# EDGAR Filing Document

**Accession Number:** 0001689304
**File Stem:** 0001670254-23-000240
**Filing Date:** 2023-3
**Character Count:** 128331
**Document Hash:** a40422444b47b8023e9d2fb2e63b18d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001670254-23-000240.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001670254-23-000240

**CONFORMED SUBMISSION TYPE**: C-AR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20211231

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Scrap Connection, Inc.
- **CENTRAL INDEX KEY:** 0001689304
- **IRS NUMBER:** 460933016
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** C-AR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-23069
- **FILM NUMBER:** 23736756

**BUSINESS ADDRESS:**
- **STREET 1:** 1828 AMOS DRIVE
- **CITY:** MUSCLE SHOALS
- **STATE:** AL
- **ZIP:** 35661
- **BUSINESS PHONE:** 214-293-2436

**MAIL ADDRESS:**
- **STREET 1:** 16192 COASTAL HIGHWAY
- **CITY:** LEWES
- **STATE:** DE
- **ZIP:** 19958

## Ex-99

### Attached PDF Documents

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

# Annual Report

## Cover Page

Name of issuer:

Tradefax, Inc.

Legal status of issuer:

Horn Corporation

Jurisdiction of Independent Organization: DC

Date of organization: 7/15/2012

Physical address of issuer:

886 S State Street # 543

Dover DE 19901

Website of issuer:

http://www.tradefax.ca

Name of intermediary through which the offering will be conducted:

Wefunder Postal LLC

CBC number of intermediary:

0001675254

SEC file number of intermediary:

007-00033

CFR number, if applicable, of intermediary:

283565

Current number of employees:

12

|  | Host record fiscal year-end: | Prior fiscal year-end: |
| --- | --- | --- |
| Real Assets | $265,420.00 | $224,686.00 |
| Cash & Cash Equivalents | $22,172.00 | $12,784.00 |
| Accounts Receivable | $0.00 | $0.00 |
| Investments | $283,212.00 | $11,724.00 |
| Long-term Debt | $39,112.00 | $50,420.00 |
| Dividends | $10,036.00 | $4,176.00 |
| Cost of Goods Sold | $7,370.00 | $3,830.00 |
| Taxes Paid | $0.00 | $0.00 |
| Net Income | $618,515.00 | $300,420.00 |

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

AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, KS, 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, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI

## Offering Statement

Required in each question is each paragraph of the past. Set forth each question and any notes, but not any instructions thereon, to their entirety. If disclosure is required in any question is responsive to one or more other questions, it is not necessary to report the disclosure. If a question or more of questions is inapplicable on the original, it is not the alternative to the form, either state that it is inapplicable, include a consent form to the corporate disclosure, or sent the question or to its all questions.

For any useful and precise in answering all questions, filter bill and complete answers so that they are not misleading and/or the circumstances involved. Please discuss any future performance or other anticipated events where you have a reasonable basis to believe that it will actually occur within the reasonable time. If any current ongoing significant information is materially inaccurate, incomplete or misleading, the Company, its management and principal shareholders may be liable to its success based on that information.

### THE COMPANY

1. Name of issuer:

Tradefax, Inc.

2. 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

Reason for failure to comply:

•please follow to file an annual report on time in 2022.6a6a9a6a6a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a

### DIRECTORS OF THE COMPANY

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

| Director | Principal Occupation | Past President | Year Joined as Director |
| --- | --- | --- | --- |
| Adheard Duff | President | Easy Travel Index Pvt Ltd | 2017 |
| Chris Yerbay | CEO of Sora Connoction | Sora Connoction | 2012 |

For these 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 person) occupying a similar status or performing a similar functions of the issuer:

| Officer | Position/Field | Year Joined |
| --- | --- | --- |
| Ken William Cavendish | CTO/CEO | 2011 |
| Chris Yerbay | CEO | 2012 |
| Chris Yerbay | Secretary | 2012 |

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

ASSUMES DEPT. TO QUALIFY: For purposes of the information, the name of the issuer is available, the name of the issuer is available, the name of the issuer is available, the name of the issuer is available, the name of the issuer is available, the name of the issuer is available, the name of the issuer is available, the name of the issuer is available, the name of the issuer is available, the name of the issuer is available, the name of the issuer is available, the name of the issuer is available, the name of the issuer is available, the name of

### PRINCIPAL SECURITY HOLDERS

6. Provide the name and ownership level of each person, as of the most recent practicable

Note: There is no additional charge to pay the amount of money or the amount of money, except, except, as indicated by the basis of voting power.

Name of Visitor

No. and Class

of Securities New York
7250010 common stock

% of Voting Power

Prior to Offering

Chris Yerbay

ATTORNEY TO QUESTION 9. The above statement is based on provided as of a date based on more than 12 days prior to the date of filing of this offer for insurance.

To calculate total voting power to hold all securities for a full-time person directly or indirectly from or above the voting power, all securities that are not to be held at the voting of such securities. If the provision for right-to-right voting power is not to be held at the voting power, including through the exercise of any option, and not in right, the conversion of securities in other arrangements or if securities are held by a member of the party, through compensation or compensation, or otherwise in a manner that would allow a person to direct or control the voting of the securities for business and operations or control - as, for example, as to money, the creditable exchange of a key "beneficially owned." The should include an explanation of these circumstances as a business entity. "Number of and Class of Securities New York." To calculate outstanding voting rights, as written, written, all outstanding options are reserved and all outstanding convertible securities reserved.

## 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

ATTORNEY TO QUESTION 7. "Number of and Class of Securities New York" includes profit or an equivalent, based on the "level" or "100%" basis. The information will include all 100 items and "total items". This is not an additional format, all values will be accounted.

The results that are appropriate prior to the New York Stock will be provided in the SEC in business or its position, as a result, the company will be a currently highly formal company and insurance in our profits under the Securities Act of 1933, which requires an appropriate means of information related to the business and the United States. These terms are "Pension profits on Qty to review a provision of material information, a set file or marketing, and does not only any information that would have the information included in the file or marketing."

## 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:

The following trends or uncertainties could affect our financial condition, including the liquidity, cash flow and capital resources described below:

The Company's operations may be unprofitable, and may result in the total loss of investment.

The success of the Company is highly dependent upon the ability of its CEO and management team, to attract and retain qualified managers and other personnel in a competitive environment.

While the Company believes in good faith that its business plans have a reasonable chance of success, the operation of the Company are ultimately speculative and involve the possibility of a total loss of investment, due to any number of unavailability, investment is suitable only for individuals who are financially able to withstand total loss of their investment.

The company intends to use a significant portion of the proceeds from the offering for around that working capital. The offering proceeds will be used by the Company in the ways management claims must effectue towards the Company's goals. This means that although we definitely have plans for the proceeds (focused on sales, marketing, and product development) the Company will have ultimate discretion to use the proceeds as it uses fit and the Company has chosen not to limit the Company's use of the funds to specific uses that investors would evaluate. Such portion of the proceeds from this offering will be used for the purpose that the company's management claims to be in its best interest in order to address changed circumstances or opportunities. As a result of the foregoing, the Company's success will be substantially dependent upon its discretion and agreement with respect to application and allocation of such portion of the proceeds of this Offering. The company may choose to use the proceeds in the manner that the investors do not agree with and investor may have no response. A use of proceeds that does not further the Company's business and goals could harm the Company and its operations, and ultimately cease an investor to lose all or portion of its or her investment.

From time to time, third parties may claim that one or more of the Company's products infringe their intellectual property rights.

Smooth of the company will require the recruitment, retention, and integration of additional highly qualified individuals. Even if such people can be hired, the projected growth in staff could prevent further management risks. The market for qualified personnel is highly competitive and there can be no assurance that any critical positions can be filled on a timely basis.

The company has received no notices or instructions otherwise and believes they have not infringed on anyone else's IP rights. That said, the Company's technology-driven business is highly dependent on the Company's intellectual property. While the Company believes in good faith that it has robust rights to all intellectual property needed for its business, any dispute or litigation regarding intellectual property could be costly and time consuming due to the uncertainty of the intellectual property litigation and could divert the Company's management and key personnel from its business operation. A claim of intellectual property infringement could force the Company to enter into costly or restrictive license agreement, which may not be available under acceptance terms or at all, could require the Company to redesign or restore its products, which would be costly and time consuming, and/or could subject the Company to an injunction against sale of certain of its products. The Company may have to pay substantial damages, including damages for the past infringement, if it is ultimately determined that its products infringe a third party's proprietary rights.

