# EDGAR Filing Document

**Accession Number:** 0001846874
**File Stem:** 0001670254-23-000047
**Filing Date:** 2023-1
**Character Count:** 114903
**Document Hash:** 2ff175ab034ac4dd3efc7faba969ee4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001670254-23-000047.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001670254-23-000047

**CONFORMED SUBMISSION TYPE**: C-AR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20211231

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DKB Brands Inc
- **CENTRAL INDEX KEY:** 0001846874
- **IRS NUMBER:** 842173172
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** C-AR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-28140
- **FILM NUMBER:** 23551689

**BUSINESS ADDRESS:**
- **STREET 1:** 27 MOSS LN
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94608
- **BUSINESS PHONE:** 5106982462

**MAIL ADDRESS:**
- **STREET 1:** 27 MOSS LN
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94608

## Ex-99

### Attached PDF Documents

**Attachment 1:** `document_1.pdf`

# Annual Report

## Cover Page

Name of issuer:

DKB Brands Inc

Legal status of issuer:

Form: Corporation

Jurisdiction of incorporation/Organization: DE

Date of organization: 6/13/2019

Physical address of issuer:

27 Moss Ln

Oakland CA 94608

Website of issuer:

http://www.enjcydkb.com

Name of intermediary through which the offering will be conducted:

Wefunder Portal LLC

CM number of intermediary:

0001870254

SEC file number of intermediary:

007-00033

CBO number, if applicable, of intermediary:

283503

Current number of employees:

6

|  | Most recent fiscal year-end: | Prior fiscal year-end: |
| --- | --- | --- |
| Total Assets: | $67,105.00 | $157,757.00 |
| Cash & Cash Equivalents: | $31,125.00 | $51,272.00 |
| Accounts Receivable: | $32,380.00 | $0.00 |
| Short-term Debt: | $85,123.00 | $6,367.00 |
| Long-term Debt: | $739,655.00 | $532,700.00 |
| Reserves/Trade: | $95,828.00 | $54,834.00 |
| Cost of Goods Sold: | $0.00 | $0.00 |
| Taxes Paid: | $0.00 | $2,711.00 |
| Net Income: | ($317,623.00) | ($344,152.00) |

Select the jurisdictions in which the issuer intends to offer the securities:

AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, BS, GU, PR, VI, IV

## Offering Statement

Respond to each question in each paragraph of this part. Set forth each question and any notes, but not any instructions thereon, in their entirety. If disclosure in response to any question is responsive to one or more other questions, it is not necessary to repeat the disclosure. If a question or series of questions is inapplicable or the response is available elsewhere in the Form, either state that it is inapplicable, include a cross-reference to the responsive disclosure, or omit the question or series of questions.

Be very careful and precise in answering all questions. Give full and complete answers so that they are not misleading under the circumstances involved. Do not discuss any future performance or other anticipated event unless you have a reasonable basis to believe that it will actually occur within the foreseeable future. If any answer requiring significant information is materially inaccurate, incomplete or misleading, the Company, its management and principal shareholders may be liable to investors based on that information.

### THE COMPANY

1. Name of issuer:

DKB Brands Inc

3. Has the issuer or any of its predecessors previously failed to comply with the ongoing reporting requirements of Rule 202 of Regulation Crowdfunding?

☐ Yes ☑ No

### DIRECTORS OF THE COMPANY

4. Provide the following information about each director (and any persons occupying a similar status or performing a similar function) of the issuer:

| Director | Principal Occupation | Main Employer | Year Joined as Director |
| --- | --- | --- | --- |
| Youngwon Lee | CEO | DKB Brands Inc | 2019 |

For three years of business experience, refer to Appendix D: Director & Officer Work History.

# OFFICERS OF THE COMPANY

5. Provide the following information about each officer (and any persons occupying a similar status or performing a similar function) of the issuer:

| Officer | Positions Held | Year Joined |
| --- | --- | --- |
| Youngwon Lee | CEO | 2019 |

For three years of business experience, refer to Appendix D: Director & Officer Work History.

INSTRUCTION: REQUISITION 5: For purposes of this Question 5, the same officer means a president, vice president, secretary, treasurer or principal financial officer, competitive or principal accounting officer, and any person that amounts performing similar functions.

# PRINCIPAL SECURITY HOLDERS

6. Provide the name and ownership level of each person, as of the most recent practicable date, who is the beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power.

| Name of Holder | No. and Class of Securities Now Held | % of Voting Power Prior to Offering |
| --- | --- | --- |
| Youngwon Lee | 8006250.0 Common Stock | 100.0 |

INSTRUCTION: REQUISITION 6: The above information must be provided as of a date that is no more than 150 days prior to the date of filing of this offering document.

To calculate total voting power, include all securities for which the person directly or indirectly has or shares the voting power, which includes the power in one or in three the voting of such securities. If the person has the right to acquire voting power of such securities within 60 days, including through the creation of any option, customer or right, the conversion of a security or other arrangement, or if securities are held by a member of the family, through corporations or partnerships, or otherwise in a manner that would allow a person to close or control the voting of the securities for share in such directors or control - as, for example, a no-interest that should be included as being "beneficially owned." You should include an explanation of these circumstances in a business in the "Number of and Class of Securities Now Held." To calculate outstanding voting equity securities, assume all outstanding options are exercised and all outstanding convertible securities exceeded.

# BUSINESS AND ANTICIPATED BUSINESS PLAN

7. Describe in detail the business of the issuer and the anticipated business plan of the issuer.

For a description of our business and our business plan, please refer to the attached Appendix A, Business Description & Plan.

INSTRUCTION: REQUISITION 7: Separate will provide your company's Reynolds profits as an appendix (Appendix A) to the Form C in PDF format. The submission will include all (full name and "total name" links in an uncollapsed format. All values will be transmitted.

This means that any information provided in your Reynolds profile will be provided at the SEC in response to this question. As a result your company will be potentially liable for misstatements and omissions in your profile under the Securities Act of 1933, which requires you to provide material information outside the your business and anticipated business plan. Please return your Reynolds profile carefully to ensure it provides all material information, in no form or misleading, and does not omit any information that would cause the information included in the files or misleading.

# RISK FACTORS

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.

8. Discuss the material factors that make an investment in the issuer speculative or risky:

COVID-19 can materially impact our business. It is unclear how long the COVID-19 pandemic will last and to what degree it could hurt our ability to generate revenues. For example, it could complicate our ability to procure materials and partnerships needed for production, or impact our ability to distribute to customers. There may be other effects stemming from this pandemic that are damaging to our company which we have not yet considered.

Manufacturing and selling alcohol requires local, state, and federal licenses. Laws and regulations could change impacting the business.

The Company is dependent on key personnel. The Company's success will depend upon the contributions of key personnel, especially the Founder. The Company's future success is also dependent upon its ability to attract and retain other highly qualified personnel. Competition for such personnel is intense, and the Company's inability to attract and retain additional key employees could have a material adverse effect on the Company's financial condition and operations.

Business forecasts could prove to be off-target and several unforeseen changes can change the course of the company's direction. However, if a business related opportunity presents itself that was outside the scope of initial forecasts, we will seize it. Additional funding may be necessary for future development.

Our business model currently relies upon contract brewers to craft our product. Brewing machinery and methodology may differ across each contract brewing facility. Unexpected occurrences at breweries can affect production. Fluctuations in taste can therefore occur.

Sourcing ingredients has become a logistical challenge during the Covid era. Due to shipping disruptions caused by the pandemic, there can be shortages of key ingredients and other supplies can affect production.

We have a very experimental approach to crafting new beer recipes, but that does not mean that every brew that we create will be commercially successful.

As in all startup ventures, there is no guarantee of success and all invested funds could be lost. Shares are not publicly traded and you may not be able to exit when you choose.

The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company's assets or profits and have no voting rights or ability to direct the Company or its actions.

Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our

business.

DISTRICTOR'S REQUISITION: Avoid generalized statements and include only three factors that are unique in the issue. This is not intended to be allowed to the issuer's business and the offering and should not repeat the factors addressed in the dispute as both above. No specific number of risk factors is required to be identified.

# Ownership and Capital Structure

## DESCRIPTION OF ISSUER'S SECURITIES

17. What other securities or classes of securities of the issuer are outstanding? Describe the material terms of any other outstanding securities or classes of securities of the issuer.

| Class of Security | Securities (or Amount) Authorized | Securities (or Amount) Outstanding | Voting Rights |
| --- | --- | --- | --- |
| Common | 10,000,000 | 8,006,250 | Yes |

Securities Reserved for
Issuance upon Exercise or Conversion

Warrants:

Options: 1,993,750

24. Describe the material terms of any indebtedness of the issuer:

Loan

| Lender | CRF USA |
| --- | --- |
| Issue date | 05/04/20 |
| Amount | $62,700.00 |
| Outstanding principal plus interest | $0.00 as of 05/18/21 |
| Interest rate | 1.0% per annum |
| Current with payments | Yes |

Payroll Promotion Plan - this has been forgiven

Loan

| Lender | CRF USA |
| --- | --- |
| Issue date | 04/28/21 |
| Amount | $39,963.00 |
| Outstanding principal plus interest | $0.00 as of 09/29/22 |
| Interest rate | 0.0% per annum |
| Current with payments | Yes |

Second Payroll Promotion Plan

Loan

| Lender | Shopify |
| --- | --- |
| Issue date | 06/20/21 |
| Amount | $18,000.00 |
| Outstanding principal plus interest | $3,550.20 as of 01/15/23 |
| Interest rate | 14.0% per annum |
| Current with payments | Yes |

Loan

| Lender | Intuit Financing Inc. |
| --- | --- |
| Issue date | 03/23/22 |
| Amount | $20,000.00 |
| Outstanding principal plus interest | $4,492.53 as of 01/15/23 |
| Interest rate | 30.0% per annum |
| Maturity date | 03/24/23 |
| Current with payments | Yes |

DISTRICTOR'S REQUISITION: 24. Note: No studies, amount used, interest rate, maturity date, and any other material terms.

25. What other exempt offerings has the issuer conducted within the past three years?

| Offering Date | Exemption | Security Type | Amount Sold | Use of Proceeds |
| --- | --- | --- | --- | --- |
| 1/2020 | Section 4(a)(2) | SAFE | $300,000 | General operations |
| 12/2020 | Section 4(a)(2) | SAFE | $170,000 | General operations |
| 12/2021 | Section 4(a)(2) | SAFE | $155,000 | General operations |
| 5/2022 | Section 4(a)(2) | SAFE | $320,000 | General operations |
| 12/2022 | Section 4(a)(2) | SAFE | $255,000 | General operations |

26. Was or is the issuer or any entities controlled by or under common control with the issuer a party to any transaction since the beginning of the issuer's last fiscal year, or any currently proposed transaction, where the amount involved exceeds five percent of the aggregate amount of capital raised by the issuer in reliance on Section 4(a)(5) of the Securities Act during the preceding 12-month period, including the amount the issuer seeks to raise to the current offering, in which any of the following persons had or is to have a direct or indirect material interest:

1. any director or officer of the issuer;
2. any person who is, as of the most recent practicable date, the beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power;
3. if the issuer was incorporated or organized within the past three years, any promoter of the

Issue:

4. or (4) any immediate family member of any of the foregoing persons

☐ Yes
☑ No

INTERACTING REQUESTION 26. The term transaction includes, but is not limited to, any financial transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) or any series of similar transactions, arrangements or relationships.

