a net operating loss of $367,440 for the year ended December 31, 2024, reflecting typical startup expenses including administrative and operational costs. Given that the Company was incorporated in January 2023, these expenses are expected and align with initial business development phases.

## Historical Results of Operations

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Nutcase generated approximately $185,000 in revenue in 2024. During this period, the Company focused on launching its initial product line, building brand awareness, and establishing early retail and e-commerce distribution. The Company also invested in marketing and operational infrastructure to support future growth.

## Future Expectations and Use of Proceeds

The Company plans to raise up to $1 million in this Offering, which is vital for its liquidity and operational needs. The Company will rely on the proceeds of this Offering to ensure that it can sustain its operations and continue its development activities without immediate cash flow concerns.

## Capital Expenditures and Other Obligations

As of the date of this Offering, Nutcase’s monthly operating expenses are approximately $35,000. If the Company raises the maximum offering amount of $1,000,000, the projected monthly burn rate will increase to approximately $75,000 to support expanded marketing, retail distribution, inventory, and operations. The Company believes that proceeds from this offering, if successful, will provide sufficient working capital to support its planned growth for the next 12-18 months.

## Trends and Uncertainties

After reviewing the above discussion of the steps the Company intends to take, potential Purchasers should consider whether achievement of each step within the estimated time frame is realistic in their judgment. Potential Purchasers should also assess the consequences to the Company of any delays in taking these steps and whether the Company will need additional financing to accomplish them.

The financial statements are an important part of this Form C and should be reviewed in their entirety. The financial statements of the Company are attached hereto as Exhibit A.

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# THE OFFERING AND THE SECURITIES

## The Offering

The Company is offering SAFEs (Simple Agreement for Future Equity) for up to $1,000,000.00. The Company is attempting to raise a minimum amount of $100,000.00 in this Offering (the "Minimum Amount"). The Company may conduct multiple closings on a rolling basis as funds are committed and accepted, provided that the Minimum Amount has been reached. The Company must receive commitments from investors in an amount totaling the Minimum Amount by August 31, 2025 (the "Offering Deadline") in order to receive any funds. If the sum of the investment commitments does not equal or exceed the Minimum Amount by the Offering Deadline, no Securities will be sold in the Offering, investment commitments will be canceled and committed funds will be returned to potential investors without interest or deductions. The Company has the right to extend the Offering Deadline at its discretion. The Company will accept investments in excess of the Minimum Amount up to $1,000,000.00 (the "Maximum Amount") and the additional Securities will be allocated on a First-come, first-served basis.

The price of the Securities does not necessarily bear any relationship to the asset value, net worth, revenues or other established criteria of value, and should not be considered indicative of the actual value of the Securities.

In order to purchase the Securities you must make a commitment to purchase by completing the Simple Agreement for Future Equity ("SAFE"). Purchaser funds will be held in escrow with North Capital Private Securities Corporation until the Minimum Amount of investments is reached. Purchasers may cancel an investment commitment until 48 hours prior to the Offering Deadline or the Closing, whichever comes first using the cancellation mechanism provided by the Intermediary. The Company will notify Purchasers when the Minimum Amount has been reached. The Company may conduct one or more closings on a rolling basis after reaching the Minimum Amount. Purchasers whose investments are accepted in a rolling close will receive notice and be issued their securities promptly following the applicable closing date. If the Company raises the Minimum Amount prior to the Offering Deadline, it may close the Offering at least five (5) days after reaching the Minimum Amount and providing notice to the Purchasers.

If any material change (other than reaching the Minimum Amount) occurs related to the Offering prior to the Offering Deadline, the Company will provide notice to Purchasers and receive reconfirmations from Purchasers who have already made commitments. If a Purchaser does not reconfirm his or her investment commitment after a material change is made to the terms of the Offering, the Purchaser's investment commitment will be canceled and the committed funds will be returned without interest or deductions. If a Purchaser does not cancel an investment commitment before the Minimum Amount is reached, the funds will be released to the Company upon closing of the Offering and the Purchaser, will receive the Securities in exchange for his or her investment. Any Purchaser funds received after the initial closing will be released to the Company upon a subsequent closing and the Purchaser will receive Securities via Electronic Certificate/PDF in exchange for his or her investment as soon as practicable thereafter.

SAFEs are not binding on the Company until accepted by the Company, which reserves the right to reject, in whole or in part, in its sole and absolute discretion, any subscription. If the Company rejects all or a portion of any subscription, the applicable prospective Purchaser's funds will be returned without interest or deduction.

A SAFE provides its holder a right to acquire certain shares of the Company's Common Stock or Preferred Stock (together, the "Capital Stock"), as applicable, at a valuation of $20 million valuation cap.

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If there is a Preferred Equity Financing before the termination of the SAFE, then the SAFE will automatically convert into shares of Preferred Stock. If there is a Common Equity Financing, or a transaction in which the Company issues and sells Common Stock under Regulation A (17 CFR 230.261 et seq.), then the SAFE will automatically convert into shares of Common Stock.

The minimum amount that a Purchaser may invest in the Offering is $250.00.

The Offering is being made through Issuance Express, the Intermediary. The following two fields below set forth the compensation being paid in connection with the Offering.

## Commission/Fees

3.0% of the amount raised to the intermediary, Issuance Express.

## Stock, Warrants and Other Compensation

None.

## Transfer Agent and Registrar

The transfer agent and registrar for the Securities is Carta.

## The Securities

We request that you please review our organizational documents and the Crowd Safe instrument in conjunction with the following summary information.

## Authorized Capitalization

At the initial closing of this Offering (if the minimum amount is sold), our authorized capital stock will consist of (i) 10,000,000 shares of common stock, par value $0.00001 per share, of which 8,500,000 common shares will be issued and outstanding.

## Not Currently Equity Interests

The Securities are not currently equity interests in the Company and can be thought of as the right to receive equity at some point in the future upon the occurrence of certain events.

## Dividends

The Securities do not entitle the Investors to any dividends.

## Conversion

Upon each future equity financing by the Company of greater than (an "Equity Financing"), the Securities are convertible at the option of the Company, into CF Shadow Series Securities, which are securities identical to those issued in such future Equity Financing except 1) they do not have the right to vote on any matters except as required by law, 2) they must vote in accordance with the majority of the investors in such future Equity Financing with respect to any such required vote and 3) they are not entitled to any inspection or information rights (other than those contemplated by Regulation CF). The Company has no obligation to convert the Securities in any future financing.

## Conversion Upon a Liquidity Event Following an Equity Financing

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In the case of a Liquidity Event following any Equity Financing, the Investor will receive, at the option of the Investor, either (i) a cash payment equal to the Purchase Amount (as described above) or (ii) a number of shares of the most recently issued preferred stock equal to the Purchase Amount divided by the First Financing Price. Shares of preferred stock granted in connection therewith shall have the same liquidation rights and preferences as the shares of preferred stock issued in connection with the Company's most recent Equity Financing.

## Dissolution

If there is a Dissolution Event (see below) before the Securities terminate, the Company will distribute, subject to the preferences applicable to any series of preferred stock then outstanding, all of its assets legally available for distribution with equal priority among the Investors, all holders of other Safes (on an as converted basis based on a valuation of common stock as determined in good faith by the Company's board of directors at the time of the Dissolution Event) and all holders of common stock.

A "Dissolution Event" means (i) a voluntary termination of operations by the Company, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (excluding a Liquidity Event), whether voluntary or involuntary.

## Termination

The Securities terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with the Securities) upon the earlier to occur: (i) the issuance of shares in the CF Shadow Series to the Investor pursuant to the conversion provisions or (ii) the payment, or setting aside for payment, of amounts due to the Investor pursuant to a Liquidity Event or a Dissolution Event.

## Voting and Control

The Securities have no voting rights at present or when converted. The Company does not have any voting agreements in place. The Company does not have any shareholder/equity holder agreements in place.

## Anti-Dilution Rights

The Securities do not have anti-dilution rights, which means that future equity financings will dilute the ownership percentage that the Investor may eventually have in the Company.

## Restrictions on Transfer

Any Securities sold pursuant to Regulation CF being offered may not be transferred by any Investor of such Securities during the one-year holding period beginning when the Securities were issued, unless such Securities are transferred: 1) to the Company, 2) to an accredited investor, as defined by Rule 501(d) of Regulation D promulgated under the Securities Act, 3) as part of an IPO or 4) to a member of the family of the Investor or the equivalent, to a trust controlled by the Investor, to a trust created for the benefit of a member of the family of the Investor or the equivalent, or in connection with the death or divorce of the Investor or other similar circumstances. "Member of the family" as used herein means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse or spousal equivalent, sibling, mother / father / daughter / son / sister / brother-in-law, and includes adoptive relationships. Remember that although you may legally be able to transfer the Securities, you may not be able to find another party willing to purchase them.

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In addition to the foregoing restrictions, prior to making any transfer of the Securities or any Securities into which they are convertible, such transferring Investor must either make such transfer pursuant to an effective registration statement filed with the SEC or provide the Company with an opinion of counsel stating that a registration statement is not necessary to effect such transfer.

In addition, the Investor may not transfer the Securities or any Securities into which they are convertible to any of the Company's competitors, as determined by the Company in good faith.

Furthermore, upon the event of an IPO, the capital stock into which the Securities are converted will be subject to a lock-up period and may not be sold for up to 180 days following such IPO.

## Other Material Terms

- The Company does not have the right to repurchase the Securities.
- The Securities do not have a stated return or liquidation preference.
- The Company cannot determine if it currently has enough capital stock authorized to issue upon the conversion of the Securities, because the amount of capital stock to be issued is based on the occurrence of future events.

## TAX MATTERS

EACH PROSPECTIVE INVESTOR SHOULD CONSULT WITH HIS OR HER OWN TAX AND ERISA ADVISOR AS TO THE PARTICULAR CONSEQUENCES TO THE INVESTOR OF THE PURCHASE, OWNERSHIP AND SALE OF THE INVESTOR'S SECURITIES, AS WELL AS POSSIBLE CHANGES IN THE TAX LAWS.