The Company's revenue model may be material or change. The Company's success depends mainly on its ability to receive revenue as earnings from the Company's software as a Service platform. The company may generate but retain costs or all of the earnings for growth and development of its business and accordingly not make distributions to the shareholders. If the Company does not generate revenue, its business, financial condition, and operating results will be materially adversely affected.

The Company has a short team, and the loss of key team members, and especially the loss or death of the founder Chris Yerbay, could harm the company's ability to implement their plans.

The Company could be harmed in the event of the death or disability of founder Chris Yerbay. Likewise, key team members could leave or become unable to serve, decreasing the Company's ability to achieve its goals. The company also reverses the global team past and political risks, natural disasters, communication outrages and other factors can make team member unavailable or otherwise impact our ability to keep operating at current efficiency.

The market for technology companies is not predictable. While we may be able to sell the company for its technology, client relationships, team or other factors, there is no guarantee that it can be sold, nor that it will become profitable, nor that it will reach an Index Public Offering (IPO). Even if those do occur, there is no guarantee that investor returns will be positive.

Scrap Connection Inc. operates currently as a holding company for its Dutch based subsidiary, Scrap Connection BV. All business development and tech development carried out from their offices in the US, Netherlands, Poland and India are managed and paid for by Scrap Connection BV.

90% of Scrap Connection, Inc.'s assets are comprised of its interest in its foreign subsidiary, and a loan of investment proceeds to Scrap Connection BV. This represents amounts advanced to Scrap Connection BV primarily from investments in previous rounds of funding. Scrap Connection BV is organized under the laws of and located in The Netherlands.

The Company not might sell enough securities in this offering to meet its

counseling needs and fulfill its plans. In which case the Company might need to reduce costs & marketing, engineering, or other expenses. Were incurring revenue to decrease. Rather, they would be needed and hurt the Company's ability to meet its goals. Even if the Company raises the entire round successfully, we may need to raise more capital in the future in order to continue. Even if we do make successful offerings in the future, the levels of that offering might result in your investment in the company being worth less because of the terms of future investment rounds.

Even if the Company is successful, an investor may want immediate access to the then net worth of the investment, but selling private securities can be difficult or impossible. In this case, an investor may need to wait until a liquidity event, and there are no guarantees one will occur.

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 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 partnership. The Securities have numerous transfer restrictions and will likely be highly clipped, 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.

INSTRUCTIONS TO QUESTION 1: Send your official statement on the back of this document. If you are not sure if you have any questions about the information you have, please call the following: (1) The information you have been provided to the Company or its officers. 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# Ownership and Capital Structure

## DESCRIPTION OF ISSUER'S SECURITIES

1. What other securities or shares of securities of the issuer are outstanding? Describe the material terms of any other outstanding securities or shares of securities of the issuer.

| Class of Security | Securities (or Amount) Authorized | Securities (or Amount) Outstanding | Voting Rights |
| --- | --- | --- | --- |
| Preferred A | 1,000,000 | 334,638 | No |
| Preferred AA | 100,000 | 0 | No |
| Common Stock | 10,000,000 | 882,400 | Yes |

## Class of Security
Securities Reserved for Issuance upon Exercise or Conversion

Warrants:
No options issued on this date

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

Debts on the books for 2021 were one short term loan from a family member of Chris Netsey. This loan balance was cleared from the books in 2023.

INSTRUCTIONS TO QUESTION 12: Enter the relevant amount used, deducted, and be added to the relevant 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 |
| --- | --- | --- | --- | --- |
| 10/2017 | Regulation Crowdfunding | SAFE | $909,777 | General operations |
| 11/2018 | Section 4(a)(2) | SAFE | $159,000 | General operations |
| 6/2019 | Section 4(c)(2) | SAFE | $200,000 | General operations |
| 8/2019 | Section 4(c)(2) | SAFE | $20,000 | General operations |
| 6/2020 | Regulation D, Rule 500(b) | SAFE | $33,563 | General operations |
| 9/2021 | Regulation D, Rule 500(b) | SAFE | $187,000 | General operations |
| 8/2022 | Regulation D, Rule 500(b) | SAFE | $875,000 | General operations |
| 9/2022 | Section 4(a)(2) | SAFE | $400,000 | General operations |
| 3/2023 | Regulation D, Rule 500(b) | SAFE | $500,000 | General operations |

26. Was or is the issuer or any entities connected by or under common control with the issuer's party to any transaction taken 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 value by the issuer in reliance on Section 4(c)(3) of the Securities Act during the preceding 12-month period, including the amount the issuer seeks to raise in the current offering, in which any of the following amounts had or to reduce a direct or indirect material interest:

1. any director or officer of the issuer;
2. any person who is, as of the most recent reasonable date, the beneficial owner of all persons in need of the issuer's outstanding voting equity securities (unaudited on the basis of voting power);
3. if the issuer was incorporated or registered within the past three years, any promoter of the issuer;
4. or any immediate family member of any of the foregoing persons.

For each transaction usually the person, outstanding by the issuer, nature of interest in transaction, and amount of interest.

In 2018 and prior years, the company advanced funds to Chris Netsey, its founder, in connection with its employment as CEO ("the Related Party Loans and Advances"). The funds advanced were partially pledged in lieu of salary and will be amortized in accordance with Chris Netsey's employment agreement with the Company. The Company also advanced nominal amounts to other employees which are expected to be issued by salary deduction in future periods. The Related Party Loans and Advances do not accrue interest. As of August 2019, the outstanding balance is € 10,358.00.

INSTRUCTIONS TO QUESTION 13: The name of the issuer is not a member of the issuer, but it is not a member of the issuer, and the name of the issuer is not a member of the issuer, and the name of the issuer is not a member of the issuer, and the name of the issuer is not a member of the issuer, and the name of the issuer is not a member of the issuer, and the name of the issuer is not a member of the issuer, and the name of the issuer is not a member of the issuer, and the name of the issuer is not a member of the issuer, and the name of

Beneficial ownership of a person of a partnership (C) shall be determined on the date that it is not the date. (D) Any prior to the date of filing of this offering, otherwise and only the same and shall be described in Section 4 of the Securities and Exchange Commission.

The name "member of the issuer" includes any other, registered, personal, personal, and personal, and the name of the issuer, and the name of the issuer, and the name of the issuer, and the name of the issuer, and the name of the issuer, and the name of the issuer, and the name of the issuer, and the name of the issuer, and the name of the issuer, and the name of the issuer, and the name of the issuer, and the name of the issuer, and the name of the issuer, and the name of the issuer, and the name of the issuer

www.essence.org

Chapter 10: Financial Condition of the Issuer

# FINANCIAL CONDITION OF THE ISSUER

27. Does the issuer have an operating history?

28. Describe the financial condition of the issuer, including, to the extent, financial 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

Tresdofax is a business intelligence product providing visibility into the trading regulations of companies in the recycling industry. Our 5,000+ members are industry professionals, banking together to stop fraud and other unfair trading practices.

Our core product is the Trade Regulation Report. These reports consist of demographic data, import/export trade data, materials traded, association memberships, post-trade reviews between verified trading partners and a TradeScore rating.

We are to become the most trusted platform for services centered around the trade of recyclables. Our goal is to have 52 billion of the annual global scrap trade being conducted on our platform by 2022. Business intelligence on trading partners and competitors, financial services, documentation tools, and information are just some of the elements we sell combine to reduce massive financial risks and market inefficiencies. Forward-looking projections cannot be guaranteed.

### Milestones

Tresdofax, Inc. was incorporated in the State of Delaware in July 2002.

Since then, we have:

- 1,300 Tresdofax Members from 163 countries: Average 60% increase VOY
- 80,000 buyer-seller transactions reviewed by verified trading partners
- 40% annual increase
- 2.3 million M, matched and verified buyer-seller transactions, 90% increase VOY
- ** Visibility into over 200,000 unique trading partner relationships
- 50 billion industry growing at 5/10% CAGR with a $100 billion immediately attributable market
- 100,000+ Business Reports on companies that buy and sell recyclables
- 5 First Place in Startup Bootcamp: Amsterdam accelerator program, (Toddlers Affiliate)

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

- 1. Number of Fiscal Stages. For the period ended December 31, 2022, the Company had revenues of $10,036 compared to the year ended December 31, 2021, when the Company had revenues of $4,478. Our gross margin was 78.29% in fiscal year 2022, compared to -80.89% in 2021.
- 2. Assets. As of December 31, 2022, the Company had total assets of $205,431, including $22,173 in cash. As of December 31, 2021, the Company had $224,096 in total assets, including $15,784 in cash.
- 3. Net Income. The Company has had net income of $618,515 and net income of $300,435 for the fiscal years ended December 31, 2022 and December 31, 2021, respectively.
- 4. Liabilities. The Company's liabilities totaled $520,364 for the fiscal year ended December 31, 2022 and $12,093 for the fiscal year ended December 31, 2021.

