# EDGAR Filing Document

**Accession Number:** 0001862675
**File Stem:** 0001670254-23-000187
**Filing Date:** 2023-3
**Character Count:** 295017
**Document Hash:** fdac71d02a2b3cb51c2218b78915e440
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001670254-23-000187.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001670254-23-000187

**CONFORMED SUBMISSION TYPE**: C-AR

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20211231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Contractor Plus, Inc.
- **CENTRAL INDEX KEY:** 0001862675
- **IRS NUMBER:** 320620996
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** C-AR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-28101
- **FILM NUMBER:** 23689194

**BUSINESS ADDRESS:**
- **STREET 1:** 1317 EDGEWATER DRIVE
- **STREET 2:** SUITE 719
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32804
- **BUSINESS PHONE:** 5106982462

**MAIL ADDRESS:**
- **STREET 1:** 1317 EDGEWATER DRIVE
- **STREET 2:** SUITE 719
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32804

## Ex-99

### Attached PDF Documents

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

# Annual Report

This filing will not be reviewed by Wefunder.
The information below will be submitted to the SEC on your behalf.

## Cover Page

Name of issuer:

Contractor Plus, Inc.

Legal status of issuer:

Firm: Corporation
Jurisdiction of Incorporation/Organization: DE
Date of organization: 2/1/2020

Physical address of issuer:

1517 Edgewater Drive
Suite 718
Orlando FL 32804

Website of issuer:

https://contractorplus.iaaa

Name of intermediary through which the offering will be conducted:

Wefunder Portal LLC

CIA number of intermediary:

0001870264

SEC file number of intermediary:

007-00033

CRO number: if applicable, of intermediary:

283503

Current number of employees:

9

|  | Most recent fiscal year-end: | Prior fiscal year-end: |
| --- | --- | --- |
| Total Assets | $19,839.30 | $45,825.71 |
| Cash & Cash Equivalents | $13,305.97 | $44,413.74 |
| Accounts Receivable | $3,116.43 | $1,281.97 |
| Short-term Debt | $15,518.00 | $8,354.00 |
| Long-term Debt | $7,904.00 | $0.00 |
| Reserves/Cares | $102,977.54 | $26,454.43 |
| Cost of Assets Sold | $0.00 | $0.00 |
| Taxes Paid | $450.00 | $450.00 |
| Net Income | ($82,296.30) | ($84,913.30) |

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, NV, NE, ND, OH, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI,

## 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 in response to any question is responsive to one or more other questions, it is not necessary to repeat the disclosure. If a question or series of questions is inapplicable or the response is available elsewhere in the Form, either state that it is inapplicable, include a cross-reference to the responsive disclosure, or omit the question or series of questions.

Be very careful and precise in answering all questions. Give full and complete answers so that they are not misleading under the circumstances involved. Do not discuss any future performance or other anticipated event unless you have a reasonable basis to believe that it will actually occur within the foreseeable limits. If any answer requiring significant information is materially inaccurate, incomplete or misleading, the Company, its management and principal shareholders may be liable to no events based on that information.

### THE COMPANY

1. Name of issuer:

Contractor Plus, Inc.

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

☐ Yes ☑ No

### 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 |
| --- | --- | --- | --- |
| Reykjavik Sethia | CTO | Contractor Plus, Inc. | 2020 |
| Justin Smith | CRO | Contractor Plus, Inc. | 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:

| Reckental Setitia | CTO | 2020 |
| --- | --- | --- |
| Justin Smith | CEO | 2020 |

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

INSTRUCTION ENQUIRER: 1. For purposes of this direction 1, the term officer means a president, vice president, secretary, treasurer or principal financial officer, comptroller or principal accounting officer and any person that regularly performing similar functions.

#### PRINCIPAL SECURITY HOLDERS

6. Provide the name and ownership level of each person, as of the most recent practicable date, who is the beneficial owner of (2) percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power.

| Name of Holder | Year and Effect of Valuation/Time limit | % of Voting Power Prior to Offering |
| --- | --- | --- |
| Reckental Setitia | 2500000.0 Common Stock | 49.0 |
| Justin Smith | 2500000.0 Common Stock | 49.0 |

INSTRUCTION ENQUIRER: 6. The above information must be provided as of a date that is no more than 120 days prior to the date of filing of the offering statement.

To calculate total voting power, include all securities (or which the person directly or indirectly has or shares the voting power, which includes the power to vote 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 retirement of a security or other arrangement, or if no action was held by 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 its such securities or current - as, for example, a or more than three days should be included in being "beneficially owned." You should include an explanation of these circumstances in a manner in the "Number of and Class of Securities (less 1000)". To calculate outstanding voting equity securities, assume all outstanding options are reserved and all outstanding convertible securities connected.

#### 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 ENQUIRER: 1. Request will provide your company's financial profile to an appendix (Appendix A) in the Form C to PDF format. The submission will include all Q&A items and "customer" links to an undisclosed format. All values will be transmitted.

This means that any information provided to your financial profile will be provided in the SEC in response to this question. As a result, your company will be personally liable for measurements and outcomes in your profile under the Securities Act of 1933, which requires you to provide material information related to such business and such special business plan. Please review your financial profile carefully to ensure it provides all material information, in our files or misleading, and does not read any information that would cause the information included in the files or misleading.

#### RISK FACTORS

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

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

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

Our future success depends on the daily efforts and accountability of our small but efficient 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. Acquisition is hard, retention is harder, but our goal to mitigate this is to stay small and efficient, and ensure our team is as deeply involved with our product and customers success as we are.

Leading competitors have all raised late stage venture rounds. There has been over a billion dollars invested in direct and indirect competitors since 2015, competition is strong, and we may have to fight to successfully get people to migrate from existing platforms they've become comfortable using.

We currently lack patents, and lack the budget to adequately protect our intellectual property. Not that this isn't mitigable, but deserves mention. We do have intentions on patenting anything and everything possible, funding permitted.

Based on our calculations, we can grow this business to $120m ARM by 2027. Our logic for these assumptions are all mapped out, but this is also assuming we are able to 1) Become the bank to facilitate transactions ourselves and 2) Negotiate with leading suppliers for a 2% supply override. There are no guarantees we will be able to do either, although we are confident we will be able to make it happen.

COVID-19 can materially impact our business.

It is unclear how long the COVID-19 pandemic will last and to what degree it could hurt our ability to generate revenues.

This offering is being conducted on an expedited basis due to circumstances relating to COVID-19 and pursuant to Reg. CF Temporary Rule 2012(c)(3), which provides temporary relief from certain financial information requirements by allowing issuers to provide financial information certified by the principal executive officer of the issuer instead of financial statements reviewed by a public accountant that is independent of the issuer.

INSTRUCTION ENQUIRER: 9. Avoid promotional statements and include with these factors that are unique to the issuer. Discussion should be tailored to the issuer's business and the offering and should not stress the factors addressed in the format we think about. An specific number of risk factors is required to be identified.

## Ownership and Capital Structure

#### DESCRIPTION OF ISSUER'S SECURITIES

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

| Class of Security | Securities (or Amount) Authorized | Securities (or Amount) Outstanding | Voting Rights |
| --- | --- | --- | --- |
| Common Stock | 10,000,000 | 5,415,000 | Yes |

Securities Reserved for Issuance upon Exercise or Conversion

Warrants:

Options:

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

| Loan |  |
| --- | --- |
| Landor | Justin Smith |
| Issue date | 12/28/20 |
| Amount | $1304.00 |
| Outstanding principal plus interest | $1904.00 as of 01/12/21 |
| Interest rate | 0.0% per annum |

**Maturity date** 9/30/21
**Current with payments** Yes
**Transfer time**

INTERACTION TO QUOTATION 24. Note the million amount used, income tax, minority debt, and any other material taxes.

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

**Offering Date** **Exemption** **Security Type** **Amount Sold** **Use of Proceeds**
No exempt offerings

26. Who or is the issuer or any entities controlled by or under common control with the issuer a party to any transaction once 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)(4) 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 have or 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 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** Justin Smith
**Amount invested** $7,904.00
**Transaction type** Loan
**Issue date** 12/28/20
**Outstanding principal plus interest** $7,904.00 as of 01/12/23
**Interest rate** 0.0% per annum
**Maturity date** 9/30/21
**Current with payments** Yes
**Relationship** Director

INTERACTION TO QUOTATION 25. The term transaction includes, but is not limited to, any financial transaction, arrangement or relationship including any indebtedness or guarantee of indebtedness or any other related transactions, arrangements or relationships.

Beneficial ownership (or purposes of paragraph 2) shall be determined as of a date that is no more than 120 days prior to the date of filing of the offering statement and every the same calculations described in Question 4 of the Questions and Answer Answer.

The term "member of the family" includes any child, separated, grandchild, parent, stepparent, grandparent, spouse or spousal equivalent, military, worker or law, father or son, son or son, daughter or son, brother or son, or sister or son of the person, and includes subject to relationships. The term "spousal equivalent" means a substitute occupying an relationship generally equivalent to that of a spouse.

Complete the amount of a interest paid in service to any transaction without regard to the amount of the credit 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

The All-In-One App For Contractors

I recognized the need for a solution like this while managing 800 properties and operating a handyman company. I grew up with a mother who's a licensed contractor.

We're building the definitive mobile-first operating system for contractors, CRM, Estimating, Invoicing, Payments, Contracts, Scheduling, Subcontractor Management, Compliance, Inventory Management, BLE Asset Tracking, Lead Generation/Customer Acquisition, Training/Education, Staffing, everything contractors need under one hood.

Our mission is the successful consolidation of the Field Service Management and Construction Management Software markets, 5%+ of the market share, $18+ valuation by 2030.

#### Milestones

Contractor Plus, Inc. was incorporated in the State of Delaware in February 2020.

Since then, we have:

- Booklet/appeal to $14.4k+ in revenues, $1,600+ MFR, 20,000+ users, -500 PRICING CUSTOMERS
- Integrations with The Home Depot, Chase, NEXT, CompanyCam, Thumbtack & Industry Leading Solutions
- Strategic Network Effects to gain significant share of Field Service Management Software Market
- Specific Goals & Actionable Plan To Scale Customer Acquisition & Grow To $3M+ ARR by Q4 2024
- Field Service Management software market has a 19% CAGR, A $256+ Market Opportunity by 2030
- Noteworthy advisors including Ryan Pineda, Brandon Schlichter and Mike Denton
- Consistent MFR growth (74% in the last twelve months), with a month on month (MoM) growth rate of 4.72%, currently around $1,000+ with single-digit churn.

## Historical Results of Operations

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

- **Bremen & Ginn Bump** For the period ended December 31, 2022, the Company had revenues of $26,464.30 compared to the year ended December 31, 2021, when the Company had revenues of $102,977.34. Our gross margin was 100.0% in fiscal year 2022, compared to 100.0% in 2021.
- **Ames** As of December 31, 2022, the Company had total assets of $18,639.30, including $13,505.97 in cash. As of December 31, 2021, the Company had $45,825.71 in total assets, including $44,415.74 in cash.
- **San Juan** The Company has had net losses of $82,296.30 and net losses of $84,913.30 for the fiscal years ended December 31, 2022 and December 31, 2021, respectively.
- **Lublin** The Company's liabilities totaled $194,943.570 for the fiscal year ended December 31, 2022 and $158,605.98 for the fiscal year ended December 31, 2021.

## 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 $6,804 in debt.

After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 16 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 16 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 protect 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

Contractor Plus, Inc. cash in hand is $20,329.33, as of Jan 2023. Over the last three months, revenues have averaged $6,004.50/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $13,964.03/month, for an average June rate of $7,959.33 per month. Our intent is to be profitable in 4 months.