TO INSURE COMPLIANCE WITH THE REQUIREMENTS IMPOSED BY THE INTERNAL REVENUE SERVICE, WE INFORM YOU THAT ANY TAX STATEMENT IN THIS FORM C CONCERNING UNITED STATES FEDERAL TAXES IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING ANY TAX-RELATED PENALTIES UNDER THE UNITED STATES INTERNAL REVENUE CODE. ANY TAX STATEMENT HEREIN CONCERNING UNITED STATES FEDERAL TAXES WAS WRITTEN IN CONNECTION WITH THE MARKETING OR PROMOTION OF THE TRANSACTIONS OR MATTERS TO WHICH THE STATEMENT RELATES. EACH TAXPAYER SHOULD SEEK ADVICE BASED ON THE TAXPAYER'S PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.

POTENTIAL INVESTORS WHO ARE NOT UNITED STATES RESIDENTS ARE URGED TO CONSULT THEIR TAX ADVISORS REGARDING THE UNITED STATES FEDERAL INCOME TAX IMPLICATIONS OF ANY INVESTMENT IN THE COMPANY, AS WELL AS THE TAXATION OF SUCH INVESTMENT BY THEIR COUNTRY OF RESIDENCE. FURTHERMORE, IT SHOULD BE ANTICIPATED THAT DISTRIBUTIONS FROM THE COMPANY TO SUCH FOREIGN INVESTORS MAY BE SUBJECT TO UNITED STATES WITHHOLDING TAX.

EACH POTENTIAL INVESTOR SHOULD CONSULT HIS OR HER OWN TAX ADVISOR CONCERNING THE POSSIBLE IMPACT OF STATE TAXES.

Exempt Offerings Conducted Within The Past Three Years

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The Company conducted the following exempt offerings in the past three years:

| Exemption Relied Upon | Security Offered | Date of Offering |
| --- | --- | --- |
| Rule 506(b) of Regulation D | SAFE - $5 mil cap | May 2023 |
| Rule 506(b) of Regulation D | SAFE - $5 mil cap | August 2023 |
| Rule 506(b) of Regulation D | SAFE - $5 mil cap | October 2023 |
| Rule 506(b) of Regulation D | SAFE - $5 mil cap | December 2023 |
| Rule 506(b) of Regulation D | SAFE - $10 mil cap | March 2024 |
| Rule 506(b) of Regulation D | SAFE - $10 mil cap | August 2024 |
| Rule 506(b) of Regulation D | SAFE - $10 mil cap | January 2025 |
| Rule 506(b) of Regulation D | SAFE - $10 mil cap | May 2025 |

## TRANSACTIONS WITH RELATED PERSONS AND CONFLICTS OF INTEREST

## Related Person Transactions

From time to time the Company may engage in transactions with related persons. Related persons are defined as any director or officer of the Company; any person who is the beneficial owner of 10 percent or more of the Company's outstanding voting equity securities, calculated on the basis of voting power; any promoter of the Company; any immediate family member of any of the foregoing persons or an entity controlled by any such person or persons.

As of the date of this Offering Statement, the Company has issued approximately $550,000 in SAFE agreements to a related party. These agreements were executed on terms consistent with those offered to unaffiliated investors. Other than this, the Company does not have any additional related-party transactions to disclose.

## Conflicts of Interest

To the best of our knowledge the Company has not engaged in any transactions or relationships, which may give rise to a conflict of interest with the Company, its operations or its security holders.

## Bad Actor Disclosure

The Company is not subject to any Bad Actor Disqualifications under any relevant U.S. securities laws.

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# SIGNATURE

Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100 et seq.), the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form C and has duly caused this Form to be signed on its behalf by the duly authorized undersigned.

Signed by:
Joelle Weinand
2E85415G2A8240D
(Signature)
Joelle Weinand
CEO

Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100 et seq.), this Form C has been signed by the following persons in the capacities and on the dates indicated.

Signed by:
Joelle Weinand
2E85415G2A8240D
(Signature)
Joelle Weinand
Director

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# Instructions.

1. The form shall be signed by the issuer, its principal executive officer or officers, its principal financial officer, its controller or principal accounting officer and at least a majority of the board of directors or persons performing similar functions.
2. The name of each person signing the form shall be typed or printed beneath the signature.

Intentional misstatements or omissions of facts constitute federal criminal violations. See 18 U.S.C. 1001.

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# EXHIBITS

Exhibit A Financial Statements

Exhibit B Articles of Incorporation

Exhibit C Company By Laws

Exhibit D Offering Landing Page

Exhibit E SAFE

**Attachment 2:** `financial_statements.pdf`

NUTCASE MILK, INC.

FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED
December 31, 2024 and 2023

Nutcase Milk, Inc.
Index to Financial Statements

Pages

Independent Auditors’ Report 1
Balance Sheets as of December 31, 2024 and 2023 3
Statements of Operations for the year ended December 31, 2024 and 2023 4
Statements of Stockholders’ Deficit for the year ended December 31, 2024 and 2023 5
Statements of Cash Flows for the year ended December 31, 2024 and 2023 6
Notes to the Financial Statements 7

dbbmckennon

Certified Public Accountants

Registered Firm - Public Company Accounting Oversight Board

# INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholders

Nutcase Milk, Inc.

## Opinion

We have audited the accompanying financial statements of Nutcase Milk, Inc. (a Delaware corporation, the “Company”), which comprise the balance sheets as of December 31, 2024 and 2023, and the related statements of operations, stockholders’ equity, and cash flows for the years then ended, and the related notes to the financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

## Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

## Substantial Doubt About the Company's Ability to Continue as a Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company incurred net losses and only recently commenced operations, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. Management's evaluation of the events and conditions, and management's plans regarding these matters are also described in Note 1. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

## Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

# Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements, including omissions, are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards, we:

- Exercise professional judgment and maintain professional skepticism throughout the audit.
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.
- Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
- Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

dbmckennon

Newport Beach, California
May 23, 2025

20321 SW Birch Street, Suite 200 Newport Beach, California 92660-1756 P: 949.200.3280 F: 949.200.3281 www.dbbmckennon.com
Santa Monica
Newport Beach
San Diego

# NUTCASE MILK, INC.
## BALANCE SHEETS

|  | December 31, 2024 | December 31, 2023 |
| --- | --- | --- |
| Assets |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $48,433 | $181,810 |
| Accounts receivable | 25,154 | - |
| Inventory | 346,930 | - |
| Prepaid expenses | 575 | - |
| Total current assets | 421,092 | 181,810 |
| Total assets | $421,092 | $181,810 |
| Liabilities and Stockholders' Deficit |  |  |
| Current liabilities: |  |  |
| Accounts payable | $12,160 | $5,356 |
| Accrued liabilities | - | 3,408 |
| Deferred revenue | 1,119 | - |
| Due to related parties | 3,000 | 3,000 |
| Total current liabilities | 16,279 | 11,764 |
| SAFE Agreements | 950,000 | 350,000 |
| Total liabilities | 966,279 | 361,764 |
| Commitments and contingencies (Note 4) | - | - |
| Stockholders' Deficit: |  |  |
| Common stock $0.00001 par value 10,000,000 authorized and 9,100,000 issued and outstanding, |  |  |
| respectively | 91 | 91 |
| Additional paid-in capital | 2,207 | - |
| Accumulated deficit | (547,485) | (180,045) |
| Total stockholders' deficit | (545,187) | (179,954) |
| Total liabilities and stockholders' deficit | $421,092 | $181,810 |

See accompanying notes to the financial statements

# NUTCASE MILK, INC.
## STATEMENTS OF OPERATIONS

|  | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
| --- | --- | --- |
| Revenues | $185,402 | $ - |
| Cost of revenues | 112,315 | - |
| Gross profit | 73,087 | - |
| Operating Expenses: |  |  |
| General and administrative | 232,629 | 93,779 |
| Sales and marketing | 208,613 | 24,965 |
| Research and development | 785 | 61,301 |
| Total operating expenses | 442,027 | 180,045 |
| Operating loss | (368,940) | (180,045) |
| Other income | (1,500) | - |
| Total other income | (1,500) | - |
| Loss before provision for income taxes | (367,440) | (180,045) |
| Provision for income taxes | - | - |
| Net loss | $(367,440) | $(180,045) |

See accompanying notes to the financial statements

# NUTCASE MILK, INC.
## STATEMENTS OF STOCKHOLDERS' DEFICIT

|  | Common stock |  | Additional Paid-in Capital | Accumulated deficit | Total Stockholders' Deficit |
| --- | --- | --- | --- | --- | --- |
|  | Shares | Amount |  |  |  |
| January 4, 2023 (Inception) | - | $ - | $ - | $ - | $ - |
| Frounder shares | 9,000,000 | 90 | - | - | 90 |
| Shares issued for services | 100,000 | 1 | - | - | 1 |
| Net loss | - | - | - | (180,045) | (180,045) |
| December 31, 2023 | 9,100,000 | $91 | $ - | $(180,045) | $(179,954) |
| Stock-based compensation | - | - | 2,207 | - | 2,207 |
| Net loss | - | - | - | (367,440) | (367,440) |
| December 31, 2024 | 9,100,000 | $91 | $2,207 | $(547,485) | $(545,187) |

See accompanying notes to the financial statements

# NUTCASE MILK, INC.
## STATEMENTS OF CASH FLOWS

|  | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
| --- | --- | --- |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| Net loss | $(367,440) | $(180,045) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Stock-based compensation | 2,207 | 91 |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable | (25,154) | - |
| Inventory | (346,930) | - |
| Prepaid expenses | (575) | - |
| Accounts payable | 6,804 | 5,356 |
| Accrued liabilities | (3,408) | 3,408 |
| Deferred revenue | 1,119 | - |
| Net cash used in operating activities | (733,377) | (171,190) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| Related party advances | - | 3,000 |
| Proceeds from SAFE agreements | 600,000 | 350,000 |
| Net cash provided by financing activities | 600,000 | 353,000 |
| Increase in cash and cash equivalents | (133,377) | 181,810 |
| Cash and cash equivalents, beginning of period | 181,810 | - |
| Cash and cash equivalents, end of period | $48,433 | $181,810 |
| Supplemental disclosures of cash flow information: |  |  |
| Cash paid for interest | $ - | $ - |
| Cash paid for income taxes | $ - | $ - |

See accompanying notes to the financial statements

7

# NUTCASE MILK, INC.
## NOTES TO THE FINANCIAL STATEMENTS

## NOTE 1 - NATURE OF OPERATIONS

Nutcase Milk, Inc. was formed on January 4, 2023 (“Inception”) in the State of Delaware. The financial statements of Nutcase Milk, Inc. (which may be referred to as the "Company", "Nutcase", "we," "us," or "our") are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s headquarters are located in Las Vegas, Nevada.