### Liquidity & Capital Resources

As of 12/31/22, the company has been financed with $2,323,863 in SAFEs.

After the conclusion of this offering, should we hit our minimum funding target, our projected runway is 6 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 24 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 vacancies 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

Tresdofax, Inc. cash in hand is $45,625 as of February 2023. Over the last three months, revenues have averaged $10.76/month, cost of goods sold has averaged $0.1/month, and operational expenses have averaged $47,515/month, for an average burn rate of $45,932 per month. Our intent is to be profitable in 18 months.

In 2022, we have let two CSPs go due to lack of performance. We focused our remaining assets offering on the CSPs previous rates, working closely with member companies that could provide substantial amount of trade reviews and incentivized them with free product access. As a result of this new focus we increase the asset value of our database to almost $9 million through the contribution of confidential worldwide reviews on almost 150,000 trades. Having mastered this process and gain many new active members, we standardized this process and are gearing up for this a more experienced CSPI and CMO in 2022 to begin to scale out this process while adding new paying member companies to our platform.

Tresdofax is already revenue generating, albeit early stage and of nominal value. The Company is strategically prioritizing the onboarding of new members across key consumption markets whilst building brand awareness at this time. Typically members are onboarding via a data exchange program, whereby they are able to gain access to the platform via credits earned in exchange for primary data.

building the underlying value of our database and platform. We are not targeting a significant, uplift in revenue in the next 3-6 months as this is the period in which credits earned by early adopters are depicted, meaning members plans revert to a monthly paid subscription model. This transition will gain momentum from September / October 2023, 6-7 months out from now.

We will be investing a minimum of $550k into business operations over the next 6 months. Scaling up our investment in line with the success of our Wefunder round in conjunction with capital saved from both strategic and industry investors. Our current loan rate is $170,000 / month which will increase to a minimum of $90,000 in 6 months time. Currently we have sufficient funds to maintain this loan rate for 5-6 months.

Tradefox expects to be profitable by year end 2024 with an estimated cash positive position of $2,000,000 based on generating annual Revenues of $3,000,000 against Operating Expenses of $2,000,000 in their calendar period. Revenues will be generated primarily through monthly subscriptions supplemented via income from early stage premium services such as Capital Recovery.

The business will require a minimum of $1.5m in working capital throughout 2025/26 in order to hit these targets. $500k has already been raised to date on Rep 5 and Wefunder and we are targeting raising a total of $3m to this final Seed investment round.

Tradefox has sufficient capital to cover the short term loan rate over the next 8-9 months. Supplementing the Wefunder round, we have accredited investors willing to support the business whilst extending their position. In addition Tradefox is in early discussions with institutional and industry investors, targeting further commitments with a target of $1 million is parallel to the Wefunder campaign.

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

INSTRUCTIONS TO QUOTING 24. The document must not contain any other financial statements and products. For more information about the financial statements and products, the financial statements and products are not intended to be construed as a material or a product. The information and products are not intended to be construed as a material or a product. The information and products are not intended to be construed as a material or a product.

## FINANCIAL INFORMATION

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

Refer to Appendix C, Financial Statements

1. One being used for:
(1) the financial statements of Tradefox, Inc. included in this Form are true and complete in all material respects; and
(2) the financial information of Tradefox, Inc. included in this Form reflects accurately the information reported on the tax return for Tradefox, Inc. Paid for the most recently completed fiscal year.

Chris Yerkey
CEO of Xerox Corporation

## OTHER MATERIAL INFORMATION

26. In addition to the information reported to be included in this Form, include:
(1) any other material information presented to investors; and
(2) such human 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.

All information presented to investors hosted on Wefunder.com is available in Appendix A, Business Description & Plan.

INSTRUCTIONS TO QUOTING 26. Information is provided to investors in a format, and/or other important data to be offered for use as a product or service for the future. The information provided is not to be provided for use as a product or service for the future.

## ONGOING REPORTING

27. The issuer will file a report electronically with the Securities & Exchange Commission annually and post the report on its website, no later than 100 days after the end of each fiscal year covered by the report.

28. Once posted, the annual report may be found on the issuer's website at: http://www.tradefox.ca/invest

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

1. the issuer is required to file reports under Exchange Act Sections 1701 or 1703.
2. the issuer has filed at least one annual report and has fewer than 100 letters of record.
3. the issuer has filed at least three annual reports and has filed assets that do not exceed $10 million.
4. the issuer or another party purchaser or repurchaser will of the securities issued pursuant to Section 4(a)(4), including any payment in full of debt securities or any complete redemption of redeemable securities, or the issuer liquidates or discloses in accordance with state law.

## APPENDICES

Appendix A: Business Description & Plan

Appendix C: Financial Statements

Financials

Appendix D: Director & Officer Work History

Ashwani Dutt
Chris Yerkey
Hon William Cavendish

Appendix E: Supporting Documents

Add to Form C attachment (addendum)

Signature

# Signatures

Intentional misstatements or omissions of facts constitute federal criminal violations. See 18 U.S.C. 3903.

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

Early Bird SAFE (Simple Agreement for Future Equity)

SAFE (Simple Agreement for Future Equity)

Appendix C: Financial Statements

Financials I

Appendix D: Director & Officer Work History

Ashwani Dutt

Chris Yerbey

Hon William Cavendish

Appendix E: Supporting Documents

Pursuant to the requirements of Sections 9(a)(b) and 4(h) of the Securities Act of 1933 and Regulation Corresponding (§ 227.100 et seq.), the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing an Annual Report and has duly caused this Form to be signed on its behalf by the duly authorized undersigned.

Tradofos, Inc.

By

Chris Yerbey

Founder & CEO

Pursuant to the requirements of Sections 9(a)(b) and 4(h) of the Securities Act of 1933 and Regulation Corresponding (§ 227.100 et seq.), this Annual Report and Founder Agree Agreement has been signed by the following persons in the capacities and similar dates indicated.

Ashwani Dutt

Director
3/14/2023

Chris Yerbey

Founder & CEO
3/9/2023

The Annual Report must be signed by the issuer or principal customer officer or officers, or principal financial officer. By controller or principal or existing officer and service authority 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.

WEFUNDER REPORT TO SUBMIT ANNUAL REPORT TO SEC

I MADE A MISTAKE, LET ME EDIT ANNUAL REPORT

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

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

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

## Dear investors,

We are at a point now with Tradefox, where a VC round is on the horizon. We have established early signs of product market fit as evidenced by the incredible growth in our other provided trade feedback. I believe will be our last public equity crowdfunding round with a goal of raising $3 million - $1 million from the crowd, $1 million from the industry and $1 million from accredited and other strategic investors.

With the opening of this new crowdfunding round, we are closing our accredited investors round. In combination with the 500K in our investments we received is the last 2 months and the 500K from last year, we have established enough money to begin building the foundation for scale. The funding from this crowdfunding round and an additional $1 million from the industry will put us on a clear trajectory for Series A. We can only attribute this level of success to the belief you, our investors, have in our vision and our team. Thank you!

### We need your help!

We are looking to close this crowdfunding round within 6 months and would appreciate it if you can spread the word to other people in your network.

If anyone has contacts in their network to angel investors in the US, especially in Silicon Valley, please let us know. We are preparing for a Series A round at the beginning of 2014 and need to build our network of accredited and connected investors.

Sincerely,

Ashwani Dutt

Director

Chris Yerbey

Director & CEO

## Our Mission

We aim to become the most trusted platform for services centered around the trade of recyclables. Our goal is to have $2 billion of the annual global scrap trade being conducted on our platform by 2022. Business intelligence on trading partners and competitors, financial services, documentation tools, and information on your some of the elements we will combine to reduce massive financial risks and market inefficiencies. Forward-looking projections cannot be prioritized.

See our full profile

▼ f

## How did we do this year?

### Report Card

The Good

We've never never tried to accept funding from accredited investors.