Beneficial ownership (or purposes of paragraph 12) shall be determined as of a date that is no more than 120 days prior to the date of filing of this offering statement and using the same information described in Questions of this Question and Answer format.

The term "member of the family" includes any child, stepchild, grandchild, parent, eaguerant, grandparent, spouse or spousal equivalent, sibling, mother or son, father or son, son or her, daughter or son, brother or son, or sister or son of the person, and includes caregiver relationships. The term "spousal equivalent" means a substitute occupying a relationship generally equivalent to that of a spouse.

Compare the amount of a related party's interest in any transaction without regard to the amount of the people or fees involved in the transaction. Where it is not practicable to keep the approximate amount of the interest, disclose the approximate amount involved in the transaction.

## FINANCIAL CONDITION OF THE ISSUER

27. Does the issuer have an operating history?

☑ Yes
☐ No

28. Describe the financial condition of the issuer, including, to the extent material, liquidity, capital resources and historical results of operations.

### Management's Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

### Overview

Asian-inspired craft beers. Playful brews, unforgettable taste.

Trying new things is a part of our innovative spirit and we wanted to show the beer community that things don't have to be a certain way or follow a certain recipe for success. We experimented by adding a wide array of Asian-influenced ingredients to our brews to create new tasting experiences and bring people and cultures together.

We are an Asian-inspired craft beer company based in the SF Bay Area. We combine unique and tasty ingredients with traditional beer styles. Ingredients like bamboo leaves, lemongrass, Szechuan peppercorns, galangal and even oyster sauce! Our goal is to push boundaries by adding more flavors and diversity to the beer industry.

We want to expand our footprint through collaborating with local breweries in each state. If the opportunity comes, we would like to tap into the international markets as well as open taprooms across the country working with local restaurateurs. We of course will be continuously experimenting with new and exciting flavors for our beer.

### Milestones

DKB Brands Inc was incorporated in the State of Delaware in June 2019.

Since then, we have:

- AAM-owned small business adding diversity within the craft beer industry
- Distributed in over 400 retail locations, including Whole Foods, Total Wine, and Bar/Mo
- Over $1MM in revenue since founding
- Six winner at 2021 and 2022 Brewski Awards
- 2021 The Red Dot Winner for brand design
- Finalist in the 2020 and 2021 Brewbound Pitch Slam Competition
- Successful collaborations with local non-profits, benefitting the community

The Company is subject to risks and uncertainties common to early-stage companies. Given the Company's limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future.

### Historical Results of Operations

Our company was organized in June 2019 and has limited operations upon which prospective investors may base an evaluation of its performance.

- Brewers & Other Design. For the period ended December 31, 2021, the Company had revenues of $95,828 compared to the year ended December 31, 2020, when the Company had revenues of $34,834.
- Acem. As of December 31, 2021, the Company had total assets of $67,105, including $31,126 in cash. As of December 31, 2020, the Company had $157,757 in total assets, including $51,272 in cash.
- Air Line. The Company has had net losses of $217,623 and net losses of $344,152 for the fiscal years ended December 31, 2021 and December 31, 2020, respectively.
- Liability. The Company's liabilities totaled $824,778 for the fiscal year ended December 31, 2021 and $581,176 for the fiscal year ended December 31, 2020.

### Liquidity & Capital Resources

To-date, the company has been financed with $102,263 in PPP loans, $38,000 in

0001, and $1346.921 in $APES.

After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 9 months before we need to raise further capital.

We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don't have any other sources of capital in the immediate future.

We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 6 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.

### Runway & Short/Mid-Term Expenses

DKB Brands Inc cash in hand is $141,000, as of January 2023. Over the last three months, revenues have averaged $45,175/month, cost of goods sold has averaged $26,904/month, and operational expenses have averaged $74,442/month, for an average burn rate of $55,776 per month. Our average revenue was lower, and the burn rate was higher than normal as we had out-of-stock issues. Our intent is to be profitable in 12 months.

The distribution revenue was not reflected in our 2020 and 2021 financials as our distribution was fulfilled by another company. The actual revenue started after we received the manufacturing license in March of 2022.

Over the next six months, we aim to generate approximately $954k in revenue while incurring $37k in cost of goods sold and $872k in operating expenses.

We expect to hit a break-even point toward early 2024. We would like to raise at least $1m to have enough runway to acquire the treasury and to promote our brand further outside.

We do not have additional sources of capital other than the proceeds from the offering. We plan to raise capital again in 6 months.

All projections in the above narrative are forward-looking and not guaranteed.

INTERMITTENT PROJECTION 27. The discussion must cover such cost for which financial statements are provided. For issuers with no prior operating history, the discussion should focus on financial statements and operational, liquidity and other challenges. For issuers with an operating history, the discussion should focus on whether historical trends and cash flows are representative of what investors should expect in the future. This may increase the proceeds of the offering and any other known or pending sources of capital. Unless from the proceeds from the offering will affect liquidity, whether receiving these funds and any other additional funds is necessary to the visibility of the business, and how quickly the issuer anticipates using its available cash. It is the the other available sources of capital in the business, and has been of credit to required contributions to shareholders. Activities in the issuer in this Question 27 and these instructions refer to the issuer and its predecessors, if any.

## FINANCIAL INFORMATION

28. Include financial statements covering the two most recently completed fiscal years or the period(s) since inception, if shorter:

Refer to Appendix C, Financial Statements

1. Youngwon Lee certify that:

- (1) the financial statements of DKB Brands Inc included in this Form are true and complete in all material respects; and
- (2) the financial information of DKB Brands Inc included in this Form reflects accurately the information reported on the tax return for DKB Brands Inc filed for the most recently completed fiscal year.

Youngwon Lee
CEO

## OTHER MATERIAL INFORMATION

31. In addition to the information expressly required to be included in this Form, include:

- (1) any other material information presented to investors; and
- (2) such further material information, if any, as may be necessary to make the required statements, in the light of the circumstances under which they are made, not misleading.

The Lead Investor. As described above, each investor that has entered into the Investor Agreement will grant a power of attorney to make voting decisions on behalf of that investor to the Lead Investor (the "Proxy"). The Proxy is irrevocable unless and until a Successor Lead Investor takes the place of the Lead Investor, in which case, the Investor has a five (5) calendar day period to revoke the Proxy. Pursuant to the Proxy, the Lead Investor or his or her successor will make voting decisions and take any other actions in connection with the voting on Investors' behalf.

The Lead Investor is an experienced investor that is chosen to act in the role of Lead Investor on behalf of Investors that have a Proxy in effect. The Lead Investor will be chosen by the Company and approved by Wefunder Inc. and the identity of the initial Lead Investor will be disclosed to Investors before Investors make a final Investment decision to purchase the securities related to the Company.

The Lead Investor can quit at any time or can be removed by Wefunder Inc. for cause or pursuant to a vote of Investors as detailed in the Lead Investor Agreement. In the event the Lead Investor quits or is removed, the Company will choose a Successor Lead Investor who must be approved by Wefunder Inc. The identity of the Successor Lead Investor will be disclosed to Investors, and those that have a Proxy in effect can choose to either leave such Proxy in place or revoke such Proxy during a 5-day period beginning with notice of the replacement of the Lead Investor.

The Lead Investor will not receive any compensation for his or her services to the SPV. The Lead Investor may receive compensation if, in the future, Wefunder Advisors LLC forms a fund ("Fund") for accredited investors for the purpose of investing in a non-Regulation Crowdfunding offering of the Company. In such as circumstance, the Lead Investor may act as a portfolio manager for that Fund (and as a supervised person of Wefunder Advisors) and may be compensated through that role.

Although the Lead Investor may act in multiple roles with respect to the Company's offerings and may potentially be compensated for some of its services, the Lead Investor's goal is to maximize the value of the Company and therefore maximize the value of securities issued by or related to the Company. As a result, the Lead Investor's interests should always be aligned with those of investors. It is, however, possible that in some limited circumstances the Lead Investor's interests could diverge from the interests of investors, as discussed in section 8 above.

Investors that wish to purchase securities related to the Company through Wefunder Portal must agree to give the Proxy described above to the Lead Investor, provided that if the Lead Investor is replaced, the Investor will have a 5-day period during which he or she may revoke the Proxy. If the Proxy is not revoked during this 5-day period, it will remain in effect.

Tax Filings. In order to complete necessary tax filings, the SPV is required to include information about each investor who holds an interest in the SPV, including each investor's taxpayer identification number ("TIN") (e.g., social security number or employer identification number). To the extent they have not already done so, each investor will be required to provide their TIN within the earlier of (i) two (2) years of making their investment or (ii) twenty (20) days prior to the date of any distribution from the SPV. If an investor does not provide their TIN within this time, the SPV reserves the right to withhold from any proceeds otherwise payable to the investor an amount necessary for the SPV to satisfy its tax withholding obligations as well as the SPV's reasonable estimation of any penalties that may be charged by the IRS or other relevant authority as a result of the investor's failure to provide their TIN. Investors should carefully review the terms of the SPV Subscription Agreement for additional information about tax filings.

INSTRUCTIONS REQUIRED: (1) If information is presented to investors in a format, media or other means not able to be reflected in text or periodic disclosure format, the issuer should include:

(a) a description of the intended content of such information;

(b) a description of the format in which such disclosure is presented; and

(c) in the case of disclosure in sales, sales or other dynamic media or format, a material or description of such disclosure.

# ONGOING REPORTING

32. The issuer will file a report electronically with the Securities & Exchange Commission annually and post the report on its website no later than

120 days after the end of each fiscal year covered by the report.

33. Once posted, the annual report may be found on the issuer's website at:

http://www.enjoydkb.com/invest

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

1. the issuer is required to file reports under Exchange Act Sections 13(a) or 13(b);
2. the issuer has filed at least one annual report and has fewer than 300 holders of record;
3. the issuer has filed at least three annual reports and has total assets that do not exceed $10 million;
4. the issuer or another party purchases or repurchases all of the securities issued pursuant to Section 4(c)(6), including any payment in full of debt securities or any complete redemption of redeemable securities; or the issuer liquidates or dissolves in accordance with state law.

# APPENDICES

Appendix A: Business Description & Plan

Appendix C: Financial Statements

Financials 1

Financials 2

Appendix D: Director & Officer Work History

Youngwon Lee

Youngwon Lee

Appendix E: Supporting Documents

# Signatures

Operational instruments or omissions of facts constitute federal criminal violations. See 18 U.S.C. 1001.