Nutcase is a nut milk company, combining the nostalgic appeal of chocolate milk with a premium, better-for-you nut milk, in sleek adult packaging. Made with cashews and naturally sweetened with dates &amp; agave - Nutcase brings back your favorite childhood drink, grown-up and guilt-free.

Costs incurred in 2023 and through 2024 are related to the general formation of the business and product development. The Company soft launched mid-2024, focused initially on testing through DTC channels while building strategic partnerships and retail relationships.

### Management Plans

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company incurred losses from startup expenses of approximately $367,000 during the period ended December 31, 2024 and only recently commenced operations. The Company requires additional capital to operate, for which management’s plans are more fully described below. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

Management plans to raise additional capital to fund operations through debt and/or equity financings, as available from both external and internal parties who are committed to growing the Company and its brand of products. While we are confident the Company will be able to raise the necessary funds to operate normally for the foreseeable future, due to factors outside of our control, and due to the early stage of the Company, we may not be able to obtain financing on acceptable terms, or at all. We also plan to generate additional gross profits from our increasing revenues that commenced in 2024. If we are unable to increase our revenue and profitability, or obtain additional capital on acceptable terms, the ability for us to execute our business plan could be negatively affected. No assurance can be given that the Company will be successful in these efforts. The unaudited financial statements do not include any adjustments that might result from the outcome of this uncertainty.

## NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

### Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amount of expenses during the reporting periods. Actual results could materially differ from these estimates. It is reasonably possible that changes in estimates will occur in the near term.

### Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors that market participants would use in valuing the asset or liability.

8

# NUTCASE MILK, INC.
## NOTES TO THE FINANCIAL STATEMENTS

There are three levels of inputs that may be used to measure fair value:

- Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
- Level 2 - Include other inputs that are directly or indirectly observable in the marketplace.
- Level 3 - Unobservable inputs which are supported by little or no market activity.

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Fair-value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2024 and 2023. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values.

Simple Agreements for Future Equity (“SAFE” or “SAFEs”) are considered level 3 liabilities to the presence of unobservable inputs. The Company determined there was no change in fair value of the SAFE’s issued during both 2024 and 2023. In 2023, the Company determined this as the SAFEs were being issued before and after year end on the same terms evidencing fair value. In 2024, the Company estimated fair value of the various SAFE agreements using a probability weighted average analysis for the potential settlement outcomes based on the underlying terms of the SAFE agreements. It was determined there was no material change to the instruments’ fair value. Subjective assumptions included the fair value of the Company’s common stock and the probability of various settlement outcomes. The valuation of the SAFEs use assumptions and estimates management believes would be made by a market participant in making the same valuation.

## Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.

## Accounts Receivable

Accounts receivable are derived from sales of products to customers and is reported net of allowance. Each month, the Company reviews its receivables on a customer-by-customer basis and evaluates whether an allowance for credit loss is necessary based on any known or perceived collection issues. Any balances that are eventually deemed uncollectible are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2024 and 2023, the Company determined there was no allowance for credit loss necessary.

## Inventory

Inventory is stated at the lower of cost (using the first-in, first-out method (“FIFO”)) or net realizable value. Inventory consists primarily of finished goods.

## Future Equity Obligations

The Company has issued Simple Agreements for Future Equity (“SAFEs”) in exchange for cash. These funds are classified as long-term liabilities with changes in fair value recognized through earnings.

## Revenue Recognition

The Company will recognize revenue under the guidance of Accounting Standards Codification (“ASC”) 606, the Company 1) identifies the contract with the customer 2) identifies the performance obligations in the contract 3) determines the transaction price, 4) determines if an allocation of that transaction price is required to the performance obligations in the contract, and 5) recognizes revenue when or as the companies satisfies a performance obligation.

NUTCASE MILK, INC.
NOTES TO THE FINANCIAL STATEMENTS

Revenue is recognized when performance obligations are satisfied through the transfer of control of promised goods to the Company’s customers in an amount that reflects the consideration expected to be received in exchange for transferring goods or services to customers. Control transfers once a customer has the ability to direct the use of, and obtain substantially all of the benefits from, the product. This includes the transfer of legal title, physical possession, the risks and rewards of ownership, and customer acceptance.

Sales through the Company’s e-commerce platform are paid at the time of purchase and is recognized at the point in time when products are shipped to the end customer, when Nutcase has fulfilled its performance obligation, net of returns.

Wholesale revenue is recognized at a point in time when the product is shipped based on a confirmed order, net of estimated returns, holdbacks, or other expenses.

## Advertising

The Company expenses the cost of advertising and promotions as incurred.

## Research and Development

We incur research and development costs during the process of researching and developing our technologies and future offerings. Our research and development costs consist primarily of product development, formulation, and related activities. We expense these costs as incurred until the resulting product has been completed, tested, and made ready for commercial use.

## Stock Based Compensation

The Company accounts for stock awards issued under ASC 718, Compensation - Stock Compensation. Under ASC 718, share-based compensation cost is measured at the grant date, based on the estimated fair value of the award. Stock-based compensation is recognized as expense over the employee’s requisite vesting period and over the nonemployee’s period of providing goods or services. The fair value of each stock option or award is estimated on the date of grant using the Black-Scholes option valuation model. Restricted shares are measured based on the fair market value of the underlying stock on the grant date.

## Income Taxes

The Company applies ASC 740 Income Taxes (“ASC 740”). Deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial statement reported amounts at each period end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes represents the tax expense for the period, if any and the change during the period in deferred tax assets and liabilities.

ASC 740 also provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax positions. A tax benefit from an uncertain position is recognized only if it is “more likely than not” that the position is sustainable upon examination by the relevant taxing authority based on its technical merit.

The Company is subject to tax in the United States (“U.S.”) and files tax returns in the U.S. Federal jurisdiction and certain state jurisdiction. The Company is subject to U.S. Federal, state and local income tax examinations by tax authorities for all periods since Inception. The Company currently is not under examination by any tax authority.

## Concentration of Credit Risk

The Company maintains its cash with a major financial institution located in the United States of America which it believes to be credit worthy. Balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At times, the Company may maintain balances in excess of the federally insured limits.

9

NUTCASE MILK, INC.
NOTES TO THE FINANCIAL STATEMENTS

## Risks and Uncertainties

The Company’s operations are subject to new laws, regulation and compliance. The Company is also subject to price fluctuations and availability of raw materials. Significant changes to regulations governing the way the Company derives revenues, or the price and availability of materials could impact the Company negatively. Revenue producing activities commenced in 2024.

## Recent Accounting Pronouncements

The FASB issues ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date, including those above, that amend the original text of ASC. Management believes that those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to us or (iv) are not expected to have a significant impact on our financial statements.

## NOTE 3 - SAFE AGREEMENTS

During 2023 and 2024, the Company issued SAFEs for an aggregate purchase amount of $500,000 to investors of the Company (the “Pre-Seed SAFEs”). Of the total amount $200,000 was sold to a related party. The Pre-Seed SAFEs, provide the right to future equity in the Company, and are subject to a valuation cap of $5.0 million and discount rates ranging from 80% to no discount.

During 2024, the Company issued SAFEs for an aggregate purchase amount of $450,000 to investors of the company (the “Seed SAFEs”). Of the total amount $350,000 was sold to a related party. The Seed SAFEs, provide the right of the investors to future equity in the Company, and are subject to a valuation cap of $10.0 Million and discount rates ranging from 80% to no discount.

The terms of the SAFEs are such that if there is an equity financing the SAFE will automatically convert into the greater of (i) the number of shares of Standard Preferred Stock equal to the Purchase Amount divided by the lowest price per shares of the Standard Preferred Stock or (ii) the number of shares of SAFE Preferred Stock equal to the Purchase amount divided by the SAFE Price. If there is a liquidity event before the termination of the SAFE, the Safe holder will be entitled, subject to liquidation priority, to receive a portion of Proceeds, equal to the greater of (i) the purchase amount or (ii) the amount payable on the number of shares of Common Stock equal to the Purchase amount divided by the Liquidity Price. Upon dissolution event, subject to liquidation priority, the investor will receive a portion of proceeds equal to the cash-out amount.

## NOTE 4 - COMMITMENTS AND CONTINGENCIES

We are currently not involved with or know of any pending or threatening litigation against the Company or any of its officers.

## NOTE 5 - STOCKHOLDERS’ DEFICIT

### Common Stock

We have authorized the issuance of 10,000,000 shares of our common stock with par value of $0.00001.

Upon Inception, the company issued 9,000,000 shares of common stock to founders. Of these shares, 2,000,000 are restricted subject to monthly vesting over four years commencing in February 2024.

In January 2023, the Company issued 100,000 common shares to a consultant, which vest monthly over two years. Due to the shares being issued near Inception, these shares were deemed to have nominal value.

As of December 31, 2024, 512,500 of the restricted common stock have vested in accordance with the terms above.

10

11
# NUTCASE MILK, INC.
## NOTES TO THE FINANCIAL STATEMENTS

### Stock Options

In 2023, our Board of Directors adopted the Nutcase Milk Inc. 2023 Stock Incentive Plan (the “2023 Plan”). The 2023 Plan provides for the grant of equity awards to employees and consultants, including stock options and shares of our common stock. Up to 1,000,000 shares of our common stock may be issued pursuant to awards granted under the 2023 Plan. The 2023 Plan is administered by our Board of Directors, and expires ten years after adoption, unless terminated earlier by the Board.

In 2024 and 2023, the Company granted 300,000 and 300,000 stock options, respectively, under the 2023 Plan. The granted options had an exercise price of ranging from $0.00001 to $0.50, expire in ten years, and vest monthly over 24 to 48 months. The aggregate grant date fair value for 2023 was determined to be negligible with a weighted average grant date fair value of less than $0.01. The aggregate grant date fair value for 2024 grants was $11,370 with a weighted average grant date fair value of $0.04 per share. The stock options were valued using the Black-Scholes pricing model as indicated below:

|  | December 31, 2024 | December 31, 2023 |
| --- | --- | --- |
| Expected life (years) | 6.25 | 5.75 |
| Risk-free interest rate | 4% | 4% |
| Expected volatility | 75% | 75% |
| Annual dividend Yeld | 0% | 0% |

The risk-free interest rate assumption for options granted is based upon observed interest rates on the United States government securities appropriate for the expected term of the Company's employee stock options.

