# EDGAR Filing Document

**Accession Number:** 0001845167
**File Stem:** 0001670254-23-000023
**Filing Date:** 2023-1
**Character Count:** 218850
**Document Hash:** 28ab30e7917c3f1a8487a25e1af05326
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001670254-23-000023.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0001670254-23-000023

**CONFORMED SUBMISSION TYPE**: C

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HiveTracks, Inc.
- **CENTRAL INDEX KEY:** 0001845167
- **IRS NUMBER:** 853564854
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** C
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-31636
- **FILM NUMBER:** 23536324

**BUSINESS ADDRESS:**
- **STREET 1:** 489 BIG LAUREL ROAD
- **CITY:** CRESTON
- **STATE:** NC
- **ZIP:** 28615
- **BUSINESS PHONE:** 281-460-8357

**MAIL ADDRESS:**
- **STREET 1:** 489 BIG LAUREL ROAD
- **CITY:** CRESTON
- **STATE:** NC
- **ZIP:** 28615

## Ex-99

### Attached PDF Documents

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

# Form C

## Cover Page

Name of issuer:

HiveTracks, Inc.

Legal status of issuer:

Form: Corporation
Jurisdiction of Incorporation/Organization: NC
Date of organization: 2/18/2011

Physical address of issuer:

489 Big Laurel Road
Creston NC 28615

Website of issuer:

https://www.hivetracks.com/

Name of intermediary through which the offering will be conducted:

Weifunder Portal LLC

CIR number of intermediary:

0001670254

SEC file number of intermediary:

007-00033

CRD number, if applicable, of intermediary:

283503

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

6.5% of the offering amount upon a successful fundraise, and be entitled to reimbursement for out-of-pocket third party expenses it pays or incurs on behalf of the issuer in connection with the offering.

Any other direct or indirect interest in the issuer held by the intermediary, or any arrangement for the intermediary to acquire such an interest:

No

Type of security offered:

☐ Common Stock
☐ Preferred Stock
☐ Debt
☑ Other

If Other, describe the security offered:

Simple Agreement for Future Equity (SAPIE)

Target number of securities to be offered:

50,000

Price:

$1.00000

Method for determining price:

Pro-rated portion of the total principal value of $50,000; interests will be sold in increments of $1 each investment is convertible to one share of stock as described under item 13.

Target offering amount:

$50,000.00

Oversubscriptions accepted:

☑ Yes
☐ No

If yes, disclose how oversubscriptions will be allocated:

☐ Pro-rata basis
☐ First-come, first-served basis
☑ Other

If other, describe how oversubscriptions will be allocated:

As determined by the issuer

Maximum offering amount (if different from target offering amount):

$1,235,000.00

Deadline to reach the target offering amount:

4/30/2023

NOTE: If the sum of the investment commitments does not equal or exceed the target offering amount at the offering deadline, no securities will be sold in the offering. Investment commitments will be cancelled and committed funds will be returned.

Current number of employees:

2

|  | Most recent fiscal year-end: | Prior fiscal year-end: |
| --- | --- | --- |
| Total Assets: | $571,431.00 | $66,643.00 |
| Cash & Cash Equivalents: | $52,464.00 | $24,420.00 |
| Accounts Receivable: | $0.00 | $0.00 |
| Short-term Debt: | $148,530.00 | $2,209.00 |
| Long-term Debt: | $643,644.00 | $48,619.00 |
| Dividends/Costs: | $167,716.00 | $66,518.00 |
| Cost of Goods Sold: | $42,406.00 | $19,300.00 |
| Taxes Paid: | $0.00 | $0.00 |
| Net Income: | ($236,558.00) | ($78,533.00) |

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

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

## Offering Statement

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

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

### THE COMPANY

1. Name of issuer:

HiveTracks, Inc.

### COMPANY ELIGIBILITY

2. ☑ Check this box to certify that all of the following statements are true for the issuer:

- Organized under, and subject to, the laws of a State or territory of the United States or the District of Columbia
- Not subject to the requirement to file reports pursuant to Section 18 or Section 15(a) of the Securities Exchange Act of 1934
- Not an investment company registered or required to be registered under the Investment Company Act of 1940.
- Not ineligible to rely on this exemption under Section 4(a)(6) of the Securities Act as a result of a disqualification specified in Rule 503(a) of Regulation Crowdfunding.
- Has filed with the Commission and provided to investors, to the extent required, the ongoing annual reports required by Regulation Crowdfunding during the two years immediately preceding the filing of this offering statement (or for such shorter period that the issuer was required to file such reports).
- Not a development stage company that (a) has no specific business plan or (b) has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies.

INSTRUCTION TO QUESTION 2: If any of these statements are not true, then you are NOT eligible to rely on this exemption under Section 4(a)(6) of the Securities Act.

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

☐ Yes ☑ No

### DIRECTORS OF THE COMPANY

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

| Director | Principal Occupation | Main Employer | Year Joined as Director |
| --- | --- | --- | --- |
| Max Ruenzel | CEO | HiveTracks, Inc. | 2020 |
| Laura Dye | COO | HiveTracks, Inc. | 2020 |
| James T Wilkes | University Professor | Appalachian State University | 2020 |
| George Moody | Owner & Principal Consultant/Owner | Self employed | 2020 |

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

### OFFICERS OF THE COMPANY

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

| Officer | Positions Held | Year Joined |
| --- | --- | --- |
| Max Ruenzel | CEO | 2020 |
| Laura Dye | COO | 2020 |
| James T Wilkes | CBO | 2020 |

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

INSTRUCTION TO QUESTION 1: For purposes of this Question 1, the term officer means a president, vice president, secretary, successor or principal financial officer, competitor or principal accounting officer, and any person that routinely performs similar functions.

PRINCIPAL SECURITY HOLDERS

PRINCIPAL SECURITY HOLDERS

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

Name of Holder

James T Wilkes

No. and Class
of Securities Now Held
55000.0 Common stock

% of Voting Power
Prior to Offering
20.0

INSTRUCTION REQUESTED: The above information must be provided as of a date that is not more than 120 days prior to the date of filing of this offering statement.

To calculate total voting power, include all securities for which the person directly or indirectly has or shares the voting power, which includes the power to own or to direct the voting of such securities. If the person has the right to acquire voting power of such securities within 60 days, including through the exercise of any option, warrants or rights, the conversion of a security, or other arrangement, or of securities are held in a member of the family, through corporations or partnerships, or otherwise in a manner that would allow a person to direct or control the voting of the securities (or share in such direction or control - i.e., for example, a set of shares they should be included as being "beneficially owned," but should include an explanation of these circumstances in a footnote to the "Number of and Class of Securities Now Plots"). To calculate outstanding voting equity securities, assume all outstanding options are exercised and all outstanding convertible securities converted.

## BUSINESS AND ANTICIPATED BUSINESS PLAN

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

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

INSTRUCTION REQUESTED: Weholder will provide your company's Weholder profile as an appendix (Appendix A) to the Form C to PDF format. The submission will include all Q&A terms and "total merit" links to an unmodified format. All values will be transmitted.

This means that any information provided in your Weholder profile will be provided in the SEC in response to this question. As a result, your company will be personally liable for misstatements and omissions in your profile under the Securities Act of 1933, which requires you to provide essential information related to your business and anticipated business plans. Please review your Weholder profile carefully to ensure it provides all material information, is not false or misleading, and does not omit any information that would cause the information included to be false or misleading.

## RISK FACTORS

A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment.

In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document.

The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature.

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

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

The most considerable risk associated with investing in HiveTracks is that the company may not be successful in raising sufficient funds to continue to fund its operations until it becomes profitable.

HiveTracks will launch a new B2C product on the app stores in Q1 2023 ahead of the next beekeeping season. The company's revenue projections depend upon the successful performance of this product. While the company is doing everything it can to minimize the risk associated with a new product launch through user acceptance testing and beta testing, the product may not perform as expected, and the assumed revenues may be lower than projected.

HiveTracks will also launch a B2G solution for government agencies to oversee beekeepers' communications and provide digital extension services in Q2 of 2023. The success of this product depends upon the efficiency of the company's sales efforts and the acceptance of the new product in the market. While HiveTracks has executed several government contracts in the past, this is not a guarantee for future success in selling technology solutions to government agencies.

HiveTracks' products depend upon a set of app- and web-based software applications. The stability and scalability of these products constitute the backbone of the company's capability to deliver services and products in the B2C and B2G markets next year. A partial or complete failure of these software solutions would jeopardize the company's ability to market and deliver solutions to the satisfaction of its customers. While the company is doing its best to mitigate these risks by adhering to industry best practices in the areas of data handling, cyber security, and software development through constant iteration and testing by a professional team of software developers, this remains a critical risk.

The future success of HiveTracks in developing a Data-as-a-Service business model depends upon its ability to achieve critical mass and strategic density of data through the collection of data in its SaaS products in the B2C and B2G spaces. While the company is working hard to mitigate this risk by targeting specific geographic areas (to achieve the required density in these areas), the frequency and quality of the data collected may not be sufficient to offer data services as early as the company expects to do.

The footnotes of our financial statements list an error is that one of the convertible notes was listed as $15k, when in fact it was only $5k. We resubmitted this information to the CPA that performed the review. The CPA did not believe this error is material to the footnote or to the financial statements taken as a whole. As such, the financial statements herein have not been adjusted.

Until it has the financial capacity to develop its internal development team, HiveTracks depends upon external development partners to deliver and deploy its technology. Doing so exposes us to the risk of being dependent upon an external contractor. Additionally, the IP associated with the software developed only belongs to HiveTracks until it is paid for the development costs in full.

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 perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company's assets or profits and have no voting rights or ability to direct the Company or its actions.

George Moody and James T Wilkes are part-time officers. As such, it is likely that the company will not make the same progress as it would if that were not the case.

INSTRUCTION REQUESTED: 5. Avoid generally job statements and include only those factors that are unique to the issuer. This section should be referred to the issuer's business and the offering and should not repeat the factors addressed in the express or both above. No specific number of risk factors as required is to be identified.

# The Offering

## USE OF FUNDS

9. What is the purpose of this offering?

The Company intends to use the net proceeds of this offering for working capital and general corporate purposes, which includes the specific items listed in Item 10 below. While the Company expects to use the net proceeds from the Offering in the manner described above, it cannot specify with certainty the particular uses of the net proceeds that it will receive from this Offering. Accordingly, the Company will have broad discretion in using these proceeds.

10. How does the issuer intend to use the proceeds of this offering?

If no issue: $50,000

Use of Invoices: 85% towards human resources (software development, UX/UI design, customer support, community management and the executive management team), 8.5% towards general and administrative expenses and 6.5% towards Wefunder fees.

If no issue: $1,235,000

Use of Invoices: 70% towards human resources (software development, UX/UI design, customer support, community management and the executive management team), 14% towards sales and marketing (sales rep and digital marketing campaign), 9.5% towards general and administrative fees and 6.5% towards Wefunder fees.

INSTRUCTION REQUESTED: 10. An issuer must provide a reasonably detailed description of any intended use of proceeds, such that investors are provided with an adequate amount of information to what extent have the offering proceeds will be used. If an issuer has identified a range of possible uses, the issuer should identify and describe each probable use and the factors the issuer may consider in allocating proceeds among the potential uses. If the issuer will accept proceeds in excess of the unique offering amount, the issuer must describe the purpose, method for allocating proceeds, and intended use of the excess proceeds with similar specificity. Please include all potential uses of the proceeds of the offering, including any that may apply only in the case of overreduction. If you do not do so, you may later be required to extend your Form C. Wefunder is not responsible for any failure by you to describe a potential use of offering proceeds.

## DELIVERY & CANCELLATIONS

11. How will the issuer complete the transaction and deliver securities to the investors?

Book Entry and Investment in the Co-Issuer. Investors will make their investments by investing in interests issued by one or more co-issuers, each of which is a special purpose vehicle ("SPV"). The SPV will invest all amounts it receives from investors in securities issued by the Company. Interests issued to investors by the SPV will be in book entry form. This means that the investor will not receive a certificate representing his or her investment. Each investment will be recorded in the books and records of the SPV. In addition, investors' interests in the investments will be recorded in each investor's "Portfolio" page on the Wefunder platform. All references in this Form C to an investor's investment in the Company (or similar phrases) should be interpreted to include investments in a SPV.

12. How can an investor cancel an investment commitment?

NOTE: Investors may cancel an investment commitment until 48 hours prior to the deadline identified in these offering materials.

The intermediary will notify investors when the target offering amount has been met. If the issuer reaches the target offering amount prior to the deadline identified in the offering materials, it may close the offering early if it provides notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment).

If an investor does not cancel an investment commitment before the 48-hour period prior to the offering deadline, the funds will be released to the issuer upon closing of the offering and the investor will receive securities in exchange for his or her investment.

If an investor does not reconfirm his or her investment commitment after a material change is made to the offering, the investor's investment commitment will be cancelled and the committed funds will be returned.

An investor's right to cancel. An investor may cancel his or her investment commitment at any time until 48 hours prior to the offering deadline.

If there is a material change to the terms of the offering or the information provided to the investor about the offering and/or the Company, the investor will be provided notice of the change and must reconfirm his or her investment commitment within five business days of receipt of the notice. If the investor does not reconfirm, he or she will receive notifications disclosing that the commitment was cancelled, the reason for the cancellation, and the refund amount that the investor is required to receive. If a material change occurs within five business days of the maximum number of days the offering is to remain open, the offering will be extended to allow for a period of five business days for the investor to reconfirm.

If the investor cancels his or her investment commitment during the period when cancellation is permissible, or does not reconfirm a commitment in the case of a

material change to the investment, or the offering does not close, all of the investor's funds will be returned within five business days.

Within five business days of cancellation of an offering by the Company, the Company will give each investor notification of the cancellation, disclose the reason for the cancellation, identify the refund amount the investor will receive, and refund the investor's funds.

The Company's right to cancel. The Investment Agreement you will execute with us provides the Company the right to cancel for any reason before the offering deadline.

If the sum of the investment commitments from all investors does not equal or exceed the target offering amount at the time of the offering deadline, no securities will be sold in the offering, investment commitments will be cancelled and committed funds will be returned.

## Ownership and Capital Structure

### THE OFFERING

13. Describe the terms of the securities being offered:

To view a copy of the SAFE you will purchase, please see Appendix B, Investor Contracts.
The main terms of the SAFEs are provided below.

The SAFEs. We are offering securities in the form of a Simple Agreement for Future Equity ("SAFE"), which provides investors the right to Safe Equity Financing Stock in the Company, when and if the Company sponsors an equity offering that involves Safe Equity Financing Stock, on the standard terms offered to other investors.

"Equity Financing" means a bona fide transaction or series of transactions pursuant to which the Company issues and sells shares of Equity Securities for aggregate gross proceeds of not less than $1,500,000, excluding all proceeds from the conversion of any indebtedness that is converted into such Equity Securities or otherwise cancelled in consideration for the issuance of such Equity Securities, with the principal purpose of raising new capital.

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

Conversion to Preferred Equity. Based on our SAFEs, when we engage in an offering of equity interests involving Safe Equity Financing Stock, investors will receive a number of shares of Safe Equity Financing Stock calculated using the method that results in the greater number of Safe Equity Financing Stock.

i. the total value of the investor's investment, divided by
a. the price of Safe Equity Financing Stock issued to new investors multiplied by
b. the discount rate (85%), or
ii. if the valuation for the company is more than $7,500,000.00 (the "Valuation Cap"), the amount invested by the investor divided by the quotient of
a. the Valuation Cap divided by
b. the total amount of the Company's capitalization at that time.

Additional Terms of the Valuation Cap. For purposes of option (ii) above, the Company's capitalization calculated as of immediately prior to the Equity Financing and (without double-counting, in each case calculated on an as-converted to Common Stock basis):

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

Liquidity Event. If the Company has an initial public offering or is acquired by, merged with, or otherwise taken over by another company or new owners prior to investors in the SAFEs receiving Safe Equity Financing Stock, investors will receive

- proceeds equal to the greater of (i) the Purchase Amount (the "Cash-Out Amount") or (ii) the amount payable on the number of shares of Common Stock equal to the Purchase Amount divided by the Liquidity Price (the "Conversion Amount").

Liquidity Process. In a Liquidity Event or Dissolution Event, this Safe is intended to operate like standard nonparticipating Preferred Stock. The Investor's right to receive its Cash-Out Amount is:

1. Junior to payment of outstanding indebtedness and creditor claims, including contractual claims for payment and convertible promissory notes (to the extent such convertible promissory notes are not actually or notionally converted into Capital Stock);
2. On par with payments for other Safes and/or Preferred Stock, and if the applicable Proceeds are insufficient to permit full payments to the Investor and such other Safes and/or Preferred Stock, the applicable Proceeds will be distributed pro rata to the Investor and such other Safes and/or Preferred Stock in proportion to the full payments that would otherwise be due; and
3. Senior to payments for Common Stock.