There were no such events or changes to our finances or operations that would affect our valuation or the market value of our securities. Our MRR has been trending upward by 5-10% monthly.

In Q1 '22 we increased our MRR by 43.76% from $3,901 to $5,608. With added payment facilitation finally going live, as well as other revenue sources, we believe our revenue will increase by over 100% in the next 6 months, by September our goal is to be at $15,000/month. We do not have any funding for customer acquisition, so eventually we will need to raise for this, our initial raise goal was $250k, of which we raised $15k. We would need to at a minimum complete our initial goal by raising a the difference of $137k.

We are not profitable yet. At our current growth rate, we need another 9-12 months of runway to reach cash flow positive. We currently have just shy of 3 months of runway. Our monthly expenses net operating income is roughly $8,000/month, so we will likely need another $72,000 to sustain us until we're able to reach profitability.

No other sources of capital.

We have 2-3 investors with us who've committed to invest on an as-needed basis, in tranches. The CEO, Justin Smith, is also working as a consultant for investment. Joy in hopes to generate enough revenue to be able to invest more of his own funds into the business.

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

INSTRUCTIONS TO QUESTION 27: The discussion was a very real way for which there is a potential or potential. For cases with a prior operating history, the discussion should focus on financial outcomes and operational. Capacity and other challenges. For cases with an operating history, the discussion should focus on whether factors or trends and cash flows are representative of what investors should expect in the future. This has been used the proceeds of the offering and not other factors or probably sources of capital. Also, there is no previous data on offering and other factors or probably sources of capital. Also, there is no previous data on offering and other factors or probably sources of capital. Also, there is no previous data on offering and other factors or probably sources of capital. Also, there is no previous data on offering and other factors or probably sources of capital. Also, there is no previous data on offering and other factors or probably sources of capital. Also, there is no previous data on offering and other factors or probably sources of capital.

## FINANCIAL INFORMATION

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

Refer to Appendix C, Financial Statements

1. Justin Smith, certify that:

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

Justin Smith
CEO

## OTHER MATERIAL INFORMATION

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

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

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

The Lead Investor is an experienced investor that is chosen to act in the role of Lead Investor on behalf of Investors that have a Proxy in effect. The Lead Investor will be chosen by the Company and approved by NetVander 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 rate.

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 (1) two (2) years of making their investment or (1) 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.

ABBREVIATION OF GUARANTEE. (1) If appropriate is presented in reference to a limited, media or other means available to be collected in a non-periodic document format, the issuer should be held.
(2) A description of the material content of each information.
(3) A description of the format in which each disclosure is presented, and
(4) In the case of disclosure in order, and/or other (current, media or terms), a transcript or description of each disclosure.

## ONGOING REPORTING

A1. 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.

B1. Once posted, the annual report may be found on the issuer's website at:
https://contractcosplus.aap/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 1(b) or 1(c)(1);
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 errors 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)(1) including any payment in full of debt securities or any complete redemption of redeemable securities; or the issuer liquidates or dissolves in accordance with state law.

## APPENDICES

Appendix A: Business Description & Plan

Appendix C: Financial Statements

Financials 1
Financials 2
Financials 3
Financials 4
Financials 5

Appendix D: Director & Officer Work History

Justin Smith
Roshania Sethia

Appendix E: Supporting Documents

Add new Form C attachment (admin only)

## Signatures

International measurements 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 - Early Bird

Early Bird Cooley Go Convertible Note

SPV Subscription Agreement

Cooley Go Convertible Note

Appendix C: Financial Statements

Financials 1

Financials 2
Financials 3
Financials 4
Financials 5

Appendix D: Director & Officer Work History

Justin Smith
Roshanlal Sethia

Appendix E: Supporting Documents

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

Contractor Plus, Inc.

By

Justin Smith
CEO

Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 777.100 et seq.), this Annual Report and Transfer Agent Agreement has been signed by the following persons in the capacities and on the dates indicated.

Roshanlal Sethia

CTO
2/18/2023

Justin Smith

CEO
2/16/2023

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

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

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

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

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# Contractor+ is a game changing mobile app for Field Service Contractors

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

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

OVERVIEW UPDATES WHAT PEOPLE SAY ASK A QUESTION

# Highlights

1. Great early traction. $8k+ in revenues, $1.7K MRR, 3k+ active users, 125+ PRO users.
2. Structured for serious growth and scalability.
3. Strategic positioning + creative growth back for maximizing market potential.
4. A deep understanding of what handyman contractors actually need to perform at their best.
5. Field Service Management software market has an 11%+ CAGR.

# Our Team

Justin Smith CEO

Justin grew a property management company from 15 properties to 750+ properties under management and $1m ARR. He managed a maintenance team of 45+ employees, which lead to his deep understanding and passion for the field service market.

In 2009 I staffed a maintenance division of 30+ contractors to handle the tenant work orders and unit turns/make readies for a portfolio of 750+ properties. I quickly learned the operational inefficiencies and saw ways to improve things with tech. I am passionate about adding value and helping people and their businesses thrive.

Roshan Sethia CTO

Roshan has managed a team of 25+ designers, developers and IT professionals for over 10 years. He has launched two successful software applications, one with Justin, in 2013. He and Justin met in 2009 and have collaborated daily since.

Akash Parmar Senior PHP Developer

BA in Engineering from University of Mumbai. 5+ years PHP experience.

SEE MORE

## Contractor+ Pitch Deck

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

### PROBLEM #1

There's no existing solution that truly "Fits The Flow" for field service operations. They're all missing something important.

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

### SOLUTION #1

#### CONTRACTOR+ FITS THE FLOW.

From introduction to post-inspection, our mission is to adequately meet the needs of field service providers. With built-in supply pricing, streamlined job scheduling and tool tracking via our proprietary Bluetooth Tool Tags, Contractor+ offers a truly comprehensive experience to the end-user and their clients.

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

### PROBLEM #2

Most existing solutions are priced premium to luxury, with 14 day free trials. This limits their exposure in the app marketplaces. There is no "free forever" plan for the low-cost segment.

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

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

## SOLUTION #2

FREE DOESN'T HAVE TO RESULT IN LOWER REVENUE.

1. A free-woven model attracts the lions share of users.
2. Delivering maximum value at no cost gives us the best resource.
3. Monetizing the FREE segment allows us to generate revenue, even if they never purchase a subscription.
4. By clearly defining our value ladder and providing endless incentives to upgrade, this segment will inevitably spend money on something.

The bulk of our revenue will come from payment facilitation, home renovation loan referrals, Tool Tap sales, lead generation services, supply overrides, and various other services, all of which do not require the purchase of a subscription.

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

## MARKET OPPORTUNITY

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

By attracting & monetizing the 60% who don't like the idea of paying for a subscription prior to experiencing the value, we believe we will strategically capture the largest market share in terms of users (2.03M).
By converting 3.5% into paying subscribers, we believe we will gain (60.5K-101.0k paying users).

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

## PRODUCT

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

Contractor+ streamlines the entire process flow for field service contractors from the beginning to end of every project.

We help contractors and maintenance teams strengthen relationships with their clients by providing a comprehensive customer experience.

Contractor+ Is Providing The Following Solutions:

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

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

## EARLY TRACTION & KPI's

Beta Launched in July 2020.
M&P launched on November 30th, 2020.
We are working to add value-added features to increase retention & minimize churn.

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

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

## BUSINESS & REVENUE MODEL

Contractor+ App is FREE(more) via download on Android and iOS. The web panel is coming soon.
Our PRO subscription-based services are priced at the following points:

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

## WHY INVEST?

### Our Objective Is Maximum Scalability

Our founding team is united in vision and serious about maximizing value for our end users and shareholders.

### We're Coachable

By listening to our users and our advisors to constantly evolving to meet market demands, we wholeheartedly believe we will become the dominant market contender.

### Our Team is United & Focused On RESULTS

We have 7 full time employees (including ourselves) and have a few more positions to fill in our Mumbai and Orlando offices. We've implemented productivity/management tools such as Jira, Trellis, Asana, FreshWorks and Trainour, are collectively focused on our goals and the optimizing the customer experience.

www.contractorplus.app

## OUR TEAM

Co-founder Justin Smith discovered the various pains in the field service industry after starting a maintenance division for his property management company, where his team managed nearly 800 condos and single-family homes. Double data entry. Poor team and client transparency. Inefficiency in tracking hours, mileage, tools and equipment. They were scaling fast and they needed a solution.

His experience led him to recognizing the need for Contractor+.

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

ROSHAN SETHIA
CTO

JUSTIN SMITH
CEO

The Contractor+ team is led by two Co-Founders, CEO Justin Smith and CTO Roshan Sethia, who've been partners in various projects since 2009.

Their team currently includes 2 Advisors, a Java/Android Developer, a Swift/VOS Developer, two PHP Developers, a UI/UX Designer, a QA Tester, and an intern/fresher. They have 5 positions that need filled immediately post-funding, which will help skip features and reach PMT sooner.

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

# CONTRACTOR+
2022 Report

## Dear investors,

2022 went okay. We are not moving nearly fast enough, and we have a HUGE roadmap that's currently out through the end of 2025. Everything is designed and architected. But our current team is mostly tied up supporting our existing product, and we are severely short staffed. We just increased our pricing in a non-immune way that has thus far been received well by our existing users. We've got a great foundation, a great team, am amazing bunch of customers, but we've also got a long road ahead of us and in order to pull this off, we really need your support.

### We need your help!

We need to fill 6-7 positions ASAP on the devops team so we can shorten our roadmap from the end of 2025 to order 9 months and take the market. We also need help with customer success and sales. Primarily, we need the capital to fill the positions that need filled so we can really start to scale this business. Our unit economics are finally on point, we have a solid product that a lot of people love and not daily, but our cash flow is still not where it needs to be to be able to budget for the talent that we need.

Sincerely,

Roshaulal Sethia

CSC

Justin Smith

CCC

## Our Mission

Successful consolidation of the Field Service Management and Construction Management Software markets. 5%+ of the market share. 5/8+ valuation.

See our full profile

## How did we do this year?

Report Card

### The Good

We more than doubled our first users to over 20,000 years.

We executed our grandfather campaign and raised our at-wire pricing, which up for has been received out!

We've had 100% employee retention.

### The Bad

Our revenues and our last round did not permit us to hire the resources we need.

We haven't been able to scale customer acquisition unexpectedly.

Things in general have been much clearer than we had hoped with a limited budget.

## 2022 At a Glance

January 1 to December 31

**$102,977 +289%**
Residual

**-$82,296**
Net Liabilities

**$15,518 +86%**
Short Term Debt

**$0**
Based in 2022

**$14,575**
Cash in Hand
As of 02/30/22

INCOME

BALANCE

NARRATIVE

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

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

#### Overview

The All-In-One App For Contractors

I recognized the need for a solution like this while managing 800 properties and operating a handyman company. I grew up with a mother who's a licensed contractor.

We're building the definitive mobile-first operating system for contractors, CRM, Estimating, Invoicing, Payments, Contracts, Scheduling, Subcontractor Management, Compliance, Inventory Management, BLE Asset Tracking, Lead Generation/Customer Acquisition, Training/Education, Staffing, everything contractors need under one hood.

Our mission is the successful consolidation of the Field Service Management and Construction Management Software markets. 5%+ of the market share. 51B+ valuation by 2030.

#### Milestones

Contractor Plus, Inc. was incorporated in the State of Delaware in February 2020.