The expected term of employee stock options is calculated using the simplified method which takes into consideration the contractual life and vesting terms of the options.

The Company determined the expected volatility assumption for options granted using the historical volatility of comparable public company's common stock. The Company will continue to monitor peer companies and other relevant factors used to measure expected volatility for future stock option grants, until such time that the Company’s common stock has enough market history to use historical volatility.

The dividend yield assumption for options granted is based on the Company's history and expectation of dividend payouts. The Company has never declared or paid any cash dividends on its common stock, and the Company does not anticipate paying any cash dividends in the foreseeable future.

Management estimated the fair value of common stock by looking at a market approach which takes into consideration the value of development to date and subscriber base.

The risk-free interest rate assumption for options granted is based upon observed interest rates on the United States government securities appropriate for the expected term of the Company’s stock options.

The Company recognizes stock option forfeitures as they occur.

12

# NUTCASE MILK, INC.
## NOTES TO THE FINANCIAL STATEMENTS

The outstanding options are as follows:

|  | Options | Weighted Average Exercise Price | Intrinsic value |
| --- | --- | --- | --- |
| Inception | - | $ - |  |
| Granted | 300,000 | 0.17 |  |
| Cancelled/forfeited | - | - |  |
| December 31, 2023 | 300,000 | 0.17 |  |
| Granted | 300,000 | 0.17 |  |
| Cancelled/forfeited | - | - |  |
| December 31, 2024 | 600,000 | $0.17 | $37,998 |
| Exercisable as of December 31, 2024 | 220,833 | $0.17 | $13,750 |
| Exercisable and expected to vest at December 31, 2024 | 600,000 | $0.17 | $37,998 |

For the years ended December 31, 2024 and 2023, stock-based compensation was $2,207 and 0, respectively. Remaining expense of approximately $10,400 will be recognized over approximately three years.

## NOTE 6 - RELATED PARTY TRANSACTIONS

See Note 3 for related party SAFE agreement.

Options to purchase 100,000 shares of common stock disclosed in Note 4, were granted to a related party.

## NOTE 7 - INCOME TAXES

As of December 31, 2024, the Company had net operating loss carry forward of approximately $589,000 available to offset future taxable income, which may be carried forward indefinitely. As a result, the Company also had deferred tax assets of approximately $124,000. The Company’s ability to utilize net operating loss carry forwards will depend on its ability to generate adequate future taxable income.

The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. The Company assessed the need for a valuation allowance against its net deferred tax assets and determined a full valuation allowance is required based on current losses and losses that may exist as the Company plans to scale its operations. During the period ended December 31, 2024, deferred tax assets were calculated using the Company’s combined effective tax rate, which it estimated to be 21.0%. The effective rate is reduced to 0% due to the full valuation allowance on its net deferred tax assets. Temporary differences are primarily related to research and development expenses and stock compensation. The valuation allowance totaling approximately $124,000 and $49,000 as of December 31, 2024 and 2023, respectively, representing an increase of $75,000.

The Company has evaluated its income tax positions and has determined that it does not have any uncertain tax positions. The Company will recognize interest and penalties related to any uncertain tax positions through its income tax expense.

13

NUTCASE MILK, INC.
NOTES TO THE FINANCIAL STATEMENTS

NOTE 8 - SUBSEQUENT EVENTS

The Company has evaluated subsequent events that occurred after December 31, 2024 through May 23, 2025, the issuance date of these financial statements. There have been no events or transactions during this time which would have a material effect on these financial statements.

**Attachment 3:** `inc_cert_delaware.pdf`

Delaware
The First State

I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF INCORPORATION OF "NUTCASE MILK INC.", FILED IN THIS OFFICE ON THE FOURTH DAY OF JANUARY, A.D. 2023, AT 1:23 O'CLOCK P.M.

7218090 8100
SR# 20230026189
You may verify this certificate online at corp.delaware.gov/authver.shtml
Authentication: 202425234
Date: 01-05-23

State of Delaware
Secretary of State
Division of Corporations
Delivered 01:23 PM 01/04/2023
FILED 01:23 PM 01/04/2023
SR 20230026189 - FileNumber 7218090

# CERTIFICATE OF INCORPORATION

## OF

## NUTCASE MILK INC.

**FIRST:** The name of the corporation (the “Corporation”) is Nutcase Milk Inc..

**SECOND:** The address of the registered office of the Corporation in the State of Delaware is 838 Walker Rd., Suite 21-2, Dover, Delaware, 19904, County of Kent, and the name of its registered agent at such address is Registered Agent Solutions, Inc.

**THIRD:** The nature of the business or purposes to be conducted or promoted by the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware.

**FOURTH:** The total number of shares of capital stock that the Corporation has the authority to issue shall be 10,000,000 shares of common stock, par value $0.00001 per share.

**FIFTH:** In furtherance of and not in limitation of powers conferred by statute, it is further provided that:

(a) Subject to the limitations and exceptions, if any, contained in the by-laws of the Corporation, such by-laws may be adopted, amended or repealed by the board of directors of the Corporation; and

(b) Elections of directors need not be by written ballot unless, and only to the extent, otherwise provided in the by-laws of the Corporation; and

(c) Subject to any applicable requirements of law, the books of the Corporation may be kept outside the State of Delaware at such location or locations as may be designated by the board of directors of the Corporation or in the by-laws of the Corporation; and

(d) Except as provided to the contrary in the provisions establishing a class of stock, the number of authorized shares of such class may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the stock of the Corporation entitled to vote, voting as a single class.

**SIXTH:** The Corporation shall indemnify each person who at any time is, or shall have been, a director or officer of the Corporation and was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement incurred in connection with any such action, suit or proceeding, to the maximum

87308039.1

extent permitted by the General Corporation Law of the State of Delaware, as the same exists or may hereafter be amended; provided, however, that the foregoing shall not require the Corporation to indemnify or advance expenses to any person in connection with any action, suit, proceeding, claim or counterclaim initiated by or on behalf of such person. The foregoing right of indemnification shall in no way be exclusive of any other rights of indemnification to which any such director or officer may be entitled, under any by-law, agreement, vote of directors or stockholders or otherwise. No amendment to or repeal of the provisions of this Article SIXTH shall deprive a director or officer of the benefit thereof with respect to any act or failure to act occurring prior to such amendment or repeal. In furtherance of and not in limitation of the foregoing, the Corporation shall advance expenses, including attorneys' fees, incurred by an officer or director of the Corporation in defending any civil, criminal, administrative or investigative action, suit or proceeding in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such advances if it shall be ultimately determined that he or she is not entitled to be indemnified by the Corporation.

SEVENTH: No director of the Corporation shall be personally liable to the Corporation or to any of its stockholders for monetary damages arising out of such director's breach of fiduciary duty as a director of the Corporation, except to the extent that the elimination or limitation of such liability is not permitted by the General Corporation Law of the State of Delaware, as the same exists or may hereafter be amended. No amendment to or repeal of the provisions of this Article SEVENTH shall deprive any director of the Corporation of the benefit thereof with respect to any act or failure to act of such director occurring prior to such amendment or repeal.

EIGHTH: The Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation in the manner now or hereafter prescribed by the General Corporation Law of the State of Delaware and this Certificate of Incorporation, and all rights conferred upon stockholders herein are granted subject to this reservation.

NINTH: The name of the sole incorporator of the Corporation is David Cykiert. The sole incorporator's mailing address is 600 3rd Ave 42nd floor, New York, NY 10016.

IN WITNESS WHEREOF, I have hereunto set my hand as of January 4, 2022.

/s/ David Cykiert
David Cykiert, Sole Incorporator

87308039.1

**Attachment 4:** `bylaws.pdf`

BY-LAWS

OF

NUTCASE MILK INC.

Section 1 CERTIFICATE OF INCORPORATION AND BY-LAWS

1.1 These by-laws are subject to the certificate of incorporation of the corporation. In these by-laws, references to the certificate of incorporation and by-laws mean the provisions of the certificate of incorporation and the by-laws as are from time to time in effect.

Section 2 OFFICES

2.1 Registered Office. The registered office shall be in the City of Dover, County of Kent, State of Delaware.

2.2 Other Offices. The corporation may also have offices at such other places both within and without the State of Delaware as the board of directors may from time to time determine or the business of the corporation may require.

Section 3 STOCKHOLDERS

3.1 Location of Meetings. All meetings of the stockholders shall be held at such place either within or without the State of Delaware as shall be designated from time to time by the board of directors, or if not so designated, at the registered office of the corporation. Notwithstanding the foregoing, the board of directors may, in its sole discretion, determine that the meeting shall not be held at any place, but may instead be held solely by means of remote communication as authorized by Section 211(a)(2) of the Delaware General Corporation Law. If so authorized, and subject to such guidelines and procedures as the board of directors may adopt, stockholders and proxyholders not physically present at a meeting of stockholders may, by means of remote communication, participate in a meeting of stockholders whether such meeting is to be held at a designated place or solely by means of remote communication, provided that (i) the corporation shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder, (ii) the corporation shall implement reasonable measures to provide such stockholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such proceedings, and (iii) if any stockholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the corporation. Any adjourned session of any meeting shall be held at the place designated in the vote of adjournment.

3.2 Annual Meeting. The annual meeting of stockholders shall be held at 10:00 a.m. on the second Wednesday in May in each year, unless that day be a legal holiday at the place where the meeting is to be held, in which case the meeting shall be held at the same hour on the next succeeding day not a legal holiday, or at such other date and time as shall be designated

from time to time by the board of directors, at which they shall elect a board of directors and transact such other business as may be required by law or these by-laws or as may properly come before the meeting.