The following documents will be filed with the SEC:

Cover Page XML

Offering Statement (this page)

Appendix A: Business Description & Plan

Appendix B: Investor Contracts

SPV Subscription Agreement

SAFE (Simple Agreement for Future Equity)

Appendix C: Financial Statements

Financials 1

Financials 2

Appendix D: Director & Officer Work History

Youngwon Lee

Youngwon Lee

Appendix E: Supporting Documents

*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 Annual Report and has duly caused this Form to be signed on its behalf by the duly authorized undersigned.*

DKB Brands Inc

By

*Youngwon Lee*

Founder, Chief Dokkaebi

*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 Annual Report and Transfer Agent Agreement has been signed by the following persons in the capacities and on the dates indicated.*

*Youngwon Lee*

Founder, Chief Dokkaebi

1/24/2023

*The Annual Report must 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.*

I authorize Wefunder Portal to submit a Annual Report to the SEC based on the information I provided through this online form and my company's Wefunder profile.

As an authorized representative of the company, I appoint Wefunder Portal as the company's true and lawful representative and attorney-in-fact, in the company's name, place and stead to make, execute, sign, acknowledge, swear to and file a Annual Report on the company's behalf. This power of attorney is coupled with an interest and is irrevocable. The company hereby waives any and all defenses that may be available to contest, negate or disaffirm the actions of Wefunder Portal taken in good faith under or in reliance upon this power of attorney.

**Attachment 2:** `document_2.pdf`

# DOKKAEBIER
2021 Report

## *Dear investors,*

We believed in our vision, but at times, the future looked challenging as we had to pivot multiple times as we were going through the pandemic. We still had to hustle a lot in 2021, making 1600+ door-to-door deliveries and supplying to over 160 h2b retailers like Benson, Total wine, Berkely Bowl, Gus' Market, and local restaurants.

2022 looks bright and promising to us. We are growing much faster than last year, and it seems like we are really building momentum. As things opened up, our 2022Q1 revenue doubled 2021Q1 revenue.

Without your help, it would not have been possible. Thanks for all the support so far. Please say hi when you visit us in Oakland. See you soon!

### **We need your help!**

We will start working with distributors across California starting 2022. You will see us more at retailers like Wholefoods, H-marts, Molliestones, and local restaurants starting Q2 or Q3 of 2022. Please let your friends know when you see them on the shelf!

Also, we are close to signing a lease to open up a taproom in Oakland, CA! We will make an official announcement as soon as the lease is signed. When we do, please spread the word for us and bring your friends!

*Sincerely,*

*Youngwon Lee*

Founder, Chief Dokkaebi

## **Our Mission**

We want to expand our footprint through collaborating with local breweries in each state. If the opportunity comes, we would like to tap into the international markets as well as open taprooms across the country working with local restaurants. We of course will be continuously experimenting with new and exciting flavors for our beer.

See our full profile

## **How did we do this year?**

*Report Card:*

### The Good

Dokkaeber is now available in 70+ Benno locations across California.

Dokkaeber was the Red Bull Design, Creative Communications, and R&D in House design events.

Dokkaeber was a finalist in the 2020 and 2021 Breakout of the 2020 2021 Breakout of the 2020 2021 Breakout of the 2020 2021 Breakout of the 2020 2021 Breakout of the 2020 2021 Breakout of the 2020 2021 Breakout of the 2020 2021 Breakout of the 2020 2021 Breakout of the 2020 2021

### The Bad

We had to recall two batches of beer due to a production issue. Since then, we have partnered with a new brewery.

Beer material supply has been unstable due to the pandemic. We are looking to find a more stable supplier.

Due to refutation and supply chain issues, raw material and production costs have increased.

## 2021 At a Glance

January 1 to December 31

**$95,828 +75%**
Revenue

**-$317,623**
Net Loss

**$85,123 +12%**
Short Term Debt

**$361,484**
Raised in 2021

**$141,000**
Cash on Hand
As of 01/20/23

INCOME

BALANCE

NARRATIVE

● Revenues ● Profit

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

Net Margin: -331% Gross Margin: 100% Return on Assets: -473% Earnings per Share: -535,702.88 Revenue per Employee: 515,571 Cash to Assets: 48% Revenue to Receivables: 296% Debt Ratio: 1.229%

DKB_2020_review_report_Final-feap_feapopacom-1-12_1.pdf

Dokkaeber_Consolidated_Financials_and_CFA_Review_Report_2021.pdf

## We ♥ Our 162 Investors

### Thank You For Believing In Us

| Avery Gasser | Heinz Rossetti | Heinz Chung | Maxine J Small | Fernando Orozco | Natasha Ogle | Frank & Richard Verhoeven |
| --- | --- | --- | --- | --- | --- | --- |
| James Harington Hunt | Altschul & Homa | George Ackerman | Frank & Robert Verhoeven | Gertrude Ladd | Angus Lee | David Hockard |
| Avery Gasser | Fernando Orozco | International Corporation | Kenneth Ray | Howard Chung | He John Hwang | Matthew Cossins |
| Oris De Vela | Hubert Le | Hearing Van | Bob McCallum | Eugene Kim | Wit Hooper | Kevin Chan Min |
| Greg Harington Rice | Tricia Jang | Jeffrey Meager | James Marvin | Jason Chung | Sun Smith | Jimmy Dewey |
| Jayne Oh | Justin D. Heri | Idelle Bates | James C | Jenny May | Paul Deval | Philip Morris Lee |
| Ted Yuen | Ann Chavez | William Schmidt | Cl. Lin | Stuart Tew | Deane Albrecht | Kathleen O'Malley |
| Rebecca Dunn | Herman Duth | David Barrows | M. H. | Eliza Pomerleau | Ivan Turner | David Sauer |
| Richard Jua | Christian Nunn | Carolyn Ku | Robert Lin | Jenny Yang | James Park | Ann Aitken |
| Wes Seng Lee | Christine Nunn | Man Tenny Sun | Bruce & McGowan | Charles Johnson | Robin Song | Jun Lee |
| Isaac Van Degen | Anilman Hegeda | Hayden Ng | Blake Fenton | Ray O'Malley | James & Kjellie Robinson | Stephen Jones |
| Bradley Britton | Chu Chen | Michelle Rapp | Jeffrey Lee | Ron Ann Chang | Sunrise Tannicama | James Aitken Carter |
| Depeck Kirs | Marvin Lee | Matthew Ray | David Russell | Jenny Chu | Andrew Sredderwalt | David McElwee |
| Michael Hsu | David Chu | James L. Ladd | Tom Lee | Thomas J. Li | James Aitken | Andy Latham |

Jerry VanStraten
Jim Choe
Paul Hatton
Walt Drennan
Jesse Bousheers-Jensen
Michael Tate
Wes Goring
Jan Yacelyn
Andrea Gendron
Zach Lamberly

Mike Scherer
Lizzy VanRoden
Curtiss Chump
Jesse Eller
Rene GATTEN
Louis Guernas
Veronica Kershaw
Val Kershaw
Philip Chang

Wolfgang Stack
Jan Grot
Gertrude Le
Daniel Goldwin
Jin Kim
Rebecca Kim
Wolfgang Black
Charles Dickinson
Jim Jung

Mike Yung
Tom Yuzon
Jason Swell
Eric Kim
Adam Phillips
Paul Bickerton
Beatrice Golden-Weghouse
Scott Syner
Robert Fernandez

De Chie
Lee Young
Garland As
Steven Garrett
Justin Woodard
Jenny Choi
Ben Cain
Richard VIZZA
Lara Park

David French
Jim Winkler
Jonathan Tan
Ji-Ho Choi
Debbie Buchman
Ji-Ho Choi
David Cain
Chris Burrows
Jason Lee

Veronica Kershaw
Hugh Gunn
Youngkwan Chan
Peter Lee
John White
Jenny Park
Susan Christensen
Mike Song Lee
Andrew Nelson

# Thank You!
## From the Dokkaebier Team

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

**Youngwon Lee**
Founder, Chief Dokkaebi

**Aaron Weshnak**
Head Brewer

Graduating from the Brewing Program at BC Davis, he received his craft in some of California's most prestigious innovative the Kansas River, Lee Cross, Sunset Reservoir and Air Brook.

**Jiah Park**
Art Director

Miles Arts & Cultural Management from King's College London and His Graphic Communication Design from Central Sales Machine. And a specialty is in conceptualization, brand identity and visual marketing.

# Details

### The Board of Directors

| DIRECTOR | DOCUMENTATION | JUNE 2019 |
| --- | --- | --- |
| Youngwon Lee | CEO @ DKB Brands Inc |  |

### Officers

| OFFICER | TITLE | JUNE 2019 |
| --- | --- | --- |
| Youngwon Lee | CEO |  |

### Voting Power

| MASTER | DOCUMENTATION VALUE | TOTAL PAGES |
| --- | --- | --- |
| Youngwon Lee | 8,006,250 Common Stock | 100.0% |

### Past Equity Fundraiser

| DATE | AMOUNT | SECURITY | DESCRIPTION |
| --- | --- | --- | --- |
| 05/2020 | $300,000 | Safe | Section 4(a)(2) |
| 05/2020 | $62,700 |  | Section 4(a)(2) |
| 12/2020 | $170,000 | Safe | Section 4(a)(2) |
| 04/2021 | $38,563 |  | Section 4(a)(2) |
| 09/2021 | $18,000 |  | Section 4(a)(2) |
| 11/2021 | $148,921 |  | 4(a)(6) |
| 12/2021 | $155,000 | Safe | Section 4(a)(2) |
| 03/2022 | $20,000 |  | Section 4(a)(2) |
| 05/2022 | $320,000 | Safe | Section 4(a)(2) |
| 12/2022 | $255,000 | Safe | Section 4(a)(2) |

The use of proceeds is in final general operations.

### Outstanding Debits

| LOCATION | ISSUED | AMOUNT | OUTRAGE | INTEREST | MATURITY | CURRENT |
| --- | --- | --- | --- | --- | --- | --- |
| CRF USA 0 | 05/05/2020 | $62,700 | 90 1) | 1.0% |  | Yes |
| CRF USA 0 | 04/28/2021 | $39,563 | 90 1) | 0.0% |  | Yes |
| Shopify 0 | 06/21/2021 | $18,000 | $3,500 1) | 14.0% |  | Yes |
| Intuit Financing Inc. | 03/24/2022 | $20,000 | $4,493 1) | 30.0% | 03/24/2023 | Yes |

## Related Party Transactions

None.