We've tried as a partnership with the largest credit insurance agency to further collection for our 'Credit Business Division.'

The Bad

We needed to let our team help get our million and all performance.

We missed the opportunity to open our crowdfunding campaign in September.

We've obtained over 500,000 trade recruits from our customers which is a strong signal for product market life.

We receive our goal of capturing 500,000 trade recruits.

# 2022 At a Glance

Invoice 13 December 19

$10,036 +104%

Discount

$618,515 +108%

Net Profit

$293,252 +375%

Short Term Debt

$1,276,500

Return to 2022

$615,621

Cash on hand

As of 02/17/23

INCOME

BALANCE

NARRATIVE

## 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

Tradeline is a business intelligence product providing visibility into the trading operations of companies in the recycling industry. Our 5,000+ members are industry professionals, handling together to stop fraud and other unfair trading practices.

Our core product is the Trade Repression Report. These reports consist of demographic data, import/export trade data, materials, taxis, association memberships, post-trade reviews between verified trading partners and a TrueScore rating.

We aim to become the most trusted platform for services centered around the trade of recyclables. Our goal is to have $2 billion of the annual global scrap-trade being conducted on our platform by 2022. Business intelligence on trading partners and competitors, financial services, documentation tools, and activities are just none of the elements we will complete to reduce massive financial risks and market deficiencies. Forward-looking projections cannot be guaranteed.

### Milestones

Tradeline, Inc. was incorporated in the State of Delaware in July 2012.

Yours then, we have:

- 5,000 Tradeline Members from 183 countries Average 60% increase YOY.

- 400,000 buyer-seller transactions reviewed by verified trading partners, 40% annual increase.

- 2.5 million MF, matched and verified buyer-seller transactions, 500% increase YOY.

- 99 Visibility into over 220,000 unique trading partner relationships.

- $1 billion industry growing at 5-10% CAGR with a $100 billion immediately addressable market.

- 100,000+ Reverses Reports on companies that buy and sell recyclables.

- First Place in Startup: Browning-Australian accelerator programs (TechBank Affiliate)

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

- Browner & Gross Margin: For the period ended December 31, 2022, the Company had revenues of $10,036 compared to the year ended December 31, 2021, when the Company had revenues of $4,479. Our gross margin was 78.29% in fiscal year 2022, compared to -30.59% in 2021.

- Assets: As of December 31, 2022, the Company had total assets of $205,431, including $22,173 in cash. As of December 31, 2021, the Company had $224,046 in total assets, including $55,704 in cash.

- Net Income: The Company has had net income of $149,315 and net income of $306,620 for the fiscal years ended December 31, 2022 and December 31, 2021, respectively.

- Liabilities: The Company's liabilities ended $323,364 for the fiscal year ended December 31, 2022 and $312,315 for the fiscal year ended December 31, 2021.

### Liquidity & Capital Resources

As of 12/31/22, the company has been financed with $2,323,863 in $ATFs.

After the conclusion of this Offering, should we hit our customers funding target, our projected runway is 6 months before we need to raise further capital.

We plan to use the proceeds as set forth in this Issue 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 following in order to perform operations over the lifetime of the Company. We plan to raise capital in 24 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

Tradeline, Inc. cash in hand is $65,633, as of February 2023. Over the last three months, accounts have averaged $1,078/month, cost of goods sold has averaged $9/month, and operational expenses have averaged $47,000/month, for an average basis rate of $45,952 per month. Our return is to be profitable in 18 months.

In 2022, we have let new CMAs go due to lack of performance. We focused our remaining team efforts on the CMAs previous wins, working closely with member companies that could provide substantial amount of trade reviews and incentivized them with less product access. As a result of this new focus we increase the asset value of our database to almost $9 million through the combination of confidential postcode reviews on almost 120,000 trades. Having mastered this process and gain many new active members, we standardised this process and are gearing up the line a more experienced CMAs and CMOs in 2023 to begin to scale out this process while adding new paying member companies to our platform.

Tradeline is already revenue generating, albeit early stage and of material value. The Company is wrongfully prioritising the rebranding of new members, increasing geographical markets while building broad awareness in this time. Typically members are rebranded via a data exchange program, whereby they are able to gain access to the platform via credit card and exchange for primary data, building the underlying value of our database and platform. We are not targeting a significant uplift in revenue in the next 1-6 months as this is the period in which credit carded by early adopters are depleted, meaning members plans invest in a monthly paid subscription model. This transition will gain momentum from September/October 2023, 6-7 months out from now.

We will be investing a minimum of $5500, first business operations over the next 6 months. Sealing up our investment value with the success of our Wefunder round in conjunction with capital raised from both strategic and industry investors. Our current loan rate is $577,000/month which will increase to a minimum of $96,000 in 6 months time. Currently we have sufficient funds to maintain this loan rate for 5-6 months.

Tradeline expects to be profitable by June and 2024 with an estimated cash positive position of a $200,000 based on generating annual Revenues of $3,986,264 against Operating Expenses of $2,000,000 in first calendar period. Revenues will be generated primarily through monthly subscriptions supplemented via income from early-stage premium services such as Capital Reserves.

The business will require a minimum of $1.5m in working capital throughout 2023/24 in order to be three targets. 1960h, has already been raised to date via Reg D and Wefunder and we are targeting raising a total of $3m in this final fiscal investment round.

Tradeline has sufficient capital to cover the short-term loan rate over the next 8-9 months. Supplementing the Wefunder round, we have accredited investors willing to support the business while extending their position. In addition Tradeline is in early discussions with institutional and industry investors, targeting further commitments with a target of $1 million is parallel to the Wefunder campaign.

All prosecution in the above narrative are forward-looking and are guaranteed.

Hot Margin: 8.92% Gross Margin: 78% Return on Assets: 107% Earnings per Share: $484.73 Revenue per Employee: $558 Cash to Assets: 17% Revenue to Receivables: - Debt Ratio: 0.9%

tradeline_4-invoices_and_CM_Review_2020_and_2021.pdf

## We ♥ Our
## 2033 Investors

Thank You For Believing In Us

| Andrew Douglas, President | Barbara Johnson | Deputy Clerk | Mark D. McGowan | James D. McGowan | James McGowan | James D. McGowan |
| --- | --- | --- | --- | --- | --- | --- |
| George D. C. Warden | Paul M. M. M. | Deputy Chief | Joe M. M. | Barbara J. M. M. | Barbara J. M. M. | Paul M. M. M. |
| Greg M. M. | David M. M. M. | Deputy Chief | Joe M. M. | Barbara J. M. M. | Barbara J. M. M. | James D. M. M. |
| George D. C. Warden, President | Barbara J. M. M. | Deputy Chief | George D. C. Warden | Barbara J. M. M. | Barbara J. M. M. | Greg D. C. Warden |
| Mark A. M. M. | Paul M. M. M. | Deputy Chief | George D. C. Warden | Barbara J. M. M. | Barbara J. M. M. | Barbara J. M. M. |
| Mark A. M. M. | John D. M. M. | Deputy Chief | George D. C. Warden | Barbara J. M. M. | Barbara J. M. M. | James D. M. M. |
| Mark A. M. M. | John D. M. M. | Deputy Chief | George D. C. Warden | Barbara J. M. M. | Barbara J. M. M. | James D. M. M. |
| Mark A. M. M. | John D. M. M. | Deputy Chief | George D. C. Warden |  |  |  |
| Mark A. M. M. | John D. M. M. | Deputy Chief | George D. C. Warden |  |  |  |
| Mark A. M. M. | John D. M. M. | Deputy Chief | George D. C. Warden |  |  |  |
| Mark A. M. M. | John D. M. M. |  |  |  |  |  |
| Mark A. M. M. | John D. M. M. |  |  |  |  |  |
| Mark A. M. M. | John D. M. M. |  |  |  |  |  |
| Mark A. M. M. | John D. M. M. |  |  |  |  |  |
| Mark A. M. M. | John D. M. M. |  |  |  |  |  |
| Mark A. M. M. | John D. M. M. |  |  |  |  |  |

| 17 | Robert Young | John M. Jones | California | William H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. | J. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. | J. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H |
| --- | --- | --- | --- | --- | --- | --- |
| 18 | John G. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H | John G. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H | John G. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H | John G. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H | John G. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H | John G. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H |

# Thank You!

From the Tradefox, Inc. Team

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

Chris Verbey
Founder & CEO

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

Will Cavendish
CTO / CSO

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

Ashwani Dutt

Duncan Walker
Market Research / Trade
Finance

Structured Bureau. Traders, geodetic, strong and leading, reliable, digital, and in the World's Best, best, and best, brand, place, and fundamental quality information & making systems, and by its culture, multi-dealer, major.