### Securities Issued by the SPV

Instead of issuing its securities directly to investors, the Company has decided to issue its securities to the SPV, which will then issue interests in the SPV to investors. The SPV has been formed by Wefundor Admin, LLC and is a co-issuer with the Company of the securities being offered in this offering. The Company's use of the SPV is intended to allow investors in the SPV to achieve the same economic exposure, voting power, and ability to assert State and Federal law rights, and receive the same disclosures, as if they had invested directly in the Company. The Company's use of the SPV will not result in any additional fees being charged to investors.

The SPV has been organized and will be operated for the sole purpose of directly acquiring, holding and disposing of the Company's securities, will not become

money and will use all of the proceeds from the sale of its securities solely to purchase a single class of securities of the Company. As a result, an investor investing in the Company through the SPV will have the same relationship to the Company's securities, in terms of number, denomination, type and rights, as if the investor invested directly in the Company.

## Voting Rights

If the securities offered by the Company and those offered by the SPV have voting rights, those voting rights may be exercised by the Investor or his or her proxy. The applicable proxy is the Lead Investor, if the Proxy (described below) is in effect.

## Proxy to the Lead Investor

The SPV securities have voting rights. With respect to those voting rights, the investor and his, her, or its transferees or assignees (collectively, the "Investor"), through a power of attorney granted by Investor in the Investor Agreement, has appointed or will appoint the Lead Investor as the Investor's true and lawful proxy and attorney (the "Proxy") with the power to act alone and with full power of substitution, on behalf of the Investor to: (i) vote all securities related to the Company purchased in an offering hosted by Wefunder Portal, and (ii) execute, in connection with such voting power, any instrument or document that the Lead Investor determines is necessary and appropriate in the exercise of his or her authority. Such Proxy will be irrevocable by the Investor unless and until a successor lead investor ("Replacement Lead Investor") takes the place of the Lead Investor. Upon notice that a Replacement Lead Investor has taken the place of the Lead Investor, the Investor will have five (5) calendar days to revoke the Proxy. If the Proxy is not revoked within the 5-day time period, it shall remain in effect.

## Restriction on Transferability

The SPV securities are subject to restrictions on transfer, as set forth in the Subscription Agreement and the Limited Liability Company Agreement of Wefunder SPV, LLC, and may not be transferred without the prior approval of the Company, on behalf of the SPV.

14. Do the securities offered have voting rights?

☐ Yes
☑ No

15. Are there any limitations on any voting or other rights identified above?

Not the above description of the Proxy to the Lead Investor.

16. How may the terms of the securities being offered be modified?

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

Pursuant to authorization in the Investor Agreement between each Investor and Wefunder Portal, Wefunder Portal is authorized to take the following actions with respect to the investment contract between the Company and an investor. Wefunder Portal may amend the terms of an investment contract, provided that the amended terms are more favorable to the investor than the original terms; and Wefunder Portal may reduce the amount of an investor's investment if the reason for the reduction is that the Company's offering is oversubscribed.

## RESTRICTIONS ON TRANSFER OF THE SECURITIES BEING OFFERED:

The securities being offered 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:

1. to the issuer;
2. to an accredited investor;
3. as part of an offering registered with the U.S. Securities and Exchange Commission; or
4. to a member of the family of the purchaser or the equivalent, to a trust controlled by the purchaser, to a trust created for the benefit of a member of the family of the purchaser or the equivalent, or in connection with the death or divorce of the purchaser or other similar circumstance.

NOTE: The term "accredited investor" means any person who comes within any of the categories set forth in Rule 501(a) of Regulation D, or who the seller reasonably believes comes within any of such categories, at the time of the sale of the securities to that person.

The term "member of the family of the purchaser or the equivalent" includes a child, stepchild, grandchild, parent, stepparent, grandparent, spouse or spousal equivalent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of the purchaser, and includes adoptive relationships. The term "spousal equivalent" means a cohabitant occupying a relationship generally equivalent to that of a spouse.

## DESCRIPTION OF ISSUER'S SECURITIES

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

| Class of Security | Securities (or Amount) Authorized | Securities (or Amount) Outstanding | Voting Rights |
| --- | --- | --- | --- |
| Common stock | 1000000 | 275000 | Yes |

Securities Reserved for Issuance upon Exercise or Conversion

Warrants:

Options:

Describe any other rights.

HiveTrucks, Inc. only offers common stock at this point, and has not authorized any preferred stock. Please see the financial review documents for additional information.

If these SAPEs convert, they will convert into whichever class of shares are sold in a future Equity Financing.

'Equity Financing' means a bona fide transaction or series of transactions pursuant to which the Company issues and sells shares of Equity Securities for aggregate gross proceeds of not less than $1,500,000, excluding all proceeds from the conversion of any indebtedness that is converted into such Equity Securities or otherwise cancelled in consideration for the issuance of such Equity Securities, with the principal purpose of raising new capital.

18. How may the rights of the securities being offered be materially limited, diluted or qualified by the rights of any other class of security identified above?

The holders of a majority-in-interest of voting rights in the Company could limit the Investor's rights in a material way. For example, those interest holders could vote to change the terms of the agreements governing the Company's operations or cause the Company to engage in additional offerings (including potentially a public offering).

These changes could result in further limitations on the voting rights the Investor will have as an owner of equity in the Company, for example by diluting those rights or limiting them to certain types of events or consents.

To the extent applicable, in cases where the rights of holders of convertible debt, SAPES, or other outstanding options or warrants are exercised, or if new awards are granted under our equity compensation plans, an Investor's interests in the Company may be diluted. This means that the pro-rata portion of the Company represented by the Investor's securities will decrease, which could also diminish the Investor's voting and/or economic rights. In addition, as discussed above, if a majority-in-interest of holders of securities with voting rights cause the Company to issue additional equity, an Investor's interest will typically also be diluted.

Based on the risk that an Investor's rights could be limited, diluted or otherwise qualified, the Investor could lose all or part of his or her investment in the securities in this offering, and may never see positive returns.

Additional risks related to the rights of other security holders are discussed below, in Question 20.

19. Are there any differences not reflected above between the securities being offered and each other class of security of the issuer?

No.

20. How could the exercise of rights held by the principal shareholders identified in Question 6 above affect the purchasers of the securities being offered?

As holders of a majority-in-interest of voting rights in the Company, the shareholders may make decisions with which the Investor disagrees, or that negatively affect the value of the Investor's securities in the Company, and the Investor will have no recourse to change these decisions. The Investor's interests may conflict with those of other investors, and there is no guarantee that the Company will develop in a way that is optimal for or advantageous to the Investor.

For example, the shareholders may change the terms of the articles of incorporation for the company, change the terms of securities issued by the Company, change the management of the Company, and even force out minority holders of securities. The shareholders may make changes that affect the tax treatment of the Company in ways that are unfavorable to you but favorable to them. They may also vote to engage in new offerings and/or to register certain of the Company's securities in a way that negatively affects the value of the securities the Investor owns. Other holders of securities of the Company may also have access to more information than the Investor, leaving the Investor at a disadvantage with respect to any decisions regarding the securities he or she owns.

The shareholders have the right to redeem their securities at any time. Shareholders could decide to force the Company to redeem their securities at a time that is not favorable to the Investor and is damaging to the Company. Investors' exit may affect the value of the Company and/or its viability.

In cases where the rights of holders of convertible debt, SAPES, or other outstanding options or warrants are exercised, or if new awards are granted under our equity compensation plans, an Investor's interests in the Company may be diluted. This means that the pro-rata portion of the Company represented by the Investor's securities will decrease, which could also diminish the Investor's voting and/or economic rights. In addition, as discussed above, if a majority-in-interest of holders of securities with voting rights cause the Company to issue additional stock, an Investor's interest will typically also be diluted.

21. How are the securities being offered being valued? Include examples of methods for how such securities may be valued by the issuer in the future, including during subsequent corporate actions.

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

The initial amount invested in a SAPE is determined by the investor, and we do not guarantee that the SAPE will be converted into any particular number of shares of Preferred Stock. As discussed in Question 13, 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 valuations of other companies that we believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant.

In the future, we will perform valuations of our stock (including both common

stock and Preferred Stock) that take into account, as applicable, factors such as the following:

- unrelated third party valuations;
- the price at which we sell other securities in light of the relative rights, preferences and privileges of those securities;
- our results of operations, financial position and capital resources;
- current business conditions and projections;
- the marketability or lack thereof of the securities;
- the hiring of key personnel and the experience of our management;
- the introduction of new products;
- the risk inherent in the development and expansion of our products;
- our stage of development and material risks related to our business;
- the likelihood of achieving a liquidity event, such as an initial public offering or a sale of our company given the prevailing market conditions and the nature and history of our business;
- industry trends and competitive environment;
- trends in consumer spending, including consumer confidence;
- overall economic indicators, including gross domestic product, employment, inflation and interest rates; and
- the general economic outlook.

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

22. What are the risks to purchasers of the securities relating to minority ownership in the issuer?

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

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

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

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

23. What are the risks to purchasers associated with corporate actions, including additional issuances of securities, issuer repurchases of securities, a sale of the issuer or of assets of the issuer or transactions with related parties?

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

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

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

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

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

# *Loan*

| Lender | Jeff Greer, James Wilkes, George Edward Moody, Joseph Cadier |
| --- | --- |
| Issue date | 12/30/20 |
| Amount | $48,619.00 |
| Outstanding principal plus interest | $48,619.00 as of 11/29/22 |
| Interest rate | 0.39% per annum |
| Maturity date | 12/31/24 |
| Current with payments | Yes |

# *Loan*

| Lender | Anthroware, LLC |
| --- | --- |
| Issue date | 03/31/22 |
| Amount | $118,652.00 |
| Outstanding principal plus interest | $95,830.00 as of 11/29/22 |
| Interest rate | 12.0% per annum |
| Maturity date | 03/01/25 |
| Current with payments | Yes |

# *Loan*

| Lender | James Wilkes |
| --- | --- |
| Issue date | 04/07/22 |
| Amount | $5,000.00 |
| Outstanding principal plus interest | $3,691.21 as of 11/29/22 |
| Interest rate | 9.0% per annum |
| Maturity date | 04/01/24 |
| Current with payments | Yes |

# *Loan*

| Lender | 62 Real Estate |
| --- | --- |
| Issue date | 04/07/22 |
| Amount | $5,000.00 |
| Outstanding principal plus interest | $3,691.21 as of 11/29/22 |
| Interest rate | 9.0% per annum |
| Maturity date | 04/01/24 |
| Current with payments | Yes |

# *Loan*

| Lender | George Edward Moody |
| --- | --- |
| Issue date | 04/08/22 |
| Amount | $5,000.00 |
| Outstanding principal plus interest | $3,691.21 as of 11/29/22 |
| Interest rate | 9.0% per annum |
| Maturity date | 04/01/24 |
| Current with payments | Yes |

# *Loan*

| Lender | Max Rünzel |
| --- | --- |
| Issue date | 04/11/22 |
| Amount | $5,000.00 |
| Outstanding principal plus interest | $3,691.21 as of 11/29/22 |
| Interest rate | 9.0% per annum |
| Maturity date | 04/01/24 |
| Current with payments | Yes |

# *Loan*

| Lender | Laura Dye |
| --- | --- |
| Issue date | 04/11/22 |
| Amount | $5,000.00 |
| Outstanding principal plus interest | $3,691.21 as of 11/29/22 |
| Interest rate | 9.0% per annum |
| Maturity date | 04/01/25 |
| Current with payments | Yes |

# *Loan*

| Lender | Joseph Cadier |
| --- | --- |
| Issue date | 04/14/22 |
| Amount | $5,000.00 |
| Outstanding principal plus interest | $3,691.21 as of 11/29/22 |
| Interest rate | 9.0% per annum |
| Maturity date | 04/30/25 |
| Current with payments | Yes |

# *Loan*

| Lender | Phil Oswalt |
| --- | --- |
| Issue date | 05/01/22 |
| Amount | $2,500.00 |
| Outstanding principal plus interest | $1,932.57 as of 11/29/22 |
| Interest rate | 9.0% per annum |
| Maturity date | 05/01/24 |
| Current with payments | Yes |

Loan

Lender P & L Partners, LLC

Issue date 05/04/22

Amount $15,000.00

Outstanding principal plus interest $11,595.40 as of 11/29/22

Interest rate 9.0% per annum

Maturity date 05/01/24

Current with payments Yes

Loan

Lender Sofield Investments

Issue date 05/04/22

Amount $25,000.00

Outstanding principal plus interest $19,325.67 as of 11/27/22

Interest rate 9.0% per annum

Maturity date 05/01/24

Current with payments Yes

Loan

Lender Michael Alcorn

Issue date 05/12/22

Amount $5,000.00

Outstanding principal plus interest $3,865.13 as of 11/29/22

Interest rate 9.0% per annum

Maturity date 05/01/24

Current with payments Yes

Convertible Note

Issue date 01/30/21

Amount $50,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 12/30/24

Convertible Note

Issue date 01/30/21

Amount $10,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 12/30/24

Convertible Note

Issue date 05/03/21

Amount $50,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 05/03/24

Convertible Note

Issue date 05/30/21

Amount $25,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 04/30/24

Convertible Note

Issue date 06/17/21

Amount $57,356.00

Interest rate 7.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 06/17/28

Convertible Note

Issue date 07/30/21

Amount $50,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 06/30/24

Convertible Note

Issue date 08/30/21

Amount $68,281.00

Interest rate 7.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 11/30/28

This note's due date is in 2020

Convertible Note

Issue date 09/29/21

Amount $50,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 08/31/24

Convertible Note

Issue date 11/29/21

Amount $35,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 10/31/24

Convertible Note

Issue date 03/30/22

Amount $10,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 02/28/25

Convertible Note

Issue date 05/30/22

Amount $25,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 04/30/25

Convertible Note

Issue date 05/29/22

Amount $10,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 05/31/25

Convertible Note

Issue date 05/29/22

Amount $15,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 05/31/25

Convertible Note

Issue date 08/30/22

Amount $25,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 07/31/25

Convertible Note

Issue date 08/30/22

Amount $5,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 07/31/25

Convertible Note

Issue date 08/30/22

Amount $150,000.00

Interest rate 2.0% per annum

Discount rate 30.0%

Valuation cap $7,500,000.00

Maturity date 07/31/25

INSTRUCTION REQUESTED: 24, type the credits, amount used, interest rate, maturity date, and any other material terms

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

| Offering Date | Exemption | Security Type | Amount Sold | Use of Proceeds |
| --- | --- | --- | --- | --- |
| 5/2020 | Section 4(a)(2) | Common stock | $100,000 | General operations |
| 11/2020 | Section 4(a)(2) | Common stock | $22,500 | General operations |

| 12/2020 | Section 4(a)(2) | Common stock | $2,916 | General operations |
| --- | --- | --- | --- | --- |
| 1/2021 | Section 4(a)(2) | Common stock | $1,804 | General operations |
| 1/2021 | Section 4(a)(2) | Convertible Note | $10,000 | General operations |
| 1/2021 | Regulation D, Rule 506(b) | Convertible Note | $50,000 | General operations |
| 3/2021 | Section 4(a)(2) | SAFE | $109,864 | General operations |
| 5/2021 | Section 4(a)(2) | Convertible Note | $50,000 | General operations |
| 5/2021 | Section 4(a)(2) | Common stock | $14,584 | General operations |
| 5/2021 | Section 4(a)(2) | Convertible Note | $25,000 | General operations |
| 6/2021 | Section 4(a)(2) | Convertible Note | $57,356 | General operations |
| 7/2021 | Section 4(a)(2) | Convertible Note | $50,000 | General operations |
| 8/2021 | Section 4(a)(2) | Convertible Note | $68,281 | General operations |
| 9/2021 | Section 4(a)(2) | Convertible Note | $50,000 | General operations |
| 11/2021 | Section 4(a)(2) | Convertible Note | $35,000 | General operations |
| 12/2021 | Section 4(a)(2) | SAFE | $58,167 | General operations |
| 12/2021 | Section 4(a)(2) |  | $9,375 | General operations |
| 12/2021 | Section 4(a)(2) |  | $15,000 | General operations |
| 2/2022 | Section 4(a)(2) |  | $9,700 | General operations |
| 3/2022 | Section 4(a)(2) |  | $118,652 | General operations |
| 3/2022 | Section 4(a)(2) | Convertible Note | $10,000 | General operations |
| 4/2022 | Section 4(a)(2) |  | $2,500 | General operations |
| 5/2022 | Section 4(a)(2) | Convertible Note | $25,000 | General operations |
| 6/2022 | Section 4(a)(2) | Convertible Note | $10,000 | General operations |
| 6/2022 | Section 4(a)(2) | Convertible Note | $15,000 | General operations |
| 7/2022 | Section 4(a)(2) |  | $18,405 | General operations |
| 8/2022 | Section 4(a)(2) | SAFE | $41,833 | General operations |
| 8/2022 | Section 4(a)(2) | Convertible Note | $150,000 | General operations |
| 8/2022 | Section 4(a)(2) | Convertible Note | $25,000 | General operations |
| 8/2022 | Section 4(a)(2) | Convertible Note | $5,000 | General operations |
| 9/2022 | Section 4(a)(2) | SAFE | $15,000 | General operations |
| 10/2022 | Section 4(a)(2) | SAFE | $4,800 | General operations |
| 11/2022 | Regulation D, Rule 506(b) | SAFE | $5,000 | General operations |
| 12/2022 | Regulation D, Rule 506(b) | SAFE | $10,000 | General operations |
| 12/2022 | Regulation D, Rule 506(b) | SAFE | $25,000 | General operations |
| 12/2022 | Regulation D, Rule 506(b) | SAFE | $25,000 | General operations |
| 12/2022 | Regulation D, Rule 506(b) | SAFE | $5,000 | General operations |

26. Was or is the issuer or any entities controlled by or under common control with the issuer a party to any transaction since the beginning of the issuer's last fiscal year, or any currently proposed transaction, where the amount involved exceeds five percent of the aggregate amount of capital raised by the issuer in reliance on Section 4(a)(6) 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 persons had or is to have a direct or indirect material interest:

1. any director or officer of the issuer;
2. any person who is, as of the most recent practicable date, the beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power;
3. if the issuer was incorporated or organized within the past three years, any promoter of the issuer;
4. or (4) any immediate family member of any of the foregoing persons.