## Capital Structure

| CLASS OF SECURITY | SECURITIES FOR AMOUNTS AUTHORIZED | SECURITIES FOR AMOUNTS COST RATES | NOTING REBATE |
| --- | --- | --- | --- |
| Common | 10,000,000 | 8,006,250 | Yes |

|  | SECURITIES RESERVED FOR FINANCE WITH PARKING OR CONVERSION |
| --- | --- |
| Warrants: | 0 |
| Options: | 1,993,750 |

## Risks

As in all startup ventures, there is no guarantee of success and all invested funds could be lost. Shares are not publicly traded and you may not be able to exit when you choose.

We have a very experimental approach to crafting new beer recipes, but that does not mean that every brew that we create will be commercially successful.

COVID-19 can materially impact our business. It is unclear how long the COVID-19 pandemic will last and to what degree it could hurt our ability to generate revenues. For example, it could complicate our ability to procure materials and partnerships needed for production, or impact our ability to distribute to customers. There may be other effects stemming from this pandemic that are damaging to our company which we have not yet considered.

Manufacturing and selling alcohol requires local, state, and federal licenses. Laws and regulations could change impacting the business.

Business forecasts could prove to be off target and several unforeseen changes can change the course of the company's direction. However, if a business related opportunity presents itself that was outside the scope of initial forecasts, we will seize it. Additional funding may be necessary for future development.

Our business model currently relies upon contract brewers to craft our product. Brewing machinery and methodology may differ across each contract brewing facility. Unexpected occurrences at breweries can affect production. Fluctuations in taste can therefore occur.

Sourcing ingredients has become a logistical challenge during the Covid era. Due to shipping disruptions caused by the pandemic, there can be shortages of key ingredients and other supplies can affect production.

The Company is dependent on key personnel. The Company's success will depend upon the contributions of key personnel, especially the Founder. The Company's future success is also dependent upon its ability to attract and retain other highly qualified personnel. Competition for each personnel is intense, and the Company's inability to attract and retain additional key employees could have a material adverse effect on the Company's financial condition and operations.

Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.

The Company may never receive a future equity financing or elect to convert the Securities upon each future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illegal, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company's assets or profits and have no voting rights or ability to direct the Company or its actions.

## Description of Securities for Prior Reg CF Raise

Additional issuances of securities. Following the Investor's investment in the Company, the Company may sell interests to additional investors, which will dilute the percentage interest of the Investor in the Company. The Investor may have the opportunity to increase its investment in the Company in such a transaction, but each opportunity cannot be assured. The amount of additional financing needed by the Company, if any, will depend upon the maturity and objectives of the Company. The declining of an opportunity or the inability of the Investor to make a follow-on investment, or the lack of an opportunity to make such a follow-on investment, may result in substantial dilution of the Investor's interest in the Company.

Issuer repurchases of securities. The Company may have authority to repurchase its securities from shareholders, which may serve to decrease any liquidity in the market for such securities, decrease the percentage interests held by other similarly situated investors to the Investor, and create pressure on the Investor to sell its securities to the Company concurrently.

A sale of the issuer or of assets of the issuer. As a minority owner of the Company, the Investor will have limited or no ability to influence a potential sale of the Company or a substantial portion of its assets. Thus, the Investor will rely upon the executive management of the Company and the Board of Directors of the Company to manage the Company so as to maximize value for shareholders. Accordingly, the success of the Investor's investment in the Company will depend in large part upon the skill and expertise of the executive management of the Company and the Board of Directors of the Company. If the Board Of Directors of the Company authorizes a sale of all or a part of the Company, or a disposition of a substantial portion of the Company's assets, there can be no guarantee that the value received by the Investor, together with the fair market estimate of the value remaining in the Company, will be equal to or exceed the value of the Investor's initial investment in the Company.

Transactions with related parties. The Investor should be aware that there will be occasions when the Company may encounter potential conflicts of interest in its

operations. On any issue involving conflicts of interest, the executive management and Board of Directors of the Company will be guided by their good faith judgement as to the Company's best interests. The Company may engage in transactions with affiliates, subsidiaries or other related parties, which may be on terms which are not arm's-length, but will be in all cases consistent with the duties of the management of the Company to its shareholders. By acquiring an interest in the Company, the investor will be deemed to have acknowledged the existence of any such actual or potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest.

# Minority Ownership

An investor in the Company will likely hold a minority position in the Company, and thus be limited as to its ability to control or influence the governance and operations of the Company.

The marketability and value of the investor's interest in the Company will depend upon many factors outside the control of the investor. The Company will be managed by its officers and be governed in accordance with the strategic direction and decision-making of its Board Of Directors, and the investor will have no independent right to name or remove an officer or member of the Board Of Directors of the Company.

Following the investor's investment in the Company, the Company may sell interests to additional investors, which will dilute the percentage interest of the investor in the Company. The investor may have the opportunity to increase its investment in the Company in such a transaction, but such opportunity cannot be assured.

The amount of additional financing needed by the Company, if any, will depend upon the maturity and objectives of the Company. The declining of an opportunity or the inability of the investor to make a follow-on investment, or the lack of an opportunity to make such a follow-on investment, may result in substantial dilution of the investor's interest in the Company.

# Exercise of Rights Held by Principal Shareholders

As holders of a majority-in-interest of voting rights in the Company, the shareholders may make decisions with which the investor disagrees, or that negatively affect the value of the investor's securities in the Company, and the investor will have no recourse to change these decisions. The investor's interests may conflict with those of other investors, and there is no guarantee that the Company will develop in a way that is optimal for or advantageous to the investor. For example, the shareholders may change the terms of the articles of incorporation for the company, change the terms of securities issued by the Company, change the management of the Company, and even force out minority holders of securities. The shareholders may make changes that affect the tax treatment of the Company in ways that are unfavorable to you but favorable to them. They may also vote to engage in new offerings and/or to register certain of the Company's securities in a way that negatively affects the value of the securities the investor owns. Other holders of securities of the Company may also have access to more information than the investor, leaving the investor at a disadvantage with respect to any decisions regarding the securities he or she owns. The shareholders have the right to redeem their securities at any time. Shareholders could decide to force the Company to redeem their securities at a time that is not favorable to the investor and is damaging to the Company. Investors' exit may affect the value of the Company and/or its viability. In cases where the rights of holders of convertible debt, SAFEs, or other outstanding options or warrants are exercised, or if new awards are granted under our equity compensation plans, an investor's interests in the Company may be diluted. This means that the pro-rata portion of the Company represented by the investor's securities will decrease, which could also diminish the investor's voting and/or economic rights. In addition, as discussed above, if a majority-in-interest of holders of securities with voting rights cause the Company to issue additional stock, an investor's interest will typically also be diluted.

# Restrictions on Transfer

The securities offered via Regulation Crowdfunding may not be transferred by any purchaser of such securities during the one year period beginning when the securities were issued, unless such securities are transferred:

- to the issuer;

- to an accredited investor(1);

- as part of an offering registered with the U.S. Securities and Exchange Commission; or

- 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.

# Valuation Methodology for Prior Reg CF Raise

The offering price for the securities offered pursuant to this Form C has been determined arbitrarily by the Company, and does not necessarily bear any relationship to the Company's book value, assets, earnings or other generally accepted valuation criteria. In determining the offering price, the Company did not employ investment banking firms or other outside organizations to make an independent appraisal or evaluation. Accordingly, the offering price should not be considered to be indicative of the actual value of the securities offered hereby.

The initial amount invested in a SAFE is determined by the investor, and we do not guarantee that the SAFE will be converted into any particular number of shares of Preferred Stock. As discussed in Question 12, when we engage in an offering of equity interests involving Preferred Stock, investors may receive a number of shares of Preferred Stock calculated as either (i) the total value of the investor's investment, divided by the price of the Preferred Stock being issued to new investors, or (ii) if the valuation for the company is more than the Valuation Cap, the amount invested divided by the quotient of (i) the Valuation Cap divided by (ii) the total amount of the Company's capitalization at that time. Because there will likely be no public market for our securities prior to an initial public offering or similar liquidity event, the price of the Preferred Stock that investors will receive, and/or the total value of the Company's capitalization, will be determined by our board of directors. Among the factors we may consider in determining the price of Preferred Stock are prevailing market conditions, our financial information, market valuations of other companies that we believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant. In the future, we will perform valuations of our stock (including both common stock and Preferred Stock) that take into account, as applicable, factors such as the following:

- unrelated third party valuations;

- the price at which we sell other securities in light of the relative rights, preferences and privileges of those securities;

- our results of operations, financial position and capital resources;

- current business conditions and projections;

- the marketability or lack thereof of the securities;

- the hiring of key personnel and the experience of our management;

- the introduction of new products;

- the risk inherent in the development and expansion of our products;
- our stage of development and material risks related to our business;
- the likelihood of achieving a liquidity event, such as an initial public offering or a sale of our company given the prevailing market conditions and the nature and history of our business;
- industry trends and competitive environment;
- trends in consumer spending, including consumer confidence;
- overall economic indicators, including gross domestic product, employment, inflation and interest rates; and
- the general economic outlook.

We will analyze factors such as those described above using a combination of financial and market-based methodologies to determine our business enterprise value. For example, we may use methodologies that assume that businesses operating in the same industry will share similar characteristics and that the Company's value will correlate to those characteristics, and/or methodologies that compare transactions in similar securities issued by us that were conducted in the market.

# Company

DKS Brands Inc
- Delaware Corporation
- Organized June 2019
- 6 employees

27 Moss Ln

Oakland CA 94608

http://www.angovdks.com

# Business Description

Refer to the Dokkaebler profile.

# EDGAR Filing

The Securities and Exchange Commission hosts the official version of this annual report on their EDGAR web site. It looks like it was built in 1989.

# Compliance with Prior Annual Reports

Dokkaebler is current with all reporting requirements under Rule 202 of Regulation Crowdfunding.

# All prior investor updates

You can refer to the company's updates page to view all updates to date. Updates are for investors only and will require you to log in to the Wefunder account used to make the investment.

**Attachment 3:** `document_3.pdf`

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

## INVEST IN DOKKAEBIER

Share

# Asian-inspired craft beers. Playful brews, unforgettable taste.

### LEAD INVESTOR

**Avery Glasser** Managing Partner, Glasser Holdings LLC

Youngwon's idea to build a portfolio of craft beers that not only fits Asian-American palates but also fits how most Americans choose to drink their beers just makes sense. As a jaded alcohol-industry veteran who has seen dozens of new concepts every year, Dokkaebier wasn't just compelling as an investment but because they're a story of inclusivity.

Dokkaebier has found an untapped market. They are a bridge for people who are starting to develop an interest in craft beers and are already a great place to start for Asian Americans. Many Asian restaurants are interested in adding craft but want products that don't clash with their cuisine or eating and drinking cultures.

Dokkaebier is perfect for drinkers who are looking for something new that isn't a double dry-hopped imperial Berlinerweisse!