Denise Gerards
Senior Head of Operations

7 years experience in the right. Being the appointment and team development of the world's best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best

Ashwani Dutt
VP of Operations, Control
Asia

10 years experience in the most
of the world's best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best

Damir Dardagan
Product Owner

The brand and its completed
programs with 21 years of experience
and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best, and the best

Ervin Djogic
Lead Software Engineer

Full work engineer and architect
providing oversight & customer discipline
for development team

Poonam Dhiman
Bansal

Customer Support
As the 1980s from Western Finance
conversion, the 1980s based data are online
and 1986. The team are responsible for
other companies, the affiliates, vendors,
and specialty.

# Details

## The Board of Directors

| Principal | Description | Date |
| --- | --- | --- |
| Ashwani Dutt | President & Data Transfer/India Pvt Ltd | 2021 |
| Chris Verbey | CEO of Group Connection & Group Connection | 2022 |

## Officers

| Principal | Title | Date |
| --- | --- | --- |
| Hon. William Cavendish | CSO/CSO | 2021 |
| Chris Verbey | CEO, Secretary | 2022 |

## Voting Power

| Location | Administration | Voting Power |
| --- | --- | --- |
| Chris Verbey | 731,000 common stock | 622.8% |

## Post Equity Fundraising

| DATE | AMOUNT | DESCRIPTION | DESCRIPTION |
| --- | --- | --- | --- |
| 02/2017 | $26,000 |  | Section 4(a)(2) |
| 03/2017 | $11,500 |  | Section 4(a)(2) |
| 09/2017 | $150,000 |  | Section 4(a)(2) |
| 09/2017 | $15,000 |  | Section 4(a)(2) |
| 12/2017 | $818,727 |  | 4(a)(b) |
| 12/2018 | $100,000 | Safe | Section 4(a)(2) |
| 03/2018 | $200,000 | Safe | Section 4(a)(2) |
| 08/2018 | $20,000 | Safe | Section 4(a)(2) |
| 08/2020 | $35,363 | Safe | Regulation 2: Rule 50(b) |
| 09/2020 | $280,395 |  | 4(a)(b) |
| 09/2021 | $177,000 | Safe | Regulation 3: Rule 50(b) |
| 09/2022 | $870,000 | Safe | Regulation 3: Rule 50(b) |

12/2022 6500,000 Safe Section 4(a)(1)  
03/2022 3500,000 Safe Regulation D Rule 5(1)(b)

The U.S. Department of Labor and the Government

### Convertible Notes Outstanding

| MONTH | AMOUNT | STATION* | DISCOUNT | ALL AMEND. LTR | ALLOWANCE |
| --- | --- | --- | --- | --- | --- |
| 09/27/2012 | $12,000 0 |  |  | $1,400,000 | 0 |
| 09/27/2012 | $120,000 0 |  |  | $1,400,000 | 0 |
| 09/30/2015 | $10,000 0 | 5.0% |  | $1,666,000 | 0 |

### Outstanding Debits

None.

### Related Party Transactions

In 2010 and prior years, the company advanced funds to Chris Yerkey (to Boulder, in connection with the employment as CEO ('the Related Party Loans and Advances'). The funds advanced were partially paid out in lieu of salary and will be amortized in accordance with Chris Yerkey's employment agreement with the Company. The Company also advanced nominal amounts to other employees which are expected to be raised by salary minimum in future periods. The Related Party Loans and Advances do not accrue interest. As of August 2010, the outstanding balance is $137,258.00.

### Capital Structure

| CLOSE OF SECURITY | DEBIT ($) | CREDIT ($) | CHANGE ($) |
| --- | --- | --- | --- |
| Preferred At | 1,000,000 | 394,638 | No |
| Preferred At | 100,000 | 0 | No |
| Common Stock | 10,000,000 | 382,400 | Yes |

ALL LTRS IN EXCHANGE FOR  
$10,000.00 (ON DEBIT) IN TRANSACTION  
Warrants: 0  
Options: No options issued on this date  
For sale:

### Risks

Scrap Connection Inc. operates currently as a holding company for its Dutch issued subsidiary, Scrap Connection BV. All business development and tech development carried out from their offices in the US, Netherlands, Poland and India are managed and paid for by Scrap Connection BV. 95% of Scrap Connection, Inc.'s assets are comprised of its interest in its foreign subsidiary and a sum of investment proceeds to Scrap Connection BV. This represents amounts advanced to Scrap Connection BV primarily from investments in previous periods of funding. Scrap Connection BV is organized under the laws of and located in The Netherlands.

The Company may never receive a future equity financing or credit 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 Fundraisers could be left holding the Securities to perpetuate. 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 selling 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 returning other personnel we require to successfully grow our business.

The Company not might sell enough securities in this offering to meet its operating needs and fulfill its plans. In which case the Company might need to reduce sales & marketing, engineering, or other expenses. More recurring revenue to decrease, further cuts would be needed and hurt the Company's ability to meet its goals. Even if the Company raises the entire sound successfully, we may need to raise more capital in the future in order to continue. Even if we do make successful offering(s) in the future, the terms of that offering might result in your investment in the company being worth less because of the terms of future investment rounds.

The success of the Company is highly dependent upon the ability of its CEO and management team, to attract and retain qualified managers and other personnel in a competitive environment.

While the Company believes in good faith that its business plans have a reasonable chance of success, the operation of the Company are ultimately speculative and involve the possibility of a total loss of investment, due to any number of considerations. Investment is suitable only for individuals who are financially able to withstand total loss of their investment.

The company intends to use a significant portion of the proceeds from the offering for unspecified working capital. The offering proceeds will be used by the Company in the large management course most effective towards the Company's goals. This means that although we definitely have plans for the proceeds (focused on sales, marketing, and product development) the Company will bear382 on discretion to use the proceeds as it sees fit and the Company has chosen not to limit the Company's use of the funds to specific uses that investors could evaluate. Such portion of the proceeds from the offering will be used for the purpose that the company's management course to be in its best interest in order to address changed circumstances or opportunities. As a result of the foregoing, the Company's success will be substantially dependent upon its discretion and judgment with respect to application and allocation of such portion of the proceeds of this offering. The company may choose to use the proceeds in the manner that the investors do not agree with and investor may have no recourse. A use of proceeds that does not further the Company's business and goals could have the Company and its operations, and ultimately cause an investor to lose all or portion of his or her investment.

The Company could be banned in the event of the death or disability of founder Chris Yerkey. Likewise, key team members could leave or become unable to serve, decreasing the Company's ability to achieve its goals. The company also leverages the global talent pool and political roles, natural literature, communication strategies and other factors can make team members unavailable or otherwise impact our ability to keep operating of current efficiency.

The market for technology companies is not predictable. While we may be able to sell the company for its technology, client relationships, team or other factors, there is no guarantee that it can be sold, nor that it will become profitable, nor that it will reach an initial Public Offering (IPO). Even if these do occur, there is no guarantee that investor returns will be positive.

Onset of the company will require the recruitment, retention, and integration of additional highly qualified individuals. Even if such people can be fined, the projected growth in staff could prevent further management risks. The market for qualified personnel is highly competitive and there can be no assurance that any critical problems can be filled on a timely basis.

The company has received no notices or indications otherwise and believes they have not infringed an anyone else's IP rights. That said, the Company's technology directs the company to a highly dependent on the Company's intellectual property. While the Company believes in good faith that it has robust rights to all intellectual property needed for its business, any dispute or litigation regarding intellectual property could be costly and time consuming due to the uncertainty of the intellectual property litigation and could direct the Company's management and key personnel from its business operation. A claim of intellectual property infringement could force the Company to enter into costly or restrictive finance agreement, which may not be available under acceptable terms (e.g. at all), could require the Company to redesign or invest its products (which would be costly and time consuming, and/or could subject the Company to an injunction against sale of certain of its products). The Company may have to pay substantial damages, including damages for the past infringement, if it is extremely determined that its products infringe a third party's proprietary rights.

