# EDGAR Filing Document

**Accession Number:** 0001962071
**File Stem:** 0001665160-23-000131
**Filing Date:** 2023-1
**Character Count:** 88169
**Document Hash:** c5f4606f70df003c5cd3b3fab01e09d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001665160-23-000131.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001665160-23-000131

**CONFORMED SUBMISSION TYPE**: C

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Wallabing, Inc
- **CENTRAL INDEX KEY:** 0001962071
- **IRS NUMBER:** 824853465
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** C
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-31670
- **FILM NUMBER:** 23546670

**BUSINESS ADDRESS:**
- **STREET 1:** 2705 BROKEN BOW CIR
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75093
- **BUSINESS PHONE:** 888-809-2552

**MAIL ADDRESS:**
- **STREET 1:** 2705 BROKEN BOW CIR
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75093

### Attached PDF Documents

**Attachment 1:** `offeringmemoformc.pdf`

## **Offering Memorandum: Part II of Offering Document (Exhibit A to Form C)**

Wallabing, Inc
2705 Broken Bow Cir
Plano, TX 75093-3395
http://wallabing.com

Up to $1,234,999.95 in Common Stock at $0.15
Minimum Target Amount: $9,999.90

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 literature.

These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.

## Company:

Company: Wallabing, Inc

Address: 2705 Broken Bow Cir, Plano , TX 75093-3395

State of Incorporation: TX

Date Incorporated: February 26, 2018

## Terms:

### Equity

Offering Minimum: $9,999.90 | 66,666 shares of Common Stock

Offering Maximum: $1,234,999.95 | 8,233,333 shares of Common Stock

Type of Security Offered: Common Stock

Purchase Price of Security Offered: $0.15

Minimum Investment Amount (per investor): $174.90

*Maximum number of shares offered subject to adjustment for bonus shares. See Bonus info below.*

### Voting Rights of Securities Sold in this Offering

Voting Proxy. Each Subscriber shall appoint the Chief Executive Officer of the Company (the 'CEO'), or his or her successor, as the Subscriber's true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Subscriber, (i) vote all Securities, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Subscriber pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Subscriber is an individual, will survive the death, incompetency and disability of the Subscriber and, so long as the Subscriber is an entity, will survive the merger or reorganization of the Subscriber or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a registration statement under the Securities Exchange Act of 1934 covering the Common Stock.

### Investment Incentives and Bonuses*

#### Friends and Family Early Birds

Invest at least $175 in the first 72 hours and receive 15% bonus shares.

#### Super Early Bird Bonus

Invest at least $175 in the first week and receive 10% bonus shares.

### **Early Bird Bonus**

Invest at least $175 in the first 2 weeks and receive 5% bonus shares.

### **Amount-Based:**

#### **\$500+ | Tier 1**

Example: Invest $500+ and receive 2.5% bonus shares plus 1 transferable coupon where Wallabing waives its nightly fee.

#### **\$1,000+ | Tier 2**

Invest $1000+ and receive 5% bonus shares plus 2 transferable coupons where Wallabing waives its nightly fee.

#### **\$2,500+ | Tier 3**

Invest $2500+ and receive 7.5% bonus shares plus 3 transferable coupons where Wallabing waives its nightly fee.

#### **\$5,000+ | Tier 4**

Invest $5000+ and receive 10% bonus shares plus 4 transferable coupons where Wallabing waives its nightly fee.

*In order to receive perks from an investment, one must submit a single investment in the same offering that meets the minimum perk requirement. Bonus shares from perks will not be granted if an investor submits multiple investments that, when combined, meet the perk requirement. All perks occur when the offering is completed.

### **The 10% StartEngine Owners' Bonus**

Wallabing will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.

This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Common Stock at $0.15/ share, you will receive 110 shares Common Stock, meaning you'll own 110 shares for $15. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.

This 10% Bonus is only valid during the investors eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are canceled or fail.

Investors will receive the highest single bonus they are eligible for among the bonuses

based on the amount invested and time of offering elapsed (if any). Eligible investors will also receive the Owner’s Bonus in addition to the aforementioned bonus.

## The Company and its Business

### Company Overview

Wallabing is a peer-to-peer RV rental marketplace. RV owners are frustrated with complicated fees and a lack of customer service and are looking for a change. Wallabing gives them a platform with ZERO FEES, comprehensive insurance, roadside assistance, and DMV checks. For renters, we offer the best value and upfront pricing.

Wallabing is here to serve RV rental businesses, both existing and potential. We want to do the heavy lifting of web hosting, insurance, DMV checks, roadside assistance, and payment processing for our valuable owners. Owners are NEVER charged a dime for our service. Wallabing reduces their costs and workloads.

Renters pay the price that they see at the beginning of a booking, giving them a simple and transparent experience. All of the extra costs are built into the price--the owner earns what they want, and the renter pays the price that got them to click in the first place.

Wallabing earns money by adding a 10% fee to each rental, which is paid for by the renter.

We are currently live and available to do business, but have focused mostly on acquiring customers to post their RVs on our site. This process is successfully growing on a tight budget, and we plan to expand our marketing to both renters and RV owners significantly with this raise.

What makes Wallabing special, as confirmed by our current customers, is that we take the time to talk to and listen to the people and businesses that we serve. Customer service is at the core of everything that we do at Wallabing. It’s not just tech and travel, it’s also simplicity, transparency and hospitality, all of which are essential to a positive and return-worthy experience for both sides of the rental process.

RV ownership is at a record high with 11.2 million households owning an RV in 2021, up 62% over 6.9 million households in 2001 and 26% more than 8.9 million RV-owning households in 2011.

Data from Ipsos from June 2020 showed that 46 million Americans planned on taking an RV trip in the next 12 months.

Tired of complicated fees and a lack of customer service, RV owners are looking for a change. Not only do we take the time to talk to and listen to the people and businesses that we serve, our ZERO-FEE, simple, transparent structure makes us very attractive.

A side-by-side comparison across sites shows that Wallabing gives the best value to renters even with our comprehensive one-underwriter insurance. Our competition

pieces together insurance and does not require collision insurance.

Customer service is at the core of everything that we do at Wallabing. It's not just tech and travel, it's also simplicity, transparency and hospitality, all of which are essential to a positive and return-worthy experience for both sides of the rental process.

### *Competitors and Industry*

## Competitors

Outdoorsy and RV Share are our competitors. Our primary difference is being completely free to RV owners 100% of the time. Furthermore, we speak directly with owners and implement their ideas. We also have no hidden fees, the price you see is the price you get at checkout, we are simple and easy to use, and a side-by-side comparison across sites shows that Wallabing gives the best value to renters even with our comprehensive one-underwriter insurance. Our competition pieces together insurance and does not require collision insurance.

We are the only platform with independent consultants who are only paid if a transaction takes place that is tied to an owner and/or renter procured by that consultant. This creates jobs and keeps upfront marketing costs lower.

Looking to the future, Wallabing is the only known competitor in the space with plans to use AI to expand travel options and generate affiliate revenue from sources such as TicketMaster, Get My Boat, and airlines.

## Market

The sharing economy is relatively new to the RV space. Even including our competition, we believe that the sharing market is barely tapped with the vast majority of RVs sitting idle most of the year. In fact, Outdoorsy's founder claims there are over 54 million idle RVs around the world! Outdoorsy and Go RVing to Present On 'Why Revenge Travel Is Here to Slay' at South By Southwest (yahoo.com) This means that only 0.25% of RVs available are listed on Outdoorsy's site. Our goal of 150K RVs listed and shared on our platform is a very attainable goal.

One confusing attribute of marketplaces is that there are two addressable markets-owners and renters. It's a chicken vs egg dilemma while getting a marketplace established. The owners who have listed and believe in Wallabing are essential to our success, and proper marketing will bring everything full circle to the point of revenue.