Since then, we have:

- Bootstrapped to $144B+ in revenues, $11,600+ MRR, 20,000+ users, ~500 PASTING CUSTOMERS
- Integrations with The Home Depot, Chase, NEXT, Company/Cum, Thornbrook & Industry Leading Solutions
- Strategic Network Effects to gain significant share of Field Service Management Software Market
- Specific Goals & Actionable Plan To Scale Customer Acquisition & Grow To $3M+ MRR by Q4 2024.
- Field Service Management software market has a 19% CAGR, A $25B+ Market Opportunity by 2030.
- Noteworthy advisors including Ryan Pineda, Brandon Schlichter and Mike Dondre.
- Consistent MRR growth (74% in the last twelve months), with a month on month (MoM) growth rate of 4.72%, currently around $11,000+ with single digit chain.

#### Historical Results of Operations

Our company was organized in February 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, 2022, the Company had revenues of $26,464.30 compared to the year ended December 31, 2021, when the Company had revenues of $102,977.34. Our gross margin was 100.0% in fiscal year 2022, compared to 100.0% in 2021.
- **Assets.** As of December 31, 2022, the Company had total assets of $19,839.30 including $13,305.97 in cash. As of December 31, 2021, the Company had $45,825.71 in total assets, including $44,415.74 in cash.
- **Net Loss.** The Company has had net losses of $82,296.30 and net losses of $84,913.30 for the fiscal years ended December 31, 2022 and December 31, 2021, respectively.
- **Liabilities.** The Company's liabilities totaled $194,943.370 for the fiscal year ended December 31, 2022 and $130,603.99 for the fiscal year ended December 31, 2021.

#### 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 $6,904 in debt

After the conclusion of this Offering, should we let our minimum funding target, our projected runway is 16 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 16 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

Contractor Plus, Inc. cash in hand is $20,329.33, as of Jan 2023. Over the last three months, revenues have averaged $6,804.50/month, cost of goods sold has averaged $9/month, and operational expenses have averaged $13,964.03/month, for an average burn rate of $7,959.55 per month. Our intent is to be profitable in 4 months.

There were no such events or changes to our finances or operations that would effect our valuation or the market value of our securities. Our MRR has been trending upward by 5-10% monthly.

In Q1 '22 we increased our MRR by 43.36% from $3,901 to $5,608.

With added payment facilitation finally going live, as well as other revenue sources, we believe our revenue will increase by over 100% in the next 6 months, by September our goal is to be at $15,000/month. We do not have any funding for customer acquisition, so eventually we will need to raise for this, our initial raise goal was $250k, of which we raised $113k. We would need to at a minimum complete our initial goal by raising a the difference of $117k.

We are not profitable yet. At our current growth rate, we need another 9-12 months of runway to reach cash-flow positive. We currently have just shy of 3 months of runway. Our monthly expenses net operating income is roughly $4,000/month, so we will likely need another $72,000 to remain to until we're able to reach profitability.

No other sources of capital.

We have 2-3 investors with us who've committed to invest on an as-needed basis, in tranches. The CEO, Justin Smith, is also working as a consultant for Investment Joe in hopes to generate enough revenue to be able to invest most of his own funds into the business.

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

Net Margin -80% Gross Margin 100% Return on Assets -45% Earnings per Share -$16,455.26 Revenue per Employee $15,442 Cash to Assets 67% Revenue to Receivables: 3,000% Debt Ratio 70%

Contractor_Plus_Inc_2020_2021_1.pdf

Contractor_Plus_Inc_2020_2021_1.pdf

Contractor_Plus_Inc_2020_2021_1.pdf

Audited_Financials_2020-2021.pdf

Contractor_Plus_Financials_2021.pdf

## We ♥ Our
## 92 Investors

### Thank You For Believing In Us

Bob Jones
Donald Murphy
Dennis Munoz
Elizabeth Ladd
Andrew Latham
Jeff Gray
Eric Melton
Suzuki Sankarama
William Hamer
Benjamin De Munoz
Michael Robson
Timothy Mabel
Robert Laskin
Herbert Lippens

Michael Ford
Steven Alexander Latham
John Lunn
Ralph Laskin
E. Freedman
Jack McMahon
Scott Foley
A. Michael Kelley III
Sara Stiles
Paul Hill (Edin)
Harris S. Thompson
John McMahon
Joseph Mendenhall

Brenda Lushman
Raymond Wrighton (Philip)
Jim Lunn
William Martin Latham
Jenny Head
Bradly Highton (Jim)
Scott Frank
Dick Sutton
Lucy Smith
Gabriel Peterson
Dwayne Martin
Alison Pugh

Isabel Donnelly
Cathen Kahn
Dorothy Kelley
Eric Goodman
Wendy Smoot
Amanda Lutz
Mike Maguire
Linda Pugh
Linda Smeed
Stephen Muntz (George)
Jeff Hovins
Angela Savage
Linda Smeed

Richard Toms
Kyle Glick
K. K. Glick
Paul Phelps
Anatolias Brabner
Ralph Ladders
Helen Moussoun
David Tward
Chris Kieffer
Mike Kramer
Joseph Chace
Johnathan Tregge
Linda Tye

Mike Rogers
William Schmidt
William Smoot
Dorothy Moussoun
Nancy Smoot
CBS Global Design
James Smoot
Andrew McMahon
Eric Smoot
David D. Brown III
Thomas Burt
Ronald D. Sankarama
Nancy White

Patrick Menden
Bradley Sato
Eli Kohn
Michael Ladd
Jay Gray Jr
Treyana T
Suzuki Toms
Patty Munoz
Andrew Toms (George)
Burt Noll (James)
Richard Smoot
Michael Robson
Carl Martin (James)

### Thank You!

From the Contractor+ Team

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

Justin Smith
CEO

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

Roshan Sethia
CTO

# **Ryan Pineda**

Strategic Advisor

Ryan has figured over 70 perspectives and some over 100 trends. He has an intimate understanding of how contractors and R&D's network. He uses advice and educator led to team entrepreneurs and creators through Future Figures and Healthy Creators.

# **Brandon Schlichter**

Strategic Advisor

Brandon is well known as the creator-linked Investment Key, with a collective 2.3m followers in the lead origin and investment niche. He has CTOs direct and 2 university businesses, including fundamentals, raw market, and even the local newspaper.

# **Michael Fied**

President, Contractors' Welcome

Michael is a lead and has a temperance. He leads a team of 9 highly producers with designers and front-end developers. The Contractors' Welcome team services hundreds of satisfied contractors and multiple 8-winter 500 companies.

# **Akash Parmar**

Senior PMP Developer

Akash has a B.A. in Engineering from University of Mumbai. He is a highly skilled PMP developer, and Akash is mostly every relevant company. He leads me to revisit 'Akash's Mid-Mid, Mindfulness, Behavioral Systems'.

# **Ketan Sakulkar**

Senior Android Developer

Ketan has worked as an Android Application Developer for the best 7 years. He has a degree in Engineering and is working on the MBA. His dubious include building school, high-end platform, adventure projects & all the pressures remain lost to offer.

# **Priyanka Mhatre**

Senior PMP Developer

Priyanka is an expert-level PMP developer with over 10 years of experience. In her personal life she loves reading books and spending time with her husband (so he's only 1 year old son Dine).

# **Shivam Srivastava**

Senior iOS Developer

Shivam plans the 2 contractors' team with new a decade of experience in objective programming. He is an efficient, having mastered Joyl and Co. Shivam also has a board for usability and product, which is sure to find its developers.

# **Nikhil Labde**

Digital Marketing Manager

Aka, 'The Dude'

Utopian design, administrative assistant, MSc customer services, under fulfillment. Nikhil is working many days, helping us prove the business. He's also the company's point. He's always put a quick school play or name to share.

# **Aradhana Panda**

Senior QA Analyst (Automation Testing)

Aradhana Panda Contractors with nearly a decade of experience in Quality Assurance. Her primary aim is to focus on automation testing, helping make sure things don't forget when we ship lapses, updates and new features.

# **Prathamesh Kambli**

Senior QA Analyst (Manual Testing)

Prathamesh is working as a full-time manual full-time, leading roles now partner we ship on dozens of devices. In the first time he lives phasing others.

# **Tyler Sherman**

Exenlic Coordinator & Public Relations

Tyler has over 15 years of experience in real estate, directly working with and managing contractor relationships. He leads more easily, paced, for expertise. With these products, this is actually writing Contractors' part-time, including with works and PR.

# **Eric Davis**

Social Media Manager

Eric's professional is making people famous on social media. He works with inserts in micro, humorous and real estate creators, she and his team handles the attention, production, post-production and a flexibility for maximum growth.

# **Robert Posey**

Sales & Growth Advisor

Robert has a background in creating data and has a three-process for sales. He's directly responsible for over 10,000 sales in the last 2 years. His expertise is in the recruitment, placement, training and management of highly skilled clients.

## Details

### The Board of Directors

| DIRECTOR | DESCRIPTION | JUNED |
| --- | --- | --- |
| Roshantai Sethra | CTO & Contractor Plus, Inc. | 2020 |
| Justin Smith | CEO & Contractor Plus, Inc. | 2020 |

### Officers

| OFFICER | TITLE | JUNED |
| --- | --- | --- |
| Roshantai Sethra | CTO | 2020 |
| Justin Smith | CEO | 2020 |

### Voting Power

| POLICY | RESORTED HELD | VOTING POWER |
| --- | --- | --- |
| Roshantai Sethra | 3,000,000 Common Stock | 49.0% |
| Justin Smith | 3,000,000 Common Stock | 49.0% |

Post Equity Fundraiser

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

# Subscription Agreement

[INVESTMENT AMOUNT]

[INVESTMENT DATE]

[COMPANY NAME SERIES NO] (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 Contractor Plus, 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 take 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. **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.

9.9. **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.

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

9.11. **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**

**[COMPANY NAME SERIES NO], as series of Wefunder SPV, LLC**
**By: Wefunder Admin, LLC, its Manager**

By: *Founder Signature*

Date:

Name: **Nicholas Tommarello**

Title: **Chief Executive Officer**

**Investor**

By: *Investor Signature*

Date:

CONTACT INFORMATION:

Name: **[INVESTOR NAME]**

Mailing Address:

City:

State:

ZIP Code:

E-mail:

TERMS APPENDIX FOR THE PURCHASE OF Contractor
Plus, Inc. SECURITIES BY [COMPANY NAME SERIES NO],
A SERIES OF WEFUNDER SPV, LLC, A DELAWARE
LIMITED LIABILITY COMPANY

Type of Security: [SECURITY TYPE]

Terms [TERMS DESCRIPTION]

[SEE CONTRACT
LANGUAGE]

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

# Subscription Agreement

[INVESTMENT AMOUNT]

[INVESTMENT DATE]

[COMPANY NAME SERIES NO] (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 Contractor Plus, 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 take 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. **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.

9.9. **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.