☑ Yes
☐ No

For each transaction specify the person, relationship to issuer, nature of interest in transaction, and amount of interest.

| Name | Max Rünzel |
| --- | --- |
| Amount invested | $22,500.00 |
| Transaction type | Priced round |
| Issue date | 11/14/20 |
| Relationship | Employee |

**Name** Jeff Greer, James Wilkes, George Edward Moody, Joseph Cazier
**Amount invested** $48,619.00
**Transaction type** Loan
**Issue date** 12/30/20
**Outstanding principal plus interest** $48,619.00 as of 11/29/22
**Interest rate** 0.39% per annum
**Maturity date** 12/31/24
**Current with payments** Yes
**Relationship** Shareholder

**Name** Max Rünzel
**Amount invested** $2,916.00
**Transaction type** Priced round
**Issue date** 12/30/20
**Relationship** Shareholder, board member, officer, director

**Name** Max Rünzel
**Amount invested** $50,000.00
**Transaction type** Convertible note
**Issue date** 01/30/21
**Interest rate** 2.0% per annum
**Discount rate** 30.0%
**Maturity date** 12/30/24
**Valuation cap** $7,500,000.00
**Relationship** CEO and Board Director

**Name** Jeff Greer, James Wilkes, George Edward Moody, Joseph Cazier
**Amount invested** $1,804.00
**Transaction type** Priced round
**Issue date** 01/30/21
**Relationship** Shareholders

**Name** Max Rünzel
**Amount invested** $14,584.00
**Transaction type** Priced round
**Issue date** 05/30/21
**Relationship** Shareholder, board member, officer, director

**Name** Laura Dye
**Amount invested** $15,000.00
**Transaction type** Other
**Issue date** 12/30/21
**Relationship** Shareholder, board member, director, officer

*As of November 31st, 2021, the Company owes $15,000 to related parties for cash advances received from a shareholder of the Company. The Company has paid off all but $2,500 as of October 31st, 2022.*

**Name** Laura Dye
**Amount invested** $9,375.00
**Transaction type** Other
**Issue date** 12/30/21
**Relationship** Shareholder, board member, officer, director

*The Company issues on a month-to-month basis office space that is owned by a shareholder. During 2021, the Company incurred and paid $9,375 under this lease arrangement.*

**Name** James Wilkes
**Amount invested** $5,000.00
**Transaction type** Loan
**Issue date** 04/07/22
**Outstanding principal plus interest** $3,691.21 as of 11/29/22
**Interest rate** 9.0% per annum
**Maturity date** 04/01/24
**Current with payments** Yes
**Relationship** Director, Officer, President

**Name** George Edward Moody
**Amount invested** $5,000.00
**Transaction type** Loan
**Issue date** 04/08/22
**Outstanding principal plus interest** $3,691.21 as of 11/29/22
**Interest rate** 9.0% per annum
**Maturity date** 04/01/24
**Current with payments** Yes
**Relationship** Director

**Name** Max Rünzel
**Amount invested** $5,000.00
**Transaction type** Loan
**Issue date** 04/11/22
**Outstanding principal plus interest** $3,691.21 as of 11/29/22
**Interest rate** 9.0% per annum

| Maturity date | 04/01/24 |
| --- | --- |
| Current with payments | Yes |
| Relationship | Director, Office, Board member |
| Name | Laura Dye |
| Amount invested | $5,000.00 |
| Transaction type | Loan |
| Issue date | 04/11/22 |
| Outstanding principal plus interest | $3,691.21 as of 11/29/22 |
| Interest rate | 9.0% per annum |
| Maturity date | 04/01/25 |
| Current with payments | Yes |
| Relationship | Officer, Director, Board member |

INSTRUCTIONS TO QUESTION 26: The term transaction includes, but is not limited to, any financial transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) or any notice of similar transactions, arrangements or relationships.

Beneficial ownership (for purposes of paragraph 2) shall be determined as of a date that is no more than 220 days prior to the date of filing of this offering statement and using the same calculation described in Question 8 of this Question and business format.

The term "member of the family" includes any child, stepchild, grandchild, parent, assignment, grandparent, spouse or spousal equivalent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of the person, and includes adequate relationships. The term "spiritual equivalent" means a calculated accepting relationship generally equivalent to that of a spouse.

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

## FINANCIAL CONDITION OF THE ISSUER

27. Does the issuer have an operating history?

☑ Yes
☐ No

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

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

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

### Overview

We monitor biodiversity by providing beekeepers with an app to keep track of the health of their bees and flora and fauna around them. As the health of bees depends upon the health of a bee hive's surroundings, we can take the temperature on biodiversity health.

### Milestones

HiveTracks, Inc. was incorporated in the State of North Carolina in October 2020.

The Company was originally founded in 2011 as Blowing Rock Software LLC, which is considered a predecessor to HiveTracks, Inc. In October 2020, Blowing Rock Software LLC's members contributed their member interests and rights to its underlying intangible assets into HiveTracks, Inc. This transaction was deemed to be a combination of entities under common control and the accounting basis for the net assets, liabilities, and equity were transferred from Blowing Rock Software LLC to HiveTracks, Inc. on a historical basis.

### Highlights:

- Successfully closed and oversubscribed $500k pre-seed round last year, raising $635k.
- 20,000+ beekeeper community, 225,000+ tracked Hives
- New B2C beekeeper app launched in 2022 with 6,000+ downloads
- $250k+ in government contracts since 2021
- 1000+ B2C, 7+ B2B and 4+ B2G customers

### Historical Results of Operations

Our company was organized in October 2020 and has limited operations upon which prospective investors may base an evaluation of its performance.

- Revenues & Gross Margin. For the period ended December 31, 2021, the Company had revenues of $167,716 compared to the year ended December 31, 2020, when the Company had revenues of $66,518. Our gross margin was 74.71% in fiscal year 2021, compared to 70.99% in 2020.
- Assets. As of December 31, 2021, the Company had total assets of $571,431, including $52,464 in cash. As of December 31, 2020, the Company had $66,643 in total assets, including $24,420 in cash.
- Net Loss. The Company has had net losses of $236,558 and net losses of $78,533 for the fiscal years ended December 31, 2021 and December 31, 2020, respectively.
- Liabilities. The Company's liabilities totaled $792,174 for the fiscal year ended December 31, 2021 and $50,828 for the fiscal year ended December 31, 2020.

# Related Party Transaction

Refer to Question 26 of this Form C for disclosure of all related party transactions.

# Liquidity & Capital Resources

To-date, the company has been financed with $252,063 in debt, $141,804 in equity, $635,637 in convertibles, $5,299,764 in SAPEs, $30,605 in grants, and $15,000 in related-party advances.

During 2021, the Company accrued, but had not paid, a third-party vendor $118,652 for the development of software. This balance was converted into a loan payable in 2022. The note payable incurs interest of 12% per annum and requires 36 monthly payments of $3,940, beginning on April 1, 2022 through March 1, 2025. As part of extending this accrual (and subsequent note payable) to the Company and subject to and conditioned by the Company's continue satisfaction of repaying the amounts due, the vendor granted the Company a non-exclusive, non-sublicensable, and non-transferable license to use and modify the developed software. Full rights of ownership of the software will not transfer to the Company until the note payable is repaid. Should the company be unable to pay the note, the Company may lose the rights to the software which would have a material adverse effect on the Company's operations and financial position.

After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 3 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 3 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

HiveTracks, Inc. cash in hand is $43,723.82, as of November 2022. Over the last three months, revenues have averaged $6,358/month, cost of goods sold has averaged $18,231/month, and operational expenses have averaged $36,632/month, for an average burn rate of $46,505 per month. Our intent is to be profitable in 15 months.

There have been no material changes since the date of the attached financial statements.

We are currently generating revenue. The expected revenues over the next 6 months (through May 2023) are $135,000. Expected expenses for the next 6 months are $437,000.

We are not currently profitable. Based on our proforma, we need to raise $1M to become profitable. We anticipate profitability beginning in 2024. We also anticipate our Series A in 2024 to accelerate our growth.

We anticipate raising $500K of additional capital through (Reg D) SAPE notes with the same terms in parallel with the Wefunder campaign. We have received commitments over $40k to cover the immediate short-term need. Additionally, before the end of the year, we have additional $10k in accounts receivable from one of our government contracts.

If needed, we would reduce our efforts from developing two new products to one product, reducing our product spend significantly.

The projections herein are forward looking and cannot be guaranteed.

INSTRUCTIONS TO QUESTION 26: The discussion must cover each year for which financial statements are provided. For issuers with no prior operating history, the discussion should focus on financial information and management, liquidity and other challenges. For issuers with an operating history, the discussion should focus on whether financial results and cash flows are representative of what investors should expect in the future. This into account the proceeds of the offering and any other herein or pending sources of capital. If more than the proceeds from the offering will affect liquidity, whether receiving these funds and any other additional funds is necessary to the inability of the business, and how quickly the issuer anticipates entry to available cash. Does the other available sources of capital in the business, such as lines of credit or required contributions by shareholders. References to the power in this Question 26 and these instructions refer to the issuer and its predecessors, if any.

# FINANCIAL INFORMATION

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

Refer to Appendix C, Financial Statements

1. Max Ruenzel, certify that:

(1) the financial statements of HiveTracks, Inc. included in this Form are true and complete in all material respects; and

(2) the financial information of HiveTracks, Inc. included in this Form reflects accurately the information reported on the tax return for HiveTracks, Inc. filed for the most recently completed fiscal year.

Max Ruenzel
CEO

STAKEHOLDER ELIGIBILITY

10. With respect to the issuer, any predecessor of the issuer, any affiliated issuer, any director, officer, general partner or managing member of the issuer, any beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, any promoter connected with the issuer in any capacity at the time of such sale, any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with such sale of securities, or any general partner, director, officer or managing member of any such solicitor, prior to May 16, 2016.

(1) Has any such person been convicted, within 10 years (or five years, in the case of issuers, their predecessors and affiliated issuers) before the filing of this offering statement, of any felony or misdemeanor:

i. in connection with the purchase or sale of any security? ☐ Yes ☑ No

ii. involving the making of any false filing with the Commission? ☐ Yes ☑ No

iii. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor, funding portal or paid solicitor of purchasers of securities? ☐ Yes ☑ No

(2) Is any such person subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before the filing of the information required by Section 4A(b) of the Securities Act that, at the time of filing of this offering statement, contains or enjoins such person from engaging or continuing to engage in any conduct or practice:

i. in connection with the purchase or sale of any security? ☐ Yes ☑ No

ii. involving the making of any false filing with the Commission? ☐ Yes ☑ No

iii. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor, funding portal or paid solicitor of purchasers of securities? ☐ Yes ☑ No

(3) Is any such person subject to a final order of a state securities commission (or an agency or officer of a state performing like functions), a state authority that supervises or examines banks, savings associations or credit unions; a state insurance commission (or an agency or officer of a state performing like functions), an appropriate federal banking agency, the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:

i. at the time of the filing of this offering statement bars the person from:

A. association with an entity regulated by such commission, authority, agency or

officer? ☐ Yes ☑ No

B. engaging in the business of securities, insurance or banking? ☐ Yes ☑ No

C. engaging in savings association or credit union activities? ☐ Yes ☑ No

ii. constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative or discipline conduct and for which the order was entered within the 10-year period ending on the date of the filing of this offering statement? ☐ Yes ☑ No

(4) Is any such person subject to an order of the Commission entered pursuant to Section 10(b) or 10(bc) of the Exchange Act or Section 203(c) or (7) of the Investment Advisers Act of 1940 that, at the time of the filing of this offering statement:

i. suspends or revokes such person's registration as a broker, dealer, municipal securities dealer, investment advisor or funding portal? ☐ Yes ☑ No

ii. places limitations on the activities, functions or operations of such person?

☐ Yes ☑ No

iii. bars such person from being associated with any entity or from participating in the offering of any penny stock? ☐ Yes ☑ No

(5) Is any such person subject to any order of the Commission entered within five years before the filing of this offering statement that, at the time of the filing of this offering statement, orders the person to cease and desist from committing or causing a violation or future violation of:

i. any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act, Section 8(a)(1) of the Exchange Act and Section 206(1) of the Investment Advisers Act of 1940 or any other rule or regulation thereunder? ☐ Yes ☑ No

ii. Section 8 of the Securities Act? ☐ Yes ☑ No

(6) Is any such person suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or emission to act constituting conduct inconsistent with just and equitable principles of trade?

☐ Yes ☑ No

(7) Has any such person filed (as a registrant or issuer), or was any such person or was any such person named as an underwriter in, any registration statement or Regulation A offering statement filed with the Commission that, within five years before the filing of this offering statement, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is any such person, at the time of such filing, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued?

☐ Yes ☑ No

(8) Is any such person subject to a United States Postal Service false representation order entered within five years before the filing of the information required by Section 4A(b) of the Securities Act, or is any such person, at the time of filing of this offering statement, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

☐ Yes ☑ No

If you would have answered "Yes" to any of these questions had the conviction, order, judgment, decree, suspension, expulsion or bar occurred or been issued after May 16, 2016, then you are NOT eligible to rely on this exemption under Section 4(a)(8) of the Securities Act.

INSTRUCTIONS TO QUESTION 10: Final order requires a written, directive or declaration statement issued by a federal or state agency, described in Rule 10(b)(2) of Regulation C on offending, under applicable statutes, authority that provides for notice and an opportunity for hearing, which constitutes a final disposition or action by that federal or state agency.

No matters are required to be disclosed with respect to events relating to any affiliated issuer that occurred before the affiliation notice if the affiliated entity is not (i) in control of the issuer or (ii) under common control with the issuer by a third party that was in control of the affiliated entity at the time of such event.

## OTHER MATERIAL INFORMATION

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

- (1) any other material information presented to investors; and

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

The Lead Investor: As described above, each investor that has entered into the Investor Agreement will grant a power of attorney to make voting decisions on behalf of that investor to the Lead Investor (the "Proxy"). The Proxy is irrevocable unless and until a Successor Lead Investor takes the place of the Lead Investor, in which case, the investor has a firm (if) extended the period to receive the Proxy.

which Lead, the investor has a new LLP calendar day period to revoke the Proxy. Pursuant to the Proxy, the Lead Investor or his or her successor will make voting decisions and take any other actions in connection with the voting on Investors' behalf.

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

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

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

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

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

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

INSTRUCTIONS TO QUESTION 10: If information is presented to investors in a format, media or other means not able to be reflected in text or portable document format, the issuer should include:
(a) a description of the material content of each information;
(b) a description of the format in which such disclosure is presented; and
(c) in the case of disclosure in terms, codes or other dynamic media or format, a transcript or description of such disclosure.