Invested $2,500 this round & $10,000 previously

Learn about Lead Investors

enjoydkb.com

San Francisco CA

Alcohol & Vice

Ecommerce

B2C

Minority Founder

OVERVIEW UPDATES WHAT PEOPLE SAY ASK A QUESTION

## Highlights

1. AAPI-owned small business adding diversity within the craft beer industry
2. Distributed in over 400 retail locations, including Whole Foods, Total Wine, and BevMo
3. 228% YOY account growth in 2022
4. Over $1MM in revenue since founding
5. 10x winner at 2021 and 2022 Brewski Awards. 2021 The Red Dot Winner for brand design
6. Finalist in the 2020 and 2021 Brewbound Pitch Slam Competition
7. Successful collaborations with local non-profits, benefitting the community
8. Founder has 14 years F&B experience distributing brands like Tito's, Patron, and Stoli

## Our Team

Youngwon Lee Founder, Chief Dokkaebi

Over 14 years of experience in the food & beverage industry with brands like Stolichnaya, Patron, Armand de Brignac and more. Experience with restaurant, bar and brewery management.

Trying new things is a part of our innovative spirit and we wanted to show the beer community that things don't have to be a certain way or follow a certain recipe for success. We experimented by adding a wide array of Asian-influenced ingredients to our brews to create new tasting experiences and bring people and cultures together.

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

### **Aaron Weshnak** Head Brewer

Graduating from the Brewing Program at UC Davis, he mastered his craft at some of California's most prestigious breweries like Russian River, Lost Coast, Sunset Reservoir and the Booth.

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

### **Jiah Park** Art Director

MA in Arts & Cultural Management from King's College London and BA Graphic Communication Design from Central Saint Martins. Jiah's specialty is in conceptualisation, brand identity and visual marketing.

## Playful Brews, Unforgettable Taste: A Dokkaebier Story

![img-3.jpeg](img-3.jpeg)

Confidential and proprietary. Copyright © by DKB Brands Inc. All Rights Reserved.

## Our beginnings are humble but profound

In 2019, Youngwon Lee thought: “Why is it that we experiment with Asian flavors when it comes to our food but not when it comes to our drinks?”

He then founded Dokkaebier, drawing on his deep knowledge and years of experience in operations, finance, sales, and brand management in the food and beverage industry.

The result is an almost scientific approach to experimentation, driven by sheer determination and a little mischief.

DOKKAEBIER IS A CRAFT BEER COMPANY CENTERED AROUND ASIAN FLAVORS TO PROVIDE A DRINKING EXPERIENCE LIKE NO OTHER.

![img-4.jpeg](img-4.jpeg)

Settling in one of the craft beer capitals of America, Oakland, California, Youngwon embraced the local scene. He was inspired by everyone’s sense of adventure, where people sought out unique, interesting, and authentic flavors. He knew then that he had found the perfect place to start.

![img-5.jpeg](img-5.jpeg)

## COMPANY PURPOSE

![img-6.jpeg](img-6.jpeg)

### Mission

Inspired by the mythical beings of Korean folklore, Dokkaebier aims to refresh the soul, bridge cultures, and unlock the mischief that's inside us all.

![img-7.jpeg](img-7.jpeg)

![img-8.jpeg](img-8.jpeg)

TAP INTO THE MISCHIEF WITHIN

We want to lead the push to bring more diversity and inclusion to the industry.

We know craft beer isn't for snobs, critics, or insiders. Our goal is to fill glasses, bellies, and spirits-all while bringing the rich culture and heritage of Korea and Asia into our brews.

Just like the mythical dokkaebis that gave us our name, Dokkaebier aims to refresh the soul, foster togetherness, and delight people in playful and unexpected ways.

## We're growing the craft beer market

Let's face it: The American craft beer market is oversaturated. Everyone is making slightly different versions of the same thing. We believe Dokkaebier is the 'next step.' Our craft beer is an affordable luxury, an easy upgrade when you want high quality at a great value.

Don't just take our word for it. Craft beer experts tell us that our beer fills the gap left behind by other brands. Our innovation in flavors and brew styles has even non-beer drinkers doing a double-take. We're also proud to be the first premium product in many retailers' Asian beer aisles. Our tasteful twists on classics bring novelty and give us an edge in any market we enter.

![img-9.jpeg](img-9.jpeg)

## Landing and expanding into a $26.8B industry

Dokkaebier is a part of the $26.8 billion craft beer market in the U.S., and we've already made an impact. A Western palate dominates the craft beer industry, which gives us a green field to take the market by storm.

Dokkaebier has also benefited from tailwinds, including the growing popularity of Korean food and Asian culture. Before us, the substantial Asian market had been untapped, and we feel we are positioned to expand and take advantage of this enormous opportunity.

![img-10.jpeg](img-10.jpeg)

*Brewer's Association (National Beer Sales & Production Data, 2021)

DOKKAEBIER

![img-11.jpeg](img-11.jpeg)

## Market Advantages

|  | Dokkaebier | Asian Craft | US Craft |
| --- | --- | --- | --- |
| Top 3 Brands | N/A | Hitachino (JP), Amazing (KR), Jing-A (CN) | Samuel Adams, Sierra Nevada, Yuengling |
| Locale | ✓ | ✗ | ✓ |
| Asian retail distribution | ✓ | ✗ | ✗ |
| US craft market focus | ✓ | ✗ | ✓ |
| Asian palate compatibility | ✓ | ✓ | ✗ |

DOKKAEBIER

Dokkaebier taps into the convergence of multiple markets, which have rewarded us for bringing more diversity and innovation. In just a short time, we've celebrated our culture, bridged East and West, and profited as we expose people to flavors yet to be discovered.

## Nonstop innovation with Asian-inspired flavors

Innovation isn't just a buzzword. It's in our DNA and makes up everything that we do. We've never been called boring.

### From MVP to Award Winning Beers

![img-12.jpeg](img-12.jpeg)

We know savvy consumers are on the hunt for the next big thing. They are drawn to experimentation with authentic flavors, and we push them to new frontiers. We look to our Korean heritage to bring unique and exhilarating flavors to craft beer. Think bamboo tea, bay leaf, galangal, Korean red pepper flakes, lemongrass, oyster sauce, Szechuan pepper, yuza, and even kimchi lactobacillus cultures.

## From limited-edition drops to the mainstream

We got our start with limited-edition releases. Our small-batch experiments would sell out in weeks. We would then take our most popular craft beers to scale, selling them directly to distributors and some of the most popular restaurants and retailers. Our direct accounts made the majority of our sales in 2022, comprising 93% of our revenue-proof of our ability to create and meet demand. We plan to open a flagship taproom, which we expect to be an incredible new revenue driver.

![img-13.jpeg](img-13.jpeg)

## From one tap to thriving throughout the West Coast

We launched Dokkaebier in a San Francisco taproom in February 2020. The taproom was an immediate success and drew considerable media attention, especially with a food menu created by the former chef de cuisine of the two-Michelin-star restaurant Saison.

Dokkaebier then evolved during the COVID-19 pandemic. We were one of the first brands to deliver door-to-door throughout the San Francisco Bay Area. Next came our launches in Sacramento, the North Coast, and Los Angeles.

Despite the uncertainty, we kept our focus and unyielding spirit. We supported frontline healthcare workers, local nonprofits, and every community we belonged to and thrived.

![img-14.jpeg](img-14.jpeg)

![img-15.jpeg](img-15.jpeg)

![img-16.jpeg](img-16.jpeg)

In the last year alone, we created nine new beers, grew our distribution, and doubled our revenue year-over-year! Dokkaebier now has over 400 accounts, representing thousands of grocers, restaurants and retailers. We made our debut at Whole Foods Market in July 2022 and have expanded to all but four locations in Northern California in less than five months. Dokkaebier will soon be available in the grocer’s Southern California stores in the next two months, an unthinkable pace for a three-year-old brand!

## Backed by repeat founders and industry leaders

Youngwon Lee founded Dokkaebier, his fifth alcohol startup, after more than 14 years as an executive in the food and beverage industry. He’s launched and distributed craft beer, spirits, and wine, including Agwa de Bolivia, Bernini,

Champagne Armand de Brignac, Patron, Stolichnaya, and more.

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

## We're raising funds to bring Dokkaebier nationwide

Last year, our community propelled us to the next step in our journey. Now, we want to build upon that momentum with a $2M raise from our friends, family, and biggest supporters, as we work to acquire our first brewery and bring Dokkaebier all over the United States. As we expand, we can produce more core beers in larger-scale batches, allowing us to scale to a 45% margin and become profitable in 2024

### Scale to 45% Margin

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

Profit
Margin

Contract Brewery
20%

Contract Brewery
35%

Contract Brewery
45%

DOKKAEBIER

## Profitable by 2024

Increasing Revenue and Profitability

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

*Future projections got guaranteed

DOKKAEBIER

## Account Growth Projection

Current Distribution

2023

2024

![img-3.jpeg](img-3.jpeg)

![img-4.jpeg](img-4.jpeg)

![img-5.jpeg](img-5.jpeg)

DOKKAEBIER

TRADER JOE'S

SPROUTS
FARMERS MARKET

SAFEWAY

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FAIRWAY
COSTCO
COSTCO
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Walmart

DOKKAEBIER

## We're Raising: $2,000,000

We are looking for $2MM in funds to acquire a micro brewery, launch full scale distribution, and hire key staff

### DKB Brewery

#### Input

- Acquiring a Brewery!
- 30+ New Flavors
- New product R&D

Output
$3MM in Revenue

### Distribution

#### Input

- 5700+ New Retailers
- Expand to 10 more states!
- Increase beer inventory

Output
$5MM in Revenue

### Team

#### Input

- More Beer Festivals
- Staff the Brewery
- Support Expansion

Output
500+ Events

DOKKAEBIER

We've delivered in the past and we expect to deliver on our promises again.

## Unmatched response from the community

Dokkaebier at Oaktoberfest 2022!

Copy link

Watch on YouTube

## Customers Love Us!

In 2022

51

events attended

"You've never had beers like this." SFGATE

"It's a truly new sort of beer brand for the Bay Area, and for the wider American craft beer industry."

San Francisco Chronicle

"I'm a bartender. I drink a lot of

90,000+

People seen at events

"Take your tastebuds on a culinary experience with Dokkaebier."

BREWBOUND

![img-6.jpeg](img-6.jpeg)

"I'm a bartender, I think a lot of beer. This was amazing!"

"Truly imaginative flavors and experience. Would 100% buy again and support this amazing brewery. As an Asian-American, it's amazing to see flavors I grew up with being thoughtfully crafted into beers. And if you've never had the chance to enjoy these flavors, buckle up and enjoy the ride."

DOKKAEBIER

# Awards & Interviews

![img-7.jpeg](img-7.jpeg)

![img-8.jpeg](img-8.jpeg)

![img-9.jpeg](img-9.jpeg)

![img-10.jpeg](img-10.jpeg)

DOKKAEBIER

INVEST IN
DOKKAEBIER

![img-11.jpeg](img-11.jpeg)

DOKKAEBIER

Dokkaebier (도깨비어) EP 1: How I started my craft beer cre...