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

9.11. **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**

**[COMPANY NAME SERIES NO], as series of Wefunder SPV, LLC**
**By: Wefunder Admin, LLC, its Manager**

By: *Founder Signature*

Date:

Name: **Nicholas Tommarello**

Title: **Chief Executive Officer**

**Investor**

By: *Investor Signature*

Date:

CONTACT INFORMATION:

Name: **[INVESTOR NAME]**

Mailing Address:

City:

State:

ZIP Code:

E-mail:

TERMS APPENDIX FOR THE PURCHASE OF Contractor
Plus, Inc. SECURITIES BY [COMPANY NAME SERIES NO],
A SERIES OF WEFUNDER SPV, LLC, A DELAWARE
LIMITED LIABILITY COMPANY

Type of Security: [SECURITY TYPE]

Terms [TERMS DESCRIPTION]

[SEE CONTRACT
LANGUAGE]

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

THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF ANY STATES IN THE UNITED STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

## CONVERTIBLE PROMISSORY NOTE

Note Series:

Date of Note: [EFFECTIVE DATE]

Principle Amount of Note: [INVESTMENT AMOUNT]

For value received Contractor Plus, Inc., a corporation (the "Company"), promises to pay to the undersigned holder or such party's assigns (the "Holder") the principal amount set forth above with simple interest on the outstanding principal amount at the rate of 5% per annum. Interest shall commence with the date hereof and shall continue on the outstanding principal amount until paid in full or converted. Interest shall be computed on the basis of a year of 365 days for the actual number of days elapsed. All unpaid interest and principal shall be due and payable upon request of the Majority Holders on or after May 18th, 2023 (the "Maturity Date").

### 1. BASIC TERMS.

a. Series of Notes. This convertible promissory note (the "Note") is issued as part of a series of notes designated by the Note Series above (collectively, the "Notes") and issued in a series of multiple closings to certain persons and entities (collectively, the "Holders"). The Company shall maintain a ledger of all Holders.
b. Payments. All payments of interest and principal shall be in lawful money of the United States of America and shall be made pro rata among all Holders. All payments shall be applied first to accrued interest, and thereafter to principal.
c. Prepayment. The Company may not prepay this Note prior to the Maturity Date without the consent of the Holders of a majority of the outstanding principal amount of the Notes (the "Majority Holders").

### 2. CONVERSION AND REPAYMENT.

a. Conversion upon a Qualified Financing. In the event that the Company issues and sells shares of its equity securities ("Equity Securities") to investors (the "Investors") while this Note remains outstanding in an equity financing with total proceeds to the Company of not less than $1000000 (excluding the conversion of the Notes or other convertible securities issued for capital raising purposes (e.g., Simple Agreements for Future Equity)) (a "Qualified Financing"), then the outstanding principal amount of this Note and any unpaid accrued interest shall automatically convert in whole without any further action by the Holder into Equity Securities sold in the Qualified Financing at a conversion price equal to the lesser of (i) the price paid per share for Equity Securities by the Investors in the Qualified Financing multiplied by 0.8, and (ii) the quotient resulting from dividing $2280000.0 by the number of outstanding shares of common stock of the Company immediately prior to the Qualified Financing (assuming conversion of all securities convertible into common stock and exercise of all outstanding options and warrants, but excluding the shares of equity securities of the Company issuable upon the conversion of the Notes or other convertible securities issued for capital raising purposes (e.g., Simple Agreements for Future Equity)). The issuance of Equity Securities pursuant to the conversion of this Note shall be upon and subject to the same terms and conditions applicable to Equity Securities sold in the Qualified Financing. Notwithstanding this paragraph, if the conversion price of the Notes as determined pursuant to this paragraph (the "Conversion Price") is less than the price per share at which Equity Securities are issued in the Qualified Financing, the Company may, solely at its option, elect to convert this Note into shares of a newly created series of preferred stock having the identical rights, privileges, preferences and restrictions as Equity Securities issued in the Qualified Financing, and otherwise on the same terms and conditions, other than with respect to (if applicable): (i) the per share liquidation preference and the conversion price for purposes of price-based anti-dilution protection, which will equal the Conversion Price; and (ii) the per share dividend, which will be the same percentage of the Conversion Price as applied to determine the per share dividends of the Investors in the Qualified Financing relative to the purchase price paid by the Investors.
b. Change of Control. If the Company consummates a Change of Control (as defined below) while this Note remains outstanding, the Company shall repay the Holder in cash in an amount equal to the outstanding principal amount of this Note plus any unpaid accrued interest on the original principal. For purposes of this Note, a "Change of Control" means (i) a consolidation or merger of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, other than any such consolidation, merger or reorganization in which the shares of capital stock of the Company immediately prior to such consolidation, merger or reorganization continue to represent a majority of the voting power of the surviving entity immediately after such consolidation, merger or reorganization; (ii) any transaction or series of related transactions to which the Company is a party in which in excess of 50% of the Company's voting power is transferred; or (iii) the sale or transfer of all or substantially all of the Company's assets, or the exclusive license of all or substantially all of the Company's material intellectual property; provided that a Change of Control shall not include any transaction or series of transactions principally for

bona fide equity financing purposes in which cash is received by the Company or any successor, indebtedness of the Company is cancelled or converted or a combination thereof. The Company shall give the Holder notice of a Change of Control not less than 10 days prior to the anticipated date of consummation of the Change of Control. Any repayment pursuant to this paragraph in connection with a Change of Control shall be subject to any required tax withholdings, and may be made by the Company (or any party to such Change of Control or its agent) following the Change of Control in connection with payment procedures established in connection with such Change of Control.

c. **Procedure for Conversion.** In connection with any conversion of this Note into capital stock, the Holder shall surrender this Note to the Company and deliver to the Company any documentation reasonably required by the Company (including, in the case of a Qualified Financing, all financing documents executed by the Investors in connection with such Qualified Financing). The Company shall not be required to issue or deliver the capital stock into which this Note may convert until the Holder has surrendered this Note to the Company and delivered to the Company any such documentation. Upon the conversion of this Note into capital stock pursuant to the terms hereof, in lieu of any fractional shares to which the Holder would otherwise be entitled, the Company shall pay the Holder cash equal to such fraction multiplied by the price at which this Note converts.

d. **Interest Accrual.** If a Change of Control or Qualified Financing is consummated, all interest on this Note shall be deemed to have stopped accruing as of a date selected by the Company that is up to 10 days prior to the signing of the definitive agreement for the Change of Control or Qualified Financing.

### 3. REPRESENTATIONS AND WARRANTIES

#### a. Representations and Warranties of the Company

i. **Organization, Good Standing and Qualification.** The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. The Company has the requisite corporate power to own and operate its properties and assets and to carry on its business as now conducted and as proposed to be conducted. The Company is duly qualified and is authorized to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the Company or its business (a "**Material Adverse Effect**").

ii. **Corporate Power.** The Company has all requisite corporate power to issue this Note and to carry out and perform its obligations under this Note. The Company's Board of Directors (the "**Board**") has approved the issuance of this Note based upon a reasonable belief that the issuance of this Note is appropriate for the Company after reasonable inquiry concerning the Company's financing objectives and financial situation.

iii. **Authorization.** All corporate action on the part of the Company, the Board and the Company's stockholders necessary for the issuance and delivery of this Note has been taken. This Note constitutes a valid and binding obligation of the Company enforceable in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and state securities laws. Any securities issued upon conversion of this Note (the "**Conversion Securities**"), when issued in compliance with the provisions of this Note, will be validly issued, fully paid, nonassessable, free of any liens or encumbrances and issued in compliance with all applicable federal and securities laws.

iv. **Governmental Consents.** All consents, approvals, orders or authorizations of, or registrations, qualifications, designations, declarations or filings with, any governmental authority required on the part of the Company in connection with issuance of this Note has been obtained.

v. **Compliance with Laws.** To its knowledge, the Company is not in violation of any applicable statute, rule, regulation, order or restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business or the ownership of its properties, which violation of which would have a Material Adverse Effect.

vi. **Compliance with Other Instruments.** The Company is not in violation or default of any term of its certificate of incorporation or bylaws, or of any provision of any mortgage, indenture or contract to which it is a party and by which it is bound or of any judgment, decree, order or writ, other than such violation(s) that would not have a Material Adverse Effect. The execution, delivery and performance of this Note will not result in any such violation or be in conflict with, or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, decree, order or writ or an event that results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture or nonrenewal of any material permit, license, authorization or approval applicable to the Company, its business or operations or any of its assets or properties. Without limiting the foregoing, the Company has obtained all waivers reasonably necessary with respect to any preemptive rights, rights of first refusal or similar rights, including any notice or offering periods provided for as part of any such rights, in order for the Company to consummate the transactions contemplated hereunder without any third party obtaining any rights to cause the Company to offer or issue any securities of the Company as a result of the consummation of the transactions contemplated hereunder.

vii. **No 'Bad Actor' Disqualification.** The Company has exercised reasonable care to determine whether any Company Covered Person (as defined below) is subject to any of the 'bad actor' disqualifications described in Rule 506(d)(1)(i) through (viii), as modified by Rules 506(d)(2) and (d)(3), under the Act ('**Disqualification Events**'). To the Company's knowledge, no Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent required, with any disclosure obligations under Rule 506(e) under the Act. For purposes of this Note, '**Company Covered Persons**' are those persons specified in Rule 506(d)(1) under the Act; provided, however, that Company Covered Persons do not include (a) any Holder, or (b) any person or entity that is deemed to be an affiliated issuer of the Company solely as a result of the relationship between the Company and any Holder.

viii. **Offering.** Assuming the accuracy of the representations and warranties of the Holder contained in subsection (b) below, the offer, issue and sale of this Note and the Conversion Securities (collectively, the '**Securities**') are and will be exempt from the registration and prospectus delivery requirements of the Act, and have been registered or qualified (or are exempt from registration and qualification) under the registration, permit or qualification requirements of all applicable state securities laws.

ix. **Use of Proceeds.** The Company shall use the proceeds of this Note solely for the operations of its business, and not for any personal, family or household purpose.

b. **Representations and Warranties of the Holder.** The Holder hereby represents and warrants to the Company as of the date hereof as follows:

i. **Purchase for Own Account.** The Holder is acquiring the Securities solely for the Holder's own account and beneficial interest for investment and not for sale or with a view to distribution of the Securities or any part thereof, has no present intention of selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention.

ii. **Information and Sophistication.** Without lessening or obviating the representations and warranties of the Company set forth in subsection (a) above, the Holder hereby: (A) acknowledges that the Holder has received all the information the Holder has requested from the Company and the Holder considers necessary or appropriate for deciding whether to acquire the Securities, (B) represents that the Holder has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Securities and to obtain any additional information necessary to verify the accuracy of the information given the Holder and (C) further represents that the Holder has such knowledge and experience in financial and business matters that the Holder is capable of evaluating the merits and risk of this investment.

iii. **Ability to Bear Economic Risk.** The Holder acknowledges that investment in the Securities involves a high degree of risk, and represents that the Holder is able, without materially impairing the Holder's financial condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of the Holder's investment.

iv. **Further Limitations on Disposition.** Without in any way limiting the representations set forth above, the Holder further agrees not to make any disposition of all or any portion of the Securities unless and until:

1. 1. There is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or
2. 2. The Holder shall have notified the Company of the proposed disposition and furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration under the Act or any applicable state securities laws; provided that no such opinion shall be required for dispositions in compliance with Rule 144 under the Act, except in unusual circumstances.
3. 3. Notwithstanding the provisions of paragraphs (1) and (2) above, no such registration statement or opinion of counsel shall be necessary for a transfer by the Holder to a partner (or retired partner) or member (or retired member) of the Holder in accordance with partnership or limited liability company interests, or transfers by gift, will or intestate succession to any spouse or lineal descendants or ancestors, if all transferees agree in writing to be subject to the terms hereof to the same extent as if they were the Holders hereunder.

c. **No 'Bad Actor' Disqualification.** The Holder represents and warrants that neither (A) the Holder nor (B) any entity that controls the Holder or is under the control of, or under common control with, the Holder, is subject to any Disqualification Event, except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Act and disclosed in writing in reasonable detail to the Company. The Holder represents that the Holder has exercised reasonable care to determine the accuracy of the representation made by the Holder in this paragraph, and agrees to notify the Company if the Holder becomes aware of any fact that makes the representation given by the Holder hereunder inaccurate.

d. **Foreign Investors.** If the Holder is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the '**Code**')), the Holder hereby represents that he, she or it has satisfied itself as to the full observance of the laws of the Holder's jurisdiction in connection with any invitation to subscribe for the Securities or any use of this Note, including (A) the legal requirements within the Holder's jurisdiction for the purchase of the Securities, (B) any foreign exchange restrictions applicable to such

purchase, (C) any governmental or other consents that may need to be obtained, and (D) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer of the Securities. The Holder's subscription, payment for and continued beneficial ownership of the Securities will not violate any applicable securities or other laws of the Holder's jurisdiction.

e. **Forward-Looking Statements.** With respect to any forecasts, projections of results and other forward-looking statements and information provided to the Holder, the Holder acknowledges that such statements were prepared based upon assumptions deemed reasonable by the Company at the time of preparation. There is no assurance that such statements will prove accurate, and the Company has no obligation to update such statements.