## ONGOING REPORTING

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

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

33. Once posted, the annual report may be found on the issuer's website at:
https://www.hivetracks.com/invest

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

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

## APPENDICES

Appendix A: Business Description & Plan

Appendix B: Investor Contracts

SPV Subscription Agreement
HiveTracks SAFE

Appendix C: Financial Statements

Financials 1

Appendix D: Director & Officer Work History

George Moody
James T Wilkes
Laura Dye
Max Ruenzel

Appendix E: Supporting Documents

ttw_communications_111146_134151.pdf

# Signatures

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

The following documents will be filed with the SEC:

Cover Page XML

Offering Statement (this page)

Appendix A: Business Description & Plan

Appendix B: Investor Contracts

SPV Subscription Agreement

HiveTracks SAFE

Appendix C: Financial Statements

Financials 1

Appendix D: Director & Officer Work History

George Moody

James T Wilkes

Laura Dye

Max Ruenzel

Appendix E: Supporting Documents

ttw_communications_111146_134151.pdf

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

HiveTracks, Inc.

By

Max Rünzel

CEO & Co-Founder

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

James T. Wilkes

Founder

1/17/2023

Laura Dye

Chief Operating Officer

1/17/2023

Max Rünzel

CEO & Co-Founder

1/17/2023

The Form C must be signed by the issuer, its principal executive officer or officers, its principal financial officer, its controller or principal accounting officer and at least a majority of the board of directors or persons performing similar functions.

I authorize Wefunder Portal to submit a Form C 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 Form C 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.

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

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

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

INVEST IN HIVETRACKS

Share

# Bees as Biosensors to Track Biodiversity

LEAD INVESTOR

Jesse Fripp Principal & CEO, Shining Rock Ventures

I invested in HiveTracks due to a combination of their established solutions track-record with beekeepers around the world, the quality and experience of the management team, and their focus on using crowd-sourced, bee-driven data as a tool to both serve millions of beekeepers with critical insights and information, and also address predictive analytics, source-origin and other data opportunities in the bee and honey-related value chains, which are valued in the hundreds of billions USD. Not least, their nature-based solutions approach is grounded in a strong mission commitment, as evidenced by their public-sector partnerships in the US and internationally to provide their tools to smallhold beekeepers, among others.

Invested $5,000 this round & $125,638 previously

Learn about Lead Investors

hivetracks.com

Creston NC

OVERVIEW UPDATES WHAT PEOPLE SAY ASK A QUESTION

## Highlights

1 Successfully closed and oversubscribed $500k pre-seed round earlier this year, raising $635k.
2 20,000+ beekeeper community, 225,000+ tracked Hives
3 New B2C beekeeper app launched in 2022 with 6,000+ downloads
4 $250k+ in government contracts since 2021
5 1000+ B2C, 7+ B2B and 4+ B2G customers

## Our Team

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

Max Rünzel CEO & Co-Founder

Max is CEO and Co-Founder of HiveTracks and an expert on digitalization and empowerment of smallholder producers. He formerly worked at the FAO, the Food and Agriculture Organization of the United Nations.

75% of the food we produce depends upon natural pollinators like bees. Keeping bees healthy in healthy ecosystems is essential to our planet and a key driver to making the world more resilient in the face of ever more adverse climatic events.

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

James Wilkes Founder and CBO

James is a professor of computer science, experienced beekeeper and local food producer. He helped pioneer data-driven research in the bee space in the U.S. by founding the first beekeeping app used by thousands of beekeepers worldwide.

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

**Laura Dye** COO & Co-Founder

Laura is a focused, strategic, and entrepreneurial leader with a proven track record in top sales achievement. She's worked with companies in several industries to identify and quantify the value of implementing new technology solutions.

SHOW MORE

## Pitch

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

**HiveTracks is the bee data company in the world! We create data-driven innovation to solve some of the biggest problems of our time - from sustaining biodiversity to global food-stability.**

Today, the lack of data poses the biggest roadblock in creating lasting positive change for companies and governments willing to tackle the loss of biodiversity and improving food stability. Because how can we change what we cannot measure?

Measuring biodiversity is almost impossible to do at scale because it is hardware intensive, requires manual surveys (*like people in white lab coats making lists of how many beetles they saw!*) and, thus, super expensive. Meanwhile, ESG reporting is starting to incorporate companies' biodiversity impact as global food chains are under pressure. There is an immense need to get biodiversity data at scale.

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

Bees as Biosensors? Yes. Deeply connected to their ecosystems, bees are knowledgeable biosensors measuring the health of the environment and biodiversity in the 1,256 hectares every single bee forages. They detect environmental and climate impacts earlier than we can and behave and respond to it immediately. What if we could access their intelligence?

### Our Surprising Solution:

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

**Bees provide valuable environmental intelligence as the rate of their natural pollination impacts local biodiversity and agriculture. Documenting it is powerful!**

HiveTracks

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

Many insects are biosensors, but honey bees have a deeper relationship and interaction with humans-beekeepers-with whom they can share their valuable environmental intelligence. Beekeepers know if the bees aren’t healthy and their frequent hive inspections reveal approximately 50 data points with each record. So HiveTracks empowers both the bees and their keepers with technology-powered products to crowd-source environmental data to create a planet-positive impact.

The health and behavior of bees, their rate of pollination and productivity, together with weather data and local flora, allows us to derive local biodiversity, climate impacts, and pollination at a ground-truthed, highly granular level. Our beekeepers around the world spin a tightly-woven community of nature experts highly sensitive to their bees’ behavioral patterns. They are our companions.

### Our Business Model:

Saas App Business model

**First, we built an app for beekeepers to love. Because there is no bee data without beekeepers.**

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

A beekeeper provides approx 50 environmental data points/m.

- ✓ Bee behavior
- ✓ Types of flora
- ✓ Weather events
- ✓ Colony strength
- ✓ Plant growth stages
- ✓ Climate data on a

DaaS Business Model

**From this bio data we build powerful nature-based data products to measure and monetize biodiversity.**

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

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

Our app, The Beekeeper’s Companion, manages and optimizes tasks for beekeepers worldwide on the basis of data-driven best-practices. This community intelligence is key because no one knows bees better than their keepers. Communitizing their experience improves bee health, promotes better beekeeping, and drives everything a beekeeper loves:

✓ Increased honey harvest
✓ Increased overwintering rate
✓ Detecting diseases earlier
✓ Learning from the community of beekeepers

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

But while we serve our passionate community with an essential tool, the app automates the community-sourcing of vital environmental intelligence: bee data. Knowing the health of hives locally and globally, knowing what blooms when and where, and being able to relate these patterns to other climate factors unlocks a unique data set simply impossible to unearth otherwise.

Our app as a SaaS-subscription on both app stores is a gateway to building a

Our app as a base subscription on both app stores is a gateway to building a sustainable community of beekeepers unlocking local environmental intelligence globally.

The community-sourced biodata together with our science-led proprietary data models provide a groundbreaking way to monitor, predict and certify valuable data-driven solutions. It is possible to:

- ✓ Monitor Biodiversity - from locally to globally (yes!)
- ✓ Predict growth phases for pollination-dependent crops
- ✓ Authenticate origin of agricultural products
- ✓ Develop at-scale environmental monitoring

With 225k+ hives tracked to-date, HiveTracks bees have covered over 275 m hectares (765 m acres) - that's approximately half of the agricultural area of the US and more than the entirety of Europe's farm land!

That proves that sourcing and monitoring environmental data from bees is scalable. The commercial applications of this are powerful:

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

Using this “environmental intelligence,” we bring to life impactful paid solutions for governments, agriculture and for organizations wishing to monitor their local

biodiversity impact. To date, we have secured $250k in government contracts.

The Opportunity is BIG:

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

We are confident that HiveTracks provides a unique solution to one of the biggest and most relevant opportunities of our time, using a proprietary science-based approach that is almost impossible to copy.

HiveTracks is in the booming AgriFoodTech space, which has seen investments increasing at a strong rate. The projected market for precision agriculture is $12.7 billion by 2025, and AgriFoodTech VC funding increased by 59% in 2021.

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

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

## Use of funds

We plan to scale our MVP to create the biggest impact! With your funds, you become part of real change. Your equity in our company is part of humanity's equity in our planet. To date, we have raised over $600k that we have invested in rebuilding our technology stack, bringing our MVP to market, and building a team that is ready to grow and scale HiveTracks.

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

7.5% of funds raised will go towards the Wefunder intermediary fee.

### $1M as a growth round will help us achieve:

- ✓ a goal of 5,000 paid B2C customers by improving mobile functionality, optimizing onboarding, and refining engagement
- ✓ 5+ new B2B and 5+ B2G customers by launching our admin portal that seamlessly integrates with our mobile app and a one-to-many subscription

✓ Critical mass and strategic density to build a valuable dataset

- *Forward looking projections cannot be guaranteed.*

### Your investment has an immediate impact:

✓ It helps us increase the network of beekeepers that each protect and monitor biodiversity locally through their beekeeping practices and guided by our app

✓ It helps governments, NGOs and organizations worldwide to measure and manage their impact on biodiversity

✓ It increases beekeeper livelihoods, pollination-dependent food availability for consumers, and predictability and resiliency for farmers who rely on pollinators

### Reasons to invest

We have been pioneers since 2010 and are aiming to create the largest actionable biodiversity data set in the world. Bees are our sensors and beekeepers are our companions in cultivating a one-of-a-kind scalable, sustainable and impactful ecosystem of environmental data helping to drive real impact.

Our clients are already loving it, including the German Federal Foreign Office and green financial institutions. Additionally, smallholder beekeepers in Ethiopia and Uzbekistan are improving their livelihoods through better hive management practices facilitated by our app, and consumers are experiencing increased food safety by knowing exactly where their honey originated.

Don’t worry, we’re not only innovative, but also smart (as in Professor-kind of smart):

**Our innovation is driven  
by our own pioneering  
scientific research:**

HiveTracks builds on its strong Science Panel, which has researched and published the industry-standard of data science in the beekeeping space for decades.

Appalachian
STATE UNIVERSITY

JOURNAL OF
INFORMATION SYSTEMS
APPLIED RESEARCH

Food and Agriculture
Organization of the
United Nations

IEEE, XIML
Journal for Bee Data
Standardization

Prof. James Wilkes

Beekeeper, Farmer &
Professor of Computer Science
at Appalachian State University

- Science-Focused Founder of HiveTracks
- Pioneering cloud and mobile technology in the beekeeping space
- 10m+ Research Grants by USDA

Prof. Joseph Cazier

Professor of Computer
Information Systems at
Arizona State University

- Educational Analytics, Ecological Analytics, Energy Analytics, and Health Analytics
- 60 Articles, 15 Book chapters, 3 United Nations Guidelines.

The heart of HiveTracks is based on our academic, data-driven research generated by our founder James Wilkes (Professor of Computer Science) and our data-science expert Joseph Cazier (Professor of Computer Information Systems) which have published in the beekeeping space for years.

Join Us Today

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

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

# POST-MONEY VALUATION CAP AND DISCOUNT

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

# HIVETRACKS, INC.

# SAFE

# (Simple Agreement for Future Equity)

THIS CERTIFIES THAT in exchange for the payment by [ENTITY NAME] (the "Investor") of $[AMOUNT] (the "Purchase Amount") on or about [EFFECTIVE DATE] HiveTracks, Inc., a North Carolina corporation (the "Company"), issues to the Investor the right to certain shares of the Company's Capital Stock, subject to the terms described below.

The "Discount Rate" is 85%.

The "Post-Money Valuation Cap" is $7,500,000.

See Section 2 for certain additional defined terms.

# 1. Events

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

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

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

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

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

# POST-MONEY VALUATION CAP AND DISCOUNT

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

(i) Junior to payment of outstanding indebtedness and creditor claims, including contractual claims for payment and convertible promissory notes (to the extent such convertible promissory notes are not actually or notionally converted into Capital Stock);
(ii) On par with payments for other Safes and/or Preferred Stock, and if the applicable Proceeds are insufficient to permit full payments to the Investor and such other Safes and/or Preferred Stock, the applicable Proceeds will be distributed pro rata to the Investor and such other Safes and/or Preferred Stock in proportion to the full payments that would otherwise be due; and
(iii) Senior to payments for Common Stock.

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

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

# 2. Definitions

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

"Common Stock" means the common stock of the Company.

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

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

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

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

"Direct Listing" means the Company's initial listing of its Common Stock (other than shares of Common Stock not eligible for resale under Rule 144 under the Securities Act) on a national securities exchange by means of an effective

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# POST-MONEY VALUATION CAP AND DISCOUNT

registration statement on Form S-1 filed by the Company with the SEC that registers shares of existing capital stock of the Company for resale, as approved by the Company's board of directors. For the avoidance of doubt, a Direct Listing shall not be deemed to be an underwritten offering and shall not involve any underwriting services.

"Discount Price" means the lowest price per share of the Capital Stock sold in the Equity Financing multiplied by the Discount Rate.

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

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

"Equity Financing" means a bona fide transaction or series of transactions with the principal purpose of raising capital, pursuant to which the Company issues and sells Preferred Stock at a fixed valuation, including but not limited to, a pre-money or post-money valuation, or pursuant to which the Company issues and sells shares of Capital Stock for aggregate gross proceeds of not less than $1,500,000, excluding all proceeds from the conversion of any indebtedness that is converted into such Capital Stock or otherwise cancelled in consideration for the issuance of such Capital Stock.

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

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

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

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

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

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

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

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

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# POST-MONEY VALUATION CAP AND DISCOUNT

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

"Safe Preferred Stock" means the shares of the series of Preferred Stock issued to the Investor in an Equity Financing, having the identical rights, privileges, preferences and restrictions as the shares of Standard Preferred Stock, other than with respect to: (i) the per share liquidation preference and the initial conversion price for purposes of price-based anti-dilution protection, which will equal the Safe Price; and (ii) the basis for any dividend rights, which will be based on the Safe Price.

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

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

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

### 3. Company Representations

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

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

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

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

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

### 4. Investor Representations

(a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes valid and binding obligation of the Investor, enforceable in accordance with its

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# POST-MONEY VALUATION CAP AND DISCOUNT

terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

(b) Investor acknowledges and agrees that Investor has (i) received a copy of the consolidated balance sheets of the Company for the two previous fiscal year ends; a copy of the consolidated statements of comprehensive income, cash flows, and stockholders' equity of the Company for the same periods and copies of such other information as may be required under Rule 502(b)(2)(i)(A) and (B)(i) of Regulation D under the Securities Act with respect to this offering and (ii) had an opportunity to ask questions and receive answers about this offering. The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

## 5. Miscellaneous

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

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

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

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

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

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# POST-MONEY VALUATION CAP AND DISCOUNT

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

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

*(Signature page follows)*

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IN WITNESS WHEREOF, the parties have executed this agreement as of [EFFECTIVE DATE] ____________.

COMPANY:
HiveTracks, Inc.

Name: [FOUNDER_NAME]

Title: [FOUNDER_TITLE]

Read and Approved (For IRA Use Only):

INVESTOR:

[ENTITY NAME]

By: ____________

By: ____________

Name: [INVESTOR NAME]

Title: [INVESTOR TITLE]

The Investor is an “accredited investor” as that term is defined in Regulation D promulgated by the Securities and Exchange Commission under the Securities Act.

Please indicate Yes or No by checking the appropriate box:

[ ] Accredited

[ X ] Not Accredited

SIGNATURE PAGE

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

# Subscription Agreement

[INVESTMENT AMOUNT]

[INVESTMENT DATE]

Hivetracks I (the "SPV"), a series of Wefunder SPV, LLC (the "LLC"), is a special purpose vehicle that will invest all of its assets in securities issued by HiveTracks, Inc. (the "Company"). By making an investment in the SPV through the Wefunder website, I understand and agree to the representations set forth below.

I have reviewed the following information and documents in connection with this Subscription Agreement:

1. The information on the Wefunder website about the Company. I acknowledge that this information was prepared solely by either the Company or a third party whose work has been verified by the Company, and that none of Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC or Wefunder Advisors, LLC, nor any of their affiliates, employees or agents, are responsible for the adequacy, completeness, or accuracy of this information;
2. The Form C relating to this investment, which provides information about investment in the Company through the use of the SPV;
3. The Series Appendix, an appendix to the Wefunder SPV, LLC limited liability company agreement (the "LLC Agreement"), which sets forth certain specific terms of the SPV;
4. The Terms Appendix, which summarizes the terms of the Company securities to be purchased by the SPV;
5. The LLC Agreement, which sets forth other terms applicable to each SPV;
6. This Subscription Agreement, which sets forth the terms governing your investment in the SPV, and that sets forth certain representations you are making in connection with your investment in the SPV;
7. The Wefunder Investor Agreement; and
8. The Wefunder Terms of Service.