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Ep. 1

# HOW IT ALL STARTED

Watch on YouTube

DOKKAEBIER

**Attachment 4:** `document_4.pdf`

# **DKB Brands Inc**  
**Financial Statements**  
**For the year ended December 31, 2020**  
**(Unaudited)**

Doc ID: 0c8b09953bb762baaa97c0d55b50794ff5a2b205

# DKB Brands Inc
Index to the Financial Statements
(Unaudited)

Independent Accountant Review Report 1

Balance Sheet 2

Statement of Operations 3

Statement of Stockholders' Deficit 4

Statement of Cash Flows 5

Notes to Financial Statements 6

Doc ID: 0c8b09953bb762baaa97c0d55b50794ff5a2b205

Fei Qi, CPA

4040 75th ST

Elmhurst, NY 11373

540.558.8339 fei.qi@feiqicpa.com

www.feiqicpa.com

## Independent Accountant Review Report

To Managing Member

DKB Brands Inc

San Jose, CA

We have reviewed the accompanying consolidated financial statements of DKB Brands Inc, which comprise the balance sheets as of December 31, 2020, the related consolidated statements of income, changes in shareholder's equity and statement of cash flows for year then ended, 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 taken 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 engagement 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 accordance with accounting principles generally accepted in the United States of America.

Alex

May 6, 2021

1

Doc ID: 0c8b09953bb762baaa97c0d55b50794ff5a2b205

# **DKB Brands Inc**  
 **Balance Sheet**  
 **December 31, 2020**  
 **(Unaudited)**

# **ASSETS**

| Current Assets |  |
| --- | --- |
| Bank Account | $51,272 |
| Other Current Assets | 60,776 |
| Total Current Assets | 112,048 |
| Operating Lease right of use | 42,109 |
| Other Assets |  |
| Deposits | 3,600 |
| Total Other Assets | 3,600 |
| TOTAL ASSETS | 157,757 |

# **LIABILITIES**

| Current Liabilities |  |
| --- | --- |
| Accounts Payable | 1,732 |
| Credit Card | 679 |
| Other Current Liabilities | 3,956 |
| Total Current Liabilities | 6,367 |
| Long Term Liability |  |
| SAFE | 470,000 |
| SBA Loan | 62,700 |
| Total Long-Term Liabilities | 532,700 |
| Operating Lease Liability | 42,109 |
| TOTAL LIABILITIES | 581,176 |

# **EQUITY**

| Common Stock (10,000,000 authorized, 8,000,000 issued and outstanding for value of $0.00001) | 80 |
| --- | --- |
| Retained Earnings | (423,499) |
| TOTAL EQUITY | (423,419) |
| TOTAL LIABILITIES AND EQUITY | $157,757 |

2

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# **DKB Brands Inc**  
**Statements of Income**  
**For the year ended December 31, 2020**  
**(Unaudited)**

# **INCOME**

| Sales | $54,579 |
| --- | --- |
| Other Income | 255 |
| Total Income | 54,834 |

# **EXPENSES**

| AMP | 8,877 |
| --- | --- |
| Meals & Entertainment | 1,599 |
| General Administrative Expenses | 52,035 |
| Rent and Lease | 82,015 |
| Payroll Expenses | 195,399 |
| Travel | 4,416 |
| Vehicles | 7,564 |
| Professional Fees | 36,635 |
| R&D | 6,564 |
| Taxes & Licenses | 2,711 |
| Other expenses | 1,167 |
| Total Expenses | 398,982 |

# **NET INCOME**

$(344,152)

3

Doc ID: 0c8b09953bb762baaa97c0d55b50794ff5a2b205

# DKB Brands Inc

## Statements of Stockholder's Deficit

### For the year ended December 31, 2020

(Unaudited)

BALANCE, JANUARY 1, 2020

CONTRIBUTION

NET INCOME (LOSS)

BALANCE, DECEMBER 31, 2020

| Issued Common Stocks |  | Additional Paid-In Capital | Retained Earning Owner Equity | Total |
| --- | --- | --- | --- | --- |
| Number | Amount |  |  |  |
| 8,000,000 | 80 | $0 | $(79,347) | $(79,267) |
|  |  |  | (344,152) | (344,152) |
| 8,000,000 | $80 | $0 | $(423,499) | $(423,419) |

4

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# **DKB Brands Inc**  
 **Statements of Cashflows**  
 **For the year ended December 31, 2020**  
 **(Unaudited)**

# **OPERATING ACTIVITIES**

| Net Income | $(344,152) |
| --- | --- |
| Security Deposits | 6,500 |
| Adjustments to reconcile Net Income to Net Cash provided by operations: |  |
| Accounts Payable | (8,459) |
| Payroll Liabilities | 3,008 |
| Credit Cards | 495 |
| Tips | 947 |
| Net cash provided by operating activities | (341,661) |

# **FINANCING ACTIVITIES**

| Short-Term Loan Payment | (60,776) |
| --- | --- |
| SBA Loan | 62,700 |
| SAFE | 370,000 |
| Net cash provided by financing activities | 371,924 |

# **NET CASH INCREASE FOR PERIOD**

|  | 30,263 |
| --- | --- |

# **CASH AT END OF PERIOD**

|  | 21,009 |
| --- | --- |

# **CASH AT END OF PERIOD**

|  | $51,272 |
| --- | --- |

5

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# **DKB Brands Inc**  
**Notes to Financial Statements**  
**December 31, 2020**  
**(Unaudited)**

# **NOTE 1: ORGANIZATION AND NATURE OF OPERATIONS:**

DKB Brands Inc ('The Company') is a corporation organized under the laws of the State of Delaware and domiciled in California. The Company was incorporated on June 13, 2019 and produce beer via contract brewing by partnering with local breweries.

# **NOTE 2: GOING CONCERNING MATTERS:**

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue in operation for the foreseeable future. However, management has identified the following conditions and events that created an uncertainty about the ability of the Company to continue as a going concern. The company sustained a net operating loss of $344,152 in 2020. The following describes management's plans that are intended to mitigate the conditions and events that raise substantial doubt about the Company's ability to continue as a going concern. The company plans to raise additional funds to meet obligations through a Reg CF funding campaign. The founders of the company have the financial means to support working capital of the company. The Company's ability to meet its obligations as they become due is dependent upon the success of management's plans, as described above. These conditions and events create an uncertainty about the ability of the Company to continue as a going concern through May 6, 2022 (one year after the date that the financial statements are available to be issued). The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

# **NOTE 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:**

# ***Basis of Presentation:***

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ('US GAAP').

# ***Significant Risks and Uncertainties:***

The Company is subject to customary risks and uncertainties including, but not limited to, dependence on key personnel, costs of services provided by third parties, the need to obtain additional financing, and limited operating history.

# ***Use of Estimates***

The preparation of the financial statement in conformity with accounting principles generally accepted in the United States of America requires the use of management's estimates. These estimates are subjective in nature and involve judgments that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at fiscal year-end. Actual results could differ from those estimates.

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### *Cash and Cash Equivalents*

Cash and cash equivalents include all cash balances, and highly liquid investments with maturities of three months or less when purchased.

### *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 filing requirements as a corporation in the federal jurisdiction of the United States and state of California.

### *Plant, Property, and Equipment*

The Company capitalizes assets with an expected useful life of one year or more, and an original purchase price of $1,000 or more. Depreciation is calculated on a straight-line basis over management’s estimate of each asset’s useful life.

## **NOTE 4: DEBT:**

### *SAFE agreements*

The SAFE agreements have no maturity date and bear no interest. The SAFE agreements provide a right to the holder to future equity in the Company in the form of SAFE Preferred Stock. SAFE Preferred Stock are shares of a series of Preferred Stock issued to the investor in an equity financing, having identical rights, privileges, preferences and restrictions as the shares of standard Preferred Stock offered to non-holders of SAFE agreements other than with respect to: (i) the per share liquidation preference and the conversion price for purposes of price-based anti-dilution protection, which will equal the conversion price; and (ii) the basis for any dividend rights, which will be based on the conversion price. The number of shares issued to the holder is determined by either (1) the face value of the SAFE agreement divided by the price per share of the standard preferred stock issued, if the pre-money valuation is less than or equal to the valuation cap; or (2) a number of shares of SAFE Preferred Stock equal to the face value of the SAFE agreement divided by the price per share equal to the valuation cap divided by the total capitalization of the company immediately prior to an equity financing event. Total capitalization of the company includes all shares of capital stock issued and outstanding and outstanding vested and unvested options as if converted.

If there is a liquidity event (as defined in the SAFE agreements), the investor will, at their option, either (i) receive a cash payment equal to the face value of the SAFE agreement (“Purchase Amount”) or (ii) automatically receive from the Company a number of shares

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of common stock equal to the Purchase Amount divided by the price per share equal to the valuation cap divided by the Liquidity Capitalization (“Liquidity Price”) (as defined in the SAFE agreements). If there are not enough funds to pay the holders of SAFE agreements in full, then all the Company’s available funds will be distributed with equal priority and pro-rata among the SAFE agreement holders in proportion to their Purchase Amounts and they will automatically receive the number of shares of common stock equal to the remaining unpaid Purchase Amount divided by the Liquidity Price. If there is a dissolution event (as defined in the SAFE agreements), the Company will pay an amount equal to the Purchase Amount, due and payable to the investor immediately prior to, or concurrent with, the consummation of the dissolution event. The Purchase Amount will be paid prior and in preference to any distribution of any of the assets of the Company to holders of outstanding capital stock. If immediately prior to the consummation of the dissolution event, the assets of the Company legally available for distribution to all SAFE holders, are insufficient to permit the payment to their respective Purchase Amounts, then all of the assets of the Company legally available for distribution will be distributed with equal priority and pro-rata among the SAFE holders as a single class. The SAFE agreements will expire and terminate upon either (i) the issuance of shares to the investor pursuant to an equity financing event or (ii) the payment, or setting aside for payment, of amounts due to the investor pursuant to a liquidity or dissolution event.

As of December 31$^{st}$, 2020, the Company issued 4 SAFE agreements without interest, totaling $470,000, ranging from 2.5M to 4M cap, and all at 20% discount.

#### ***SBA Loan***

On May 1$^{st}$, 2020, the Company was given a Payment Protection Payment (PPP) loan through SRF Small Business Loan Company, LLC and Small Business Administration (SBA). The loan had a principal balance of $62,700 with a fixed interest rate of 1.00% after 6 months from the date of issuance.

#### ***NOTE 5: EQUITY:***

Under the Company’s original articles on incorporation in effect, the Company authorized 10,000,000 shares of capital stock all of which shall be designated “Common Stock” and have a par value of $0.00001 per share.

#### ***Common Stock:***

Common shareholders have the right to vote on certain items of Company business at the rate of one vote per share of stock. As of December 31, 2020, 8,000,000 common stocks were issued to the founder of the Company, Youngwon Lee.