#### 4. EVENTS OF DEFAULTS

a. If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration of the Majority Holders and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under subsection (ii) or (iii) below), this Note shall accelerate and all principal and unpaid accrued interest shall become due and payable. The occurrence of any one or more of the following shall constitute an "Event of Default":

i. The Company fails to pay timely any of the principal amount due under this Note on the date the same becomes due and payable or any unpaid accrued interest or other amounts due under this Note on the date the same becomes due and payable;

ii. The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or

iii. An involuntary petition is filed against the Company (unless such petition is dismissed or discharged within 60 days under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee or assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company).

b. In the event of any Event of Default hereunder, the Company shall pay all reasonable attorneys' fees and court costs incurred by the Holder in enforcing and collecting this Note.

#### 5. MISCELLANEOUS PROVISIONS

a. **Waivers.** The Company hereby waives demand, notice, presentment, protest and notice of dishonor.

b. **Further Assurances.** The Holder agrees and covenants that at any time and from time to time the Holder will promptly execute and deliver to the Company such further instruments and documents and take such further action as the Company may reasonably require in order to carry out the full intent and purpose of this Note and to comply with state or federal securities laws or other regulatory approvals.

c. **Transfers of Notes.** This Note may be transferred only upon its surrender to the Company for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company. Thereupon, this Note shall be reissued to, and registered in the name of, the transferee, or a new Note for like principal amount and interest shall be issued to, and registered in the name of, the transferee. Interest and principal shall be paid solely to the registered holder of this Note. Such payment shall constitute full discharge of the Company's obligation to pay such interest and principal.

d. **Market Standoff.** To the extent requested by the Company or an underwriter of securities of the Company, each Holder and any permitted transferee thereof shall not, without the prior written consent of the managing underwriters in the IPO (as hereafter defined), offer, sell, make any short sale of, grant or sell any option for the purchase of, lend, pledge, otherwise transfer or dispose of (directly or indirectly), enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership (whether any such transaction is described above or is to be settled by delivery of Securities or other securities, in cash, or otherwise), any Securities or other shares of stock of the Company then owned by such Holder or any transferee thereof, or enter into an agreement to do any of the foregoing, for up to 180 days following the effective date of the registration statement of the initial public offering of the Company (the "IPO") filed under the Securities Act. For purposes of this paragraph, "Company" includes any wholly owned subsidiary of the Company into which the Company merges or consolidates. The Company may place restrictive legends on the certificates representing the shares subject to this paragraph and may impose stop transfer instructions with respect to the Securities and such other shares of stock of each Holder and any transferee thereof (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. Each Holder and any transferee thereof shall enter into any agreement reasonably required by the underwriters to the IPO to implement the foregoing within any reasonable timeframe so requested. The underwriters for any IPO are intended third party beneficiaries of this paragraph and shall have the right, power and authority to enforce the provisions of this paragraph as though they were parties hereto.

e. **Amendment and Waiver.** Any term of this Note may be amended or waived with the written consent of the Company and the Holder. In addition, any term of this Note may be amended or waived with the written consent of the Company and the Majority Holders. Upon the effectuation of such waiver or amendment with the consent of the Majority Holders in conformance with this paragraph, such amendment or waiver shall be effective as to, and binding against the holders of, all of the Notes, and the Company shall promptly give written

notice thereof to the Holder if the Holder has not previously consented to such amendment or waiver in writing; provided that the failure to give such notice shall not affect the validity of such amendment or waiver.

- f. **Governing Law.** This Note shall be governed by and construed under the laws of the State of Delaware, as applied to agreements among Delaware residents, made and to be performed entirely within the State of Delaware, without giving effect to conflicts of laws principles.
- g. **Binding Agreement.** The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Note, expressed or implied, is intended to confer upon any third party any rights, remedies, obligations or liabilities under or by reason of this Note, except as expressly provided in this Note.
- h. **Counterparts; Manner of Delivery.** This Note may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
- i. **Titles and Subtitles.** The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing or interpreting this Note.
- j. **Notices.** All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (iii) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications to a party shall be sent to the party's address in their Wefunder account at such other address(es) as such party may designate by 10 days' advance written notice to the other party hereto.
- k. **Expenses.** The Company and the Holder shall each bear its respective expenses and legal fees incurred with respect to the negotiation, execution and delivery of this Note and the transactions contemplated herein.
- l. **Delays or Omissions.** It is agreed that no delay or omission to exercise any right, power or remedy accruing to the Holder, upon any breach or default of the Company under this Note shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character by the Holder of any breach or default under this Note, or any waiver by the Holder of any provisions or conditions of this Note, must be in writing and shall be effective only to the extent specifically set forth in writing and that all remedies, either under this Note, or by law or otherwise afforded to the Holder, shall be cumulative and not alternative. This Note shall be void and of no force or effect in the event that the Holder fails to remit the full principal amount to the Company within five calendar days of the date of this Note.
- m. **Entire Agreement.** This Note constitutes the full and entire understanding and agreement between the parties with regard to the subjects hereof, and no party shall be liable or bound to any other party in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein.
- n. **Exculpation among Holders.** The Holder acknowledges that the Holder is not relying on any person, firm or corporation, other than the Company and its officers and Board members, in making its investment or decision to invest in the Company.
- o. **Senior Indebtedness.** The indebtedness evidenced by this Note is subordinated in right of payment to the prior payment in full of any Senior Indebtedness in existence on the date of this Note or hereafter incurred. 'Senior Indebtedness' shall mean, unless expressly subordinated to or made on a parity with the amounts due under this Note, all amounts due in connection with (i) indebtedness of the Company to banks or other lending institutions regularly engaged in the business of lending money (excluding venture capital, investment banking or similar institutions and their affiliates, which sometimes engage in lending activities but which are primarily engaged in investments in equity securities), and (ii) any such indebtedness or any debentures, notes or other evidence of indebtedness issued in exchange for such Senior Indebtedness, or any indebtedness arising from the satisfaction of such Senior Indebtedness by a guarantor.
- p. **Broker's Fees.** Each party hereto represents and warrants that no agent, broker, investment banker, person or firm acting on behalf of or under the authority of such party hereto is or will be entitled to any broker's or finder's fee or any other commission directly or indirectly in connection with the transactions contemplated herein. Each party hereto further agrees to indemnify each other party for any claims, losses or expenses incurred by such other party as a result of the representation in this subsection being untrue.
- q. **California Corporate Securities Law.** THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS NOTE HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION OR IN THE ABSENCE OF AN EXEMPTION FROM SUCH QUALIFICATION IS UNLAWFUL. PRIOR TO ACCEPTANCE OF SUCH CONSIDERATION BY THE COMPANY, THE RIGHTS OF ALL PARTIES TO THIS NOTE ARE EXPRESSLY CONDITIONED UPON SUCH

QUALIFICATION BEING OBTAINED OR AN EXEMPTION FROM SUCH QUALIFICATION BEING AVAILABLE.

**[Signature pages follow]**

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

Investment Amount: [INVESTMENT AMOUNT]

**COMPANY:**

Contractor Plus, Inc.

Name:

Title:

**Read and Approved (For IRA Use Only):**

**SUBSCRIBER**

By:

Name: [INVESTOR NAME]

Title:

The Subscriber 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
☐ Not Accredited

SIGNATURE PAGE

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

THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF ANY STATES IN THE UNITED STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

## CONVERTIBLE PROMISSORY NOTE

Note Series:

Date of Note: [EFFECTIVE DATE]

Principle Amount of Note: [INVESTMENT AMOUNT]

For value received Contractor Plus, Inc., a corporation (the "Company"), promises to pay to the undersigned holder or such party's assigns (the "Holder") the principal amount set forth above with simple interest on the outstanding principal amount at the rate of 5% per annum. Interest shall commence with the date hereof and shall continue on the outstanding principal amount until paid in full or converted. Interest shall be computed on the basis of a year of 365 days for the actual number of days elapsed. All unpaid interest and principal shall be due and payable upon request of the Majority Holders on or after May 18th, 2023 (the "Maturity Date").

### 1. BASIC TERMS.

a. Series of Notes. This convertible promissory note (the "Note") is issued as part of a series of notes designated by the Note Series above (collectively, the "Notes") and issued in a series of multiple closings to certain persons and entities (collectively, the "Holders"). The Company shall maintain a ledger of all Holders.
b. Payments. All payments of interest and principal shall be in lawful money of the United States of America and shall be made pro rata among all Holders. All payments shall be applied first to accrued interest, and thereafter to principal.
c. Prepayment. The Company may not prepay this Note prior to the Maturity Date without the consent of the Holders of a majority of the outstanding principal amount of the Notes (the "Majority Holders").

### 2. CONVERSION AND REPAYMENT.

a. Conversion upon a Qualified Financing. In the event that the Company issues and sells shares of its equity securities ("Equity Securities") to investors (the "Investors") while this Note remains outstanding in an equity financing with total proceeds to the Company of not less than $1000000 (excluding the conversion of the Notes or other convertible securities issued for capital raising purposes (e.g., Simple Agreements for Future Equity)) (a "Qualified Financing"), then the outstanding principal amount of this Note and any unpaid accrued interest shall automatically convert in whole without any further action by the Holder into Equity Securities sold in the Qualified Financing at a conversion price equal to the lesser of (i) the price paid per share for Equity Securities by the Investors in the Qualified Financing multiplied by 0.8, and (ii) the quotient resulting from dividing $3000000.0 by the number of outstanding shares of common stock of the Company immediately prior to the Qualified Financing (assuming conversion of all securities convertible into common stock and exercise of all outstanding options and warrants, but excluding the shares of equity securities of the Company issuable upon the conversion of the Notes or other convertible securities issued for capital raising purposes (e.g., Simple Agreements for Future Equity)). The issuance of Equity Securities pursuant to the conversion of this Note shall be upon and subject to the same terms and conditions applicable to Equity Securities sold in the Qualified Financing. Notwithstanding this paragraph, if the conversion price of the Notes as determined pursuant to this paragraph (the "Conversion Price") is less than the price per share at which Equity Securities are issued in the Qualified Financing, the Company may, solely at its option, elect to convert this Note into shares of a newly created series of preferred stock having the identical rights, privileges, preferences and restrictions as Equity Securities issued in the Qualified Financing, and otherwise on the same terms and conditions, other than with respect to (if applicable): (i) the per share liquidation preference and the conversion price for purposes of price-based anti-dilution protection, which will equal the Conversion Price; and (ii) the per share dividend, which will be the same percentage of the Conversion Price as applied to determine the per share dividends of the Investors in the Qualified Financing relative to the purchase price paid by the Investors.
b. Change of Control. If the Company consummates a Change of Control (as defined below) while this Note remains outstanding, the Company shall repay the Holder in cash in an amount equal to the outstanding principal amount of this Note plus any unpaid accrued interest on the original principal. For purposes of this Note, a "Change of Control" means (i) a consolidation or merger of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, other than any such consolidation, merger or reorganization in which the shares of capital stock of the Company immediately prior to such consolidation, merger or reorganization continue to represent a majority of the voting power of the surviving entity immediately after such consolidation, merger or reorganization; (ii) any transaction or series of related transactions to which the Company is a party in which in excess of 50% of the Company's voting power is transferred; or (iii) the sale or transfer of all or substantially all of the Company's assets, or the exclusive license of all or substantially all of the Company's material intellectual property; provided that a Change of Control shall not include any transaction or series of transactions principally for

bona fide equity financing purposes in which cash is received by the Company or any successor, indebtedness of the Company is cancelled or converted or a combination thereof. The Company shall give the Holder notice of a Change of Control not less than 10 days prior to the anticipated date of consummation of the Change of Control. Any repayment pursuant to this paragraph in connection with a Change of Control shall be subject to any required tax withholdings, and may be made by the Company (or any party to such Change of Control or its agent) following the Change of Control in connection with payment procedures established in connection with such Change of Control.