By making an investment in the SPV through the Wefunder website, I agree to be bound by this Subscription Agreement and the terms of the other agreements listed above with respect to my investment in the SPV.

# Subscription Agreement

# SCOPE OF AGREEMENT AND INVESTOR ELIGIBILITY REPRESENTATIONS

A. This agreement ("Agreement") applies to each investment in a series ("SPV") of Wefunder SPV, LLC (the "LLC"). Each series is a separate pool of assets from every other series. Each SPV will invest all of its assets in securities issued by a single company ("Company") as set forth in the applicable series appendix ("Series Appendix") to the Wefunder SPV, LLC limited liability company agreement ("LLC Agreement"). The terms of the Company securities to be purchased by the SPV are summarized in an appendix ("Terms Appendix") attached to this Agreement.
B. Each SPV is formed by and operated by Wefunder Admin, LLC on behalf of the Company in whose securities that SPV invests.
C. Important information about the Company, about the related SPV, and more generally about investments through the Wefunder website, is available through the Wefunder website. The Investor should review that information, and all relevant Company Information (as defined below), carefully before making an investment in any SPV.
D. Each SPV will offer membership interests ("Interests") in that SPV pursuant to Regulation Crowdfunding under the U.S. Securities Act of 1933, as amended (the "Securities Act").
E. You hereby agree that each time you make an investment in any SPV, you will be deemed to have entered into this Agreement, and will be deemed to have made each representation and covenant contained in this Agreement.
F. Except as the context otherwise requires, any reference in this Subscription Agreement to:

1. a "SPV" shall mean "The LLC acting solely on behalf of and for the account of the SPV";
2. "Investor" and "you" shall mean a person (whether individually, jointly with another person, or through his or her individual retirement account) who has agreed to invest, or has invested, in any SPV; and
3. "Company Information" means:

a. The information on the Wefunder website about the Company. I acknowledge that this information was prepared solely by either the Company or a third party whose work has been verified by the Company, and that neither Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC or Wefunder Advisors, LLC (together, the "Wefunder entities," nor any of their affiliates, employees or agents, are responsible for the adequacy, completeness, or accuracy of this information;
b. The Form C relating to this investment, which provides information about investment in the Company through the use of the SPV;
c. The Series Appendix, an appendix to the Wefunder SPV, LLC limited liability company agreement (the "LLC Agreement"), which sets forth certain specific terms of the SPV;
d. The Terms Appendix, which summarizes the terms of the Company securities to be purchased by the SPV;
e. The LLC Agreement, which sets forth other terms applicable to each SPV;
f. This Subscription Agreement, which sets forth the terms governing your investment in the SPV, and that sets forth certain representations you are making in connection with your investment in the SPV;
g. The Wefunder Investor Agreement; and
h. The Wefunder Terms of Service.

INVESTOR'S REPRESENTATIONS AND COVENANTS

1. Investor's Review of Information and Investment Decision

1.1. The Investor has carefully read and understands the Company Information. The Investor acknowledges that it has made an independent decision to invest indirectly in the Company through the SPV and that, in making its decision to invest in a SPV, the Investor has relied solely upon the Company Information, any other relevant information on the Wefunder website, and independent investigations made by the Investor. The Investor understands that no representations or warranties have been made to the Investor by the LLC, the relevant SPV, any administrator appointed from time to time with respect to the SPV (the "Administrator"), any lead investor appointed from time to time with respect to the SPV (the "Lead Investor"), or any partner, member, officer, employee, agent, affiliate or subsidiary of any of them regarding the Company.

1.2. The Investor has been provided an opportunity to request additional information concerning the Company and the offering through the Ask A Question feature on wefunder.com.

1.3. The Investor understands and agrees that neither Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC, any of their affiliates, nor any director, manager, officer, shareholder, member, employee or agent of Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC or any of their affiliates (each, a "Wefunder Party," and collectively, "Wefunder Parties") shall be liable in connection with any information or omission of information contained in materials prepared or supplied by the Company. Such materials may include, but are not limited to, information provided by the Company in the Form C related to the offering, information available through the Wefunder website, and materials distributed to the Investor by the SPV on behalf of a Company.

1.4. The Investor represents and agrees that no Wefunder Party has recommended or suggested any investment in a SPV, or any investment related to a Company, to the Investor.

1.5. Investor understands that no Wefunder Party is an adviser to Investor, and that Investor is not an advisory or other client of any Wefunder Party.

1.6. The Investor is not relying on any Wefunder Party or any other person or entity with respect to the legal, accounting, business, investment, pension, tax or other economic considerations involved in this investment other than the Investor's own advisers that are not affiliated with any of the foregoing persons.

1.7. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of the Investor's investment in the SPV and is able to bear such risks. The Investor has obtained, in the Investor's judgment, sufficient information to evaluate the merits and risks of such investment. The Investor has evaluated the risks of investing in the SPV, understands there are substantial risks of loss incidental to the purchase of an Interest and has determined that the Interest is a suitable investment for the Investor and consistent with the general investment objectives of the Investor.

## 2. Investor's Representations Related To Investment in a SPV.

2.1. The Investor is acquiring the Interest for its own account, for investment purposes only and not with an intent to resell or distribute the Interest (or any distributions received from the SPV in whole or in part), and the Investor agrees that it will not sell or otherwise transfer the Interest unless in compliance with Regulation Crowdfunding and other applicable securities laws, and with the terms and conditions of this Agreement.

2.2. The Investor's investment in the Interest is consistent with the investment purposes, objectives and cash flow requirements of the Investor and will not adversely affect the Investor's overall need for diversification and liquidity.

2.3. The Investor has all requisite power, authority and capacity to acquire and hold the Interest and to execute, deliver and comply with the terms of each of the instruments required to be executed and delivered by the Investor in connection with the Investor's subscription for the Interest, including without limitation this Subscription Agreement, and such execution, delivery and compliance does not conflict with, or constitute a default under, any instruments governing the Investor, any law, regulation or order, or any agreement or other undertaking to which the Investor is a party or by which the Investor may be bound. If the Investor is an entity, the person executing and delivering each of such instruments on behalf of the Investor has all requisite power, authority and capacity to execute and deliver such instruments, and, upon request by the SPV, will furnish to the SPV a true and correct copy of any instruments governing the Investor, including all amendments thereto. The signature on each of such instruments is genuine and each of such instruments constitutes a legal, valid and binding obligation of the Investor enforceable against the Investor in accordance with its terms.

2.4. The Wefunder Parties are each hereby authorized and instructed to accept and execute any instructions in respect of the Interest given by the Investor in written or electronic form. The Wefunder Parties may rely conclusively upon and shall incur no liability in respect of any action taken upon any notice, consent, request, instructions or other instrument believed in good faith to be genuine or to be signed by properly authorized persons of the Investor.

2.5. Pursuant to the requirements of Treas. Reg. § 301.6109-1(c), the Investor has provided, or agrees to provide upon the earlier of (i) two years of an acquisition of an Interest or (ii) twenty (20) days before any distribution is to be made from the SPV, his, her or its taxpayer identification number (e.g., social security number or employer identification number) under penalties of perjury and has or will attest that the Internal Revenue Service has not notified the Investor that he, she or it is subject to backup withholding.

## 3. The Manager Has The Right To Reject Any Subscription, In Whole Or In Part.

3.1. The Investor understands that the SPV will not register as an investment company under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"), nor will it make a public offering of its securities within the United States.

3.2. The Investor understands that the value of all investments in any SPV made through individual retirement accounts ("IRAs") must be less than 25% of the value of the SPV's assets.

3.3. If the Investor is investing in a SPV through an employee benefit plan of any kind, including an individual retirement account (the "Plan"), and an individual or entity (the "Fiduciary") has entered into this Agreement on behalf of the Plan, the Fiduciary hereby makes the following representations, warranties, and covenants:

i. The Fiduciary is a fiduciary of the Plan who is authorized to invest Plan assets or is acting at the direction of a Plan fiduciary authorized to invest Plan assets. The Fiduciary has determined that an investment in the Fund is consistent with the Fiduciary's responsibilities to the Plan under Employee Retirement Income Security Act of 1974, as amended ("ERISA") or other applicable law, and is qualified to make such investment decision. The Fiduciary is authorized to make all representations, covenants and agreements set forth in this Agreement about and on behalf of the Investor, and the Fiduciary hereby agrees that, except for the representations, covenants and agreements contained in this section 3.3, all representations, covenants and agreements contained in this Agreement are made on behalf of the Investor who is investing through the Plan.

ii. The execution and delivery of this Subscription Agreement, and the investment contemplated hereby has been duly authorized by all appropriate and necessary parties pursuant to the provisions of the instrument or instruments governing the Plan and any related trust; and (B) will not violate, and is not otherwise inconsistent with, the terms of such instrument or instruments.

iii. The Fiduciary acknowledges that the assets of the Fund will be invested in accordance with the Company Information related to that Fund.

iv. The Plan's purchase and holding of an Interest will not constitute a non-exempt transaction prohibited under ERISA, Section 4975 of the Internal Revenue Code (the "Code"), or any similar laws or other federal, state, local, foreign or other laws or regulations applicable to the Plan and its investments. None of the Wefunder entities nor any of their affiliates, agents, or employees: (A) exercises any authority or control with respect to the management or disposition of assets of the Plan used to purchase an Interest, (B) renders investment advice for a fee (pursuant to an agreement or understanding that such advice will serve as a primary basis for investment decisions and that such advice will be based on the particular investment needs of the Plan), with respect to such assets of the Plan, or has the authority to do so, or (C) is an employer maintaining or contributing to, or any of whose employees are covered by, the Plan.

v. The Fiduciary understands and agrees to the fee arrangements described in the Company Information.

vi. The Fiduciary understands and agrees that, to prevent the assets of the SPV from being treated as "plan assets" for purposes of ERISA and Section 4975 of the Code, the Investor may be prohibited from purchasing or acquiring an Interest or may be required to redeem its Interest or a portion thereof.

3.4. The Investor acknowledges that the SPV and any Administrator, on the SPV's behalf, may not accept any investment from an Investor if the Investor cannot truthfully make the representations contained herein.

# 4. The Correctness And Accuracy Of All Information Provided By Investor To The LLC Or The SPV.

4.1. The Investor confirms that all information and documentation provided to the LLC, the SPV, and any Administrator, including, but not limited to, all information regarding the Investor's identity, taxpayer identification number, the source of the funds to be invested in the SPV, and the Investor's eligibility to invest in offerings under Regulation Crowdfunding, is true, correct and complete. Should any such information change or no longer be accurate, the Investor agrees and covenants that they will promptly notify the Wefunder Parties of such changes via the wefunder.com platform. The Investor agrees and covenants that he, she or it will maintain accurate and up-to-date contact information (including email and mailing address) on the wefunder.com platform and will promptly update such information in the event it changes or is no longer accurate.

4.2. The representations, warranties, agreements, undertakings and acknowledgments made by the Investor in this Subscription Agreement will be relied upon by the LLC, the SPV, and any Administrator in determining the Fund's compliance with federal and state securities laws, and shall survive the Investor's admission as a Member of the SPV.

4.3. All information that the Investor has provided to the LLC, the SPV, and any Administrator concerning the knowledge and experience of financial, tax and business matters of the Investor is correct and complete.

# 5. The Wefunder Parties' Right To Use Investor Information.

5.1. The Investor agrees and consents to the Wefunder Parties, their delegates and their duly authorized agents and any of their respective related, associated or affiliated companies obtaining, holding, using, disclosing and processing the Investor's data:

a. to facilitate the acceptance, management and administration of the Investor's subscription for an Interest on an on-going basis;
b. for any other specific purposes where the Investor has given specific consent to do so;
c. to carry out statistical analysis, market research, and tracking of investment performance over time;
d. to comply with legal or regulatory requirements applicable to the SPV and any Administrator or the Investor, including, but not limited to, in connection with anti-money laundering and similar laws;
e. for disclosure or transfer to third parties including the Investor's financial adviser (where appropriate), regulatory bodies, auditors, technology providers or to the SPV, any Administrator, any Lead Investor, and their delegates or their duly appointed agents and any of their respective related, associated or affiliated companies for the purposes specified above;
f. if the contents thereof are relevant to any issue in any action, suit or proceeding to which the LLC, the SPV, any Administrator, any Lead Investor, or their affiliates are a party or by which they are or may be bound;
g. for other legitimate business of the LLC, the SPV, any Administrator, or any Lead Investor.

5.2. The Investor acknowledges and agrees that it will provide additional information or take such other actions as may be necessary or advisable for the SPV or any Administrator (in the sole judgment of the SPV and/or any Administrator) to comply with any disclosure and compliance policies, related legal process or appropriate requests (whether formal or informal) or otherwise.
5.3. The Investor agrees and consents to disclosure by the LLC, the SPV and any of their agents, including any Administrator or any Lead Investor, to relevant third parties of information pertaining to the Investor in respect of disclosure and compliance policies or information requests related thereto. Without limiting the generality of the foregoing, the Investor agrees that information about the Investor may be provided to the Company in whose securities a SPV will or proposes to invest.
5.4. The Investor authorizes the LLC, the SPV, any Administrator, and each SPV service provider to disclose the Investor's nonpublic personal information to comply with regulatory and contractual requirements applicable to the SPV and its investments. Any such disclosure shall be permitted notwithstanding any privacy policy or similar restrictions regarding the disclosure of the Investor's nonpublic personal information.

# 6. Key Risk Factors

6.1. The Investor understands that investment in a SPV may involve a complete loss of the Investor's investment. In this regard, the Investor understands that such venture investments involve a high degree of risk, and that many or most venture company investments lose money. An Investor may ultimately receive cash, securities, or a combination of cash and securities (and in many cases nothing at all). If the Investor receives securities, the securities may not be publicly traded, and may not have any significant value.

6.2. The Investor understands and agrees that the Interests are subject to restrictions on transfer and cannot be redeemed. Instead, an Investor typically must hold his or her Interest in a SPV until the SPV has sold or otherwise disposed of its investments and the SPV distributes its investments to the investors in the SPV (a "Liquidation Event"). An Investor typically will not receive any distributions until such a Liquidation Event (and may not receive anything even upon a Liquidation Event), which may not occur for many years. The Investor must therefore bear the economic risk of holding their investment for an indefinite period of time.

6.3. The Investor understands and agrees that the Interests: (a) have not been registered under the Securities Act or any other law of the United States, or under the securities laws of any state or other jurisdiction, and therefore an Interest cannot be resold, pledged, assigned or otherwise disposed of unless it is so registered or an exemption from registration is available; and (b) can only be transferred as permitted under Regulation Crowdfunding and subject to the terms and conditions of this Agreement.

6.4. The Investor understands that no guarantees have been made to the Investor about future performance or financial results of the SPV, and an investment in the SPV may result in a gain or loss upon termination or liquidation of the SPV. It is possible that the investors in a SPV will have "phantom income," which could require them to pay taxes on their investment in a SPV even though the SPV does not distribute any income (or does not distribute sufficient income to pay the taxes).

6.5. The Investor understands and agrees that the SPV was formed by and is operated by Wefunder Admin, LLC on behalf of the Company. Investors will have no right to manage or influence the management of any SPV or of the LLC.

6.6. The Investor understands and agrees that the Company may appoint a Lead Investor and that, if appointed, pursuant to a power of attorney granted by the Investor in the Investor Agreement, the Lead Investor will exercise voting authority on behalf of the Investor with respect to the SPV securities the Investor owns.

6.7. The Investor represents that he or she has read and understands the risk factors contained in the Company Information. The Investor understands and agrees that each Company is solely responsible for providing risk factors, conflicts of interest, and other disclosures that investors should consider when investing in securities issued by that Company (including through a SPV), and that the Wefunder Parties have no ability to assure, and have not in any way assured, that any or all such risk factors, conflicts of interest and other disclosures have been presented fully and fairly, or have been presented at all.

6.8. The Investor understands that any privacy statements, reports or other communications regarding the SPV and the Investor's investment in the SPV (including annual and other updates, and tax documents) will be delivered via electronic means, including through wefunder.com. The Investor hereby consents to electronic delivery as described in the preceding sentence. In so consenting, the Investor acknowledges that email messages are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with, with or without the knowledge of the sender or the intended recipient. The Investor also acknowledges that an email from the Wefunder Parties may be accessed by recipients other than the Investor and may be interfered with, may contain computer viruses or other defects and may not be successfully replicated on other systems. No Wefunder Party gives any warranties in relation to these matters.