### 3.3 Special Meeting in Place of Annual Meeting.

If the election for directors shall not be held on the day designated by these by-laws, the directors shall cause the election to be held as soon thereafter as convenient, and to that end, if the annual meeting is omitted on the day herein provided therefor or if the election of directors shall not be held thereat, a special meeting of the stockholders may be held in place of such omitted meeting or election, and any business transacted or election held at such special meeting shall have the same effect as if transacted or held at the annual meeting, and in such case all references in these by-laws to the annual meeting of the stockholders, or to the annual election of directors, shall be deemed to refer to or include such special meeting. Any such special meeting shall be called and the purposes thereof shall be specified in the call, as provided in Section 3.5.

### 3.4 Notice of Annual Meeting.

Written notice of the annual meeting stating the place, date and hour of the meeting shall be given to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting. Such notice may specify the business to be transacted and actions to be taken at such meeting. No action shall be taken at such meeting unless such notice is given or unless waiver of such notice is given in accordance with Section 5.2 by each stockholder entitled to such notice to whom such notice was not given.

### 3.5 Other Special Meetings.

Special meetings of the stockholders, for any purpose or purposes, unless otherwise prescribed by law or by the certificate of incorporation, may be called by the president and shall be called by the president or secretary at the request in writing of a majority of the board of directors, or at the request in writing of the holders of at least ten percent of all capital stock of the corporation issued and outstanding and entitled to vote at such meeting. Such request shall state the purpose or purposes of the proposed meeting and business to be transacted at any special meeting of the stockholders.

### 3.6 Notice of Special Meeting.

Written notice of a special meeting stating the place, date and hour of the meeting and the purpose or purposes for which the meeting is called, shall be given not less than ten nor more than sixty days before the date of the meeting, to each stockholder entitled to vote at such meeting. No action shall be taken at such meeting unless such notice is given or unless waiver of such notice is given in accordance with Section 5.2 by each stockholder entitled to such notice to whom such notice was not given.

### 3.7 Stockholder List.

The officer who has charge of the stock ledger of the corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting for a period of at least ten days prior to the meeting, either (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting, or (ii) during ordinary business hours, at the principal place of business of the corporation. In the event that the corporation determines to

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make the list available on an electronic network, the corporation may take reasonable steps to ensure that such information is available only to stockholders of the corporation. If the meeting is to be held at a place, then the list shall be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present. If the meeting is to be held solely by means of remote communication, then the list shall also be open to examination of any stockholder during the entire meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting.

## 3.8 Quorum of Stockholders

The holders of a majority of the stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business except as otherwise required by law, by the certificate of incorporation or by these by-laws. Except as otherwise provided by law, no stockholder present at a meeting may withhold his shares from the quorum count by declaring his shares absent from the meeting.

## 3.9 Adjournment

Any meeting of stockholders may be adjourned from time to time to any other time and to any other place at which a meeting of stockholders may be held under these by-laws, which time and place shall be announced at the meeting, by a majority of votes cast upon the question, whether or not a quorum is present, or, if no stockholder is present or represented by proxy, by any officer entitled to preside at or to act as secretary of such meeting. At such adjourned meeting at which a quorum shall be present or represented any business may be transacted which might have been transacted at the original meeting. If the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

## 3.10 Proxy Representation

Every stockholder may authorize another person or persons to act for him by proxy in all matters in which a stockholder is entitled to participate, whether by waiving notice of any meeting, objecting to or voting or participating at a meeting, or expressing consent or dissent without a meeting. Every proxy must be signed by the stockholder or by his attorney-in-fact. No proxy shall be voted or acted upon after three years from its date unless such proxy provides for a longer period. Except as provided by law, a revocable proxy shall be deemed revoked if the stockholder is present at the meeting for which the proxy was given. A duly executed proxy shall be irrevocable if it states that it is irrevocable and, if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A proxy may be made irrevocable regardless of whether the interest with which it is coupled is an interest in the stock itself or an interest in the corporation generally. The authorization of a proxy may, but need not be limited to specified action, provided, however, that if a proxy limits its authorization to a meeting or meetings of stockholders, unless otherwise specifically provided such proxy shall entitle the holder thereof to vote at any adjourned session but shall not be valid after the final adjournment thereof.

## 3.11 Inspectors

The directors or the person presiding at the meeting may, but need not unless required by law, appoint one or more inspectors of election and any substitute inspectors to act at the meeting or any adjournment thereof. Each inspector, before entering upon the discharge of his duties, shall take and sign an oath faithfully to execute the duties of inspector at

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such meeting with strict impartiality and according to the best of his ability. The inspectors, if any, shall determine the number of shares of stock outstanding and the voting power of each, the shares of stock represented at the meeting, the existence of a quorum and the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all stockholders. On request of the person presiding at the meeting, the inspectors shall make a report in writing of any challenge, question or matter determined by them and execute a certificate of any fact found by them.

3.12 Action by Vote. When a quorum is present at any meeting, whether the same be an original or an adjourned session, a plurality of the votes properly cast for election to any office shall elect to such office and a majority of the votes properly cast upon any question other than an election to an office shall decide the question, except when a larger vote is required by law, by the certificate of incorporation or by these by-laws. No ballot shall be required for any election unless requested by a stockholder present or represented at the meeting and entitled to vote in the election.

3.13 Action Without Meetings. Unless otherwise provided in the certificate of incorporation, any action required to be taken at any annual or special meeting of stockholders of the corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing. Consent may be given by electronic transmission to the extent permitted by the Delaware General Corporation Law.

3.14 Organization. Meetings of stockholders shall be presided over by the chairperson of the board of directors, if any, or in his absence by the president, or in his absence by a vice president, or in the absence of the foregoing persons by a chairperson chosen at the meeting by the board. The secretary shall act as secretary of the meeting, but in his absence the chairperson of the meeting may appoint any person to act as secretary of the meeting. The chairperson of the meeting shall announce at the meeting of stockholders the date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote.

3.15 Conduct of Meetings. The board of directors of the corporation may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the board of directors, the chairperson of any meeting of stockholders shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairperson, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the board of directors or prescribed by the chairperson of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order

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at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the corporation, their duly authorized and constituted proxies or such other persons as the chairperson of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. Unless and to the extent determined by the board of directors or the chairperson of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.

## Section 4 DIRECTORS

4.1 Number. The number of directors which shall constitute the whole board shall not be less than one. The first board shall consist of one (1) director. Thereafter, the stockholders at the annual meeting shall determine the number of directors, and the number of directors may be increased or decreased at any time or from time to time by the stockholders or by the directors by vote of a majority of directors then in office, except that any such decrease by vote of the directors shall only be made to eliminate vacancies existing by reason of the death, resignation or removal of one or more directors. The directors shall be elected at the annual meeting of the stockholders, except as provided in these by-laws. Directors need not be stockholders.

4.2 Tenure. Except as otherwise provided by law, by the certificate of incorporation or by these by-laws, each director shall hold office until the next annual meeting and until his successor is elected and qualified, or until he sooner dies, resigns, is removed or becomes disqualified.

4.3 Powers. The business of the corporation shall be managed by or under the direction of the board of directors which shall have and may exercise all the powers of the corporation and do all such lawful acts and things as are not by law, the certificate of incorporation or these by-laws directed or required to be exercised or done by the stockholders.

4.4 Vacancies. Vacancies and any newly created directorships resulting from any increase in the number of directors may be filled by vote of the stockholders at a meeting called for the purpose, or by a majority of the directors then in office, although less than a quorum, or by a sole remaining director. When one or more directors shall resign from the board, effective at a future date, a majority of the directors then in office, including those who have resigned, shall have power to fill such vacancy or vacancies, the vote or action in writing thereon to take effect when such resignation or resignations shall become effective. The directors shall have and may exercise all their powers notwithstanding the existence of one or more vacancies in their number, subject to any requirements of law or of the certificate of incorporation or of these by-laws as to the number of directors required for a quorum or for any vote or other actions.

4.5 Committees. The board of directors may, by vote of a majority of the whole board, (a) designate, change the membership of or terminate the existence of any committee or committees, each committee to consist of one or more of the directors; (b) designate one or more directors as alternate members of any such committee who may replace any absent or disqualified member at any meeting of the committee; and (c) determine the extent to which each such committee shall have and may exercise the powers and authority of the board of directors in the management of the business and affairs of the corporation, including the power to authorize

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the seal of the corporation to be affixed to all papers which require it and the power and authority to declare dividends or to authorize the issuance of stock; excepting, however, such powers which by law, by the certificate of incorporation or by these by-laws they are prohibited from so delegating. In the absence or disqualification of any member of such committee and his alternate, if any, the member or members thereof present at any meeting and not disqualified from voting, whether or not constituting a quorum, may unanimously appoint another member of the board of directors to act at the meeting in the place of any such absent or disqualified member. Except as the board of directors may otherwise determine, any committee may make, alter and repeal rules for the conduct of its business, but unless otherwise provided by the board or such rules, its business shall be conducted as nearly as may be in the same manner as is provided by these by-laws for the conduct of business by the board of directors. Each committee shall keep regular minutes of its meetings and report the same to the board of directors upon request.

4.6 Regular Meeting. Regular meetings of the board of directors may be held without call or notice at such place within or without the State of Delaware and at such times as the board may from time to time determine, provided that notice of the first regular meeting following any such determination shall be given to absent directors. A regular meeting of the directors may be held without call or notice immediately after and at the same place as the annual meeting of the stockholders.

4.7 Special Meetings. Special meetings of the board of directors may be held at any time and at any place within or without the State of Delaware designated in the notice of the meeting, when called by the president, or by one-third or more in number of the directors, reasonable notice thereof being given to each director by the secretary or by the president or by any one of the directors calling the meeting.

4.8 Notice. It shall be reasonable and sufficient notice to a director to send notice by mail at least forty-eight hours or by telegram or telecopy or other form of electronic transmission at least twenty-four hours before the meeting, addressed to him at his usual or last known business or residence address or to give notice to him in person or by telephone at least twenty-four hours before the meeting. Notice of a meeting need not be given to any director if a written waiver of notice, executed by him before or after the meeting, is filed with the records of the meeting, or to any director who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him. Neither notice of a meeting nor a waiver of a notice need specify the purposes of the meeting.

4.9 Quorum. Except as may be otherwise provided by law, by the certificate of incorporation or by these by-laws, at any meeting of the directors a majority of the directors then in office shall constitute a quorum. A quorum shall not in any case be less than one-third of the total number of directors constituting the whole board. Any meeting may be adjourned from time to time by a majority of the votes cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned without further notice.