c. **Procedure for Conversion.** In connection with any conversion of this Note into capital stock, the Holder shall surrender this Note to the Company and deliver to the Company any documentation reasonably required by the Company (including, in the case of a Qualified Financing, all financing documents executed by the Investors in connection with such Qualified Financing). The Company shall not be required to issue or deliver the capital stock into which this Note may convert until the Holder has surrendered this Note to the Company and delivered to the Company any such documentation. Upon the conversion of this Note into capital stock pursuant to the terms hereof, in lieu of any fractional shares to which the Holder would otherwise be entitled, the Company shall pay the Holder cash equal to such fraction multiplied by the price at which this Note converts.

d. **Interest Accrual.** If a Change of Control or Qualified Financing is consummated, all interest on this Note shall be deemed to have stopped accruing as of a date selected by the Company that is up to 10 days prior to the signing of the definitive agreement for the Change of Control or Qualified Financing.

### 3. REPRESENTATIONS AND WARRANTIES

#### a. Representations and Warranties of the Company

i. **Organization, Good Standing and Qualification.** The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. The Company has the requisite corporate power to own and operate its properties and assets and to carry on its business as now conducted and as proposed to be conducted. The Company is duly qualified and is authorized to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the Company or its business (a "**Material Adverse Effect**").

ii. **Corporate Power.** The Company has all requisite corporate power to issue this Note and to carry out and perform its obligations under this Note. The Company's Board of Directors (the "**Board**") has approved the issuance of this Note based upon a reasonable belief that the issuance of this Note is appropriate for the Company after reasonable inquiry concerning the Company's financing objectives and financial situation.

iii. **Authorization.** All corporate action on the part of the Company, the Board and the Company's stockholders necessary for the issuance and delivery of this Note has been taken. This Note constitutes a valid and binding obligation of the Company enforceable in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and state securities laws. Any securities issued upon conversion of this Note (the "**Conversion Securities**"), when issued in compliance with the provisions of this Note, will be validly issued, fully paid, nonassessable, free of any liens or encumbrances and issued in compliance with all applicable federal and securities laws.

iv. **Governmental Consents.** All consents, approvals, orders or authorizations of, or registrations, qualifications, designations, declarations or filings with, any governmental authority required on the part of the Company in connection with issuance of this Note has been obtained.

v. **Compliance with Laws.** To its knowledge, the Company is not in violation of any applicable statute, rule, regulation, order or restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business or the ownership of its properties, which violation of which would have a Material Adverse Effect.

vi. **Compliance with Other Instruments.** The Company is not in violation or default of any term of its certificate of incorporation or bylaws, or of any provision of any mortgage, indenture or contract to which it is a party and by which it is bound or of any judgment, decree, order or writ, other than such violation(s) that would not have a Material Adverse Effect. The execution, delivery and performance of this Note will not result in any such violation or be in conflict with, or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, decree, order or writ or an event that results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture or nonrenewal of any material permit, license, authorization or approval applicable to the Company, its business or operations or any of its assets or properties. Without limiting the foregoing, the Company has obtained all waivers reasonably necessary with respect to any preemptive rights, rights of first refusal or similar rights, including any notice or offering periods provided for as part of any such rights, in order for the Company to consummate the transactions contemplated hereunder without any third party obtaining any rights to cause the Company to offer or issue any securities of the Company as a result of the consummation of the transactions contemplated hereunder.

vii. **No 'Bad Actor' Disqualification.** The Company has exercised reasonable care to determine whether any Company Covered Person (as defined below) is subject to any of the 'bad actor' disqualifications described in Rule 506(d)(1)(i) through (viii), as modified by Rules 506(d)(2) and (d)(3), under the Act ('**Disqualification Events**'). To the Company's knowledge, no Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent required, with any disclosure obligations under Rule 506(e) under the Act. For purposes of this Note, '**Company Covered Persons**' are those persons specified in Rule 506(d)(1) under the Act; provided, however, that Company Covered Persons do not include (a) any Holder, or (b) any person or entity that is deemed to be an affiliated issuer of the Company solely as a result of the relationship between the Company and any Holder.

viii. **Offering.** Assuming the accuracy of the representations and warranties of the Holder contained in subsection (b) below, the offer, issue and sale of this Note and the Conversion Securities (collectively, the '**Securities**') are and will be exempt from the registration and prospectus delivery requirements of the Act, and have been registered or qualified (or are exempt from registration and qualification) under the registration, permit or qualification requirements of all applicable state securities laws.

ix. **Use of Proceeds.** The Company shall use the proceeds of this Note solely for the operations of its business, and not for any personal, family or household purpose.

b. **Representations and Warranties of the Holder.** The Holder hereby represents and warrants to the Company as of the date hereof as follows:

i. **Purchase for Own Account.** The Holder is acquiring the Securities solely for the Holder's own account and beneficial interest for investment and not for sale or with a view to distribution of the Securities or any part thereof, has no present intention of selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention.

ii. **Information and Sophistication.** Without lessening or obviating the representations and warranties of the Company set forth in subsection (a) above, the Holder hereby: (A) acknowledges that the Holder has received all the information the Holder has requested from the Company and the Holder considers necessary or appropriate for deciding whether to acquire the Securities, (B) represents that the Holder has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Securities and to obtain any additional information necessary to verify the accuracy of the information given the Holder and (C) further represents that the Holder has such knowledge and experience in financial and business matters that the Holder is capable of evaluating the merits and risk of this investment.

iii. **Ability to Bear Economic Risk.** The Holder acknowledges that investment in the Securities involves a high degree of risk, and represents that the Holder is able, without materially impairing the Holder's financial condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of the Holder's investment.

iv. **Further Limitations on Disposition.** Without in any way limiting the representations set forth above, the Holder further agrees not to make any disposition of all or any portion of the Securities unless and until:

1. 1. There is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or
2. 2. The Holder shall have notified the Company of the proposed disposition and furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration under the Act or any applicable state securities laws; provided that no such opinion shall be required for dispositions in compliance with Rule 144 under the Act, except in unusual circumstances.
3. 3. Notwithstanding the provisions of paragraphs (1) and (2) above, no such registration statement or opinion of counsel shall be necessary for a transfer by the Holder to a partner (or retired partner) or member (or retired member) of the Holder in accordance with partnership or limited liability company interests, or transfers by gift, will or intestate succession to any spouse or lineal descendants or ancestors, if all transferees agree in writing to be subject to the terms hereof to the same extent as if they were the Holders hereunder.

c. **No 'Bad Actor' Disqualification.** The Holder represents and warrants that neither (A) the Holder nor (B) any entity that controls the Holder or is under the control of, or under common control with, the Holder, is subject to any Disqualification Event, except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Act and disclosed in writing in reasonable detail to the Company. The Holder represents that the Holder has exercised reasonable care to determine the accuracy of the representation made by the Holder in this paragraph, and agrees to notify the Company if the Holder becomes aware of any fact that makes the representation given by the Holder hereunder inaccurate.

d. **Foreign Investors.** If the Holder is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the '**Code**')), the Holder hereby represents that he, she or it has satisfied itself as to the full observance of the laws of the Holder's jurisdiction in connection with any invitation to subscribe for the Securities or any use of this Note, including (A) the legal requirements within the Holder's jurisdiction for the purchase of the Securities, (B) any foreign exchange restrictions applicable to such

purchase, (C) any governmental or other consents that may need to be obtained, and (D) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer of the Securities. The Holder's subscription, payment for and continued beneficial ownership of the Securities will not violate any applicable securities or other laws of the Holder's jurisdiction.

e. **Forward-Looking Statements.** With respect to any forecasts, projections of results and other forward-looking statements and information provided to the Holder, the Holder acknowledges that such statements were prepared based upon assumptions deemed reasonable by the Company at the time of preparation. There is no assurance that such statements will prove accurate, and the Company has no obligation to update such statements.

#### 4. EVENTS OF DEFAULTS

a. If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration of the Majority Holders and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under subsection (ii) or (iii) below), this Note shall accelerate and all principal and unpaid accrued interest shall become due and payable. The occurrence of any one or more of the following shall constitute an "Event of Default":

i. The Company fails to pay timely any of the principal amount due under this Note on the date the same becomes due and payable or any unpaid accrued interest or other amounts due under this Note on the date the same becomes due and payable;

ii. The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or

iii. An involuntary petition is filed against the Company (unless such petition is dismissed or discharged within 60 days under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee or assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company).

b. In the event of any Event of Default hereunder, the Company shall pay all reasonable attorneys' fees and court costs incurred by the Holder in enforcing and collecting this Note.

#### 5. MISCELLANEOUS PROVISIONS

a. **Waivers.** The Company hereby waives demand, notice, presentment, protest and notice of dishonor.

b. **Further Assurances.** The Holder agrees and covenants that at any time and from time to time the Holder will promptly execute and deliver to the Company such further instruments and documents and take such further action as the Company may reasonably require in order to carry out the full intent and purpose of this Note and to comply with state or federal securities laws or other regulatory approvals.

c. **Transfers of Notes.** This Note may be transferred only upon its surrender to the Company for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company. Thereupon, this Note shall be reissued to, and registered in the name of, the transferee, or a new Note for like principal amount and interest shall be issued to, and registered in the name of, the transferee. Interest and principal shall be paid solely to the registered holder of this Note. Such payment shall constitute full discharge of the Company's obligation to pay such interest and principal.

d. **Market Standoff.** To the extent requested by the Company or an underwriter of securities of the Company, each Holder and any permitted transferee thereof shall not, without the prior written consent of the managing underwriters in the IPO (as hereafter defined), offer, sell, make any short sale of, grant or sell any option for the purchase of, lend, pledge, otherwise transfer or dispose of (directly or indirectly), enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership (whether any such transaction is described above or is to be settled by delivery of Securities or other securities, in cash, or otherwise), any Securities or other shares of stock of the Company then owned by such Holder or any transferee thereof, or enter into an agreement to do any of the foregoing, for up to 180 days following the effective date of the registration statement of the initial public offering of the Company (the "IPO") filed under the Securities Act. For purposes of this paragraph, "Company" includes any wholly owned subsidiary of the Company into which the Company merges or consolidates. The Company may place restrictive legends on the certificates representing the shares subject to this paragraph and may impose stop transfer instructions with respect to the Securities and such other shares of stock of each Holder and any transferee thereof (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. Each Holder and any transferee thereof shall enter into any agreement reasonably required by the underwriters to the IPO to implement the foregoing within any reasonable timeframe so requested. The underwriters for any IPO are intended third party beneficiaries of this paragraph and shall have the right, power and authority to enforce the provisions of this paragraph as though they were parties hereto.

e. **Amendment and Waiver.** Any term of this Note may be amended or waived with the written consent of the Company and the Holder. In addition, any term of this Note may be amended or waived with the written consent of the Company and the Majority Holders. Upon the effectuation of such waiver or amendment with the consent of the Majority Holders in conformance with this paragraph, such amendment or waiver shall be effective as to, and binding against the holders of, all of the Notes, and the Company shall promptly give written

notice thereof to the Holder if the Holder has not previously consented to such amendment or waiver in writing; provided that the failure to give such notice shall not affect the validity of such amendment or waiver.