6.9. The Investor understands and agrees that if he, she or it does not provide a valid taxpayer identification number under penalties of perjury, and attest that the Investor has not been notified by the Internal Revenue Service that he, she or it is subject to backup withholding, the SPV will be required to withhold from any proceeds otherwise payable to the Investor an amount necessary to satisfy the SPV's backup withholding obligations.

6.10. The Investor understands and agrees that if he, she or it does not provide a valid taxpayer identification number to the SPV, the SPV will withhold from any proceeds otherwise payable to the Investor an amount necessary for the SPV to satisfy its tax withholding obligations with respect to such amount. The SPV may also withhold any other amounts representing the SPV's reasonable estimation of penalties that may be charged by the Internal Revenue Service or any other taxing authority as a result of the Investor's failure to provide a valid taxpayer identification number.

## 7. Compliance With Anti-Money Laundering Laws.

7.1. The Investor represents and warrants that the Investor's investment was not directly or indirectly derived from illegal activities, including any activities that would violate U.S. Federal or State laws or any laws and regulations of other countries.

7.2. The Investor acknowledges that U.S. Federal law, regulations and Executive Orders administered by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") may prohibit the SPV, any Administrator, or any Lead Investor from, among other things, engaging in transactions with, and the provision of services to, persons on the list of Specially Designated Nationals and Blocked Persons and persons, foreign countries and territories that are the subject of U.S. sanctions administered by OFAC (collectively, the "OFAC Maintained Sanctions").

7.3. The Investor acknowledges that the SPV prohibits the investment of funds by any persons or entities that are (i) the subject of OFAC Maintained Sanctions, (ii) acting, directly or indirectly, in contravention of any applicable laws and regulations, including anti-money laundering regulations or conventions, or on behalf of persons or entities subject to an OFAC Maintained Sanction, (iii) acting, directly or indirectly, for a senior foreign political figure, any member of a senior foreign political figure's immediate family or any close associate of a senior foreign political figure, unless the SPV, after being specifically notified by the Investor in writing that it is such a person, conducts further due diligence, and determines that such investment shall be permitted, or (iv) acting, directly or indirectly, for a foreign shell bank (such persons or entities in (i) - (iv) are collectively referred to as "Prohibited Persons"). The Investor represents and warrants that it is not, and is not acting directly or indirectly on behalf of, a Prohibited Person.

7.4. To the extent the Investor has any beneficial owners, (i) it has carried out thorough due diligence to establish the identities of such beneficial owners, (ii) based on such due diligence, the Investor reasonably believes that no such beneficial owners are Prohibited Persons, (iii) it holds the evidence of such identities and status and will maintain all such evidence for at least five years from the date of the liquidation or termination of the SPV, and (iv) it will make available such information and any additional information requested by the SPV that is required under applicable regulations.

7.5. The Investor acknowledges and agrees that the SPV or any Administrator may "freeze the account" of the Investor, including, but not limited to, by suspending distributions from the SPV to which the Investor would otherwise be entitled, if necessary to comply with anti-money laundering statutes or regulations.

7.6. The Investor acknowledges and agrees that the SPV and/or any Administrator, in complying with anti-money laundering statutes, regulations and goals, may file voluntarily and/or as required by law suspicious activity reports ("SARs") or any other information with governmental and law enforcement agencies that identify transactions and activities that the SPV or any Administrator or their agents reasonably determine to be suspicious, or is otherwise required by law. The Investor acknowledges that the LLC, the SPV, and any Administrator are prohibited by law from disclosing to third parties, including the Investor, any filing or the substance of any SARs.

7.7. The Investor agrees that, upon the request of the LLC, the SPV, or any Administrator, it will provide such information as the LLC, the SPV, or any Administrator requires to satisfy applicable anti-money laundering laws and regulations, including, without limitation, background documentation about the Investor

## 8. Regulatory Provisions

8.1. The Investor understands that no federal or state agency has passed upon the Interests or made any findings or determination as to the fairness of this investment.

8.2. The Investor certifies that the information contained in the executed copy of Form W-9 submitted to the SPV (if any) and/or the taxpayer identification provided to the SPV is correct. The Investor agrees to provide such other documentation as the SPV determines may be necessary for the SPV to fulfill any tax reporting and/or withholding requirements.

8.3. The Investor understands and agrees that the Company may cause the SPV to make an election under Section 754 of the Internal Revenue Code (the "Code") or an election to be treated as an "electing investment partnership" for purposes of Section 743 of the Code. If the SPV elects to be treated as an electing investment partnership, the Investor shall cooperate with the SPV to maintain that status and shall not take any action that would be inconsistent with such election. Upon request, the Investor shall provide the SPV with any information necessary to allow the SPV to comply with (a) its obligations to make tax basis adjustments under Section 734 or 743 of the Code and (b) its obligations as an electing investment partnership.

8.4. The Investor consents to receive any Schedule K-1 (Partner's Share of Income, Deductions, Credits, etc.) from the SPV electronically via email, the Internet and/or another electronic reporting medium in lieu of paper copies. The Investor agrees that it will confirm this consent electronically at a future date in a manner set forth by the Company at such time and as required by the electronic receipt consent rules set forth by the Internal Revenue Service. The Investor may request a paper copy of the Investor's Schedule K-1 by contacting Wefunder Inc. at support@wefunder.com or such other email address as specified on the wefunder.com platform. Requesting a paper copy will not constitute a withdrawal of the Investor's consent to receive reports or other communications, including Schedule K-1, electronically. The Investor may withdraw its consent for electronic delivery or change its contact preferences for such delivery at any time by writing to support@wefunder.com or such other email address as specified on the wefunder.com platform. Such withdrawal will take effect promptly after receipt, unless otherwise agreed upon. Upon receipt of a withdrawal request, the SPV will confirm the withdrawal and the date on which it takes effect in writing (either electronically or on paper). A withdrawal of consent does not apply to a statement that was furnished electronically before the date on which the withdrawal of consent takes effect. The SPV will cease providing information electronically upon termination of the SPV. Notwithstanding the Investor's consent to receive materials electronically, the Investor still may be required to print and attach its Schedule K-1 to a federal, state or local tax return.

## 9. Miscellaneous Provisions

## 9.1. Indemnification

9.1.1. The Investor agrees to indemnify and hold harmless the LLC, the SPV, any Administrator, any Lead Investor, or any partner, member, officer, employee, agent, affiliate or subsidiary of any of them, and each other person, if any, who controls, is controlled by, or is under common control with, any of the foregoing, within the meaning of Section 15 of the Securities Act, and their respective officers, directors, partners, members, shareholders, owners, employees and agents (collectively, the "Indemnified Parties") against any and all loss, liability, claim, damage and expense whatsoever (including all expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) arising out of or based upon (i) any false representation or warranty made by the Investor, or breach or failure by the Investor to comply with any covenant or agreement made by the Investor, in this Subscription Agreement or in any other document furnished by the Investor to any of the foregoing in connection with this transaction, or (ii) any action for securities law violations instituted by the Investor that is finally resolved by judgment against the Investor.

9.1.2. The Investor also agrees to indemnify each Indemnified Party for any and all costs, fees and expenses (including legal fees and disbursements) in connection with any damages resulting from the Investor's misrepresentation or misstatement contained herein, or the assertion of the Investor's lack of proper authorization from the beneficial owner to enter into this Subscription Agreement or perform the obligations hereof.

9.1.3. The Investor agrees to indemnify and hold harmless each Indemnified Party from and against any tax, interest, additions to tax, penalties, reasonable attorneys' and accountants' fees and disbursements, together with interest on the foregoing amounts at a rate determined by the SPV or any Administrator computed from the date of payment through the date of reimbursement, arising from the failure to withhold and pay over to the U.S. Internal Revenue Service or the taxing authority of any other jurisdiction any amounts computed, as required by applicable law, with respect to the income or gains allocated to or amounts distributed to the Investor with respect to its Interest during the period from the Investor's acquisition of the Interest until the Investor's transfer of the Interest in accordance with this Agreement, the LLC Agreement, and Regulation Crowdfunding.

9.1.4. If for any reason (other than the willful misfeasance or gross negligence of the entity that would otherwise be indemnified) the foregoing indemnification is unavailable to, or is insufficient to hold such Indemnified Party harmless, then the Investor shall contribute to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by the Investor on the one hand and the Indemnified Parties on the other but also the relative fault of the Investor and the Indemnified Parties, as well as any relevant equitable considerations.

9.1.5. The reimbursement, indemnity and contribution obligations of the Investor under this section shall be in addition to any liability that the Investor may otherwise have, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Indemnified Parties.

9.2. **Limitation of Liability.** The LLC is a Delaware "multi-series" limited liability company. As a multi-series limited liability company, the LLC may operate multiple series with the benefit of segregation of assets and liabilities among each of its series pursuant to the Delaware Limited Liability Company Act, as amended (the "**Delaware Act**"). Accordingly, the Investor hereby agrees that the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a series (including the SPV) shall be enforceable against the assets of that series only and not against the LLC generally or the assets of any other series. In addition, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the LLC generally, or any particular series, shall be enforceable against the assets of any other series.

9.3. **Counsel.** The Investor understands that Morrison & Foerster LLP serves as legal counsel on certain matters to Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC and Wefunder Advisors, LLC and not to the SPV or any Investor by virtue of its investment in the SPV, and that no independent counsel has been retained to represent the SPV or Investors in the SPV. The Investor also understands that Morrison & Foerster LLP has not independently verified any factual assertions made in the Company Information or on the Wefunder website and is not responsible for the SPV's compliance with its investment program or applicable law.

9.4. **Power of Attorney.** The Investor hereby appoints each of the Company and Wefunder Admin, LLC as its true and lawful representative and attorney-in-fact, in its name, place and stead to make, execute, sign, acknowledge, swear to and file:

9.4.1. a Certificate of Formation of the LLC and any amendments required under the Delaware Act
9.4.2. the LLC Agreement and any duly adopted amendments;
9.4.3. any and all instruments, certificates and other documents that may be deemed necessary or desirable to effect the winding-up and termination of the LLC or the SPV (including a Certificate of Cancellation of the Certificate of Formation); and
9.4.4. any business certificate, fictitious name certificate, related amendment or other instrument or document of any kind necessary or desirable to accomplish the LLC's or the SPV's business, purpose and objectives or required by any applicable U.S., state, local or other law.

This power of attorney is coupled with an interest, is irrevocable, and shall survive and shall not be affected by the subsequent death, disability, incompetency, termination, bankruptcy, insolvency or dissolution of the Investor; provided, however, that this power of attorney will terminate upon the substitution of another SPV member for all of the Investor's investment in the LLC or the SPV or upon the liquidation or termination of the LLC or the SPV. The Investor hereby waives any and all defenses that may be available to contest, negate or disaffirm the actions of the LLC, the SPV, and any Administrator taken in good faith under this power of attorney.

## 9.5. Confidentiality

9.5.1. The Investor agrees that the Company Information and all financial statements (if any), tax reports (if any), portfolio valuations (if any), private placement memoranda (if any), reviews or analyses of potential or actual investments (if any), reports or other materials prepared or produced by the SPV and/or any Administrator and all other documents and information concerning the affairs of the SPV and/or the Fund's investments, including, without limitation, information about the Company, and/or the persons directly or indirectly investing in the SPV (collectively, the "Confidential Information") that the Investor may receive pursuant to or in accordance with the use of the Wefunder website, an investment in one or more SPVs, or otherwise as a result of its ownership of an interest in the SPV, constitute proprietary and confidential information about the SPV, any Administrator, and/or any Lead Investor (the "Affected Parties").

9.5.2. The Investor acknowledges that the Affected Parties derive independent economic value from the Confidential Information not being generally known and that the Confidential Information is the subject of reasonable efforts to maintain its secrecy. The Investor further acknowledges that the Confidential Information is a trade secret, the disclosure of which is likely to cause substantial and irreparable competitive harm to the Affected Companies or their respective businesses. The Investor shall not reproduce any of the Confidential Information or portion thereof or make the contents thereof available to any third party other than a disclosure on a need-to-know basis to the Investor's legal, accounting or investment advisers, auditors and representatives (collectively, "Advisers"), except to the extent compelled to do so in accordance with applicable law (in which case the Investor shall promptly notify the SPV of the Investor's obligation to disclose any Confidential Information) or with respect to Confidential Information that otherwise becomes publicly available other than through breach of this provision by the Investor.

9.5.3. To the fullest extent permitted by law, the Investor agrees not to request disclosure or inspection of any such information after the Investor is notified (whether in response to the Investor's request for information or otherwise) that the SPV has determined not to disclose such information.

9.5.4. The Investor agrees that the LLC, the SPV, and the SPV service providers would be subject to potentially irreparable injury as a result of any breach by the Investor of the covenants and agreements set forth in this Item 9.5, and that monetary damages would not be sufficient to compensate or make whole the LLC, the SPV, and the SPV services providers for any such breach. Accordingly the Investor agrees that the LLC, the SPV, and the SPV service providers shall be entitled to equitable and injunctive relief, on an emergency, temporary, preliminary and/or permanent basis, to prevent any such breach or the continuation thereof.

9.6. Amendments. Neither this Subscription Agreement nor any term hereof may be supplemented, changed, waived, discharged or terminated except with the written consent of the Investor and the Company on behalf of the relevant SPV. For the sake of clarity, the restriction on the Company in the preceding sentence applies solely to the form of this Subscription Agreement applicable to SPVs that have had a closing, and does not prevent the Company from changing the form and content of this Subscription Agreement for use in offerings of SPVs that have not had a closing.

9.7. Assignability and Transferability. This Subscription Agreement is not transferable or assignable by the Investor without the prior written consent of the Company on behalf of the SPV, and any transfer or assignment in violation of this provision shall be null and void. The Interests in the SPV being acquired by Investor herein may only be transferred by Investor in compliance with Regulation Crowdfunding and the terms and conditions of this Agreement. If Investor seeks to transfer the Interests, Investor shall first give written notice to the Company and Wefunder Admin, LLC, including the number of Interests that Investor desires to transfer, the proposed price, the name and contact information of the proposed buyer, and any other information that the Company or Wefunder Admin, LLC may reasonably request. To the extent possible, such notice shall be provided through the Wefunder.com website. Any transfer of Interests shall be subject to execution by Investor and the proposed transferee of appropriate documentation, as may be required by the Company or Wefunder Admin, LLC, in their discretion. Investor further acknowledges that pursuant to the LLC Agreement, Wefunder Admin, LLC (as Series Manager of the SPV), may impose additional restrictions on or prohibit the Transfer of Interests for any reason or no reason, in its sole discretion.

9.8. Repurchase. In the event that the SPV or any Administrator determines that it is likely that within twelve (12) months the securities of the SPV or the Company will be held of record by a number of persons that would require the SPV or the Company to register a class of its equity securities under the Securities Exchange Act of 1934, as amended ("Exchange Act"), as required by Section 12(g) or 15(d) thereof, the SPV shall have the option to repurchase the Interests from each Investor to the extent necessary to avoid the requirement to register a class of its securities under the Exchange Act. Such repurchase of Interests shall be for the greater of (i) the purchase price of the Interests, or (ii) the fair market value of the Interests, as determined by an independent appraiser of securities chosen by the Administrator. Any such repurchase may only occur with the consent of Wefunder Admin, LLC, as Series Manager of the SPV.

9.9. Governing Law. Consent to Jurisdiction. Notwithstanding the place where this Subscription Agreement may be executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be construed under the laws of the State of Delaware. Any action or proceeding brought by the SPV or any SPV service provider against one or more investors in the SPV relating in any way to this Subscription Agreement or the LLC Agreement may, and any action or proceeding brought by any other party against the SPV or any SPV service provider relating in any way to this Subscription Agreement or the Company Information shall, be brought and enforced in the state courts of the State of Delaware located in Wilmington or (to the extent subject matter jurisdiction exists therefore) in the courts of the United States located in the District of Delaware; and the Investor and the SPV irrevocably submit to the jurisdiction of both such state and federal courts in respect of any such action or proceeding. The Investor and the SPV irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to laying the venue of any such action or proceeding in the courts of the State of Delaware located in Wilmington or in the courts of the United States located in the District of Delaware and any claim that any such action or proceeding brought in any such court has been brought in an inconvenient forum.

9.10. Severability. If any provision of this Subscription Agreement is invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof that may be held invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be severable.

9.11. Headings. The headings in this Subscription Agreement are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

9.12. General. This Subscription Agreement shall be binding upon the Investor and the legal representatives, successors and assigns of the Investor, shall survive the admission of the Investor as a member of a SPV, and shall, if the Investor consists of more than one person, be the joint and several obligation of all such persons.

[Remainder of page intentionally left blank. Signature page follows.]

The undersigned have executed this instrument as of the date first above written.