The Company's revenue model may be impaired or change. The Company's success depends mainly on its ability to receive revenue as earnings from the Company's software as a Service platform. The company may generate fast, latest sales or all of the

cannabis for women and nonwomen in an up-dressed and determined by the three distributions to the shareholders. If the Company does not generate revenue, its business, financial condition, and operating results will be materially adversely affected.

From time to time, third parties may claim that one or more of the Company's products infringe their intellectual property rights.

The Company has a small team, and the loss of any team members, and especially the loss or death of the founder Chris Yerbo, could harm the company's ability to implement their plans.

Even if the Company is successful, an investor may want immediate access to the then red worth of the investment, but selling private securities can be difficult or impossible. In this case, an investor may need to wait until a liquidity event, and there are no guarantees one will issue.

The following trends or uncertainties could affect our financial condition, including the liquidity, cash flow and capital resources described below: The Company's operations may be unconfident, and may result in the total loss of investment.

#### **Description of Securities for Prior Reg CF Raise**

**Additional insurance of securities.** Following the investor's investment in the Company, the Company may set 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 loss of an opportunity to make such a follow-on investment, may result in substantial dilution of the investor's interest in the Company.

**Lower rennettsess of securities.** The Company may have authority to rennettsess to securities from shareholders, which may occur to decrease any liquidity in the market for such securities. Because the percentage interests held by other similarly situated investors to the investor, and create pressure on the investor to set its securities to the Company concurrently.

**A side 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 maintain value for shareholders. Accordingly, the success of the investor's investment in the Company will depend on large cash upon the sale 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 variations when the Company may encounter potential conflicts of interest in its operations. On any basis 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 an terms which are not only a benefit, but will be in all cases consistent with the duties of the management of the Company to its shareholders. By equaling excitement to 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.

#### **Priority Operating**

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 set 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 loss 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 Fails to 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 an advertisement to the investor. For example, the shareholders may choose 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 matters of securities. The shareholders may make changes that affect the net treatment of the Company in ways that are unfavorable to you but favorable to them. They may also vote to engage in new offerings similar 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' will may affect the value of the Company and/or its liability. 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 dilated. This means that the principal position of the Company represented by the investor's securities will decrease, which could also diminish the investor's voting and/or warrants rights. In addition, as discussed above, if a majority in interest of holders of securities with voting rights cause the Company to have 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 issues
- 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 disease 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 politically 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 approval or evaluation. Accordingly, the offering price should not be considered to be indicative of the actual value of the securities offered herein.

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 18, 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 (a) the Valuation Cap divided by (b) 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 situations of other companies that we believe to be comparable to us, estimates of our business accrual, 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 have little account, as applicable factors such as the following:

- unrelated third party valuations;
- the price of which we set 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 share of development and material risks related to our business;
- the overhead 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

Teddy, Inc.
Delaware Corporation
Organized July 2012
12 employees

806 S State Street # 543
Dover DE 19905

http://www.teddy.com

#### Business Description

Refer to the Teddys, Inc. profile.

#### EDSAR Filing

The Securities and Exchange Commission limits the official version of this annual report on their EDSAR web site. It costs itself was built in 1999.

#### Compliance with Prior Annual Reports

Teddys, Inc. has previously not complied with the reporting requirements under Rule 203 of Regulation Crowdfunding.

We failed to file an annual report on time in 2022.

#### All prior investor updates

You can refer to the company's updated 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.

## Say Hello
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**Attachment 4:** `document_4.pdf`

**Tradefox, Inc.** (the “Company”) a Delaware Corporation

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

Years ended December 31, 2020 & 2021

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

## INDEPENDENT ACCOUNTANT'S REVIEW REPORT

To Management Tradefox, Inc.

We have reviewed the accompanying financial statements of the Company which comprise the statement of financial position as of December 31, 2020 & 2021 and the related statements of operations, statement of changes in shareholder equity, and statement of cash flows for the years 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 | 2020 |
| ASSETS |  |  |
| Current Assets |  |  |
| Cash and Cash Equivalents | 22,173 | 55,784 |
| Loan Receivables | 17,058 | 26,813 |
| Loan Receivables - Related Parties | 164,451 | 140,815 |
| Interest Receivable | 1,749 | 1,283 |
| Total Current Assets | 205,431 | 224,696 |
| Non-current Assets |  |  |
| Security Deposits | 1,578 | 1,696 |
| Digital Assets | 11,374 | - |
| Intangible Assets: Tech Development, net of Accumulated Amortization | 61,791 | 81,237 |
| Total Non-Current Assets | 74,743 | 82,932 |
| TOTAL ASSETS | 280,174 | 307,628 |
| LIABILITIES AND EQUITY |  |  |
| Liabilities |  |  |
| Current Liabilities |  |  |
| Accounts Payable | 106,570 | 27,575 |
| Deferred Revenue | 6,329 | 3,578 |
| Accrued Expenses | 22,757 | - |
| Notes Payable | 30,112 | 50,489 |
| Notes Payable - Related Party | 86,450 | 3,512 |
| Taxes Payable | 71,145 | 17,950 |
| Accrued Interest | - | 9,088 |
| Total Current Liabilities | 323,364 | 112,193 |
| Non-Current Liabilities |  |  |
| Future Equity Obligations - SAFE | 1,265,512 | 1,265,512 |
| Total Non-Current Liabilities | 1,265,512 | 1,265,512 |
| TOTAL LIABILITIES | 1,588,876 | 1,377,705 |
| EQUITY |  |  |
| Common Stock | 9 | 9 |
| Preferred Stock | 4 | 4 |
| Additional Paid-in Capital | 1,068,105 | 684,401 |
| Other Comprehensive Loss | (5,113) | (1,299) |
| Accumulated Deficit | (2,371,706) | (1,753,191) |
| Total Equity | (1,308,701) | (1,070,076) |
| TOTAL LIABILITIES AND EQUITY | 280,174 | 307,628 |

# **Statement of Operations**

|  | Year Ended December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| Net Revenue | 10,036 | 4,478 |
| Gross Profit | 10,036 | 4,478 |
| Operating Expenses |  |  |
| Advertising and Marketing | 2,179 | 5,839 |
| General and Administrative | 346,213 | 235,047 |
| Research and Development | 242,457 | - |
| Rent and Lease | 19,838 | 22,958 |
| Amortization | 13,808 | 22,874 |
| Total Operating Expenses | 624,495 | 286,717 |
| Operating Income (loss) | (614,458) | (282,239) |
| Other Income |  |  |
| Other | - | 1,846 |
| Total Other Income | - | 1,846 |
| Other Expense |  |  |
| Interest Expense | 4,057 | 20,027 |
| Total Other Expense | 4,057 | 20,027 |
| Provision for Income Tax | - | - |
| Net Income (loss) | (618,515) | (300,420) |
| Foreign Currency Loss | 3,814 | 1,299 |
| Comprehensive Income (loss) | (622,329) | (301,719) |

# **Statement of Cash Flows**

|  | Year Ended December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| OPERATING ACTIVITIES |  |  |
| Other Comprehensive Income (Loss) | (622,329) | (301,719) |
| Adjustments to reconcile Net Income to Net Cash provided by operations: |  |  |
| Amortization | 10,407 | 22,531 |
| Accounts Payable | 95,254 | (27,579) |
| Credit Cards | (16,258) | 31,073 |
| Sales Tax Payable | - | 36,526 |
| Accrued Expense | 22,872 | - |
| Payroll Tax | 49,666 | 5,811 |
| Deferred Revenue | 2,751 | 3,578 |
| Accrued Interest - Receivable | (466) | (900) |
| Accrued Interest | (9,088) | (4,918) |
| Foreign Currency Translation Loss | 3,814 | 1,299 |
| Other | 6,093 | (9,643) |
| Total Adjustments to reconcile Net Income to Net Cash provided by operations: | 165,044 | 57,778 |
| Net Cash provided by (used in) Operating Activities | (457,285) | (243,941) |
| INVESTING ACTIVITIES |  |  |
| Loan Receivable - Related Party | (26,527) | (14,564) |
| Loan Receivable | (1,272) | (1,509) |
| Deposit | 118 | (140) |
| Digital Asset | (11,374) | - |
| Tech Development | - | (24,908) |
| Net Cash provided by (used by) Investing Activities | (39,055) | (41,121) |
| FINANCING ACTIVITIES |  |  |
| Loan Payable - Related Party | 7,862 | (33,347) |
| Loan Payable | 66,074 | 3,711 |
| Future Equity Obligations - SAFE Note Issuances | - | 238,625 |
| Additional Paid-in Capital | 383,705 | 117,448 |
| Net Cash provided by (used in) Financing Activities | 457,641 | 326,438 |
| Cash at the beginning of period | 55,784 | 14,408 |
| Net Cash increase (decrease) for period | (38,699) | 41,376 |
| Cash at end of period | 17,085 | 55,784 |