- f. **Governing Law.** This Note shall be governed by and construed under the laws of the State of Delaware, as applied to agreements among Delaware residents, made and to be performed entirely within the State of Delaware, without giving effect to conflicts of laws principles.
- g. **Binding Agreement.** The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Note, expressed or implied, is intended to confer upon any third party any rights, remedies, obligations or liabilities under or by reason of this Note, except as expressly provided in this Note.
- h. **Counterparts; Manner of Delivery.** This Note may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
- i. **Titles and Subtitles.** The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing or interpreting this Note.
- j. **Notices.** All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (iii) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications to a party shall be sent to the party's address in their Wefunder account at such other address(es) as such party may designate by 10 days' advance written notice to the other party hereto.
- k. **Expenses.** The Company and the Holder shall each bear its respective expenses and legal fees incurred with respect to the negotiation, execution and delivery of this Note and the transactions contemplated herein.
- l. **Delays or Omissions.** It is agreed that no delay or omission to exercise any right, power or remedy accruing to the Holder, upon any breach or default of the Company under this Note shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character by the Holder of any breach or default under this Note, or any waiver by the Holder of any provisions or conditions of this Note, must be in writing and shall be effective only to the extent specifically set forth in writing and that all remedies, either under this Note, or by law or otherwise afforded to the Holder, shall be cumulative and not alternative. This Note shall be void and of no force or effect in the event that the Holder fails to remit the full principal amount to the Company within five calendar days of the date of this Note.
- m. **Entire Agreement.** This Note constitutes the full and entire understanding and agreement between the parties with regard to the subjects hereof, and no party shall be liable or bound to any other party in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein.
- n. **Exculpation among Holders.** The Holder acknowledges that the Holder is not relying on any person, firm or corporation, other than the Company and its officers and Board members, in making its investment or decision to invest in the Company.
- o. **Senior Indebtedness.** The indebtedness evidenced by this Note is subordinated in right of payment to the prior payment in full of any Senior Indebtedness in existence on the date of this Note or hereafter incurred. 'Senior Indebtedness' shall mean, unless expressly subordinated to or made on a parity with the amounts due under this Note, all amounts due in connection with (i) indebtedness of the Company to banks or other lending institutions regularly engaged in the business of lending money (excluding venture capital, investment banking or similar institutions and their affiliates, which sometimes engage in lending activities but which are primarily engaged in investments in equity securities), and (ii) any such indebtedness or any debentures, notes or other evidence of indebtedness issued in exchange for such Senior Indebtedness, or any indebtedness arising from the satisfaction of such Senior Indebtedness by a guarantor.
- p. **Broker's Fees.** Each party hereto represents and warrants that no agent, broker, investment banker, person or firm acting on behalf of or under the authority of such party hereto is or will be entitled to any broker's or finder's fee or any other commission directly or indirectly in connection with the transactions contemplated herein. Each party hereto further agrees to indemnify each other party for any claims, losses or expenses incurred by such other party as a result of the representation in this subsection being untrue.
- q. **California Corporate Securities Law.** THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS NOTE HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION OR IN THE ABSENCE OF AN EXEMPTION FROM SUCH QUALIFICATION IS UNLAWFUL. PRIOR TO ACCEPTANCE OF SUCH CONSIDERATION BY THE COMPANY, THE RIGHTS OF ALL PARTIES TO THIS NOTE ARE EXPRESSLY CONDITIONED UPON SUCH

QUALIFICATION BEING OBTAINED OR AN EXEMPTION FROM SUCH QUALIFICATION BEING AVAILABLE.

**[Signature pages follow]**

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

Investment Amount: [INVESTMENT AMOUNT]

**COMPANY:**

Contractor Plus, Inc.

Name:

Title:

**Read and Approved (For IRA Use Only):**

**SUBSCRIBER**

By:

Name: [INVESTOR NAME]

Title:

The Subscriber 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
☐ Not Accredited

SIGNATURE PAGE

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

# Contractor Plus, Inc.

## Profit and Loss

January - December 2022

|  | TOTAL |  |
| --- | --- | --- |
|  | JAN - DEC 2022 | JAN - DEC 2021 (PP) |
| Income |  |  |
| Discounts given | -4,190.90 | -2,949.10 |
| Services | 0.00 | 14.00 |
| Base Subscriptions | 87,101.46 | 27,352.40 |
| Contractor+ Websites | 3,831.94 | 644.00 |
| Lead Generation | 8,280.00 | 320.00 |
| Logo Design | 1,106.00 | 1,083.00 |
| Payment Facilitation (Wepay) | 6,109.21 |  |
| Thumbtack | 739.63 |  |
| Total Services | 107,168.24 | 29,413.40 |
| Total Income | $102,977.34 | $26,464.30 |
| GROSS PROFIT | $102,977.34 | $26,464.30 |
| Expenses |  |  |
| Advertising & Marketing | 10,830.56 | 32,991.31 |
| Bank Charges & Fees | 0.00 | 0.00 |
| Charity and donations | 207.98 |  |
| Depreciation of Office Equipments | 275.75 |  |
| Finance cost | 5,676.36 | 1,777.26 |
| General Expense | 8,409.85 | 3,614.44 |
| Legal & Professional Services | 2,346.45 | 1,758.75 |
| Miscellaneous Expense |  | 0.00 |
| Office Supplies and Equipments | 1,248.67 | 540.47 |
| Recurring Expense | 14,777.88 | 1,151.76 |
| Repairs & Maintenance |  | 0.00 |
| Salaries and Wages | 125,021.14 | 64,137.01 |
| Stripe fees | 11,132.35 | 3,388.48 |
| Travel | 5,418.90 | 2,745.49 |
| Total Expenses | $185,345.89 | $112,104.97 |
| NET OPERATING INCOME | $ -82,368.55 | $ -85,640.67 |
| Other Income |  |  |
| Other Income | 72.25 | 727.37 |
| Total Other Income | $72.25 | $727.37 |
| NET OTHER INCOME | $72.25 | $727.37 |
| NET INCOME | $ -82,296.30 | $ -84,913.30 |

Accrual Basis Thursday, February 9, 2023 02:29 PM GMT+05:00

1/1

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

# Contractor Plus, Inc.

## Balance Sheet

As of December 31, 2022

|  | TOTAL |  |
| --- | --- | --- |
|  | AS OF DEC 31, 2022 | AS OF DEC 31, 2021 (PP) |
| ASSETS |  |  |
| Current Assets |  |  |
| Bank Accounts |  |  |
| Azlo | 0.00 | 0.00 |
| Checking (0091) | 12,059.61 | 43,280.59 |
| Credit card (ount) | -813.06 | 1,038.69 |
| Stripe Bank account (required for Synder) | 2,059.42 | 96.46 |
| Total Bank Accounts | $13,305.97 | $44,415.74 |
| Accounts Receivable |  |  |
| Accounts Receivable (A/R) | -4.96 | 126.00 |
| Apple | 2,210.84 | 1,155.97 |
| Impact Radius | 400.00 |  |
| Thumbtack | 509.55 |  |
| Total Accounts Receivable | $3,115.43 | $1,281.97 |
| Other Current Assets |  |  |
| Other Receivables | 0.00 | 0.00 |
| Prepaid Expenses | 0.00 | 0.00 |
| Refund Claims | 109.00 | 128.00 |
| Total Other Current Assets | $109.00 | $128.00 |
| Total Current Assets | $16,530.40 | $45,825.71 |
| Fixed Assets |  |  |
| Accumulated Depreciation - Office Equipments | -275.75 |  |
| Office Equipments | 3,584.65 |  |
| Total Fixed Assets | $3,308.90 | $0.00 |
| TOTAL ASSETS | $19,839.30 | $45,825.71 |
| LIABILITIES AND EQUITY |  |  |
| Liabilities |  |  |
| Current Liabilities |  |  |
| Accounts Payable |  |  |
| Accounts Payable (A/P) | 0.00 | 0.00 |
| Total Accounts Payable | $0.00 | $0.00 |
| Other Current Liabilities |  |  |
| Accrued Expenses | 9,179.74 | 758.75 |
| Cancellation Refunds | 0.00 | 0.00 |
| Deferred Revenue | 37,272.64 | 12,120.83 |
| Florida Department of Revenue Payable | 0.00 | 0.00 |
| Out Of Scope Agency Payable | 0.00 |  |
| Provision For Taxation | 0.00 | 0.00 |
| Salary Payable | 0.00 | 265.00 |
| Short Term Loan | 0.00 | 2,278.03 |
| Quickbooks loan | 15,000.00 |  |

Accrual Basis Thursday, February 9, 2023 02:25 PM GMT+05:00

1/2

|  | TOTAL |  |
| --- | --- | --- |
|  | AS OF DEC 31, 2022 | AS OF DEC 31, 2021 (PP) |
| Stripe Loan | 4,606.26 |  |
| Total Short Term Loan | 19,606.26 | 2,278.03 |
| Total Other Current Liabilities | $66,058.64 | $15,422.61 |
| Total Current Liabilities | $66,058.64 | $15,422.61 |
| Long-Term Liabilities |  |  |
| Convertible Loan | 120,980.62 | 115,304.26 |
| Director Loan | 7,904.11 | 7,904.11 |
| Total Long-Term Liabilities | $128,884.73 | $123,208.37 |
| Total Liabilities | $194,943.37 | $138,630.98 |
| Equity |  |  |
| Opening Balance Equity | 50.50 | 53.00 |
| Retained Earnings | -92,858.27 | -7,944.97 |
| Net Income | -82,296.30 | -84,913.30 |
| Total Equity | $ -175,104.07 | $ -92,805.27 |
| TOTAL LIABILITIES AND EQUITY | $19,839.30 | $45,825.71 |

Accrual Basis Thursday, February 9, 2023 02:25 PM GMT+05:00

2/2

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

# Contractor Plus, Inc.

## Statement of Cash Flows

January - December 2022

|  | TOTAL |
| --- | --- |
| OPERATING ACTIVITIES |  |
| Net Income | -82,296.30 |
| Adjustments to reconcile Net Income to Net Cash provided by operations: |  |
| Accounts Receivable (A/R) | 130.96 |
| Apple | -1,054.87 |
| Impact Radius | -400.00 |
| Thumbtack | -509.55 |
| Refund Claims | 19.00 |
| Accumulated Depreciation - Office Equipments | 275.75 |
| Accrued Expenses | 8,420.99 |
| Deferred Revenue | 25,151.81 |
| Salary Payable | -265.00 |
| Short Term Loan | -2,278.03 |
| Short Term Loan:Quickbooks loan | 15,000.00 |
| Short Term Loan:Stripe Loan | 4,606.26 |
| Total Adjustments to reconcile Net Income to Net Cash provided by operations: | 49,097.32 |
| Net cash provided by operating activities | $ -33,198.98 |
| INVESTING ACTIVITIES |  |
| Office Equipments | -3,584.65 |
| Net cash provided by investing activities | $ -3,584.65 |
| FINANCING ACTIVITIES |  |
| Convertible Loan | 5,676.36 |
| Opening Balance Equity | -2.50 |
| Net cash provided by financing activities | $5,673.86 |
| NET CASH INCREASE FOR PERIOD | $ -31,109.77 |
| Cash at beginning of period | 44,415.74 |
| CASH AT END OF PERIOD | $13,305.97 |