**SPV**

**Hivetracks I, as series of Wefunder SPV, LLC**
**By: Wefunder Admin, LLC, its Manager**

By: *Founder Signature*

Date:

Name: **Nicholas Tommarello**

Title: **Chief Executive Officer**

**Investor**

**[INVESTOR NAME]**

By: *Investor Signature*

Date:

CONTACT INFORMATION:

Name: **[INVESTOR NAME]**

Mailing Address:

City:

Country:

E-mail:

# TERMS APPENDIX FOR THE PURCHASE OF
HiveTracks, Inc. SECURITIES BY Hivetracks I, A
SERIES OF WEFUNDER SPV, LLC, A DELAWARE
LIMITED LIABILITY COMPANY

**Type of Security:** Future Equity

**Terms** $7.5M valuation cap and 15% discount

To view a copy of the contract, please see **Appendix B, Investor
Contracts** of the Form C. The latest Form C or C/A filing be found
here:

https://www.sec.gov/cgi-bin/srch-edgar?text=%28FORM-
TYPE%3DC%2FA+or+FORM-
TYPE%3DC%29+and+CIK%3D0001845167&first=2016

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

**HiveTracks, Inc.** (the “Company”) a North Carolina Corporation

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

HiveTracks, 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*

# **HiveTracks, Inc.**  
 **Statement of Financial Position**

|  | As of December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| ASSETS |  |  |
| Current Assets |  |  |
| Cash and Cash Equivalents | $52,464 | $24,420 |
| Note Receivable - Related Party | - | 14,584 |
| Payroll Tax Credit Receivable | 25,404 | - |
| Total Current Assets | 77,868 | 39,004 |
| Non-current Assets |  |  |
| Intangible Assets: Software, net of Accumulated Amortization | 493,563 | 27,639 |
| Total Non-Current Assets | 493,563 | 27,639 |
| TOTAL ASSETS | $571,431 | $66,643 |
| LIABILITIES AND EQUITY |  |  |
| Liabilities |  |  |
| Current Liabilities |  |  |
| Accrued Liabilities | $130,180 | $2,209 |
| Deferred Revenue | 3,350 | - |
| Notes Payable - Related Party | 15,000 | - |
| Total Current Liabilities | 148,530 | 2,209 |
| Long-term Liabilities |  |  |
| Convertible Note | 335,000 | - |
| Convertible Note - Related Party | 50,000 | - |
| Notes Payable - Related Party | 48,619 | 48,619 |
| Future Equity Obligations (SAFEs) | 210,025 | - |
| Total Long-Term Liabilities | 643,644 | 48,619 |
| TOTAL LIABILITIES | $792,174 | $50,828 |
| EQUITY |  |  |
| Common Stock | 45,411 | 45,411 |
| Accumulated Deficit | (266,154) | (29,596) |
| Total Equity | (220,743) | 15,815 |
| TOTAL LIABILITIES AND EQUITY | $571,431 | $66,643 |

See Notes to the Financial Statements Below

# **HiveTracks, Inc.**  
 **Statement of Operations**

|  | Year Ended December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| Revenue | $167,716 | $66,518 |
| Cost of Revenue | 42,408 | 19,300 |
| Gross Profit | 125,308 | 47,218 |
| Operating Expenses |  |  |
| Advertising and Marketing | 64,778 | 500 |
| General and Administrative | 177,775 | 86,628 |
| Rent and Lease - Related Party | 9,375 | - |
| Payroll and Related Expenses | 104,847 | 45,915 |
| Total Operating Expenses | 356,775 | 133,043 |
| Operating Income (loss) | (231,467) | (85,825) |
| Other Expense |  |  |
| Interest Expense | 5,091 | - |
| Total Other Expense | 5,091 | - |
| Other Income |  |  |
| PPP Loan Forgiveness | - | 7,292 |
| Total Other Income | - | 7,292 |
| Provision for Income Tax | - | - |
| Net Income (loss) | $(236,558) | $(78,533) |

See Notes to the Financial Statements Below

# **HiveTracks, Inc.**  
 **Statement of Cash Flows**

|  | Year Ended December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| OPERATING ACTIVITIES |  |  |
| Net Income (Loss) | $(236,558) | $(78,533) |
| Adjustments to reconcile Net Loss to Net Cash used in operations: |  |  |
| Deferred Revenue | 3,350 | - |
| Non-cash marketing expenses | 58,167 | - |
| Non-cash employee compensation expenses | 14,584 | 2,916 |
| Accrued Expenses | 9,319 | 1,486 |
| Payroll Tax Credit Receivable | (25,404) | - |
| Paycheck Protection Program loan forgiveness | - | (7,292) |
| Total Adjustments to reconcile Net Loss to Net Cash provided by operations: | 60,016 | (2,890) |
| Net Cash provided by (used in) Operating Activities | (176,542) | (81,423) |
| INVESTING ACTIVITIES |  |  |
| Purchase of internally developed software | (195,414) | (27,639) |
| Net Cash provided by (used by) Investing Activities | (195,414) | (27,639) |
| FINANCING ACTIVITIES |  |  |
| Equity contributions and sale of common stock | - | 122,500 |
| Proceeds from related party payable | 15,000 | - |
| Proceeds from convertible notes payable | 385,000 | - |
| Proceeds from long-term related party notes payable | - | 1,500 |
| Distribution to shareholders | - | (3,325) |
| Proceeds from Paycheck Protection Program loan | - | 7,292 |
| Net Cash provided by (used in) Financing Activities | 400,000 | 127,967 |
| Cash at the beginning of period | 24,420 | 5,515 |
| Net Cash increase (decrease) for period | 28,044 | 18,905 |
| Cash at end of period | $52,464 | $24,420 |
| Non-cash activities: |  |  |
| Issuance of Future Equity Obligations (SAFEs) for marketing expenses | $58,167 | - |
| Issuance of Future Equity Obligations (SAFEs) for internally developed software | $270,510 | - |
| Internally developed software included in accrued expenses | $118,652 | - |
| Issuance of common stock for note receivable - related party | - | $17,500 |
| Services provided in lieu of payment of note receivable - related party | $14,584 | $2,916 |
| Supplemental disclosure of cash flow information: |  |  |
| Cash paid for income taxes | - | - |
| Cash Paid for interest | - | - |

See Notes to the Financial Statements Below

# **HiveTracks, Inc.**  
 **Statement of Changes in Shareholders' Equity**

|  | Common Stock |  | Members' Equity | Accumulated Deficit | Total Shareholders' Equity |
| --- | --- | --- | --- | --- | --- |
|  | # of Shares Amount | $ Amount |  |  |  |
| Beginning Balance on January 1st, 2020 | - | $- | $(42,327) | $- | $(42,327) |
| Equity contribution | - | - | 100,000 | - | 100,000 |
| Distributions to equity members | - | - | (3,325) | - | (3,325) |
| Issuance of common shares upon conversion to C corporation | 250,000 | 5,411 | (54,348) | 48,937 | - |
| Issuance of common shares | 25,000 | 40,000 | - | - | 40,000 |
| Net Income (Loss) | - | - | - | (78,533) | (78,533) |
| Ending Balance on December 31st, 2020 | 275,000 | $45,411 | $- | $(29,596) | $15,815 |
| Net Income (Loss) | - | - | - | (236,558) | (236,558) |
| Ending Balance on December 31st, 2021 | 275,000 | $45,411 | $- | $(266,154) | $(220,743) |

See Notes to the Financial Statements Below

# **HiveTracks, Inc.**  
**Notes to the Unaudited Financial Statements**  
**December 31st, 2021**  
**SUSD**

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

HiveTracks, Inc. (the Company) converted into a North Carolina Corporation on October 8th, 2020. The Company develops technology products for individual beekeepers, beekeeping businesses, governments, and non-government organizations (NGOs). The Company’s subscription-based app, the Beekeeper’s Companion, is a personal assistant to track, plan, and guide beekeepers throughout the season. The app sends context-sensitive notifications to users on when to inspect, treat and/or feed their hives based on local weather conditions, the hive’s environment, and surrounding beekeepers’ action. The company’s mission is to create technology that helps beekeepers do what’s best for their bees with confidence and peace of mind. Revenue is generated through licensing the app on a monthly or annual subscription.

The Company was originally founded in 2010 as Blowing Rock Software LLC. In October 2020, Blowing Rock Software LLC’s members contributed their member interests and rights to its underlying intangible assets into HiveTracks, Inc. This transaction was deemed to be a combination of entities under common control and the accounting basis for the net assets, liabilities, and equity were transferred from Blowing Rock Software LLC to HiveTracks, Inc. on a historical basis.

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.

# 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 derives its revenues from sales of its subscription-based legacy app and fees for services provided to other companies in the beekeeping industry. The Company’s primary performance obligation is to maintain an acceptable level of software uptime for users over the subscription period and fulfilling service agreements entered into with other companies in the beekeeping industry. Revenues are recognized when control of these services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Sales and other taxes the Company collect concurrently with revenue-producing activities are excluded from revenues. Incidental items that are immaterial in the context of the contract are recognized as expense. The Company does not have any significant financing components as payment is received at or shortly after the point of sale. There are also no significant costs incurred to obtain contracts. The Company had deferred revenue of $3,350 as of December 31st, 2021.

Any customer payments made in advance of services provided are reflected in deferred revenue on the balance sheet and is recognized as revenue over the period of time the services are provided.

The Company primarily generated revenue from fulfilling service agreements in 2021, but with the launch of their new app, intend to generate a significant portion of future revenue through their subscription-base.

|  | Services | App Subscriptions - For Prior Legacy App | Commercial Sales & Miscellaneous Other Revenue | Totals |
| --- | --- | --- | --- | --- |
| 2020 | 5,000 | 53,681 | 7,837 | 66,518 |
| 2021 | 114,532 | 41,171 | 12,013 | 167,716 |

### Internally Developed Software

During 2020 and 2021, the Company constructed a new mobile application that was available for its intended use and placed into service in January 2022.

Internally developed software consisted of the following:

|  | 2021 |  |  |
| --- | --- | --- | --- |
|  | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount |
| Internally developed software | $493,563 | $ - | $493,563 |
|  | 2020 |  |  |
|  | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount |
| Internally developed software | $27,639 | $ - | $27,639 |

During 2020 and 2021, amortization expense was $0.

Future estimated amortization of internally developed software is as follows as of December 31, 2021:

### Amortization Expense

| 2022 | $164,521 |
| --- | --- |
| 2023 | 164,521 |
| 2024 | 164,521 |
| Total | $493,563 |

During 2021, the Company compensated a third-party vendor $151,858 for the development of software in the form of a Future Equity Obligation (SAFE). See Note 5 - Debt for Future Equity Obligation details.

### Accounts receivable

The Company extends unsecured, noninterest bearing credit to its customers in the ordinary course of business. Accounts receivables are carried at original invoice amounts less an estimate made for doubtful accounts, based on a review of all outstanding amounts. The allowance for doubtful accounts is provided based on management’s review of all past-due accounts and reflects management’s best estimate of probable losses inherent in the accounts receivable balance. As of December 31st, 2021 and 2020, the allowance for doubtful accounts was $0.

### Accrued Expenses

Accrued expenses consisted of the following:

|  | 2021 | 2020 |
| --- | --- | --- |
| Accrued internally developed software costs | $118,652 | $ - |
| Accrued interest | 5,097 | - |
| Accrued payroll | 4,175 | 209 |
| Other | 2,256 | 2,000 |
|  | $130,180 | $2,209 |

### 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 North Carolina. 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. A summary of the Company's significant deferred tax assets and liabilities are below.

|  | 2021 | 2020 |
| --- | --- | --- |
| Deferred tax assets: |  |  |
| Net operating losses | $80,804 | $6,807 |
| Accrued expenses | 27,290 | - |
| Deferred tax liabilities: |  |  |
| Internally developed software | (40,093) | (6,357) |
| Net deferred tax assets | 68,001 | 450 |
| Less valuation allowance | (68,001) | (450) |
| Net deferred tax assets | $ - | $ - |

## 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.

As of December 31$^{st}$, 2020, the Company issued notes payable with an aggregate principal balance of $48,619 to its shareholders. The Company is required to make interest-only payments on these notes on December 31$^{st}$, 2021, 2022, and 2023 at a rate of 0.39% per annum. Thereafter, the notes payable accrue interest of 10% per annum. Upon a change of at least 25% of the Company’s ownership or a $1,000,000 equity raise, the notes payable and any unpaid accrued interest are immediately due and payable. Additionally, the Company may not pay any income distributions to its shareholders prior to repaying the notes payable.

As of December 31$^{st}$, 2021, the Company owes $15,000 to related parties for cash advances received from a shareholder of the Company. The Company has paid off all but $2,500 as of October 31$^{st}$, 2022.

The Company leases on a month-to-month basis office space that is owned by a shareholder. During 2021, the Company incurred and paid $9,375 under this lease arrangement.

In 2020, the Company issued 25,000 shares common stock (valued at $40,000) to an employee of the Company for $22,500 of cash and a $17,500 promissory note. The promissory note was repaid in services to Company, including $2,916 and $14,584 that was repaid in 2020 and 2021, respectively. As of December 31$^{st}$, 2021, there is no outstanding balance.

In 2021, the Company issued a convertible debt to an employee of the Company for cash proceeds of $50,000. This note is included in the Convertible notes payable on the balance sheet as of December 31$^{st}$, 2021 and the terms of this note are discussed in Note 5 - Debt.

### **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**

#### Convertibles Notes

During 2021, the Company issued $385,000 of convertible notes payable.

The convertible notes include the following general terms:

| Principal | Interest | Maturity |
| --- | --- | --- |
| $270,000 | 2% simple interest, accrued interest is payable upon maturity or converted into Common Stock | 2024 |
| 115,000 | Prime + 6% simple interest, payable annually through 2024 and monthly until maturity | 2028 |
| $385,000 |  |  |

In 2022, the notes that required an annual interest payment (totaling approximately $10,000 of accrued interest) were amended to increase the principal balances by the accrued interest.

Upon a Qualifying Financing of the Company, defined as a transaction or series of transactions pursuant to which the Company issues and sells equity shares for aggregate gross proceeds of $1,500,000 or greater, the convertible notes automatically convert into the equity shares at the lesser of 70% of the price of the Qualified Financing or $7,500,000 divided by the number of outstanding shares. If the Company has a transaction or series of transactions in which the company issues and sells equity shares for aggregate proceeds of less than $1,500,000, the debtholders have the option to convert the debt into the equity shares at the lessor of 70% of the price of the equity financing or $7,500,000 divided by the number of outstanding shares.

If, upon the Maturity Date, the Convertible Note is outstanding and has not been converted, then the outstanding principal amount of the Convertible Note and all accrued and unpaid interest on the Convertible Note shall automatically convert into Common Stock at the price of $7,500,000 divided by the number of outstanding shares.

Upon a change of control (as defined) the debtholders, at each debtholders' option, may a) receive payment equal to two times the outstanding principal and interest immediately prior to the change of control or b) convert the outstanding principal and interest immediately prior to the change of control into Common Stock at a conversion price per share obtained by dividing $7,500,000 by the Company's fully-diluted capitalization immediately prior to the change of control.

#### Simple Agreements for Future Equity (SAFEs)

During 2021, the Company issued $210,025 of Simple Agreements for Future Equity (SAFEs). The SAFEs were issued to vendors of the Company in lieu of cash consideration. The SAFEs do not have stated maturity dates and do not accrue interest. The SAFEs automatically convert into Common Stock at a rate consistent with the value of shares in the Company upon a qualifying financing of the Company of at least $1,500,000. Under one of its SAFE agreements, the Company will compensate a third-party vendor up to $100,000 in the form of SAFEs as the underlying services are provided. As of December 31$^{st}$, 2021, $58,167 of the underlying services and related SAFEs was recorded and recognized. The remaining services and SAFEs of $41,833 are recorded in 2022 when the related services were provided to the Company. In the event of a Liquidity Event, the SAFEs are repaid into cash at the greater of the face value of the SAFEs and the amount payable on the number of common stock equal to the purchase amount of the Company as if the SAFEs had been converted into common stock.

See Note 3 - Related Party Transactions for details of related party loans.

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

| Year | Amount |
| --- | --- |
| 2022 | $15,000 |
| 2023 | - |
| 2024 | $270,000 |
| 2025 | - |
| 2026 | - |
| Thereafter | $115,000 |

*The related party notes payable of $48,619 (see Note 3 - Related Party Transactions for additional details) will be due upon a change of at least 25% of the Company's ownership or a $1,000,000 equity raise.