Our primary target thus far has been owners of 5 or more RVs, (fleet owners). Our professional cold callers and lead lists from public sources have been instrumental in capturing that market. This group is our bread and butter. However, as we have previously mentioned the 54 million idle RVs throughout the world, and we know that most RV owners average travel only 20-25 days per year. There is significant room to capture individual owners who would love to make money in between vacations and have no idea that a sharing economy is a good option for them.

## *Current Stage and Roadmap*

We launched the Wallabing independent consultant program which has grown to 150 in 32 states. Next, we launched a professional cold caller program. With little to no marketing spend, (roughly $250/week), the cold callers increased our inventory of RVs by 682% in less than 6 months with continued growth week over week.

The traction says it all-we have been able to generate tons of interest with little to no money. We have 150 RVs and millions wanting to rent who don't know about us yet!

MONEY WILL BE USED FOR ADDITIONAL RUNWAY PLUS THE ABILITY TO ACTIVELY MARKET. WE WILL BE FOCUSED ON LISTING GROWTH AND THE TARGETING OF RENTAL MARKETS. WE PLAN ON LAUNCHING NEW PRODUCTS TO HELP OWNERS CUT COSTS AND SAVE TIME TOO.

In the long run, not only would we like to operate internationally, but we would also like to utilize AI to generate an affiliate income, (e.g. TicketMaster), and give users a more full-service travel booking experience. Similarly, we would like to offer RV storage services in select areas which would also include safe places for pickup and dropoff.

## The Team

### Officers and Directors

**Name:** Alexandra Arbuckle Johnson

Alexandra Arbuckle Johnson's current primary role is with the Issuer.

Positions and offices currently held with the issuer:

- **Position:** COO

**Dates of Service:** October, 2020 - Present

**Responsibilities:** At Wallabing, I handle graphic design for branding, social media, and marketing purposes, and write most of our copy. I work directly with our team for strategy, budget, and planning. I also handle our HR and manage over 150 independent contractors across the U.S. $130K per year. $1.35MM shares of equity with a $350K option

Other business experience in the past three years:

- **Employer:** AJ Curation

**Title:** Owner/Consultant

**Dates of Service:** June, 2017 - September, 2020

**Responsibilities:** As a consultant, I worked with many companies for branding, hiring, marketing, HR, design, and process creation. My specialty was start-ups.

**Name:** Robert Kachmar

Robert Kachmar 's current primary role is with the Issuer.

Positions and offices currently held with the issuer:

# - • **Position:** CTO

**Dates of Service:** January, 2021 - Present

**Responsibilities:** Manage all aspects of technology, including Laravel PHP web development, Flutter mobile app development, 3CX phone system, AWS infrastructure, Microsoft 365 tools, and many other integrations.$130K salary plus 500K shares with 300K option

Other business experience in the past three years:

# - • **Employer:** Apex Clearing, Inc

**Title:** Principal Engineer, Project Manager, Engineering Manager, and Director of Project Management

**Dates of Service:** August, 2012 - January, 2021

**Responsibilities:** Managed various development teams and projects including, creating a new account management system with customer identity verification, building a fully paid stock lending program that brought in $20K+ a day in revenue, building a complete cash management system, as well as many other projects.

**Name:** Jason Carlson

Jason Carlson 's current primary role is with the Issuer.

Positions and offices currently held with the issuer:

# - • **Position:** Founder and CEO

**Dates of Service:** June, 2017 - Present

**Responsibilities:** Walked the company through research and development as well as multiple web and app iterations. Opened and ran the first successful funding round in 2018. Developed and oversaw marketing strategy pivot to Independent Consultant and Direct B2B Contact phase resulting in an exponential increase in listings, web hits, unique visitors, and new customers. Run day-to-day to align with an overall strategic growth plan. Current salary is $180K annually plus 1-3% profit bonus. Currently deferred to 1K per month.

**Name:** Mary Carlson

Mary Carlson 's current primary role is with the Issuer.

Positions and offices currently held with the issuer:

- **Position:** Founder and Chairman of the Board

**Dates of Service:** June, 2017 - Present

**Responsibilities:** Responsible for fund raising, advising on larger business decisions. I do not take compensation from Wallabing.

Other business experience in the past three years:

- **Employer:** Perona Partnership, Ltd

**Title:** Asset Manager

**Dates of Service:** January, 2012 - Present

**Responsibilities:** Responsible for overseeing all leasing, property management, acquisitions/dispositions, and coordinating and collaborating with the final decision maker.

## Risk Factors

The SEC requires the company to identify risks that are specific to its business and its financial condition. The company is still subject to all the same risks that all companies in its business, and all companies in the economy, are exposed to. These include risks relating to economic downturns, political and economic events and technological developments (such as hacking and the ability to prevent hacking). Additionally, early-stage companies are inherently more risky than more developed companies. You should consider general risks as well as specific risks when deciding whether to invest.

These are the risks that relate to the Company:

### *Uncertain Risk*

An investment in the Company (also referred to as “we”, “us”, “our”, or “Company”) involves a high degree of risk and should only be considered by those who can afford the loss of their entire investment. Furthermore, the purchase of any of the Common Stock should only be undertaken by persons whose financial resources are sufficient to enable them to indefinitely retain an illiquid investment. Each investor in the Company should consider all of the information provided to such potential investor regarding the Company as well as the following risk factors, in addition to the other information listed in the Company’s Form C. The following risk factors are not intended, and shall not be deemed to be, a complete description of the commercial and other risks inherent in the investment in the Company.

### *Our business projections are only projections*

There can be no assurance that the Company will meet our projections. There can be no assurance that the Company will be able to find sufficient demand for our product, that people think it’s a better option than a competing product, or that we will be able to provide the service at a level that allows the Company to make a profit and still attract business.

### ***Any valuation at this stage is difficult to assess***

The valuation for the offering was established by the Company. Unlike listed companies that are valued publicly through market-driven stock prices, the valuation of private companies, especially startups, is difficult to assess and you may risk overpaying for your investment.

### ***The transferability of the Securities you are buying is limited***

Any Common Stock purchased through this crowdfunding campaign is subject to SEC limitations of transfer. This means that the stock/note that you purchase cannot be resold for a period of one year. The exception to this rule is if you are transferring the stock back to the Company, to an “accredited investor,” as part of an offering registered with the Commission, to a member of your family, trust created for the benefit of your family, or in connection with your death or divorce.

### ***Your investment could be illiquid for a long time***

You should be prepared to hold this investment for several years or longer. For the 12 months following your investment there will be restrictions on how you can resell the securities you receive. More importantly, there is no established market for these securities and there may never be one. As a result, if you decide to sell these securities in the future, you may not be able to find a buyer. The Company may be acquired by an existing player in the educational software development industry. However, that may never happen or it may happen at a price that results in you losing money on this investment.

### ***If the Company cannot raise sufficient funds it will not succeed***

The Company, is offering Common Stock in the amount of up to $1.235M in this offering, and may close on any investments that are made. Even if the maximum amount is raised, the Company is likely to need additional funds in the future in order to grow, and if it cannot raise those funds for whatever reason, including reasons relating to the Company itself or the broader economy, it may not survive. If the Company manages to raise only the minimum amount of funds, sought, it will have to find other sources of funding for some of the plans outlined in “Use of Proceeds.”

### ***We may not have enough capital as needed and may be required to raise more capital.***

We anticipate needing access to credit in order to support our working capital requirements as we grow. Although interest rates are low, it is still a difficult environment for obtaining credit on favorable terms. If we cannot obtain credit when we need it, we could be forced to raise additional equity capital, modify our growth plans, or take some other action. Issuing more equity may require bringing on additional investors. Securing these additional investors could require pricing our equity below its current price. If so, your investment could lose value as a result of this additional dilution. In addition, even if the equity is not priced lower, your ownership percentage would be decreased with the addition of more investors. If we are unable to find additional investors willing to provide capital, then it is possible that we will choose to cease our sales activity. In that case, the only asset remaining to generate a return on your investment could be our intellectual property. Even if we are not forced to cease our sales activity, the unavailability of credit could result in the Company

performing below expectations, which could adversely impact the value of your investment.