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# **NOTE 6: FAIR VALUE MEASUREMENT:**

Fair value is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based on the highest and best use of the asset or liability. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized as follows:

Level 1 - Observable inputs, such as quoted prices for identical assets or liabilities in active markets;

Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly, such as quoted prices for similar assets or liabilities, or market-corroborated inputs; and

Level 3 - Unobservable inputs for which there is little or no market data which require the reporting entity to develop its own assumptions about how market participants would price the assets or liabilities.

The valuation techniques that may be used to measure fair value are as follows: Market approach - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts, including present value techniques, option-pricing models, and excess earnings method. Cost approach - Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

# **NOTE 7: CONCENTRATION OF CREDIT RISK:**

Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents. The Company places its cash and cash equivalents with a limited number of high-quality financial institutions and at times may exceed the amount of insurance provided on such deposits.

# **NOTE 8: COMMITMENTS AND CONTINGENCIES:**

The Company is not involved in any legal matters, nor it has any pending litigations against it.

# **NOTE 9: RELATED PARTY TRANSACTIONS:**

As of December 31$^{st}$, 2020, the Company records no related party transactions.

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# ***NOTE 10: LEASE:***

The Company leases an office for $3,600 a month. The operating lease liability of $42,109 at December 31, 2020 represents an incremental interest rate of 4.75% and future lease payments of $43,200.

# ***NOTE 11: SUBSEQUENT EVENTS:***

Management considered events subsequent to the end of the period but before May 6, 2021, the date that the financial statements were available to be issued.

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**Attachment 5:** `document_5.pdf`

# **DKB Brands Inc** (the “Company”) a Delaware Corporation

Financial Statements (unaudited) and
Independent Accountant’s Review Report

Year ended December 31, 2021

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

## INDEPENDENT ACCOUNTANT'S REVIEW REPORT

DKB Brands Inc

We have reviewed the accompanying financial statements of the Company which comprise the statement of financial position as of December 31, 2021, and the related statements of operations, statement of changes in shareholder equity, and statement of cash flows for the year then ended, 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 controls 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 engagement 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 accordance with accounting principles generally accepted in the United States of America.

### Going Concern

As discussed in Note 8, 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. Management has evaluated these conditions and plans to generate revenues and raise capital as needed to satisfy its capital needs.

Vince Mongio, CPA, CIA, CFE, MACC

*Vincenzo Mongio*

# **Statement of Financial Position**

|  | As of December 31, 2021 |
| --- | --- |
| ASSETS |  |
| Current Assets |  |
| Cash and Cash Equivalents | 31,125 |
| Accounts Receivable | 32,380 |
| Total Current Assets | 63,505 |
| Non-current Assets |  |
| Security Deposits | 3,600 |
| Total Non-Current Assets | 3,600 |
| TOTAL ASSETS | 67,105 |
| LIABILITIES AND EQUITY |  |
| Liabilities |  |
| Current Liabilities |  |
| Accounts Payable | 28,188 |
| Accrued Interest | 1,800 |
| Short Term Debt | 51,636 |
| Other Liabilities | 3,498 |
| Total Current Liabilities | 85,123 |
| Non-current Liabilities |  |
| Future Equity Obligations | 739,655 |
| Total Non-Current Liabilities | 739,655 |
| TOTAL LIABILITIES | 824,778 |
| EQUITY |  |
| Additional Paid in Capital | 80 |
| Accumulated Deficit | (757,753) |
| Total Equity | (757,673) |
| TOTAL LIABILITIES AND EQUITY | 67,105 |

|  | Common Stock |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | # of Shares Amount | $ Amount | APIC | Accumulated Deficit | Total Shareholder Equity |
| Beginning Balance 1/1/2021 | 8,000,000 | 80 | - | (440,131) | (440,051) |
| Net Income (Loss) | - | - | - | (317,623) | (317,623) |
| Ending Balance 12/31/2021 | 8,000,000 | 80 | - | (757,753) | (757,673) |

### Statement of Operations

|  | Year Ended December 31, 2021 |
| --- | --- |
| Net Revenue | 95,828 |
| Operating Expenses |  |
| Advertising and Marketing | 56,244 |
| General and Administrative | 346,824 |
| Research and Development | 322 |
| Rent and Lease | 64,389 |
| Bad Debt Expense | 4,384 |
| Total Operating Expenses | 472,163 |
| Operating Income (loss) | (376,335) |
| Other Income |  |
| Other | 64,296 |
| Total Other Income | 64,296 |
| Other Expense |  |
| Interest Expense | 3,729 |
| Other | 1,855 |
| Total Other Expense | 5,583 |
| Provision for Income Tax | - |
| Net Income (loss) | (317,623) |

### Statement of Cash Flows

|  | Year Ended December 31, 2021 |
| --- | --- |
| OPERATING ACTIVITIES |  |
| Net Income (Loss) | (317,623) |
| Adjustments to reconcile Net Income to Net Cash provided by operations: |  |
| Accounts Receivable | 32,781 |
| Accounts Payable | 25,141 |
| Accrued Interest | 1,800 |
| PPP Loan Forgiveness | (62,500) |
| Other | (458) |
| Total Adjustments to reconcile Net Income to Net Cash provided by operations: | (3,235) |
| Net Cash provided by (used in) Operating Activities | (320,858) |
| FINANCING ACTIVITIES |  |
| Notes Payable | 29,062 |
| Future Equity Obligations | 269,655 |
| Net Cash provided by (used in) Financing Activities | 298,717 |
| Cash at the beginning of period | 53,266 |
| Net Cash increase (decrease) for period | (22,141) |
| Cash at end of period | 31,125 |

# **DKB Brands Inc**  
**Notes to the Unaudited Financial Statements**  
**December 31st, 2021**  
**SUSD**

# **NOTE 1 - ORGANIZATION AND NATURE OF ACTIVITIES**

DKB Brands Inc ('the Company') was incorporated in Delaware on June 13th, 2019. The Company wholly owns a California limited liability company called DKB Brewery LLC, which was formed on July 23rd, 2019. The Company is the leading craft brewery centered around Asian flavors to provide a one-of-a-kind drinking experience. Unlike other craft beer companies, the Company developed original recipes featuring ingredients like bamboo tea leaves, Szechuan peppercorns, galangal, and even kimchi culture. The Company's headquarters is in Oakland, California and the Company brews beer and distributes throughout California and plans to expand distribution.

The Company will conduct a crowdfunding campaign under regulation CF in 2023 to raise operating capital.

# **NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

# Basis of Presentation

Our financial statements are prepared in accordance with U.S. generally accepted accounting principles ('GAAP'). Our fiscal year ends on December 31. The Company has no interest in variable interest entities and no predecessor entities.

# Basis of Consolidation

The financials of the Company include its wholly owned subsidiary, DKB Brewery LLC.

# Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure 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 balances, and highly liquid investments with maturities of three months or less when purchased.

# Fair Value of Financial Instruments

ASC 820 '*Fair Value Measurements and Disclosures*' establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

These tiers include:

Level 1: defined as observable inputs such as quoted prices in active markets;

Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

## Concentrations of Credit Risks

The Company's financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. The Company's management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

## Revenue Recognition

The Company recognizes revenue from the sale of products and services in accordance with ASC 606, 'Revenue Recognition' following the five steps procedure:

- Step 1: Identify the contract(s) with customers
- Step 2: Identify the performance obligations in the contract
- Step 3: Determine the transaction price
- Step 4: Allocate the transaction price to performance obligations
- Step 5: Recognize revenue when or as performance obligations are satisfied

The Company's primary performance obligation is the delivery of products. Revenue is recognized at the time of shipment, net of estimated returns. Coincident with revenue recognition, the Company establishes a liability for expected returns and records an asset (and corresponding adjustment to cost of sales) for its right to recover products from customers on settling the refund liability.

## Net Revenue

During 2021, the Company did not have an alcohol license and was selling their product through a friend of the founder resulting in the Company invoicing this company for the net profit as opposed to recording the total amount of gross revenue and cost of revenue. As such, the Company recognizes net revenue of $95,828 in 2021. The Company received their alcohol license in 2022 and going forward management intends to present gross revenue and cost of revenue separately.

## Other Income

The Company had other income totaling $64,292 in 2021 of which $62,500 was the result of one of their PPP loans being forgiven.

## Accounts Receivable

Trade receivables due from customers are uncollateralized customer obligations due under normal trade terms. Trade receivables are stated at the amount billed to the customer. Payments of trade receivables are allocated to the specific invoices identified on the customer's remittance advice or, if unspecified, are applied to the earliest unpaid invoices. Payments are generally collected upfront, but some of the merchants that products are sold through have a delay between collecting from the customer and sending to the Company.

The Company estimates an allowance for doubtful accounts based upon an evaluation of the current status of receivables, historical experience, and other factors as necessary. It is reasonably possible that the Company's estimate of the allowance for doubtful accounts will change.

## Advertising Costs

Advertising costs associated with marketing the Company's products and services are generally expensed as costs are incurred.

## General and Administrative

General and administrative expenses consist of payroll and related expenses for employees and independent contractors involved in general corporate functions, including accounting, finance, tax, legal, business development, and other miscellaneous expenses.

## Rent and Lease

The Company leases office space for $3,525 a month. See the table below for future lease payments.

| Year Ending December 31, | Payment |
| --- | --- |
| 2022 | 42,300 |
| 2023 | 42,300 |
| 2024 | 42,300 |
| 2025 | 42,300 |
| 2026 | 42,300 |
| Thereafter | - |

## Equity Based Compensation

The Company accounts for stock options issued to employees under ASC 718 (Stock Compensation). Under ASC 718, share-based compensation cost to employees is measured at the grant date, based on the estimated fair value of the award, and is recognized as an item of expense ratably over the employee's requisite vesting period. The Company has elected early adoption of ASU 2018-07, which permits measurement of stock options at their intrinsic value, instead of their fair value. An option's intrinsic value is defined as the amount by which the fair value of the underlying stock exceeds the exercise price of an option. In certain cases, this means that option compensation granted by the Company may have an intrinsic value of $0.

The Company measures compensation expense for its non-employee stock-based compensation under ASC 505 (Equity). The fair value of the option issued or committed to be issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company's common stock on the date that the commitment for performance by the counterparty has been reached or the counterparty's performance is complete. The fair value of the equity instrument is charged directly to expense and credited to additional paid-in capital.

There is not a viable market for the Company's common stock to determine its fair value, therefore management is required to estimate the fair value to be utilized in the determining stock-based compensation costs. In estimating the fair value, management considers recent sales of its common stock to independent qualified investors, placement agents' assessments of the underlying common shares relating to our sale of preferred stock and validation by independent fair value experts. Considerable management judgment is necessary to estimate the fair value. Accordingly, actual results could vary significantly from management's estimates. Management has concluded that the estimated fair value of the Company's stock and corresponding expense is negligible.