4.10 Action by Vote. Except as may be otherwise provided by law, by the certificate of incorporation or by these by-laws, when a quorum is present at any meeting the vote of a majority of the directors present shall be the act of the board of directors.

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4.11 **Action Without a Meeting.** Unless otherwise restricted by the certificate of incorporation or these by-laws, any action required or permitted to be taken at any meeting of the board of directors or of any committee thereof may be taken without a meeting if all the members of the board or of such committee, as the case may be, consent thereto in writing, or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the board, or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form. Such consent shall be treated for all purposes as the act of the board or of such committee, as the case may be.

4.12 **Participation in Meetings by Conference Telephone.** Unless otherwise restricted by the certificate of incorporation or these by-laws, members of the board of directors or of any committee thereof may participate in a meeting of such board or committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other. Such participation shall constitute presence in person at such meeting.

4.13 **Compensation.** Unless otherwise restricted by the certificate of incorporation or these by-laws, the board of directors shall have the authority to fix from time to time the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting of the board of directors and the performance of their responsibilities as directors and may be paid a fixed sum for attendance at each meeting of the board of directors and/or a stated salary as director. No such payment shall preclude any director from serving the corporation or its parent or subsidiary corporations in any other capacity and receiving compensation therefor. The board of directors may also allow compensation for members of special or standing committees for service on such committees.

4.14 **Interested Directors and Officers.**

(a) No contract or transaction between the corporation and one or more of its directors or officers, or between the corporation and any other corporation, partnership, association, or other organization in which one or more of the corporation's directors or officers are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the board or committee thereof which authorizes the contract or transaction, or solely because his or their votes are counted for such purpose, if:

(1) The material facts as to his relationship or interest and as to the contract or transaction are disclosed or are known to the board of directors or the committee, and the board or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or

(2) The material facts as to his relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or

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(3) The contract or transaction is fair as to the corporation as of the time it is authorized, approved or ratified by the board of directors, a committee thereof, or the stockholders.

(b) Common or interested directors may be counted in determining the presence of a quorum at a meeting of the board of directors or of a committee which authorizes the contract or transaction.

4.15 Resignation or Removal of Directors. Unless otherwise restricted by the certificate of incorporation or by law, any director or the entire board of directors may be removed, with or without cause, by the holders of a majority of the stock issued and outstanding and entitled to vote at an election of directors. Any director may resign at any time by delivering his resignation in writing to the president or the secretary or to a meeting of the board of directors. Such resignation shall be effective upon receipt unless specified to be effective at some other time and without in either case the necessity of its being accepted unless the resignation shall so state. No director resigning and no director removed shall have any right to receive compensation as such director for any period following his resignation or removal, except where a right to receive compensation shall be expressly provided in a duly authorized written agreement with the corporation, or any right to damages on account of such removal, whether his compensation be by the month or by the year or otherwise; unless in the case of a resignation, the directors, or in the case of removal, the body acting on the removal, shall in their or its discretion provide for compensation.

## Section 5 NOTICES

5.1 Form of Notice. Whenever, under the provisions of law, of the certificate of incorporation or of these by-laws, notice is required to be given to any director or stockholder, such notice may be given by mail, addressed to such director or stockholder, at his address as it appears on the records of the corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Unless written notice by mail is required by law, written notice may also be given by telegram, cable, telecopy, commercial delivery service, telex or similar means, addressed to such director or stockholder at his address as it appears on the records of the corporation, in which case such notice shall be deemed to be given when delivered into the control of the persons charged with effecting such transmission, the transmission charge to be paid by the corporation or the person sending such notice and not by the addressee. Notice may also be given to any stockholder and to any director by any form of electronic transmission, to the same extent that Section 232 of the Delaware General Corporation Law permits notice in such form to be given to stockholders, and will be deemed given at the time provided therein. Oral notice or other in-hand delivery (in person or by telephone) shall be deemed given at the time it is actually given.

5.2 Waiver of Notice. Whenever notice is required to be given under the provisions of law, the certificate of incorporation or these by-laws, a written waiver thereof, signed by the person entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to

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the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any meeting of the stockholders, directors or members of a committee of the directors need be specified in any written waiver of notice.

## Section 6 OFFICERS AND AGENTS

6.1 **Enumeration; Qualification.** The officers of the corporation shall be a president, a treasurer, a secretary and such other officers, if any, as the board of directors from time to time may in its discretion elect or appoint including without limitation a chairperson of the board of directors and one or more vice presidents. Any officer may be, but none need be, a director or stockholder. Any two or more offices may be held by the same person. Any officer may be required by the board of directors to secure the faithful performance of his duties to the corporation by giving bond in such amount and with sureties or otherwise as the board of directors may determine.

6.2 **Powers.** Subject to law, to the certificate of incorporation and to the other provisions of these by-laws, each officer shall have, in addition to the duties and powers herein set forth, such duties and powers as are commonly incident to his office and such additional duties and powers as the board of directors may from time to time designate.

6.3 **Election.** The board of directors at its first meeting after each annual meeting of stockholders shall choose a president, a secretary and a treasurer. Other officers may be appointed by the board of directors at such meeting, at any other meeting or by written consent. At any time or from time to time, the directors may delegate to any officer their power to elect or appoint any other officer or any agents.

6.4 **Tenure.** Each officer shall hold office until the first meeting of the board of directors following the next annual meeting of the stockholders and until his successor is elected and qualified unless a shorter period shall have been specified in terms of his election or appointment, or in each case until he sooner dies, resigns, is removed or becomes disqualified. Each agent of the corporation shall retain his authority at the pleasure of the directors, or the officer by whom he was appointed or by the officer who then holds agent appointive power.

6.5 **Chairperson of the Board of Directors.** The chairperson of the board of directors, if any, shall have such duties and powers as shall be designated from time to time by the board of directors. Unless the board of directors otherwise specifies, the chairperson of the board, or if there is none the president, shall preside, or designate the person who shall preside, at all meetings of the stockholders and of the board of directors. References in these by-laws to a chairperson shall include references to persons designated by the board of directors with the title chairman, chairwoman or chair or any similar title.

6.6 **President and Vice Presidents.** Unless the board of directors determines otherwise, the president shall be the chief executive officer and shall have direct and active charge of all business operations of the corporation and shall have general supervision of the entire business of the corporation, subject to the control of the board of directors. As provided in Section 6.5, in the absence of the chairperson of the board of directors, the president shall preside

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at all meetings of the stockholders and of the board of directors at which the president is present, except as otherwise voted by the board of directors.

The president or treasurer shall execute bonds, mortgages and other contracts requiring a seal, under the seal of the corporation, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the board of directors to some other officer or agent of the corporation.

Any vice presidents shall have such duties and powers as shall be designated from time to time by the board of directors or by the president.

6.7 Treasurer and Assistant Treasurers. The treasurer shall be the chief financial officer of the corporation and shall be in charge of its funds and valuable papers, and shall have such other duties and powers as may be assigned to him from time to time by the board of directors or by the president.

Any assistant treasurers shall have such duties and powers as shall be designated from time to time by the board of directors, the president or the treasurer.

6.8 Secretary and Assistant Secretaries. The secretary shall record all proceedings of the stockholders, of the board of directors and of committees of the board of directors in a book or series of books to be kept therefor and shall file therein all writings of, or related to, action by stockholder or director consent. In the absence of the secretary from any meeting, an assistant secretary, or if there is none or he is absent, a temporary secretary chosen at the meeting, shall record the proceedings thereof. Unless a transfer agent has been appointed, the secretary shall keep or cause to be kept the stock and transfer records of the corporation, which shall contain the names and record addresses of all stockholders and the number of shares registered in the name of each stockholder. The secretary shall have such other duties and powers as may from time to time be designated by the board of directors or the president.

Any assistant secretaries shall have such duties and powers as shall be designated from time to time by the board of directors, the president or the secretary.

6.9 Resignation and Removal. Any officer may resign at any time by delivering his resignation in writing to the president or the secretary or to a meeting of the board of directors. Such resignation shall be effective upon receipt unless specified to be effective at some other time, and without in any case the necessity of its being accepted unless the resignation shall so state. The board of directors may at any time remove any officer either with or without cause. The board of directors may at any time terminate or modify the authority of any agent. No officer resigning and no officer removed shall have any right to any compensation as such officer for any period following his resignation or removal, except where a right to receive compensation shall be expressly provided in a duly authorized written agreement with the corporation, or any right to damages on account of such removal, whether his compensation be by the month or by the year or otherwise; unless in the case of a resignation, the directors, or in the case of removal, the body acting on the removal, shall in their or its discretion provide for compensation.

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6.10 Vacancies. If the office of the president or the treasurer or the secretary becomes vacant, the directors may elect a successor by vote of a majority of the directors then in office. If the office of any other officer becomes vacant, any person or body empowered to elect or appoint that office may choose a successor. Each such successor shall hold office for the unexpired term of his predecessor, and in the case of the president, the treasurer and the secretary until his successor is chosen and qualified, or in each case until he sooner dies, resigns, is removed or becomes disqualified.

## Section 7 CAPITAL STOCK

7.1 Stock Certificates. Each stockholder shall be entitled to a certificate stating the number and the class and the designation of the series, if any, of the shares held by him, in such form as shall, in conformity to law, the certificate of incorporation and the by-laws, be prescribed from time to time by the board of directors. Such certificate shall be signed by (i) the chairperson of the board of directors or the president or a vice-president and (ii) the treasurer or an assistant treasurer or the secretary or an assistant secretary. Any or all of the signatures on the certificate may be a facsimile. In case an officer, transfer agent or registrar who has signed or whose facsimile signature has been placed on such certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if he were such officer, transfer agent, or registrar at the time of its issue.

7.2 Lost Certificates. The board of directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates, the board of directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or to give the corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the corporation with respect to the certificate alleged to have been lost, stolen or destroyed.