### ***Terms of subsequent financings may adversely impact your investment***

We will likely need to engage in common equity, debt, or preferred stock financings in the future, which may reduce the value of your investment in the Common Stock. Interest on debt securities could increase costs and negatively impact operating results. Preferred stock could be issued in series from time to time with such designation, rights, preferences, and limitations as needed to raise capital. The terms of preferred stock could be more advantageous to those investors than to the holders of Common Stock. In addition, if we need to raise more equity capital from the sale of Common Stock, institutional or other investors may negotiate terms that are likely to be more favorable than the terms of your investment, and possibly a lower purchase price per share.

### ***Management Discretion as to Use of Proceeds***

Our success will be substantially dependent upon the discretion and judgment of our management team with respect to the application and allocation of the proceeds of this Offering. The use of proceeds described below is an estimate based on our current business plan. We, however, may find it necessary or advisable to re-allocate portions of the net proceeds reserved for one category to another, and we will have broad discretion in doing so.

### ***Projections: Forward Looking Information***

Any projections or forward looking statements regarding our anticipated financial or operational performance are hypothetical and are based on management's best estimate of the probable results of our operations and will not have been reviewed by our independent accountants. These projections will be based on assumptions which management believes are reasonable. Some assumptions invariably will not materialize due to unanticipated events and circumstances beyond management's control. Therefore, actual results of operations will vary from such projections, and such variances may be material. Any projected results cannot be guaranteed.

### ***The amount raised in this offering may include investments from company insiders or immediate family members***

Officers, directors, executives, and existing owners with a controlling stake in the company (or their immediate family members) may make investments in this offering. Any such investments will be included in the raised amount reflected on the campaign page.

### ***We are reliant on one main type of service***

All of our current services are variants of one type of service. Our revenues are therefore dependent upon our one type of service.

### ***Minority Holder; Securities with Voting Rights***

The Common Stock that an investor is buying has voting rights attached to them. However, you will be part of the minority shareholders of the Company and have agreed to appoint the Chief Executive Officer of the Company (the 'CEO'), or his or

her successor, as your voting proxy. You are trusting in management discretion in making good business decisions that will grow your investments. Furthermore, in the event of a liquidation of our Company, you will only be paid out if there is any cash remaining after all of the creditors of our Company have been paid out.

# ***You are trusting that management will make the best decision for the company***

You are trusting in management discretion. You are buying securities as a minority holder, and therefore must trust the management of the Company to make good business decisions that grow your investment.

# ***Insufficient Funds***

The company might not sell enough securities in this offering to meet its operating needs and fulfill its plans, in which case it will cease operating and you will get nothing. Even if we sell all the common stock we are offering now, the Company will (possibly) need to raise more funds in the future, and if it can't get them, we will fail. Even if we do make a successful offering in the future, the terms of that offering might result in your investment in the company being worth less, because later investors might get better terms.

# ***This offering involves 'rolling closings,' which may mean that earlier investors may not have the benefit of information that later investors have.***

Once we meet our target amount for this offering, we may request that StartEngine instruct the escrow agent to disburse offering funds to us. At that point, investors whose subscription agreements have been accepted will become our investors. All early-stage companies are subject to a number of risks and uncertainties, and it is not uncommon for material changes to be made to the offering terms, or to companies' businesses, plans or prospects, sometimes on short notice. When such changes happen during the course of an offering, we must file an amended to our Form C with the SEC, and investors whose subscriptions have not yet been accepted will have the right to withdraw their subscriptions and get their money back. Investors whose subscriptions have already been accepted, however, will already be our investors and will have no such right.

# ***Our new product could fail to achieve the sales projections we expected***

Our growth projections are based on an assumption that with an increased advertising and marketing budget our products will be able to gain traction in the marketplace at a faster rate than our current products have. It is possible that our new products will fail to gain market acceptance for any number of reasons. If the new products fail to achieve significant sales and acceptance in the marketplace, this could materially and adversely impact the value of your investment.

# ***We are competing against other recreational activities***

Although we are a unique company that caters to a select market, we do compete against other recreational activities. Our business growth depends on the market interest in the Company over other activities.

# ***We are an early stage company and have not yet generated any profits***

Wallabing was formed on 02 26, 2018. Accordingly, the Company has a limited history

upon which an evaluation of its performance and future prospects can be made. Our current and proposed operations are subject to all business risks associated with new enterprises. These include likely fluctuations in operating results as the Company reacts to developments in its market, managing its growth and the entry of competitors into the market. We will only be able to pay dividends on any shares once our directors determine that we are financially able to do so. Wallabing has incurred a net loss and has had limited revenues generated since inception. There is no assurance that we will be profitable in the next 3 years or generate sufficient revenues to pay dividends to the holders of the shares.

# ***The loss of one or more of our key personnel, or our failure to attract and retain other highly qualified personnel in the future, could harm our business***

To be successful, the Company requires capable people to run its day to day operations. As the Company grows, it will need to attract and hire additional employees in sales, marketing, design, development, operations, finance, legal, human resources and other areas. Depending on the economic environment and the Company’s performance, we may not be able to locate or attract qualified individuals for such positions when we need them. We may also make hiring mistakes, which can be costly in terms of resources spent in recruiting, hiring and investing in the incorrect individual and in the time delay in locating the right employee fit. If we are unable to attract, hire and retain the right talent or make too many hiring mistakes, it is likely our business will suffer from not having the right employees in the right positions at the right time. This would likely adversely impact the value of your investment.

# ***We rely on third parties to provide services essential to the success of our business***

We rely on third parties to provide a variety of essential business functions for us, including manufacturing, shipping, accounting, legal work, public relations, advertising, retailing, and distribution. It is possible that some of these third parties will fail to perform their services or will perform them in an unacceptable manner. It is possible that we will experience delays, defects, errors, or other problems with their work that will materially impact our operations and we may have little or no recourse to recover damages for these losses. A disruption in these key or other suppliers’ operations could materially and adversely affect our business. As a result, your investment could be adversely impacted by our reliance on third parties and their performance.

# ***The Company is vulnerable to hackers and cyber-attacks***

As an internet-based business, we may be vulnerable to hackers who may access the data of our investors and the issuer companies that utilize our platform. Further, any significant disruption in service on Wallabing or in its computer systems could reduce the attractiveness of the platform and result in a loss of investors and companies interested in using our platform. Further, we rely on a third-party technology provider to provide some of our back-up technology. Any disruptions of services or cyber-attacks either on our technology provider or on Wallabing could harm our reputation and materially negatively impact our financial condition and business.

# Ownership and Capital Structure; Rights of the Securities

## Ownership

The following table sets forth information regarding beneficial ownership of the company's holders of 20% or more of any class of voting securities as of the date of this Offering Statement filing.

| Stockholder Name | Number of Securities Owned | Type of Security Owned | Percentage |
| --- | --- | --- | --- |
| Jason & Mary Carlson (Held Jointly) | 30,000,000 | Common Stock | 100.0% |

## The Company's Securities

The Company has authorized Common Stock, and Convertible Notes. As part of the Regulation Crowdfunding raise, the Company will be offering up to 8,233,333 of Common Stock.

### *Common Stock*

The amount of security authorized is 100,000,000 with a total of 40,415,349 outstanding.

### *Voting Rights*

One vote per share. Please see the voting rights of securities sold in this offering below.

### *Material Rights*

## Voting Rights of Securities Sold in this Offering

**Voting Proxy.** Each Subscriber shall appoint the Chief Executive Officer of the Company (the 'CEO'), or his or her successor, as the Subscriber's true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Subscriber, (i) vote all Securities, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Subscriber pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Subscriber is an individual, will survive the death, incompetency and disability of the Subscriber and, so long as the Subscriber is an entity, will survive the merger or reorganization of the Subscriber or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a

registration statement under the Securities Exchange Act of 1934 covering the Common Stock.