#### **NOTE 6 - EQUITY**

The Company is authorized to issue 1,000,000 common shares. The shares have no par value. As of December 31$^{st}$, 2021, there were 275,000 common shares issued and outstanding. During 2021, there were no shares issued. Holders of the common stock are entitled to one vote per share.

During 2021, the owners of the Company contributed $1,804 of equity as part of the Company's transition from Blowing Rock Software LLC to Hive Tracks, Inc.

During 2020, the Company issued membership shares to a new shareholder for $100,000. These membership interests were converted into common stock of the Company, along with the other existing shareholders. Additionally, the Company issued 25,000 common shares for proceeds of $40,000 in 2020.

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

## NOTE 7 - SUBSEQUENT EVENTS

The Company has evaluated events subsequent to December 31st, 2021 to assess the need for potential recognition or disclosure in this report. Such events were evaluated through November 17, 2022, the date these financial statements were available to be issued.

The Company issued $250,000 of convertible notes. The notes were issued on terms consistent with the convertible notes discussed in Note 5 - Debt. These notes accrue interest at an annual rate of 2% that is payable or convertible upon maturity, and mature in 2024.

The Company issued $77,500 of promissory notes to related and unrelated parties. These notes accrue interest at 9% per year with monthly payments of $3,540 per month (in aggregate) and mature in 2024.

The Company issued Future Equity Obligations (SAFEs) for total cash proceeds of $19,800. Additionally, a vendor was paid compensation of $41,833 in the form a SAFE. See Note 5 - Debt for additional details.

The Company converted $118,653 of accrued expenses that is owed to a vendor into a note payable. The note payable accrues interest at 12% per year and requires monthly payments of $3,940 through March 2025. See Internally Developed Software disclosure above for additional details.

The Company amended two of its convertible notes such that accrued interest of approximately $10,000 was capitalized into the principal of the outstanding notes. See Note 5 -Debt for convertible note details.

The Company has received grants from multiple sources totaling $28,105 in 2022. The grants are for the development of the software and is not contingent on services provided by the Company.

## NOTE 8 - GOING CONCERN

The accompanying balance sheet has been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The entity has realized losses every year since inception, incurred negative working capital and cash flows from operations, and may continue to generate losses.

During the next twelve months from November 17th, 2022 (the date these financial statements were available to be issued), 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.

### ***Concentration of Operations - Software Rights***

During 2021, the Company accrued, but had not paid, a third-party vendor $118,652 for the development of software. This balance was converted into a loan payable in 2022. The note payable incurs interest of 12% per annum and requires 36 monthly payments of $3,940, beginning on April 1, 2022 through March 1, 2025. As part of extending this accrual (and subsequent note payable) to the Company and subject to and conditioned by the Company’s continue satisfaction of repaying the amounts due, the vendor granted the Company a non-exclusive, non-sublicensable, and non-transferable license to use and modify the developed software. Full rights of ownership of the software will not transfer to the Company until the note payable is repaid. Should the company be unable to pay the note, the Company may lose the rights the software which would have a material adverse effect on the Company’s operations and financial position.

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

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

## Laura Dye - 3rd

Chief Operating Officer at HiveTracks

Creston, North Carolina, United States - Contact info

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HiveTracks

Stephen F. Austin State University

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### Chief Operating Officer

HiveTracks - Full-time

Apr 2020 - Present - 2 yrs 10 mos

Creston, North Carolina, United States

HiveTracks is a western North Carolina-based, AgTech start-up developing technology-powered

products for beekeepers, beekeeping businesses, and governments. HiveTracks has support - Less more

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# Ged Moody 3rd

innovate progress sustain

Passionate about the future. Helping organizations and entrepreneurs accelerate sustainability and technology initiatives.

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# About

- Offices in Boone and Asheville, NC.
- Helping future-focused firms and individuals to Innovate, Progress, and Sustain.
- Passionate about a sustainable, prosperous, and resilient future for all earth's beings.

# Featured

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Every year on the first day of school, without fail, my dad would wake me up in the morning by singing "School Days, School Days, Good Old Golden Rule Days...".

Well, today I clip my toes back in the AppState waters with a part-time appointment to teach Sustainable Business at the Walker College of Business.

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Boone, North Carolina, United States

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Appropitate Technology

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Rocky Mountain Institute eLab (x4)

## Projects

Co-Reinventor : Appalachian Energy Summit

## Languages

### Gibberish

Native or bilingual proficiency

### Jargon

Full professional proficiency

## Organizations

### High Country Impact Fund

Founding Member - Jan 2019 - Present

### AppState Renewable Energy Initiative

Student Chair & (later) Advisor - Jan 2007 - Jan 2014

Proud to have served and to have played a small part in placing permanent Clean Energy landmarks in Boone, NC.

### Association for Managers of Innovation

Invited Member

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## Interests

Companies Groups Schools

University of South Carolina
242,012 followers

+ Follow

Center for Creative Leadership
480,254 followers

+ Follow

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## Causes

Animal Welfare - Arts and Culture - Economic Empowerment - Education - Environment - Health - Science and Technology

**Attachment 8:** `document_8.pdf`

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

## James Wilkes - 3rd

Founder, HiveTracks, Inc. and Professor of Computer Science at Appalachian State University

Boone, North Carolina, United States - Contact info

500+ connections

HiveTracks

Duke University

Message

+ Follow

More

## About

James is a beekeeper, college professor, farmer, and entrepreneur. With a career in computer science education and years of practical beekeeping experience that includes building a small family farm and bee business, his expertise is working at the intersection of computing and honey bees. He creates technology solutions that deliver a positive impact for honey bees and the stakeholders and the food systems that depend on them. James enjoys engaging with the beekeeping community to improve our understanding and care of honey bees.

## Activity

MU followers

James Wilkes commented on a post - 3w

Bobby Lieberman there are a number of hive scale solutions and temp sensors out there for data collection, but not what beehers is doing. You will also want to keep good data from your own observations, which is what we do at HiveTracks.

270

183 comments

James Wilkes commented on a post - 3w

I'm glad I got to have you in class this past semester and congratulations again!

65

15 comments

James Wilkes commented on a post - 3w

Marriest and happiest to you as well. Looking forward to the new year!

37

18 comments

Show all activity →

## Experience

### Founder and CTO

HiveTracks - Part-time

2010 - Present - 13 yrs 1 mo

Boone, NC

Intimately involved with the development, testing, and marketing of web and mobile software to support beekeepers. Hivetracks.com is our current web application.

### Owner/Operator

Faith Mountain Farm - Self-employed

2005 - Present - 18 yrs 1 mo

Creston, NC

Oversee the operation of a diverse family farm that includes produce, baked goods, honey bees, eggs, pastured poultry and pork and advocates for local food systems.

### Professor Of Computer Science

Appalachian State University - Full-time

1992 - Present - 31 yrs 1 mo

Boone, NC

## Education

### Duke University

PhD, Computer Science

1989 - 1994

Dissertation: A New Method for Solving Systems of Nonlinear Equations in Circuit Simulation

...see more

### Duke University

MS, Computer Science

1987 - 1989

Thesis: Implementation of Block Iterative Methods on a Butterfly Parallel Processor

### Appalachian State University

BS, Computer Science, Mathematics

1983 - 1987

## Skills

Java

Endorsed by Ryan Bennett and 2 others who are highly skilled at this

Endorsed by 12 colleagues at Appalachian State University

25 endorsements

# **Linux**

Endorsed by Coty Sutherland who is highly skilled at this

Endorsed by 5 colleagues at Appalachian State University

12 endorsements

# **Computer Science**

Endorsed by 3 colleagues at Appalachian State University

10 endorsements

Show all 15 skills →

# **Languages**

# **English**

Native or bilingual proficiency

# **Interests**

Companies Groups Schools

# **Faith Mountain Co**

1 follower

+ Follow

# **Forbes**

17,000,166 followers

+ Follow

Show all 8 companies →

**Attachment 9:** `document_9.pdf`

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

## Max Rünzel 2nd

We collect and connect agricultural data to support communities of beekeepers.

Boone, North Carolina, United States - Contact Info

500+ connections

1 mutual connection: Tzakhi Freedman

Connect

Message

More

HiveTracks

Korea University

## Activity

704 followers

### Max hasn't posted lately

Max's recent posts and comments will be displayed here.

Show all activity →

## Experience

### CEO at HiveTracks

HiveTracks

Nov 2020 - Present - 2 yrs 3 mos
Berlin, Germany

### Evaluation Consultant

CGIAR

Jul 2018 - Nov 2020 - 1 yr 5 mos
Rome, Latium, Italy

### Associate Research Fellow

Alpalachian State University Center for Analytics Research & Education
Mar 2019 - Nov 2020 - 1 yr 9 mos

### Adviser Development and Communications

The World Sea Project CIC
Sep 2019 - May 2020 - 9 mos
Rome Area, Italy

### Agribusiness Consultant

FAO

Jan 2020 - Apr 2020 - 4 mos
Rome, Latium, Italy

Show all 7 experiences →

## Education

### Korea University

Master of Arts - MA, Applied Economics in Food and Resource Economics
2016 - 2018

### Ghent University

Master of Science - MS, International Master of Rural Development (IMRD)
2016 - 2018

### Humboldt-Universität zu Berlin

Bachelor of Science - BS, Economics
2012 - 2015

## Languages

### English

Full professional proficiency

### French

Full professional proficiency

### German

Native or bilingual proficiency

Show all 7 languages →

## Interests

Top Voices

Companies

Groups

Schools

### Larry Fink

Chairman and CEO at BlackRock
922,026 followers

### Stephen A. Schwarzman 3rd

Chairman, CEO & Co-Founder of Blackstone,
New York Times Bestselling Author of What It
Takes, Philanthropist

+ Follow

169,241 followers

+ Follow

Show all 5 Top Voices →

**Attachment 10:** `document_10.pdf`

Von: Max at HiveTracks max@hivetracks.com
Betreff: HiveTracks | Wefunder Kick-off & Third Quarter Recording
Datum: 8. November 2022 um 07:14
An: Max Rünzel max@hivetracks.com

Email not displaying correctly! View it in your browser

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

Dear Investors, Partners, and Supporters,

The time has come! Today, we are launching our Wefunder campaign with a small circle of investors, partners, and supporters and you are part of it. The entire HiveTracks team has been incredibly busy, and we are excited to work with our community to make HiveTracks' vision to crowd-source environmental data collection possible.

You're about to get a sneak peek into what our campaign looks like and we need your support! Just below, we have listed four steps for you to make our round a full success!

1. Private Launch Phase - time to pledge

- Check out our landing page and our updated pitch video (thanks a lot for your feedback on Friday) and make a pledge to help kick things off!

2. Feedback, Feedback, Feedback!

- We would love to get a few written testimonials and some videos from

current investors to help us improve our page. To make it easy for you, we have prepared a set of questions here and are happy to personalize them to suit your style and brand. Feel free to grab a time on my calendar or to reply to this email to schedule a session.

### 3. Official Launch Phase - time to confirm

- In mid-November, we'll go public with our campaign and share it with our 19k+ email list and 22k+ social media following. This is when you can confirm your investment and help us excite the community to hit our raise goal. No worries, you will know when this moment is approaching.

### 4. Spread the word - time to share

- Use some of our comms materials to promote the raise in your networks. We will reach out to you and make them available in an easy way.

Finally, thanks to all of you who participated in last week's quarterly investor update. As per usual, we're sharing the links to our recording as well as our slides, which include the financial update, for those who couldn't make it. Please reach out if you have any questions.

Thanks again for all your help. We look forward to working together to reach our raise goal and to making the future of HiveTracks possible.

Have a great week, everybody, and talk soon!

All the best,

Max

Legal Disclaimer:

We are 'testing the waters' to gauge investor interest in an offering under Regulation Crowdfunding. No money or other consideration is being solicited. If sent, it will not be accepted. No offer to buy securities will be accepted. No part of the purchase price will be received until a Form C is filed and only through Wefunder's platform. Any indication of interest involves no obligation or commitment of any kind.

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

HiveTracks
know your bees!

Max at HiveTracks
489 Big Laurel Road, Creston, NC 28615
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## Can you vouch for John Doe?

John has applied to raise funding for Company Name on Wefunder and provided your name as a personal reference.

Quote goes here

Wefunder has raised hundreds of millions for startups that later went on to raise over $5 billion in follow-on funding from venture capitalists.

Can you vouch for John?

VOUCH FOR JOHN

LEARN MORE

### About Wefunder

We help anyone invest as little as $100 in the startups they believe in. We're also a Public Benefit Corporation with a mission to keep the American dream alive. We aim to help 20,000 founders get off the ground by 2029.

Unsubscribe | About | Education

Wefunder Inc. runs wefunder.com and is the parent company of Wefunder Advisors LLC and Wefunder Portal LLC. Wefunder Advisors is an exempt reporting adviser that advises SPVs used in Reg D offerings. Wefunder Portal is a funding portal (CRD #283503) that operates sections of wefunder.com where some Reg Crowdfunding offerings are made. Wefunder, Inc. operates sections of wefunder.com where some Reg A offerings are made. Wefunder, Inc. is not regulated as either a broker-dealer or funding portal and is not a member of FINRA.

Company Name is testing the waters to evaluate investor interest. No money or other consideration is being solicited; if sent, it will not be accepted. No offer to buy securities will be accepted. No part of the purchase price will be received until a Form C is filed and, then, only through Wefunder. Any indication of interest has no obligation or commitment of any kind.

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

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

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

**Legal Status:** Corporation

**Jurisdiction of Incorporation/Organization:** NC

**Date of Organization:** 02-18-2011

**Physical Address:** 489 Big Laurel Road, Creston, NC, 28615

**Issuer Website:** https://www.hivetracks.com/

**Is there a Co-Issuer?:** Yes

**Intermediary Name:** Wefunder Portal LLC

**Intermediary CIK:** 0001670254

**Intermediary File Number:** 007-00033

**Intermediary CRD Number:** 283503

### Offering Information

**Compensation to Intermediary:** 6.5% of the offering amount upon a successful fundraise, and be entitled to reimbursement for out-of-pocket third party expenses it pays or incurs on behalf of the Issuer in connection with the offering.

**Financial Interest in Issuer:** No

**Type of Security Offered:** Other

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

**Number of Securities Offered:** 50000

**Price per Security:** $1.00

**Method for Determining Price:** Pro-rated portion of the total principal value of $50,000; interests will be sold in increments of $1; each investment is convertible to one share of stock as described under Item 13.

**Target Offering Amount:** $50,000.00

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** Other

**Description of Oversubscription:** As determined by the issuer

**Maximum Offering Amount:** $1,235,000.00

**Deadline to Reach Target Amount:** 04-30-2023

### Annual Report Disclosure Requirements

**Current Number of Employees:** 2

**Total Assets (Most Recent Fiscal Year):** $571,431.00

**Total Assets (Prior Fiscal Year):** $66,643.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $52,464.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $24,420.00

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

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

**Short-Term Debt (Most Recent Fiscal Year):** $148,530.00

**Short-Term Debt (Prior Fiscal Year):** $2,209.00

**Long-Term Debt (Most Recent Fiscal Year):** $643,644.00

**Long-Term Debt (Prior Fiscal Year):** $48,619.00

**Revenues/Sales (Most Recent Fiscal Year):** $167,716.00

**Revenues/Sales (Prior Fiscal Year):** $66,518.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $42,408.00

**Cost of Goods Sold (Prior Fiscal Year):** $19,300.00

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

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

**Net Income (Most Recent Fiscal Year):** $-236,558.00

**Net Income (Prior Fiscal Year):** $-78,533.00

**Jurisdictions Offered:**

ALABAMA, ALASKA, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, DISTRICT OF COLUMBIA, FLORIDA, GEORGIA, HAWAII, IDAHO, ILLINOIS, INDIANA, IOWA, KANSAS, KENTUCKY, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY, NEW MEXICO, NEW YORK, NORTH CAROLINA, NORTH DAKOTA, OHIO, OKLAHOMA, OREGON, PENNSYLVANIA, RHODE ISLAND, SOUTH CAROLINA, SOUTH DAKOTA, TENNESSEE, TEXAS, UTAH, VERMONT, VIRGINIA, WASHINGTON, WEST VIRGINIA, WISCONSIN, WYOMING, B5, GU, PR, VI, 1V

### Signatures

**Issuer:** HiveTracks, Inc.

**Signature:** Max Rnzel

**Title:** CEO & Co-Founder

---

**Signature:** James T. Wilkes

**Title:** Founder

**Date:** 01-17-2023

---

**Signature:** Laura Dye

**Title:** Chief Operating Officer

**Date:** 01-17-2023

---

**Signature:** Max Rnzel

**Title:** CEO & Co-Founder

**Date:** 01-17-2023