## Section 8 TRANSFER OF SHARES OF STOCK

8.1 Transfer on Books. Subject to any restrictions with respect to the transfer of shares of stock, shares of stock may be transferred on the books of the corporation by the surrender to the corporation or its transfer agent of the certificate therefor properly endorsed or accompanied by a written assignment and power of attorney properly executed, with necessary transfer stamps affixed, and with such proof of the authenticity of signature as the board of directors or the transfer agent of the corporation may reasonably require. Except as may be otherwise required by law, by the certificate of incorporation or by these by-laws, the corporation shall be entitled to treat the record holder of stock as shown on its books as the owner of such stock for all purposes, including the payment of dividends and the right to receive notice and to vote or to give any consent with respect thereto and to be held liable for such calls and assessments, if any, as may lawfully be made thereon, regardless of any transfer, pledge or other

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disposition of such stock until the shares have been properly transferred on the books of the corporation.

It shall be the duty of each stockholder to notify the corporation of his post office address.

## Section 9 GENERAL PROVISIONS

### 9.1 Record Date.

In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the board of directors may fix, in advance, a record date, which shall not be more than sixty days nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action to which such record date relates. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the board of directors may fix a new record date for the adjourned meeting. If no record date is fixed:

(a) The record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held;

(b) The record date for determining stockholders entitled to express consent to corporate action in writing without a meeting, when no prior action by the board of directors is necessary, shall be the day on which the first written consent is expressed; and

(c) The record date for determining stockholders for any other purpose shall be at the close of business on the day on which the board of directors adopts the resolution relating to such purpose.

### 9.2 Dividends.

Dividends upon the capital stock of the corporation may be declared by the board of directors at any regular or special meeting or by written consent, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the certificate of incorporation.

### 9.3 Payment of Dividends.

Before payment of any dividend, there may be set aside out of any funds of the corporation available for dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the corporation, or for such other purpose as the directors shall think conducive to the interest of the corporation, and the directors may modify or abolish any such reserve in the manner in which it was created.

- 12 -

9.4 Checks. All checks or demands for money and notes of the corporation shall be signed by such officer or officers or such other person or persons as the board of directors may from time to time designate.

9.5 Fiscal Year. The fiscal year of the corporation shall begin on the first of January in each year and shall end on the last day of December next following, unless otherwise determined by the board of directors.

9.6 Seal. The board of directors may, by resolution, adopt a corporate seal. The corporate seal shall have inscribed thereon the name of the corporation, the year of its organization and the word "Delaware." The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise. The seal may be altered from time to time by the board of directors.

## Section 10 INDEMNIFICATION

10.1 It being the intent of the corporation to provide maximum protection available under the law to its officers and directors, the corporation shall indemnify its officers and directors to the full extent the corporation is permitted or required to do so by the Delaware General Corporation Law. In furtherance of and not in limitation of the foregoing, the corporation shall advance expenses, including attorneys' fees, incurred by an officer or director of the corporation in defending any civil, criminal, administrative or investigative action, suit or proceeding in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such advances if it shall ultimately be determined that he is not entitled to be indemnified by the corporation. The corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or who is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person's status as such, whether or not the corporation has the power to indemnify such person under the Delaware General Corporation Law. Notwithstanding the foregoing, the corporation shall not be required to indemnify or advance expenses to any person in connection with any action, suit, proceeding, claim or counterclaim initiated by or on behalf of such person.

## Section 11 AMENDMENTS

11.1 These by-laws may be altered, amended or repealed or new by-laws may be adopted by the stockholders or by the board of directors when such power is conferred upon the board of directors by the certificate of incorporation, at any regular meeting of the stockholders or of the board of directors or at any special meeting of the stockholders or of the board of directors. If the power to adopt, amend or repeal by-laws is conferred upon the board of directors by the certificate of incorporation, it shall not divest or limit the power of the stockholders to adopt, amend or repeal by-laws.

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**Attachment 5:** `reg_cf_offering_page.pdf`

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

**Attachment 6:** `safe.pdf`

THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

# NUTCASE MILK, INC.

## SAFE
(Simple Agreement for Future Equity)

THIS CERTIFIES THAT in exchange for the payment by [Investor Name] (the “Investor”) of $[___________] (the “Purchase Amount”) on or about [Date of Safe], Nutcase Milk, Inc., a Delaware corporation (the “Company”), issues to the Investor the right to certain shares of the Company’s Capital Stock, subject to the terms described below.

The “Post-Money Valuation Cap” is $20,000,000. See Section 2 for certain additional defined terms.

## 1. Events

(a) **Equity Financing.** If there is an Equity Financing before the termination of this Safe, on the initial closing of such Equity Financing, this Safe will automatically convert into the greater of: (1) the number of shares of Standard Preferred Stock equal to the Purchase Amount divided by the lowest price per share of the Standard Preferred Stock; or (2) the number of shares of Safe Preferred Stock equal to the Purchase Amount divided by the Safe Price.

In connection with the automatic conversion of this Safe into shares of Standard Preferred Stock or Safe Preferred Stock, the Investor will execute and deliver to the Company all of the transaction documents related to the Equity Financing; provided, that such documents (i) are the same documents to be entered into with the purchasers of Standard Preferred Stock, with appropriate variations for the Safe Preferred Stock if applicable, and (ii) have customary exceptions to any drag-along applicable to the Investor, including (without limitation) limited representations, warranties, liability and indemnification obligations for the Investor.

(b) **Liquidity Event.** If there is a Liquidity Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to the greater of (i) the Purchase Amount (the “Cash-Out Amount”) or (ii) the amount payable on the number of shares of Common Stock equal to the Purchase Amount divided by the Liquidity Price (the “Conversion Amount”). If any of the Company’s securityholders are given a choice as to the form and amount of Proceeds to be received in a Liquidity Event, the Investor will be given the same choice, provided that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor’s failure to satisfy any requirement or limitation generally applicable to the Company’s securityholders, or under any applicable laws.

Notwithstanding the foregoing, in connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Change of Control to qualify as a tax-free reorganization for U.S. federal income tax purposes, provided that such reduction (A) does not reduce the total Proceeds payable to such Investor and (B) is applied in the same manner and on a pro rata basis to all securityholders who have equal priority to the Investor under Section 1(d).

(c) **Dissolution Event.** If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

(d) **Liquidation Priority.** In a Liquidity Event or Dissolution Event, this Safe is intended to operate like standard non-participating Preferred Stock. The Investor’s right to receive its Cash-Out Amount is:

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(i) Junior to payment of outstanding indebtedness and creditor claims, including contractual claims for payment and convertible promissory notes (to the extent such convertible promissory notes are not actually or notionally converted into Capital Stock);

(ii) On par with payments for other Safes and/or Preferred Stock, and if the applicable Proceeds are insufficient to permit full payments to the Investor and such other Safes and/or Preferred Stock, the applicable Proceeds will be distributed pro rata to the Investor and such other Safes and/or Preferred Stock in proportion to the full payments that would otherwise be due; and

(iii) Senior to payments for Common Stock.

The Investor's right to receive its Conversion Amount is (A) on par with payments for Common Stock and other Safes and/or Preferred Stock who are also receiving Conversion Amounts or Proceeds on a similar as-converted to Common Stock basis, and (B) junior to payments described in clauses (i) and (ii) above (in the latter case, to the extent such payments are Cash-Out Amounts or similar liquidation preferences).

(e) Termination. This Safe will automatically terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this Safe) immediately following the earliest to occur of: (i) the issuance of Capital Stock to the Investor pursuant to the automatic conversion of this Safe under Section 1(a); or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Section 1(b) or Section 1(c).

## 2. Definitions

"Capital Stock" means the capital stock of the Company, including, without limitation, the "Common Stock" and the "Preferred Stock."

"Change of Control" means (i) a transaction or series of related transactions in which any "person" or "group" (within the meaning of Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), becomes the "beneficial owner" (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Company's board of directors, (ii) any reorganization, merger or consolidation of the Company, other than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or series of related transactions retain, immediately after such transaction or series of related transactions, at least a majority of the total voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company.

"Company Capitalization" is calculated as of immediately prior to the Equity Financing and (without double-counting, in each case calculated on an as-converted to Common Stock basis):

- Includes all shares of Capital Stock issued and outstanding;
- Includes all Converting Securities;
- Includes all (i) issued and outstanding Options and (ii) Promised Options; and
- Includes the Unissued Option Pool, except that any increase to the Unissued Option Pool in connection with the Equity Financing will only be included to the extent that the number of Promised Options exceeds the Unissued Option Pool prior to such increase.

"Converting Securities" includes this Safe and other convertible securities issued by the Company, including but not limited to: (i) other Safes; (ii) convertible promissory notes and other convertible debt instruments; and (iii) convertible securities that have the right to convert into shares of Capital Stock.

"Direct Listing" means the Company's initial listing of its Common Stock (other than shares of Common Stock not eligible for resale under Rule 144 under the Securities Act) on a national securities exchange by means of an effective registration statement on Form S-1 filed by the Company with the SEC that registers shares of existing capital stock of the Company for resale, as approved by the Company's board of directors. For the avoidance of doubt, a Direct Listing will not be deemed to be an underwritten offering and will not involve any underwriting services.

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"Dissolution Event" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (excluding a Liquidity Event), whether voluntary or involuntary.

"Dividend Amount" means, with respect to any date on which the Company pays a dividend on its outstanding Common Stock, the amount of such dividend that is paid per share of Common Stock multiplied by (x) the Purchase Amount divided by (y) the Liquidity Price (treating the dividend date as a Liquidity Event solely for purposes of calculating such Liquidity Price).

"Equity Financing" means a bona fide transaction or series of transactions with the principal purpose of raising capital, pursuant to which the Company issues and sells Preferred Stock at a fixed valuation, including but not limited to, a pre-money or post-money valuation.

"Initial Public Offering" means the closing of the Company's first firm commitment underwritten initial public offering of Common Stock pursuant to a registration statement filed under the Securities Act.

"Liquidity Capitalization" is calculated as of immediately prior to the Liquidity Event, and (without double-counting, in each case calculated on an as-converted to Common Stock basis):

- Includes all shares of Capital Stock issued and outstanding;
- Includes all (i) issued and outstanding Options and (ii) to the extent receiving Proceeds, Promised Options;
- Includes all Converting Securities, other than any Safes and other convertible securities (including without limitation shares of Preferred Stock) where the holders of such securities are receiving Cash-Out Amounts or similar liquidation preference payments in lieu of Conversion Amounts or similar "as-converted" payments; and
- Excludes the Unissued Option Pool.

"Liquidity Event" means a Change of Control, a Direct Listing or an Initial Public Offering.