### *Convertible Notes*

The security will convert into Common stock and the terms of the Convertible Notes are outlined below:

**Amount outstanding:** $315,000.00

**Maturity Date:** December 12, 2024

**Interest Rate:** 6.5%

**Discount Rate:** 20.0%

**Valuation Cap:** None

**Conversion Trigger:** Equity financing in a single transaction or series of related transactions yielding gross proceeds to the Company of at least $15,000,000 in the aggregate or in the event of an Acquisition.

### *Material Rights*

There are no material rights associated with Convertible Notes.

## What it means to be a minority holder

As a minority holder of Common Stock of this offering, you have granted your votes by proxy to the CEO of the Company. Even if you were to receive control of your voting rights, as a minority holder, you will have limited rights in regards to the corporate actions of the company, including additional issuances of securities, company repurchases of securities, a sale of the company or its significant assets, or company transactions with related parties. Further, investors in this offering may have rights less than those of other investors, and will have limited influence on the corporate actions of the company.

## Dilution

Investors should understand the potential for dilution. The investor’s stake in a company could be diluted due to the company issuing additional shares. In other words, when the company issues more shares, the percentage of the company that you own will go down, even though the value of the company may go up. You will own a smaller piece of a larger company. This increase in number of shares outstanding could result from a stock offering (such as an initial public offering, another crowdfunding round, a venture capital round, angel investment), employees exercising stock options, or by conversion of certain instruments (e.g. convertible bonds, preferred shares or warrants) into stock. If the company decides to issue more shares, an investor could experience value dilution, with each share being worth less than before, and control dilution, with the total percentage an investor owns being less than before. There may also be earnings dilution, with a reduction in the amount earned per share (though this typically occurs only if the company offers dividends, and most early stage companies are unlikely to offer dividends, preferring to invest

any earnings into the company).

## Transferability of securities

For a year, the securities can only be resold:

- In an IPO;
- To the company;
- To an accredited investor; and
- To a member of the family of the purchaser or the equivalent, to a trust controlled by the purchaser, to a trust created for the benefit of a member of the family of the purchaser or the equivalent, or in connection with the death or divorce of the purchaser or other similar circumstance.

## Recent Offerings of Securities

We have made the following issuances of securities within the last three years:

- **Name:** Common Stock
  **Type of security sold:** Equity
  **Final amount sold:** $285,139.60
  **Number of Securities Sold:** 717,015
  **Use of proceeds:** Startup funds
  **Date:** October 01, 2020
  **Offering exemption relied upon:** Section 4(a)(2)
- **Name:** Common Stock
  **Type of security sold:** Equity
  **Final amount sold:** $59,999.70
  **Number of Securities Sold:** 199,999
  **Use of proceeds:** Startup funds.
  **Date:** May 01, 2021
  **Offering exemption relied upon:** Section 4(a)(2)
- **Type of security sold:** Convertible Note
  **Final amount sold:** $315,000.00
  **Use of proceeds:** Startup funds.
  **Date:** October 01, 2020
  **Offering exemption relied upon:** Section 4(a)(2)
- **Type of security sold:** SAFE
  **Final amount sold:** $50,000.00
  **Use of proceeds:** Startup funds.
  **Date:** November 28, 2021
  **Offering exemption relied upon:** Section 4(a)(2)

- Type of security sold: SAFE
Final amount sold: $50,000.00
Use of proceeds: Startup funds.
Date: December 31, 2021
Offering exemption relied upon: Section 4(a)(2)

## Financial Condition and Results of Operations

### Financial Condition

*You should read the following discussion and analysis of our financial condition and results of our operations together with our financial statements and related notes appearing at the end of this Offering Memorandum. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the section entitled “Risk Factors” and elsewhere in this Offering Memorandum.*

### Results of Operations

#### How long can the business operate without revenue:

Without any additional investment or any revenue generation, we can operate under current expenses for 90-180 days MAX.

#### Foreseeable major expenses based on projections:

Major expenses continue to be operational (salaries, insurance, and fixed costs, i.e. web hosting). Major upcoming costs will be our first significant marketing effort, and we hope to increase the resources that we allocate to development.

#### Future operational challenges:

Future operational challenges will be maintaining consistent development growth in-line with competition, growing and expanding product lines and revenue streams, as well as development and increase to our customer service infrastructure.

#### Future challenges related to capital resources:

Standard challenges apply: i.e. the necessity of successful fundraising along with the development of revenue in order to achieve our marketing and operational milestones.

#### Future milestones and events:

Our first big milestone that we look to is achieving an inventory of 1K plus RVs with which we hope to hit 2K-4K rentals. Another big milestone is the signing of our first major partnership that is currently in the works, to provide vehicles and co-branding with young NASCAR drivers. This, in combination with our other campaigns, (cold calling, email, social media), will enable us to achieve milestone 1 and more.

## Liquidity and Capital Resources

**What capital resources are currently available to the Company? (Cash on hand, existing lines of credit, shareholder loans, etc...)**

The owners have been self-funding of late and as of December, 2022, the Company has capital resources available in the form of a line of credit for $250,000 from Jason and Mary Carlson, and $40K as of November 14, 2022.

**How do the funds of this campaign factor into your financial resources? (Are these funds critical to your company operations? Or do you have other funds or capital resources available?)**

Although we have a small line of credit, we believe the funds of this campaign are critical to our company operations.

These funds are required to support operational and marketing efforts.

**Are the funds from this campaign necessary to the viability of the company? (Of the total funds that your company has, how much of that will be made up of funds raised from the crowdfunding campaign?)**

We believe the funds from this campaign are necessary to the viability of the Company. Of the total funds that our Company has, 80-100% will be made up of funds raised from the crowdfunding campaign, if it raises its maximum funding goal.

**How long will you be able to operate the company if you raise your minimum? What expenses is this estimate based on?**

No minimum has been discussed. We need a full raise for 12-18 months of viability including marketing, depending on the amount allocated to marketing. We are still continuing to seek other outside funding. Our current monthly burn without a marketing budget covers web and app development, salaries, insurance, and miscellaneous operating expenses and is $45,682.40.

**How long will you be able to operate the company if you raise your maximum funding goal?**

If the Company raises the maximum offering amount, we anticipate the Company will

be able to operate for 12-18 months. This is based on a current monthly burn rate of $45,682.40 for expenses related to web and app development, salaries, insurance, and other miscellaneous expenses.

**Are there any additional future sources of capital available to your company?**
**(Required capital contributions, lines of credit, contemplated future capital raises, etc...)**

Currently, the Company has contemplated additional future sources of capital including still looking to raise currently, contemplating future raises, and potential further investment from founders. There are no terms at this time. We are just in initial discussions and terms would be comparable to those offered on SE.

## **Indebtedness**

- **Creditor:** Convertible Subordinate Promissory Note

**Amount Owed:** $315,000.00

**Interest Rate:** 6.5%

**Maturity Date:** December 12, 2024

The convertible notes are convertible into common shares at a conversion price. The conversion price shall be equal to the quotient obtained by dividing (1) the entire principal amount of this note plus accrued interest by (2) the price per share of the equity securities by 80% and the issuance of such shares upon such conversion shall be upon the terms and subject to the conditions applicable to the next equity financing. Since the conversion feature is convertible into variable number of shares and does not have fixed-for-fixed features, the conversion feature was not bifurcated and recorded separately.

## **Related Party Transactions**

The Company has not conducted any related party transactions

## **Valuation**

**Pre-Money Valuation:** $6,062,302.35

### **Valuation Details:**

The company determined its pre-money valuation based on our growth and traction since our last funding round, a rough estimation of competitors at this same stage in their life cycles, and advice given from an expert startup attorney and law professor in Dallas.