# **Statement of Changes in Shareholder Equity**

|  | Common Stock |  | Preferred Stock |  | APIC | Other Comprehensive Income (Loss) | Accumulated Deficit | Total Shareholder Equity |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | # of Shares Amount | $ Amount | # of Shares Amount | $ Amount |  |  |  |  |
| Beginning Balance at 1/1/2020 | 882,400 | 9 | 394,638 | 4 | 566,952 | - | (1,439,594) | (872,629) |
| Additional Paid in Capital | - | - | - | - | 117,448 | - | - | 117,448 |
| Foreign Currency Translation Gain (Loss) | - | - | - | - | - | (1,299) | - | (1,299) |
| Issuance Cost Associated with SAFE Proceeds | - | - | - | - | - | - | (13,177) | (13,177) |
| Net Income (Loss) | - | - | - | - | - | - | (300,420) | (300,420) |
| Ending Balance 12/31/2020 | 882,400 | 9 | 394,638 | 4 | 684,401 | (1,299) | (1,753,191) | (1,070,076) |
| Additional Paid in Capital | - | - | - | - | 383,705 | - | - | 383,705 |
| Foreign Currency Translation Gain (Loss) | - | - | - | - | - | (3,814) | - | (3,814) |
| Net Income (Loss) | - | - | - | - | - | - | (618,515) | (618,515) |
| Ending Balance 12/31/2021 | 882,400 | 9 | 394,638 | 4 | 1,068,105 | (5,113) | (2,371,705) | (1,308,701) |

# **Tradefox, Inc.**  
**Notes to the Unaudited Financial Statements**  
**December 31st, 2021**  
**\$USD**

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

Tradefox, Inc. (“the Company”) is a corporation organized under the laws of the State of Delaware on July 13th, 2012. The Company operates an online platform through its wholly owned foreign subsidiary that provides business intelligence for companies in the recycling industry. Scrap Connection, B.V. is a Netherlands registered company that is wholly owned by Tradefox, Inc.

The Company will conduct a crowdfunding campaign under regulation CF in 2022 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, Scrap Connection, B.V.

# 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 earns revenue from subscription fees charged to users of Tradefox, the Company's proprietary information system for users in the scrap metal industry. The Company's primary performance obligation is to maintain an acceptable level of software uptime for users over the subscription period. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, or services have been rendered, the fee for the arrangement is fixed or determinable, and collectability is reasonably assured. The Company had deferred revenue in the amounts of $6,329 and $3,578 as of December 31st, 2021 and 2020, respectively.

## Capitalized Internal-Use Software Costs

We are required to follow the guidance of Accounting Standards Codification 350 ("ASC 350"), Intangibles- Goodwill and Other in accounting for the cost of computer software developed for internal-use and the accounting for web-based product development costs. ASC 350 requires companies to capitalize qualifying computer software costs, which are incurred during the application development stage, and amortize these costs on a straight-line basis over the estimated useful life of the respective asset.

Costs related to preliminary project activities and post implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life which is determined to be 10 years.

## Loan Receivables

The Company loaned approximately $17,060 to a third party. The amount accrues interest at approximately 3% and is due in 2025. The balance of the loan receivable was $17,058 and had an accrued interest receivable of $1,749 as of December 31st, 2021.

See Note 3 - Related Party Transactions for details of loan receivable from related parties.

## Digital Asset

During the year ended December 31st, 2021, the Company held approximately $11,374 in Mettalex (MTLX) (a "digital asset"). The Company currently accounts for all digital assets held as a result of these transactions as indefinite-lived intangible assets in accordance with ASC 350, Intangibles-Goodwill and Other. The Company has ownership of and control over the digital assets and may use third-party custodial services to secure it. The digital assets are initially recorded at cost and are subsequently remeasured on the balance sheet at cost, net of any impairment losses incurred since acquisition.

The Company determines the fair value of their digital assets on a nonrecurring basis in accordance with ASC 820, Fair Value Measurement, based on quoted prices on the active exchange(s) that we have determined is the principal market for such assets (Level 1 inputs). The Company performs an analysis each quarter to identify whether events or

changes in circumstances, principally decreases in the quoted prices on active exchanges, indicate that it is more likely than not that their digital assets are impaired. In determining if an impairment has occurred, the Company considers the lowest market price of one unit of digital asset quoted on the active exchange since acquiring the digital asset. If the then current carrying value of a digital asset exceeds the fair value so determined, an impairment loss has occurred with respect to those digital assets in the amount equal to the difference between their carrying values and the price determined.

#### 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.

#### Equity based compensation

The Company did not have any equity-based compensation as of December 31$^{st}$, 2021.

#### 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 the Netherlands. 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.

The CEO loaned the Company $86,450. The balance is due on demand and accrues interest at 9%. The balance of the loan was $86,450 as of December 31st, 2021.

The Company has loaned money to the CEO. The balance is due on demand and accrues interest at 3%. The balance of the loan receivable was $164,451 as of December 31st, 2021.

#### **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 a loan agreement on May 4th, 2021, in the amount of $30,112. The loan accrues interest at 9% and is due on demand. The balance of the loan was $30,112 as of December 31st, 2021.

The Company entered into a loan agreement with a third party totaling $65,532 which was accruing 9% per annum interest. The loan was converted into shares of the company on June 24th, 2021.

Simple Agreements for Future Equity (SAFE) - 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 ranging from 80% to 90% discounts. Each agreement is subject to a valuation cap. The valuation caps of the agreements entered ranged from $5.95M - 30M.

See Note 3 - Related Party Transactions for details of loan entered into with a family member of the CEO.

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

| Year | Amount |
| --- | --- |
| 2022 | $116,563 |
| 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 total number of shares of stock which the corporation is authorized to issue is 11,100,000 of which 10,000,000 shall be shares of Common Stock having a par value of $0.00001 per share, 1,000,000 shall be shares of Preferred Stock (Series A) having a par value of $0.00001 per share, and 100,000 shall be shares of Preferred Stock (Series AA), having a par value of $0.00001 per share, with such rights and entitlements as are approved by the Board of Directors and stockholders.

The Company had 882,400 Common Stock issued and outstanding as of December 31st, 2021.

The Company had 394,638 Series A Preferred Stock issued and outstanding as of December 31st, 2021.

The Company did not have any Series AA Preferred Stock issued or outstanding as of December 31st, 2021.

**Voting:** Common shareholders have the right to vote on certain items of Company business at the rate of one vote per share of stock. Common Stock ranks behind all issues of Preferred Stock in liquidation preference.

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

**Voting:** Preferred shareholders have 1 vote for every common share they could own if converted.

**Dividends:** The holders of preferred stock are entitled to receive dividends when and if declared by the Board of Directors. Dividends on preferred stock are in preference to and prior to any payment of any dividend on common stock and are not cumulative. As of December 31, 2021, no dividends had been declared. Preferred Stockholders have dilution protected dividend preference.

## **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 November 4, 2022, the date these financial statements were available to be issued.

On April 30$^{th}$, 2022, the Company fully paid off the loan in the amount of $30,112 as of December 31$^{st}$, 2021.

The Company began paying off the related party loan of $86,450 from the CEO’s family member. The amount paid includes approximately $17,000 on January 5$^{th}$ and $25,000 on August 25$^{th}$.

## **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 realized losses every year since inception, 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 5:** `document_5.pdf`

8/26/2019

Ashwani Dutt | LinkedIn

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**Ashwani Dutt**
Presiden Asia Pacific at Scrap Connection

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**Ashwani Dutt** · 3rd
Presiden Asia Pacific at Scrap Connection
Panipat, Haryana, India · 187 connections · Contact info

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Scrap Connection
Panipat

Kieran, MZ is hiring!

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**Managerial Economic**
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**Global Strategy**
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**Bill George on Self**
intic

Experience

**President Asia Pacific**

Scrap Connection
Jan 2012 - Present · 7 yrs 8 mos
Panipat Area, India

Building customer relations, Training of Employees, Marketing development.