"Liquidity Price" means the price per share equal to the Post-Money Valuation Cap divided by the Liquidity Capitalization.

"Options" includes options, restricted stock awards or purchases, RSUs, SARs, warrants or similar securities, vested or unvested.

"Proceeds" means cash and other assets (including without limitation stock consideration) that are proceeds from the Liquidity Event or the Dissolution Event, as applicable, and legally available for distribution.

"Promised Options" means promised but ungranted Options that are the greater of those (i) promised pursuant to agreements or understandings made prior to the execution of, or in connection with, the term sheet or letter of intent for the Equity Financing or Liquidity Event, as applicable (or the initial closing of the Equity Financing or consummation of the Liquidity Event, if there is no term sheet or letter of intent), (ii) in the case of an Equity Financing, treated as outstanding Options in the calculation of the Standard Preferred Stock's price per share, or (iii) in the case of a Liquidity Event, treated as outstanding Options in the calculation of the distribution of the Proceeds.

"Safe" means an instrument containing a future right to shares of Capital Stock, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations. References to "this Safe" mean this specific instrument.

"Safe Preferred Stock" means the shares of the series of Preferred Stock issued to the Investor in an Equity Financing, having the identical rights, privileges, preferences, seniority, liquidation multiple and restrictions as the shares of Standard Preferred Stock, except that any price-based preferences (such as the per share liquidation amount, initial conversion price and per share dividend amount) will be based on the Safe Price.

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"Safe Price" means the price per share equal to the Post-Money Valuation Cap divided by the Company Capitalization.

"Standard Preferred Stock" means the shares of the series of Preferred Stock issued to the investors investing new money in the Company in connection with the initial closing of the Equity Financing.

"Unissued Option Pool" means all shares of Capital Stock that are reserved, available for future grant and not subject to any outstanding Options or Promised Options (but in the case of a Liquidity Event, only to the extent Proceeds are payable on such Promised Options) under any equity incentive or similar Company plan.

# 3. Company Representations

(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

(b) The execution, delivery and performance by the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of the Company (subject to section 3(d)). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity. To its knowledge, the Company is not in violation of (i) its current certificate of incorporation or bylaws, (ii) any material statute, rule or regulation applicable to the Company or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.

(c) The performance and consummation of the transactions contemplated by this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its business or operations.

(d) No consents or approvals are required in connection with the performance of this Safe, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Capital Stock issuable pursuant to Section 1.

(e) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

# 4. Investor Representations

(a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes a valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

(b) The Investor is an accredited investor as such term is defined in Rule 501 of Regulation D under the Securities Act, and acknowledges and agrees that if not an accredited investor at the time of an Equity Financing, the Company may void this Safe and return the Purchase Amount. The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in

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connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

# 5. Miscellaneous

(a) Any provision of this Safe may be amended, waived or modified by written consent of the Company and either (i) the Investor or (ii) the majority-in-interest of all then-outstanding Safes with the same "Post-Money Valuation Cap" and "Discount Rate" as this Safe (and Safes lacking one or both of such terms will be considered to be the same with respect to such term(s)), provided that with respect to clause (ii): (A) the Purchase Amount may not be amended, waived or modified in this manner, (B) the consent of the Investor and each holder of such Safes must be solicited (even if not obtained), and (C) such amendment, waiver or modification treats all such holders in the same manner. "Majority-in-interest" refers to the holders of the applicable group of Safes whose Safes have a total Purchase Amount greater than 50% of the total Purchase Amount of all of such applicable group of Safes.

(b) Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on the signature page, or 48 hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on the signature page, as subsequently modified by written notice.

(c) The Investor is not entitled, as a holder of this Safe, to vote or be deemed a holder of Capital Stock for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company stockholder or rights to vote for the election of directors or on any matter submitted to Company stockholders, or to give or withhold consent to any corporate action or to receive notice of meetings, until shares have been issued on the terms described in Section 1. However, if the Company pays a dividend on outstanding shares of Common Stock (that is not payable in shares of Common Stock) while this Safe is outstanding, the Company will pay the Dividend Amount to the Investor at the same time.

(d) Neither this Safe nor the rights in this Safe are transferable or assignable, by operation of law or otherwise, by either party without the prior written consent of the other; provided, however, that this Safe and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor.

(e) In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

(f) All rights and obligations hereunder will be governed by the laws of the State of Delaware, without regard to the conflicts of law provisions of such jurisdiction.

(g) The parties acknowledge and agree that for United States federal and state income tax purposes this Safe is, and at all times has been, intended to be characterized as stock, and more particularly as common stock for purposes of Sections 304, 305, 306, 354, 368, 1036 and 1202 of the Internal Revenue Code of 1986, as amended. Accordingly, the parties agree to treat this Safe consistent with the foregoing intent for all United States federal and state income tax purposes (including, without limitation, on their respective tax returns or other informational statements).

(Signature page follows)

IN WITNESS WHEREOF, the undersigned have caused this Safe to be duly executed and delivered.

NUTCASE MILK, INC.

By: Joelle Weinand
President

Address:

Email:

**INVESTOR:**

By:
Name:
Title:
Address:
Email:

**Attachment 7:** `testing_the_waters.pdf`

Exhibit F
Testing the Waters (TTW) Materials

THESE MATERIALS WERE ORIGINALLY COMMUNICATED PRIOR TO THE FILING OF THIS FORM C AND ARE BEING FURNISHED AS REQUIRED BY RULE 206 OF REGULATION CROWDFUNDING. AT THE TIME THEY WERE MADE, NO MONEY OR OTHER CONSIDERATION WAS BEING SOLICITED, AND NONE WAS ACCEPTED. NOW THAT THE FORM C HAS BEEN FILED, INVESTMENTS MAY ONLY BE MADE THROUGH THE INTERMEDIARY PLATFORM HOSTING THIS OFFERING.

Source: Excerpts from TV Series Going Public, featuring Nutcase
Air Date: May 6, 2025

Excerpts from Going Public:

“This is Going Public - the first and only show where you, the audience, can invest in private companies. While you watch.”

“...all leading up to the first time that Going Public goes live on X and our audience is finally able to invest in real time.”

“I'm interested in getting involved in investing, advising, and then helping roll out the product to the 18 to 22 year old demographic.”

“Notably in this case, we got to know Phil Hellmuth. And he asked me what I was up to, and I told him about this chocolate milk I made, and he ended up investing and becoming an advisor.”

“So one of the things I want to do is evaluate this, not only for my fund, but to send it to all of the VCs that I know. The next steps for Nutcase is, I can't wait to get more investors on board with her journey, because I do think she has a winning product.”

“Can you tell me why people should trust making an investment in Nutcase? We've done a lot, and I think that we have a unique product, a strong team, really strong network, a lot going for us that gives us an edge over the competition.”

“Nutcase has made a ton of progress in addressing its path to future growth, and we can't wait to see where it goes from here.”

“After learning more about me and Nutcase, I hope that you're excited to invest when our round goes live soon, exclusively on X.”

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Nutcase Milk Inc.

**Legal Status:** Corporation

**Jurisdiction of Incorporation/Organization:** DE

**Date of Organization:** 01-04-2023

**Physical Address:** 838 WALKER RD.,, DOVER, DE, 19904

**Issuer Website:** https://drinknutcase.com

**Is there a Co-Issuer?:** No

**Intermediary Name:** Jumpstart Micro, Inc

**Intermediary CIK:** 0001664804

**Intermediary File Number:** 007-00008

**Intermediary CRD Number:** 282912

### Offering Information

**Compensation to Intermediary:** 3% of the amount raised

**Financial Interest in Issuer:** No

**Type of Security Offered:** Other

**Other Description of Security:** SAFEs (Simple Agreement for Future Equity)

**Number of Securities Offered:** 100000

**Method for Determining Price:** A convertible SAFE with a $20M valuation cap: converts into Preferred Stock upon a Preferred Equity Financing, or into Common Stock upon a Common Equity Financing or issuance/sale of Common Stock, if prior to SAFE termination.

**Target Offering Amount:** $100,000.00

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** First-come, first-served basis

**Maximum Offering Amount:** $1,000,000.00

**Deadline to Reach Target Amount:** 08-31-2025

### Annual Report Disclosure Requirements

**Current Number of Employees:** 5.00

**Total Assets (Most Recent Fiscal Year):** $421,092.00

**Total Assets (Prior Fiscal Year):** $181,810.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $48,433.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $181,810.00

**Accounts Receivable (Most Recent Fiscal Year):** $25,154.00

**Accounts Receivable (Prior Fiscal Year):** $0.00

**Short-Term Debt (Most Recent Fiscal Year):** $16,279.00

**Short-Term Debt (Prior Fiscal Year):** $11,764.00

**Long-Term Debt (Most Recent Fiscal Year):** $950,000.00

**Long-Term Debt (Prior Fiscal Year):** $350,000.00

**Revenues/Sales (Most Recent Fiscal Year):** $185,402.00

**Revenues/Sales (Prior Fiscal Year):** $0.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $112,315.00

**Cost of Goods Sold (Prior Fiscal Year):** $0.00

**Taxes Paid (Most Recent Fiscal Year):** $0.00

**Taxes Paid (Prior Fiscal Year):** $0.00

**Net Income (Most Recent Fiscal Year):** $-367,440.00

**Net Income (Prior Fiscal Year):** $-180,045.00

**Jurisdictions Offered:**

ALABAMA, ALASKA, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, DISTRICT OF COLUMBIA, FLORIDA, GEORGIA, HAWAII, IDAHO, ILLINOIS, INDIANA, IOWA, KANSAS, KENTUCKY, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY, NEW MEXICO, NEW YORK, NORTH CAROLINA, NORTH DAKOTA, OHIO, OKLAHOMA, OREGON, PENNSYLVANIA, PR, RHODE ISLAND, SOUTH CAROLINA, SOUTH DAKOTA, TENNESSEE, TEXAS, UTAH, VERMONT, VIRGINIA, WASHINGTON, WEST VIRGINIA, WISCONSIN, WYOMING

### Signatures

**Issuer:** Nutcase Milk Inc.

**Signature:** /s/ Joelle Weinand

**Title:** CEO

---

**Signature:** /s/ Joelle Weinand

**Title:** Director

**Date:** 06-09-2025