### **Comparable Competitors**

Being a pre-revenue company, finding exact comparable or qualitative measures for valuation, can be challenging. Our competition is all privately held companies with very little to be found as it relates to revenue or investment at a comparable stage. We have 2 major competitors, Outdoorsy, and RVShare, amongst a handful of smaller competition, Campanda and RVezy. None of these companies tell us anything about valuation at a comparable level to our current stage. As an example however, Outdoorsy, in its Stage D, has raised approximately $191 million dollars with an estimated $1 billion dollar valuation with an estimated inventory of 150K RVs. Extrapolating our current traction and growth with only test marketing, we feel very comfortable with our valuation of $6,175,000.

## Industry & Market

-According to the RVIA, there are 11.2M registered RVs in the U.S.A., alone, with over 65 million people planning/desiring to take an RV trip in 2022. We expect the number of potential renters to grow and that, combined with a roughly 90% idle time/RV, shows the enormity of the potential market. The two major competitors have an estimated inventory of less than 400K, combined, with additional competition adding significantly less than that to the total. With all of the competitions’ inventory in total, current rental demand cannot be met, and approximately 90% of unlisted inventory is sitting idle. Due to the enormity of the untapped market both with owners and renters, we feel that our $6,175,000 valuation in entirely justified.

## Success of the Manager & Founders

(1) Mary Carlson Chairman/Founder

Mary is an Asset Manager for a real estate portfolio with a value in excess of 100MM. Mary has over 20 years of experience in various segments of real estate investment, a BS in Economics with Financial Applications and a BA in International Studies from SMU, and speaks spanish fluently as a non-native speaker.

(2) Jason Carlson CEO/Founder

Jason focuses his talents on retail and management consulting with a heavy concentration on revenue development of stagnant locations and the turnaround of failing ones. He has a BBA in Finance from the Cox School of Business at SMU.

(3) Rob Kachmar CTO

Rob has over 20 years of experience in technology and a BBA in Management Information Systems and Organizational Behavior, and a BA in Economics from SMU. Rob values Agile Development Principles, breaking down complex work and delivering smaller, iterative components to achieve value at the speed of business.

(4) Alex Johnson COO

As a prior business consultant, Alex has 8+ years of experience working with small businesses and startups. Alex has a BA in Communications from Texas A&M and

greatly enjoys marketing, branding, and design. She has a passion for helping other people (and businesses) succeed.

## Current Traction & Future Milestones

Wallabing's five-year goal is to have 150K RVs on our site - and on the road! We are proud to report that in just six months, we have accomplished increasing our inventory by 682%. The platform currently offers listings in 26 U.S. states, has 164 consultants ready to assist owners and renters in 32 states, and is experiencing continued growth week after week, with minimal marketing outreach.

Furthermore, we are in talks with our first major partnership-providing vehicles and sharing branding with young NASCAR drivers!

We believe all of this traction at our seed stage of the company is very encouraging and definitely justifies our modest $6,175,000 valuation.

## Disclaimers

The Company set its valuation internally, without a formal-third party independent evaluation. The pre-money valuation has been calculated on a fully diluted basis. In making this calculation, we have assumed: (i) all preferred stock is converted to common stock; (ii) all outstanding options, warrants, and other securities with a right to acquire shares are exercised; and (iii) any shares reserved for issuance under a stock plan are issued.

## Use of Proceeds

If we raise the Target Offering Amount of $9,999.90 we plan to use these proceeds as follows:

- *StartEngine Platform Fees*  
  5.5%
- *StartEngine Service Fees*  
  94.5%  
  Fees for certain services provided by StartEngine.

If we raise the over allotment amount of $1,234,999.95, we plan to use these proceeds as follows:

- *StartEngine Platform Fees*  
  5.5%
- *Operations*  
  70.0%  
  Operations 70% (Insurance, Salaries, App/Web Development, API Integrations, Web Hosting, Asset/Partnership Costs)

- Marketing

24.5%

We will use X% to help market the company & supply paid media.

The Company may change the intended use of proceeds if our officers believe it is in the best interests of the company.

## Regulatory Information

### Disqualification

No disqualifying event has been recorded in respect to the company or its officers or directors.

### Compliance Failure

The company has not previously failed to comply with the requirements of Regulation Crowdfunding.

### Ongoing Reporting

The Company will file a report electronically with the SEC annually and post the report on its website no later than August 28 (120 days after Fiscal Year End). Once posted, the annual report may be found on the Company's website at http://wallabing.com (www.wallabing.com/investors).

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

(1) it is required to file reports under Section 13(a) or Section 15(d) of the Exchange Act;

(2) it has filed at least one (1) annual report pursuant to Regulation Crowdfunding and has fewer than three hundred (300) holders of record and has total assets that do not exceed $10,000,000;

(3) it has filed at least three (3) annual reports pursuant to Regulation Crowdfunding;

(4) it 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) it liquidates or dissolves its business in accordance with state law.

### Updates

Updates on the status of this Offering may be found at:
www.startengine.com/wallabinginc

# Investing Process

See Exhibit E to the Offering Statement of which this Offering Memorandum forms a part.

### EXHIBIT B TO FORM C

#### FINANCIAL STATEMENTS AND INDEPENDENT ACCOUNTANT'S REVIEW FOR Wallabing, Inc

*[See attached]*

# WALLABING, INC.

# FINANCIAL STATEMENTS
YEAR ENDED APRIL 30, 2022 AND 2021
(Unaudited)

# INDEX TO FINANCIAL STATEMENTS

(UNAUDITED)

|  | Page |
| --- | --- |
| INDEPENDENT ACCOUNTANT'S REVIEW REPORT | 1 |
| FINANCIAL STATEMENTS: |  |
| Balance Sheet | 2 |
| Statement of Operations | 3 |
| Statement of Changes in Stockholders' Equity | 4 |
| Statement of Cash Flows | 5 |
| Notes to Financial Statements | 6 |

# INDEPENDENT ACCOUNTANT'S REVIEW REPORT

To the Board of Directors
Wallabing, Inc.
Plano, Texas

We have reviewed the accompanying financial statements of Wallabing, Inc. (the "Company,"), which comprise the balance sheet as of April 30, 2022 and April 30, 2021, and the related statement of operations, statement of shareholders' equity (deficit), and cash flows for the year ending April 30, 2022 and April 30, 2021, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management's financial data and making inquiries of company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion.

# Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes 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.

# Accountant's Responsibility

Our responsibility is to conduct the review in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures provide a reasonable basis for our conclusion.

# Accountant's Conclusion

Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with accounting principles generally accepted in the United States of America.

# Going Concern

As discussed in Note 10, certain conditions indicate that the Company may be unable to continue as a going concern. The accompanying financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

November 4, 2022
Los Angeles, California

- 1 -

# **WALLABING, INC.**  
 **BALANCE SHEET**  
 **(UNAUDITED)**---

| As of April 30, | 2022 | 2021 |
| --- | --- | --- |
| (USD $ in Dollars) |  |  |
| ASSETS |  |  |
| Current Assets: |  |  |
| Cash & Cash Equivalents | $11,667 | $253,062 |
| Total Current Assets | 11,667 | 253,062 |
| Intangible Assets | 564,471 | 755,346 |
| Total Assets | $576,138 | $1,008,408 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current Liabilities: |  |  |
| Credit Cards | $3,639 | $ - |
| Other Current Liabilities | 1,075 | 8,856 |
| Total Current Liabilities | 4,714 | 8,856 |
| Convertible Subordinated Promissory Note | 315,000 | 315,000 |
| Accrued Interest on Convertible Subordinated Promissory Note | 42,072 | 21,597 |
| Total Liabilities | 361,786 | 345,453 |
| STOCKHOLDERS EQUITY |  |  |
| Common Stock | 4,042 | 3,688 |
| Additional Paid in Capital | 3,039,791 | 2,432,145 |
| Retained Earnings/(Accumulated Deficit) | (2,829,481) | (1,772,878) |
| Total Stockholders' Equity | 214,352 | 662,955 |
| Total Liabilities and Stockholders' Equity | $576,138 | $1,008,408 |