**Partner**

DY Indus
Jan 2005 - Jan 2012 · 7 yrs 1 mo

**Owner**

Easy Travel India
Mar 1996 - Jan 2012 · 15 yrs 11 mos

**Partner**

A. N. Prakash Construction Project Management Consultants Pvt. Ltd
Jul 1988 - Apr 1996 · 7 yrs 10 mos
Panipat Area, India

During my time with the company I was in charge of project management and procurement of new government contracts. In addition, I managed a work force of over 400 employees constructing government building, roads and pipelines for water and sewage.

Education

**Panipat**

Bachelor of Commerce (B.Com.)
1984 - 1988

**I B School Panipat**

High School
1979 - 1981

Skills & Endorsements

Management · 5

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**Ashwani Dutt**

Presiden Asia Pacific at Scrap Connection

**Entrepreneurship** - 4

Endorsed by Chris Yerbey, who is highly skilled at this

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**Accomplishments**

**Languages**

Arabic • English • German • Hindi • Punjabi

**Interests**

**Institute of Scrap Recycling Indus...**
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**Attachment 6:** `document_6.pdf`

8/26/2019

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**Chris Yerbey** • 2nd in

CEO at Scrap Connection BV dba Tradefox

Amsterdam Area, Netherlands • 500+ connections • Contact info

Tradefox (Scrap Connection BV)

The University of Alabama

# **Highlights**

**2 mutual connections**

You and Chris both know Dylan Enright and Katie Holman O'Neill

# **About**

I am excited to say that we are launching a new crowdfunding campaign August 26, 2019!

At Scrap Connection / Tradefox we connect scrap professionals to facilitate trade in a $250 Billion π ... see more

Invest in Tradefox / Scrap Connection Inc...

# **Articles & activity**

11,943 followers

**Upcoming Webinars - Scrap Connection**

Chris Yerbey
Published on LinkedIn

We will be hosting 3 webinars in the next two weeks. Topics will cover details about our company and crowdfunding investing in general to our potential and current investors. ...see more

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# **Experience**

https://www.linkedin.com/in/chris-yerbey-bb268225/

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**Chris Yerbey**

CEO at Scrap Connection BV dba Tradefox

- Business strategy development and execution
- Site functional design and deployment
- Investor, media and strategic partner relations
- Coffee selection, inspection and preparation

**CEO**

D. Y. INDUS, Inc.

Apr 2004 - Dec 2011 · 7 yrs 9 mos

Atlanta, GA

- Co-founder of international trading company operating in the recyclable commodities sector
- Experienced in the trade of steel, aluminum, copper, and stainless steel scrap metal
- Led company from startup to growth stage with revenues topping $1.5 million
- Developed customer base of 53 importers in India, Pakistan, Taiwan, Korea, Vietn... See more

**CEO**

Trucking Jobs, Inc. - EveryTruckJob.com

Mar 2001 - Nov 2009 · 8 yrs 9 mos

Tuscaloosa, AL

- Co-founded first web based job search engine for the U.S. trucking industry with Paul Still and Steve Nippert
- Assembled a team of developers, sales and marketing people and investors to make the vision a reality... See more

**CEO**

Environmental Waste Consultants, Inc.

Oct 1997 - Dec 2007 · 10 yrs 3 mos

Tuscaloosa, AL

- Founded consulting company assisting factories and large retail businesses with waste expense reduction
- Responsible for developing and implementing recycling programs, optimizing waste handling methods, renegotiating millions of dollars in vendor service contracts... See more

**President**

Wetlands Waterpark

Apr 1994 - Aug 1995 · 1 yr 5 mos

Tuscaloosa, AL

- Completed feasibility study and business plan for a $1.2 million waterpark at age 25
- Coordinated with contractors and vendors to create a fully developed concept including blue prints & site plans
- Presented concept to Tuscaloosa city council, obtaining site zoning reclassification... See more

**Education**

**The University of Alabama**

Chemical Engineering and Chemistry

1992 - 1996

**University of North Alabama**

Chemistry, Biology, Math

1988 - 1991

Activities and Societies: Pi Kappa Alpha

**Skills & Endorsements**

**Business Strategy** · 99+

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**Chris Yerbey**

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**International Trade** · 99+

Endorsed by Elton Xu and 3 others who are highly skilled at this

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## Recommendations

Received (1) Given (6)

**Rajesh Desor**

Scrap Metal Industry Trade Professional

March 9, 2013, Rajesh worked with Chris but at different companies

Chris is a very honest, growth minded individual whose vision will take him to far reaches. He has an uncanny ability to create solutions for problems effortlessly. I would recommend Chris and Scrap Connection to anyone in the recycling industry willing to grow..

## Accomplishments

**Languages**

Dutch • English • German

## Interests

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**Attachment 7:** `document_7.pdf`

Contact

www.linkedin.com/in/will-cavendish-b937a84 (LinkedIn)
www.pufferfishdisplays.com
(Company)

Top Skills

Program Management
User Interface Design
New Business Development

Honors-Awards

SMART Technology Award
Ideasmart Award
Digital Innovation Contest: The Future Store
Inavate EMEA 40 Under 40

# Will Cavendish

Entrepreneur, XD, innovator and creative technologist focused on building specialised design, technology and data driven businesses.
Edinburgh, Scotland, United Kingdom

Summary

Experience

Tradefox

CTO / CSO

April 2021 - Present (2 years)

Amsterdam, North Holland, Netherlands

Cleaning up the Circular Economy.

Business risk intelligence for the recycling industry. Monitor current partners and find the right leads.

With Tradefox you can access the largest global network of companies that buy, sell or broker scrap materials.

Flamboyant Cuttlefish Limited

Founder

February 2021 - Present (2 years 2 months)

Edinburgh, Scotland, United Kingdom

Specialised Design.

Data Visualisation & XR.

Business Building.

Impact Projects.

Pufferfish

CTO, Co-Founder

February 2004 - November 2020 (16 years 10 months)

Edinburgh, Scotland, United Kingdom

Pufferfish Ltd is a creative technology and media company working across a number of industries, supplying innovative digital display solutions and associated software, data visualisation and content creation services. Renown for our flagship PufferSphere® multitouch display technology.

Page 1 of 2

Pufferfish operates in a diverse and wide range of sectors such as museum and visitor attractions, education, experiential marketing, TV, live events and blue chip experience centres. Pufferfish collaborates internationally with leading universities and research institutions in the fields of geosciences, human computer interaction and meteorological research amongst others.

I led the design, development and launch of multiple product lines and custom projects; building a dynamic team of diverse skills, utilizing agile and iterative design processes to define the product, technology and R&D roadmaps; IP, data and media strategies; winning multiple awards and closing five rounds of private equity investment.

From 2015 onwards I drove the transformation of Pufferfish from a hardware sales pipeline to a visual storytelling operation driven by a talented creative team including software developers, industrial designers, engineers, AV technicians, motion artists and GIS specialists.

## Education

The University of Edinburgh
Architecture · (1999 - 2003)

Page 2 of 2

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

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Tradefox, Inc.

**Legal Status:** Corporation

**Jurisdiction of Incorporation/Organization:** DE

**Date of Organization:** 07-13-2012

**Physical Address:** 896 S State Street # 542, Dover, DE, 19901

**Issuer Website:** http://www.tradefox.co

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

### Annual Report Disclosure Requirements

**Current Number of Employees:** 12

**Total Assets (Most Recent Fiscal Year):** $205,431.00

**Total Assets (Prior Fiscal Year):** $224,696.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $22,173.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $55,784.00

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

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

**Short-Term Debt (Most Recent Fiscal Year):** $293,252.00

**Short-Term Debt (Prior Fiscal Year):** $61,704.00

**Long-Term Debt (Most Recent Fiscal Year):** $30,112.00

**Long-Term Debt (Prior Fiscal Year):** $50,489.00

**Revenues/Sales (Most Recent Fiscal Year):** $10,036.00

**Revenues/Sales (Prior Fiscal Year):** $4,478.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $2,179.00

**Cost of Goods Sold (Prior Fiscal Year):** $5,839.00

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

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

**Net Income (Most Recent Fiscal Year):** $618,515.00

**Net Income (Prior Fiscal Year):** $300,420.00

### Signatures

**Issuer:** Tradefox, Inc.

**Signature:** Chris Yerbey

**Title:** Founder & CEO

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**Signature:** Ashwani Dutt

**Title:** Director

**Date:** 03-14-2023

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**Signature:** Chris Yerbey

**Title:** Founder & CEO

**Date:** 03-09-2023