The following is an analysis of options to purchase shares of the Company's stock issued and outstanding:

|  | Total Options | Weighted Average Exercise Price |
| --- | --- | --- |
| Total options outstanding, January 1, 2020 | - | $ - |
| Granted | 379,600 | $0.03 |
| Exercised | - | $ - |
| Expired/cancelled | (38,600) | $0.03 |
| Total options outstanding, December 31, 2020 | 341,000 | $0.03 |
| Granted | 250,000 | $0.03 |
| Exercised | - | $ - |
| Expired/cancelled | (270,100) | $0.03 |
| Total options outstanding, December 31, 2021 | 320,900 | $0.03 |
| Options exercisable, December 31, 2021 | - | $0.03 |
|  | Nonvested Options | Weighted Average Fair Value |
| Nonvested options, January 1, 2020 |  |  |
| Granted | 379,600 | $ - |
| Vested | - | $ - |
| Forfeited | (38,600) | $ - |
| Nonvested options, December 31, 2020 | 341,000 | $ - |
| Granted | 250,000 | $ - |
| Vested | - | $ - |
| Forfeited | (270,100) | $ - |
| Nonvested options, December 31, 2021 | 320,900 | $ - |

#### Income Taxes

The Company is subject to corporate income and state income taxes in the state it does business. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider 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. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company does not have any uncertain tax provisions. The Company's primary tax jurisdictions are the United States and California. The Company's primary deferred tax assets are its net operating loss (NOL) carryforwards. A deferred tax asset as a result of NOLs have not been recognized due to the uncertainty of future positive taxable income to utilize the NOL.

### Recent Accounting Pronouncements

The FASB issues ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date 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 - RELATED PARTY TRANSACTIONS

The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. No transactions require disclosure.

### NOTE 4 - COMMITMENTS, CONTINGENCIES, COMPLIANCE WITH LAWS AND REGULATIONS

We are currently not involved with or know of any pending or threatening litigation against the Company or any of its officers. Further, the Company is currently complying with all relevant laws and regulations. The Company does not have any long-term commitments or guarantees.

### NOTE 5 - DEBT

The Company entered into numerous SAFE agreements (Simple Agreement for Future Equity) with third parties. The SAFE agreements have no maturity date and bear no interest. The agreements provide the right of the investor to future equity in the Company during a qualified financing or change of control event at a 20% discount. Each agreement is subject to a valuation cap. The valuation caps of the agreements entered were $2.5M - $4M.

The Company entered into a capital loan agreement in which it received a total of $18,000. The loan accrues interest at 10% and is due on demand. The repayment installments are 14% of daily sales. The balance of the loan was $11,873 as of December 31$^{st}$, 2021. The Company had accrued interest associated with this loan of $1,800 as of December 31$^{st}$, 2021.

The Company received two PPP loans throughout 2020 and 2021. The first PPP loan was forgiven in 2021 and the second PPP loan was forgiven in 2022. The loans accrued interest at 1%. The balance of the loans was $39,763 as of December 31$^{st}$, 2021. Management considers any interest expense related to these loans to be negligible as of December 31$^{st}$, 2021.

#### *Debt Summary*

| Debt Instrument Name | Principal Amount | Interest Rate | Maturity Date | For the Year Ended December 2021 |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Current Portion | Non- Current Portion | Total Indebtedness | Accrued Interest |
| Capital Loan | 18,000 | 10 | None | 11,873 | - | 11,873 | 1,800 |
| PPP Loan | 39,763 | 1 | Forgiven | 39,763 | - | 39,763 | - |
| Total |  |  |  | 51,636 | - | 51,636 | 1,800 |

# **Debt Principal Maturities 5  
Years Subsequent to 2021**

| Year | Amount |
| --- | --- |
| 2022 | $51,636 |
| 2023 | - |
| 2024 | - |
| 2025 | - |
| 2026 | - |
| Thereafter | - |

\* The SAFEs mature during a change of control or qualified financing event which can occur in any year.

# **NOTE 6 - EQUITY**

The Company has authorized 10,000,000 common shares with a par value of $0.00001 per share. 8,000,000 shares were issued and outstanding as of 2020 and 2021.

**Voting:** Common stockholders are entitled to one vote per share

**Dividends:** The holders of common stock are entitled to receive dividends when and if declared by the Board of Directors.

# **NOTE 7 - SUBSEQUENT EVENTS**

The Company has evaluated events subsequent to December 31, 2021 to assess the need for potential recognition or disclosure in this report. Such events were evaluated through January 11, 2023, the date these financial statements were available to be issued.

The Company had its second PPP loan totaling $39,763 as of December 31$^{st}$, 2021, forgiven in September of 2022.

In March of 2022, the Company entered into a loan agreement for $20,000 with 30% APR. The loan requires monthly payments of $1,953. The loan has a maturity date in March of 2023.

The Company entered into numerous SAFE agreements (Simple Agreement for Future Equity) with third parties totaling $575,000. The SAFE agreements have no maturity date and bear no interest. The agreements provide the right of the investor to future equity in the Company during a qualified financing or change of control event at a 20% discount. Each agreement is subject to a valuation cap. The valuation caps of the agreements entered were $5M - $8M.

# **NOTE 8 - GOING CONCERN**

The accompanying balance sheet has 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 entity has realized losses, incurred negative working capital and cash flows from operations, and may continue to generate losses.

During the next twelve months, the Company intends to finance its operations with funds from a crowdfunding campaign and revenue producing activities. 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. Management has evaluated these conditions and plans to generate revenues and raise capital as needed to satisfy its capital needs. No assurance can be given that the Company will be successful in these efforts. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities.

# NOTE 9 - RISKS AND UNCERTAINTIES

## *COVID-19*

The spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Global stock markets have also experienced great volatility and a significant weakening. Governments and central banks have responded with monetary and fiscal interventions to stabilize economic conditions. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses remains unclear currently. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.

**Attachment 6:** `document_6.pdf`

5/21/2021

(80) Youngwon Lee | LinkedIn

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

## Youngwon Lee · 2nd

Savvy, Bilingual Chief Operating Officer and Food & Beverage Industry Leader

Emeryville, California, United States · Contact info

500+ connections

You both know Jonny Price, Mark Rodli and 3 others

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Dokkaebier

## Featured

Episode 2 is live!

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

Dokkaebier (도깨비어) EP 2: Local Delivery Adventures
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23 · 1 comment

Ever wonder what it takes to run a successful craft brewery? Or who is behind the scenes of it all? Eve...

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

Dokkaebier (도깨비어) EP 1: How it all started
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## Experience

### CEO

Dokkaebier · Full-time

Jul 2019 - Present · 1 yr 11 mos

We take our name from dokkaebi (도깨비), the mysterious, shape-shifting creatures found throughout Korean folklore. Often described as playful and mischievous spirits, dokkaebi possess the ability to change their physical appearance at will.

Our crew here at Dokkaebier are shapeshifters, too. We're simultaneously brewers, chefs, innovators, and gracious hosts-and we'd love to show you how amazing Korean drinking and dining culture can be.

### Head of US Operations

The Booth Brewing Co.

Apr 2017 - Jun 2019 · 2 yrs 3 mos

Eureka, California

The Booth Brewing Co. is a microbrewery headquartered in Seoul, South Korea. The brewery was founded in 2013. In 2015, The Booth Brewing Co. acquired a brewing facility in Eureka.

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(80) Youngwon Lee | LinkedIn

was founded in 2016. In 2015, The Booth Brewing Co. acquired a brewing facility in Europe, California, previously owned by Lost Coast Brewery. The Booth is well known for Taedonggang Pale Ale, a collaboration with Danish microbrewery Mikkeller, and also ...see more

### Chief Operating Officer

Magnum the Tasting Room

Oct 2015 - Nov 2016 · 1 yr 2 mos

서울시 강남구 청담동

Magnum the Tasting Room

Magnum the Tasting Room

### COO

MAGNUM Korea

Oct 2015 - Nov 2016 · 1 yr 2 mos

대한민국 서울 강남구

### Chief Operating Officer

MAGNUM The Bottle Shop

Mar 2015 - Nov 2016 · 1 yr 9 mos

서울시 강남구 신사동

Magnum was one of the first Premium Liquor stores to open in Korea offering a wide variety of alcoholic beverages, liquor tasting events and a gourmet food menu.

▶ In charge of promoting all events and supervising client services operations.

▶ In charge of promoting all events and supervising client services operations.

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## Education

Bergen County Academies

Academy for the Advancement of Science and Technology

2004 - 2007

University of California, Berkeley

## Licenses & certifications

WSET® Level 2 - Spirits

WSET - Wine & Spirit Education Trust

WSET® Level 2 - Wines and Spirits

WSET - Wine & Spirit Education Trust

WSET® Level 3 Advanced in Wines and Spirits

WSET - Wine & Spirit Education Trust

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(80) Youngwon Lee | LinkedIn

## Volunteer experience

### Associate Board Member

Korean American Community Foundation of San Francisco
Dec 2020 - Present • 6 mos

## Skills & endorsements

### Business Strategy · 5

Hannah Gossack and 4 connections have given endorsements for this skill

### Supply Chain Management · 2

Lauren Christiansen and 1 connection have given endorsements for this skill

### Salesforce.com Consulting · 2

Lauren Christiansen and 1 connection have given endorsements for this skill

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

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** DKB Brands Inc

**Legal Status:** Corporation

**Jurisdiction of Incorporation/Organization:** DE

**Date of Organization:** 06-13-2019

**Physical Address:** 27 Moss Ln, Oakland, CA, 94608

**Issuer Website:** http://www.enjoydkb.com

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

### Annual Report Disclosure Requirements

**Current Number of Employees:** 6

**Total Assets (Most Recent Fiscal Year):** $67,105.00

**Total Assets (Prior Fiscal Year):** $157,757.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $31,125.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $51,272.00

**Accounts Receivable (Most Recent Fiscal Year):** $32,380.00

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

**Short-Term Debt (Most Recent Fiscal Year):** $85,123.00

**Short-Term Debt (Prior Fiscal Year):** $6,367.00

**Long-Term Debt (Most Recent Fiscal Year):** $739,655.00

**Long-Term Debt (Prior Fiscal Year):** $532,700.00

**Revenues/Sales (Most Recent Fiscal Year):** $95,828.00

**Revenues/Sales (Prior Fiscal Year):** $54,834.00

**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):** $2,711.00

**Net Income (Most Recent Fiscal Year):** $-317,623.00

**Net Income (Prior Fiscal Year):** $-344,152.00

### Signatures

**Issuer:** DKB Brands Inc

**Signature:** Youngwon Lee

**Title:** Founder, Chief Dokkaebi

---

**Signature:** Youngwon Lee

**Title:** Founder, Chief Dokkaebi

**Date:** 01-24-2023