*See accompanying notes to financial statements.*

---- 2 -

# **WALLABING INC.**  
 **STATEMENTS OF OPERATIONS**  
 **(UNAUDITED)**---

| For Fiscal Year Ended April 30, | 2022 | 2021 |
| --- | --- | --- |
| (USD $ in Dollars) |  |  |
| Net Revenue | $ - | $ - |
| Cost of Goods Sold | - | - |
| Gross profit | - | - |
| Operating expenses |  |  |
| General and Administrative | 1,000,721 | 655,767 |
| Sales and Marketing | 35,407 | 38,182 |
| Total operating expenses | 1,036,128 | 693,949 |
| Operating Income/(Loss) | (1,036,128) | (693,949) |
| Interest Expense | 20,475 | 20,475 |
| Other Loss/(Income) | - | - |
| Income/(Loss) before provision for income taxes | (1,056,603) | (714,424) |
| Provision/(Benefit) for income taxes | - | - |
| Net Income/(Net Loss) | $(1,056,603) | $(714,424) |

*See accompanying notes to financial statements.*

---- 3 -

# **WALLABING INC.**

# **STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**

**(UNAUDITED)**

| (In , $US) | Common Stock |  | Additional Paid In Capital | Retained earnings/ (Accumulated Deficit) | Total Shareholder Equity |
| --- | --- | --- | --- | --- | --- |
|  | Shares | Amount |  |  |  |
| Balance-April 30, 2020 | 30,165,001 | $3,017 | $989,677 | $(1,058,454) | $(65,761) |
| Issuance of Stock | 6,717,015 | 672 | 1,442,468 |  | 1,443,140 |
| Net income/(loss) |  |  |  | (714,424) | (714,424) |
| Balance-April 30, 2021 | 36,882,016 | 3,688 | 2,432,145 | $(1,772,878) | $662,955 |
| Issuance of Stock | 3,533,333 | 353 | 607,647 |  | 608,000 |
| Net income/(loss) |  |  |  | (1,056,603) | (1,056,603) |
| Balance-April 30, 2022 | 40,415,349 | $4,042 | $3,039,791 | $(2,829,481) | $214,352 |

*See accompanying notes to financial statements.*

- 4 -

# **WALLABING INC.**  
 **STATEMENTS OF CASH FLOWS**  
 **(UNAUDITED)**---

| For Fiscal Year Ended April 30, | 2022 | 2021 |
| --- | --- | --- |
| (USD $ in Dollars) |  |  |
| CASH FLOW FROM OPERATING ACTIVITIES |  |  |
| Net income/(loss) | $(1,056,603) | $(714,424) |
| Adjustments to reconcile net income to net cash provided/(used) by operating activities: |  |  |
| Amortization of Intangibles | 282,235 | - |
| Changes in operating assets and liabilities: |  |  |
| Credit Cards | 3,639 | - |
| Other Current Liabilities | (7,781) | 8,856 |
| Accrued Interest on Convertible Subordinated Promissory Note | 20,475 | 20,475 |
| Net cash provided/(used) by operating activities | (758,035) | (685,093) |
| CASH FLOW FROM INVESTING ACTIVITIES |  |  |
| Purchases of Intangible Assets | (91,360) | (191,676) |
| Net cash provided/(used) in investing activities | (91,360) | (191,676) |
| CASH FLOW FROM FINANCING ACTIVITIES |  |  |
| Capital Contribution | 608,000 | 923,140 |
| Net cash provided/(used) by financing activities | 608,000 | 923,140 |
| Change in Cash | (241,395) | 46,371 |
| Cash-beginning of year | 253,062 | 206,691 |
| Cash-end of year | $11,667 | $253,062 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |
| Cash paid during the year for interest | $ - | $ - |
| Cash paid during the year for income taxes | $ - | $ - |
| OTHER NONCASH INVESTING AND FINANCING ACTIVITIES AND SUPPLEMENTAL DISCLOSURES |  |  |
| Purchase of property and equipment not yet paid for | $ - | $ - |
| Issuance of equity in return for note | - | $520,000 |
| Issuance of equity in return for accrued payroll and other liabilities |  |  |

*See accompanying notes to financial statements.*

---- 5 -

# **WALLABING INC.**  
**NOTES TO FINANCIAL STATEMENTS**  
**FOR YEAR ENDED TO APRIL 30, 2022 AND APRIL 30, 2021**---

## 1. NATURE OF OPERATIONS

Wallabing Inc. was incorporated on February 26, 2018, in the state of Texas under the name Wandervee Inc. On April 7, 2020, the company changed its name to Wallabing, Inc. The financial statements of Wallabing, Inc (which may be referred to as the “Company”, “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 Plano, Texas.

Wallabing offers the service and protection to RV owners with zero fees, comprehensive insurance, and DMV checks. Further, assisting with marketing efforts and providing roadside assistance, helps owners have a significantly smaller workload. For renters, we offer the best value and transparent, upfront pricing that’s all finished off with our mobile app that keeps both sides of the transaction accountable. Using independent sales consultants, (one hundred and fifty in thirty-two different states), and just two professional cold callers, we have gained an exponential increase in our traffic and in the numbers of users and RVs we have posted on our site.

## 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

### Basis of Presentation

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“US GAAP”). The Company has adopted the April 30th as its basis of reporting.

### Use of Estimates

The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

### Cash and Cash Equivalents

Cash and cash equivalents include all cash in banks. The Company’s cash is deposited in demand accounts at financial institutions that management believes are creditworthy. The Company’s cash and cash equivalents in bank deposit accounts, at times, may exceed federally insured limits. As of April 30, 2022 and April 30, 2021, the Company’s cash and cash equivalents did not exceed FDIC insured limits.

### Impairment of Long-lived Assets

Long-lived assets, such as property and equipment and identifiable intangibles with finite useful lives, are periodically evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We look for indicators of a trigger event for asset impairment and pay special attention to any adverse change in the extent or manner in which the asset is being used or in its physical condition. Assets are grouped and evaluated for impairment at the lowest level of which there are identifiable cash flows, which is generally at a location level. Assets are reviewed using factors including, but not limited to, our future operating plans and projected cash flows. The determination of whether impairment has occurred is based on an estimate of undiscounted future cash flows directly related to the assets, compared to the carrying value of the assets. If the sum of the undiscounted future cash flows of the assets does not exceed the carrying value of the assets, full or partial impairment may exist.

---- 6 -

# **WALLABING INC.**  
**NOTES TO FINANCIAL STATEMENTS**  
**FOR YEAR ENDED TO APRIL 30, 2022 AND APRIL 30, 2021**---

If the asset carrying amount exceeds its fair value, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. Fair value is determined using an income approach, which requires discounting the estimated future cash flows associated with the asset.

# **Intangible Assets**

The Company capitalizes its website development costs which will be amortized over the expected period to be benefitted, which may be as long as ten years.

# **Income Taxes**

Wallabing Inc. is a C corporation for income tax purposes. The Company accounts for income taxes under the liability method, and deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided on deferred tax assets if it is determined that it is more likely than not that the deferred tax asset will not be realized. The Company records interest, net of any applicable related income tax benefit, on potential income tax contingencies as a component of income tax expense. The Company records tax positions taken or expected to be taken in a tax return based upon the amount that is more likely than not to be realized or paid, including in connection with the resolution of any related appeals or other legal processes. Accordingly, the Company recognizes liabilities for certain unrecognized tax benefits based on the amounts that are more likely than not to be settled with the relevant taxing authority. The Company recognizes interest and/or penalties related to unrecognized tax benefits as a component of income tax expense.

# *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 creditworthy. 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.

# **Revenue Recognition**

The Company is currently pre-revenue and will follow the provisions and the disclosure requirements described in ASU 2014-09 also referred to as Topic 606. Revenue recognition, according to Topic 606, is determined using the following steps: Recognition of revenue when, or how, a performance obligation is met: Revenues are recognized when or as control of the promised goods or services is transferred to customers.

Revenue recognition, according to Topic 606, is determined using the following steps:

1) Identification of the contract, or contracts, with the customer: the Company determines the existence of a contract with a customer when the contract is mutually approved; the rights of each party in relation to the services to be transferred can be identified, the payment terms for the services can be identified, the customer has the capacity and intention to pay and the contract has commercial substance.

2) Identification of performance obligations in the contract: performance obligations consist of a promised in a contract (written or oral) with a customer to transfer to the customer either a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer.

---- 7 -

# **WALLABING INC.**  
**NOTES TO FINANCIAL STATEMENTS**  
**FOR YEAR ENDED TO APRIL 30, 2022 AND APRIL 30, 2021**---

3) Recognition of revenue when, or how, a performance obligation is met: revenues are recognized when or as control of the promised goods or services is transferred to customers.

The Company will earn revenues from providing services and protection to RV owners with zero fees, comprehensive insurance, and DMV checks.

# **Advertising and Promotion**

Advertising and promotional costs are expensed as incurred. Advertising and promotional expenses for the years ended April 30, 2022 and April 30, 2021 amounted to $19,771 and $32,340, which is included in sales and marketing expenses.

# **Fair Value of Financial Instruments**

The carrying value of the Company's financial instruments included in current assets and current liabilities (such as cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value due to the short-term nature of such instruments).

The inputs used to measure fair value are based on a hierarchy that prioritizes observable and unobservable inputs used in valuation techniques. These levels, in order of highest to lowest priority, are described below:

**Level 1**-Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities.

**Level 2**-Observable prices that are based on inputs not quoted on active markets but corroborated by market data.

**Level 3**-Unobservable inputs reflecting the Company's assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

# **COVID-19**

In March 2020, the outbreak and spread of the COVID-19 virus was classified as a global pandemic by the World Health Organization. This widespread disease impacted the Company's business operations, including its employees, customers, vendors, and communities. The COVID-19 pandemic may continue to impact the Company's business operations and financial operating results, and there is substantial uncertainty in the nature and degree of its continued effects over time. The extent to which the pandemic impacts the business going forward will depend on numerous evolving factors management cannot reliably predict, including the duration and scope of the pandemic; governmental, business, and individuals' actions in response to the pandemic; and the impact on economic activity including the possibility of recession or financial market instability. These factors may adversely impact consumer and business spending on products as well as customers' ability to pay for products and services on an ongoing basis. This uncertainty also affects management's accounting estimates and assumptions, which could result in greater variability in a variety of areas that depend on these estimates and assumptions, including investments, receivables, and forward-looking guidance.

---- 8 -

# **WALLABING INC.**  
**NOTES TO FINANCIAL STATEMENTS**  
**FOR YEAR ENDED TO APRIL 30, 2022 AND APRIL 30, 2021**---

# **Subsequent Events**

The Company considers events or transactions that occur after the balance sheet date, but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through November 4, 2022, which is the date the financial statements were issued.

# **Recently Issued and Adopted Accounting Pronouncements**

FASB issued ASU No. 2019-02, leases, that requires organizations that lease assets, referred to as 'lessees', to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases with lease terms of more than twelve months. ASU 2019-02 will also require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases and will include qualitative and quantitative requirements. The new standard for nonpublic entities will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, and early application is permitted. We are currently evaluating the effect that the updated standard will have on the financial statements and related disclosures.

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.

# **3. DETAILS OF CERTAIN ASSETS AND LIABILITIES**

Account receivables consist primarily of trade receivables and accounts payable consist primarily of trade payables.

Other current liabilities consist of the following items:

| As of Year Ended April 30, | 2022 | 2021 |
| --- | --- | --- |
| Payroll payable | 1,075 | 8,856 |
| Total Other Current Liabilities | $1,075 | $8,856 |

# **4. CAPITALIZATION AND EQUITY TRANSACTIONS**

# **Common Stock**

The Company is authorized to issue 100,000,000 shares of Common Stock with a par value of $0.0001. As of April 30, 2022, and April 30, 2021, 40,415,349 shares and 36,882,016 shares have been issued and are outstanding, respectively.

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# **WALLABING INC.**  
 **NOTES TO FINANCIAL STATEMENTS**  
 **FOR YEAR ENDED TO APRIL 30, 2022 AND APRIL 30, 2021**---

# **5. DEBT**

# **Convertible Subordinated Promissory Note**

Below are the details of the convertible notes:

| Debt Instrument Name | Principal Amount | Interest Rate | Borrowing Period | Maturity Date | For the Year Ended April 2022 |  |  |  |  | For the Year Ended April 2021 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | Interest Expense | Accrued Interest | Current Portion | Non-Current Portion | Total Indebtedness | Interest Expense | Accrued Interest | Current Portion | Non-Current Portion | Total Indebtedness |
| Convertible Subordinate Promissory Note | $315,000 | 6.50% | 12/12/2019 | 12/12/2024 | 20,475 | 42,072 | - | 315,000 | 315,000 | 20,475 | 21,597 | - | $315,000 | 315,000 |
| Total | $ - |  |  |  | $20,475 | $42,072 | $ - | $315,000 | $315,000 | $20,475 | $21,597 | $ - | $315,000 | $315,000 |

The convertible notes are convertible into common shares at a conversion price. The conversion price shall be equal to the quotient obtained by dividing (1) the entire principal amount of this note plus accrued interest by (2) the price per share of the equity securities by 80% and the issuance of such shares upon such conversion shall be upon the terms and subject to the conditions applicable to the next equity financing. Since the conversion feature is convertible into variable number of shares and does not have fixed-for-fixed features, the conversion feature was not bifurcated and recorded separately.

# **6. INCOME TAXES**

The provision for income taxes for the year ended April 30, 2022, and April 30, 2021 consists of the following:

| As of Year Ended April 30, | 2022 | 2021 |
| --- | --- | --- |
| Net Operating Loss | $(218,758) | $(151,783) |
| Valuation Allowance | 218,758 | 151,783 |
| Net Provision for income tax | $ - | $ - |

Significant components of the Company's deferred tax assets and liabilities at April 30, 2022, and April 30, 2021 are as follows:

| As of Year Ended April 30, | 2022 | 2021 |
| --- | --- | --- |
| Net Operating Loss | $(444,626) | $(225,868) |
| Valuation Allowance | 444,626 | 225,868 |
| Total Deferred Tax Asset | $ - | $ - |

Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, the Company has determined that it is more likely than not that the Company will not recognize the benefits of the federal and state net deferred tax assets, and, as a result, full valuation allowance has been set against its net deferred tax assets as of April 30, 2022 and April 30, 2021. The amount of the deferred tax asset to be realized could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased.

For the fiscal year ending April 30, 2022, the Company had federal cumulative net operating loss ('NOL') carryforwards of $2,117,267, and the Company had state net operating loss ('NOL') carryforwards of approximately $2,117,267. Utilization of some of the federal and state NOL carryforwards to reduce future income taxes will depend on the Company's ability to generate sufficient taxable income prior to the expiration of the carryforwards.

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# **WALLABING INC.**  
**NOTES TO FINANCIAL STATEMENTS**  
**FOR YEAR ENDED TO APRIL 30, 2022 AND APRIL 30, 2021**---

The federal net operating loss carryforward is subject to an 80% limitation on taxable income, does not expire, and will carry on indefinitely. The Company recognizes the impact of a tax position in the financial statements if that position is more likely than not to be sustained on a tax return upon examination by the relevant taxing authority, based on the technical merits of the position. As of April 30, 2022 and April 30, 2021, the Company had no unrecognized tax benefits.

The Company recognizes interest and penalties related to income tax matters in income tax expense. As of April 30, 2022 and April 30, 2021, the Company had no accrued interest and penalties related to uncertain tax positions.

## 7. RELATED PARTY

There are no related party transactions.

## 8. COMMITMENTS AND CONTINGENCIES

### Contingencies

The Company's operations are subject to a variety of local and state regulation. Failure to comply with one or more of those regulations could result in fines, restrictions on its operations, or losses of permits that could result in the Company ceasing operations.

### Litigation and Claims

From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. As of April 30, 2022, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of the Company's operations.

## 9. SUBSEQUENT EVENTS

The Company has evaluated subsequent events for the period from April 30, 2022, through November 4, 2022, which is the date the financial statements were available to be issued.

There have been no events or transactions during this time which would have a material effect on these financial statements.

## 10. GOING CONCERN

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 has a net operating loss of $1,050,230, an operating cash flow loss of $772,138, and liquid assets in cash of $11,667, which less than a year's worth of cash reserves as of April 30, 2022. These factors normally raise doubt about the Company's ability to continue as a going concern.

The Company's ability to continue as a going concern in the next twelve months following the date the financial statements were available to be issued is dependent upon its ability to produce revenues and/or obtain financing sufficient to meet current and future obligations and deploy such to produce profitable operating results.

---- 11 -

# **WALLABING INC.**  
**NOTES TO FINANCIAL STATEMENTS**  
**FOR YEAR ENDED TO APRIL 30, 2022 AND APRIL 30, 2021**---

Management has evaluated these conditions and plans to generate revenues and raise capital as needed to satisfy its capital needs. During the next twelve months, the Company intends to fund its operations through debt and/or equity financing.

There are no assurances that management will be able to raise capital on terms acceptable to the Company. If it is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned development, which could harm its business, financial condition, and operating results. The accompanying financial statements do not include any adjustments that might result from these uncertainties.

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# **EXHIBIT C TO FORM C**

# **PROFILE SCREENSHOTS**

*[See attached]*

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EXHIBIT D TO FORM C

VIDEO TRANSCRIPT

No Video Present.

# STARTENGINE SUBSCRIPTION PROCESS (Exhibit E)

# Platform Compensation

- As compensation for the services provided by StartEngine Capital, the issuer is required to pay to StartEngine Capital a fee consisting of a 5.5-13% (five and one-half to thirteen) commission based on the dollar amount of securities sold in the Offering and paid upon disbursement of funds from escrow at the time of a closing. The commission is paid in cash and in securities of the Issuer identical to those offered to the public in the Offering at the sole discretion of StartEngine Capital. Additionally, the issuer must reimburse certain expenses related to the Offering. The securities issued to StartEngine Capital, if any, will be of the same class and have the same terms, conditions and rights as the securities being offered and sold by the issuer on StartEngine Capital's website.
- As compensation for the services provided by StartEngine Capital, investors are also required to pay StartEngine Capital a fee consisting of a 0-3.5% (zero to three and a half percent) service fee based on the dollar amount of securities purchased in each investment.

# Information Regarding Length of Time of Offering

- Investment Cancellations: Investors will have up to 48 hours prior to the end of the offering period to change their minds and cancel their investment commitments for any reason. Once within 48 hours of ending, investors will not be able to cancel for any reason, even if they make a commitment during this period.
- Material Changes: Material changes to an offering include but are not limited to: A change in minimum offering amount, change in security price, change in management, material change to financial information, etc. If an issuer makes a material change to the offering terms or other information disclosed, including a change to the offering deadline, investors will be given five business days to reconfirm their investment commitment. If investors do not reconfirm, their investment will be canceled and the funds will be returned.

# Hitting The Target Goal Early & Oversubscriptions

- StartEngine Capital will notify investors by email when the target offering amount has hit 25%, 50% and 100% of the funding goal. If the issuer hits its goal early, the issuer can create a new target deadline at least 5 business days out. Investors will be notified of the new target deadline via email and will then have the opportunity to cancel up to 48 hours before the new deadline.
- Oversubscriptions: We require all issuers to accept oversubscriptions. This may not be possible if: 1) it vaults an issuer into a different category for financial statement requirements (and they do not have the requisite financial statements); or 2) they reach $5M in investments. In the event of an oversubscription, shares will be allocated at the discretion of the issuer.
- If the sum of the investment commitments does not equal or exceed the target offering amount at the offering deadline, no securities will be sold in the offering, investment commitments will be canceled and committed funds will be returned.
- If a StartEngine issuer reaches its target offering amount prior to the deadline, it may conduct an initial closing of the offering early if they provide notice of the new offering deadline at least five business days prior to the new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). StartEngine will notify

investors when the issuer meets its target offering amount. Thereafter, the issuer may conduct additional closings until the offering deadline.

# Minimum and Maximum Investment Amounts

- In order to invest, to commit to an investment or to communicate on our platform, users must open an account on StartEngine Capital and provide certain personal and non- personal information including information related to income, net worth, and other investments.
- Investor Limitations: There are no investment limits for investing in crowdfunding offerings for accredited investors. Non-accredited investors are limited in how much they can invest on all crowdfunding offerings during any 12-month period. The limitation on how much they can invest depends on their net worth (excluding the value of their primary residence) and annual income. If either their annual income or net worth is less than $107,000, then during any 12-month period, they can invest either $2,200 or 5% of their annual income or net worth, whichever is greater. If both their annual income and net worth are equal to or more than $107,000, then during any 12-month period, they can invest up to 10% of annual income or net worth, whichever is greater, but their investments cannot exceed $107,000.

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

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Wallabing, Inc

**Legal Status:** Corporation

**Jurisdiction of Incorporation/Organization:** TX

**Date of Organization:** 02-26-2018

**Physical Address:** 2705 Broken Bow Cir, Plano, TX, 75093-3395

**Issuer Website:** http://wallabing.com

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

**Intermediary Name:** StartEngine Capital, LLC

**Intermediary CIK:** 0001665160

**Intermediary File Number:** 007-00007

### Offering Information

**Compensation to Intermediary:** 7 - 13 percent

**Financial Interest in Issuer:** Three percent (3%) of securities of the total amount of investments raised in the offering, along the same terms as investors.

**Type of Security Offered:** Common Stock

**Number of Securities Offered:** 66666

**Price per Security:** $0.15

**Method for Determining Price:** N/A

**Target Offering Amount:** $9,999.90

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** Other

**Description of Oversubscription:** At issuer's discretion, with priority given to StartEngine Owners

**Maximum Offering Amount:** $1,234,999.95

**Deadline to Reach Target Amount:** 05-01-2023

### Annual Report Disclosure Requirements

**Current Number of Employees:** 3

**Total Assets (Most Recent Fiscal Year):** $576,138.00

**Total Assets (Prior Fiscal Year):** $1,008,408.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $11,667.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $253,062.00

**Accounts Receivable (Most Recent Fiscal Year):** $0.00

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

**Short-Term Debt (Most Recent Fiscal Year):** $0.00

**Short-Term Debt (Prior Fiscal Year):** $0.00

**Long-Term Debt (Most Recent Fiscal Year):** $315,000.00

**Long-Term Debt (Prior Fiscal Year):** $315,000.00

**Revenues/Sales (Most Recent Fiscal Year):** $0.00

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

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

**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):** $-1,056,603.00

**Net Income (Prior Fiscal Year):** $-714,424.00

**Jurisdictions Offered:**

ALABAMA, ALASKA, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DISTRICT OF COLUMBIA, DELAWARE, 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:** Wallabing, Inc

**Signature:** Jason Carlson

**Title:** CEO and Principal financial officer

---

**Signature:** Jason Carlson

**Title:** CEO and Principal financial officer

**Date:** 01-24-2023

---

**Signature:** Mary Carlson

**Title:** Chairman of the Board

**Date:** 01-24-2023