Thursday, February 9, 2023 02:39 PM GMT+05:00

1/1

**Attachment 11:** `document_11.pdf`

# Contractor Plus, Inc.

## **Audited Financial Statements**

For the year ended December 31, 2020

# Table of Contents

| Independent Auditor's Report | 1 |
| --- | --- |
| Audited Financial Statements | 5 |
| Statement of Financial Position | 5 |
| Statement of Profit & Loss | 6 |
| Statement of Cash Flows | 7 |
| Statement of Changes in Equity | 8 |
| Notes to the Financial Statements | 9 |

Drenchko Stephanie, CPA

Page | 1

# Independent Auditors' Report

## To the Board of Directors and Shareholders

### Report on the Financial Statements

#### Opinion

We have audited the accompanying balance sheet of Contractor Plus, Inc 'The Company', as of December 31, 2020, and the related statements of profit and loss, statement of cash flows, statement of changes in equity, and the notes to the financial statements for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

In our opinion, the financial statements referred to above, present fairly, in all material respects, the financial position of The Company as of December 31, 2020, and the results of its operations for the year then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis of Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

#### Management's Responsibility for the Financial Statements

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

In preparing the financial statements, management is responsible for assessing the Organization's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations or has no realistic alternative but to do so.

Drenchko Stephanie, CPA

Page | 2

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the auditing standards generally accepted in United States of America will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

- Identified and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtained an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
- Evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Concluded on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluated the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtained sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Drenchko Stephanie, CPA

Page | 3

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

*Drenchko Stephanie* Nov 17, 2022*

**Drenchko Stephanie, CPA**

Partner,

**GDS International Co**

License #: 098780

Contact: +1 (949) 354-4109

9 Knollwood DrBallston Lake, NY 12019

**Independent Auditor**

Drenchko Stephanie, CPA

Page | 4

# Contractor Plus, Inc.

## Balance Sheet

As at December 31, 2020

In US Dollars

|  | Notes | Amount |
| --- | --- | --- |
| Assets |  |  |
| Non-current Assets |  |  |
| Property, plant, and equipment |  | - |
| Total Non-current assets |  | - |
| Current Assets |  |  |
| Cash and Bank Balances | 7 | 558 |
| Total Current assets |  | 558 |
| Total Assets |  | 558 |
| Liabilities and Equity |  |  |
| Long-term Liabilities |  |  |
| Director Loan |  | 7,904 |
| Total Long-term liabilities |  | 7,904 |
| Current Liabilities |  |  |
| Deferred Revenue |  | 99 |
| Provision for Taxation |  | 450 |
| Total Current liabilities |  | 549 |
| Total Liabilities |  | 8,453 |
| Equity |  |  |
| Capital |  | 50 |
| Retained Earnings |  | (7,945) |
| Total Equity |  | (7,895) |
| Total Liabilities and Owner's Equity |  | 558 |

*The annexed notes 01 to 14 form an integral part of these financial statements.*

Accounts Manager

Chief Executive

# Contractor Plus, Inc.

## Income Statement

For the year ended December 31, 2020

In US Dollars

|  | Notes | Amount |
| --- | --- | --- |
| Total Revenue | 8 | 340 |
| Less: Cost of Sales | 9 | - |
| Gross Profit |  | 340 |
| Operating Expenses |  |  |
| General & Administrative Expenses | 10 | 6,181 |
| Selling & Marketing Expenses | 11 | 2,104 |
| Total Expenses |  | (8,285) |
| Operating Profit / (Loss) |  | (7,945) |
| Other Incomes | 12 | - |
| Net Profit / (Loss) for the year |  | (7,945) |

*The annexed notes 01 to 14 form an integral part of these financial statements.*

**Accounts Manager**
Muhammad Arsalan

**Chief Executive**
Justin Smith

# Contractor Plus, Inc.

## Statement of Cash Flows

For the year ended December 31, 2020

In US Dollars

|  | Notes | Amount |
| --- | --- | --- |
| Cashflow from Operating Activities |  |  |
| Profit / (Loss) for the period |  | (7,945) |
| Adjustments for: |  |  |
| Deferred Revenue |  | 99 |
| Provision for Taxation |  | 450 |
| Cash used in Operating Activities |  | (7,396) |
| Cashflow from Investing Activities |  |  |
| Purchase of Property, plant & Equipment |  | - |
| Cash used in Investing Activities |  | - |
| Cashflow from Financing Activities |  |  |
| Proceeds from Directors' Loan |  | 7,904 |
| Funds contributed by Members |  | 50 |
| Cash generated from Financing Activities |  | 7,954 |
| Net Cash generated during the year |  | 558 |
| Cash & Cash equivalents at the beginning of the year |  | - |
| Cash & Cash equivalents at the end of the year |  | 558 |

*The annexed notes 01 to 14 form an integral part of these financial statements.*

**Accounts Manager**
Muhammad Arsalan

**Chief Executive**
Justin Smith

# Contractor Plus, Inc.

## Statement of Changes in Equity

As at December 31, 2020

PARTICULARS

|  | Capital | Retained Earnings | Total |
| --- | --- | --- | --- |
|  | USD |  |  |
| Balance as at February 01, 2020 | - | - | - |
| Add: Owner's Investment | 50 | - | 50 |
| Profit / (Loss) for the period | - | (7,945) | (7,945) |
| Balance as at December 31, 2020 | 50 | (7,945) | (7,895) |

*The annexed notes 01 to 14 form an integral part of these financial statements.*

**Accounts Manager**

Muhammad Arsalan

**Chief Executive**

Justin Smith

# Contractor Plus, Inc.

## Notes to the Financial Statements

For the year ended December 31, 2020

In US Dollars

These notes form an integral part of the financial statements.

The financial statements were authorized for issue by the Board of Directors on [date]

### Note

#### 1 LEGAL STATUS AND NATURE OF BUSINESS

1.1 Contractor Plus, Inc. was incorporated in the State of Delaware on February 1, 2020. Contractor Plus is headquartered in Orlando, Florida. Contractor Plus is a mobile vertical SaaS company comprised of two officers, Justin Smith, CEO and Roshan Sethia, CTO. Contractor Plus is a mobile application for field service contractors. It does estimating, invoicing, post-inspections, payment facilitation, etc.

#### 2 STATEMENT OF COMPLIANCE

2.1 The accompanying Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America ('US GAAP').

#### 3 BASIS OF MEASUREMENT

These financial statement have been prepared under the historical cost convention. In these financial statement, except for the amounts reflected in the cash flow statement, all transactions have been accounted for on accrual basis.

#### 4 JUDGMENT, ESTIMATES AND ASSUMPTIONS

The preparation of financial statements is in conformity with approved accounting standards which requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. The estimates and related assumptions are reviewed on an ongoing basis. Accounting estimates are revised in the period in which such revisions are made and in any future periods affected.

Judgment made by management in the application of approved standards that have significant effect on the financial statements and estimates with a risk of material adjustment in subsequent year are as follows:

##### 4.1 Provisions

Provisions are based on best estimate of the expenditure required to settle the present obligation at the reporting date, that is, the amount that the Company would rationally pay to settle the obligation at the reporting date or to transfer it to a third party.

# Contractor Plus, Inc.

## Notes to the Financial Statements

For the year ended December 31, 2020

In US Dollars

### 4.2 Impairment

The carrying amounts of the Company's assets are reviewed at each balance sheet date to determine whether there is any indication of impairment loss. If any such indication exists, recoverable amount is estimated in order to determine the extent of the impairment loss, if any. Impairment loss is recorded on judgmental basis, for which provision may differ in the future years based on the actual expense.

### 5 FUNCTIONAL AND PRESENTATION CURRENCY

These financial statement are prepared in United States Dollars which is the Business' functional currency.

### 6 SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies adopted in preparation of these financial statements are set out below. These policies have been consistently applied to all years prescribed, unless otherwise stated.

#### 6.1 Cash and cash equivalents

Cash and cash equivalents are carried in the balance sheet at cost. For the purpose of cash flow statement, cash and cash equivalents comprise cash in hand and cash with banks in current and saving accounts.

#### 6.2 Property and equipment

Property and equipment are initially recognized at acquisition cost including any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the management. Subsequently, property and equipment are stated at cost less accumulated depreciation and any identified impairment losses. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the companies and the cost of the item can be measured reliably.

All other repairs and maintenance costs are charged to income statement during the year in which they are incurred.

#### 6.3 Subsequent Events

Management has evaluated subsequent events for recognition and disclosure in the financial statements through December 31, 2020, which is the date the financial statements were available to be issued. Through December 31, 2020, no subsequent events required recognition or disclosure in the financial statements.

#### 6.4 Taxation

The business has recognized in the financial statements the effects of all tax positions and continually evaluates expiring statutes of limitations, audits, changes in tax law, and new authoritative rulings. The business is not aware of any circumstances or events that make it reasonably possible that unrecognized tax benefits may increase or decrease within the reporting period of the statement of financial position date. Penalties and interest assessed by taxing authorities are included in the provision for income taxes, if applicable. There were no penalties or interest paid during the reporting period.

# Contractor Plus, Inc.

## Notes to the Financial Statements

For the year ended December 31, 2020

In US Dollars

### 6.5 Provisions

A provision is recognized when, and only when, the companies has a present obligation (legal or constructive) as a result of past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.

### 6.6 Use of estimates

The preparation of financial statements require the certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience, including expectation of future events that are believed to be reasonable under the circumstances. The areas where various assumptions and estimates are significant to the Company's financial statements or where judgments were exercised in application of accounting policies are below:

- Operating fixed assets - tangible or intangible
- Assessment of provision for contingencies

### Note 7

#### Cash and Bank Balances

|  | Amount |
| --- | --- |
| Cash and Bank Balances | 558 |
| Total | 558 |

### Note 8

#### Revenue

|  | Amount |
| --- | --- |
| Sales | 340 |
| Total | 340 |

### Note 9

#### Cost of Sales

|  | Amount |
| --- | --- |
| Cost of Sales | - |
| Total | - |

# Contractor Plus, Inc.

## Notes to the Financial Statements

For the year ended December 31, 2020

In US Dollars

These notes form an integral part of the financial statements.

### Note 10

#### General & Administrative Expenses

|  | Amount |
| --- | --- |
| IT, Software & Subscriptions | 630 |
| Office Supplies & Expenses | 350 |
| Other Misc. Expenses | 1,075 |
| Salaries & Wages | 3,656 |
| Stripe Fees | 20 |
| Taxes & Licenses | 450 |
| Total | 6,181 |

### Note 11

#### Selling & Marketing Expenses

|  | Amount |
| --- | --- |
| Advertisement & Marketing | 2,104 |
| Total | 2,104 |

### Note 12

#### Other Incomes

|  | Amount |
| --- | --- |
| Discounts, Refunds & Credits | - |
| Total | - |

### Note 13

#### Date of Authorization of Financial Statements

These financial statements were authorized for issue on _______________ by the Board of Directors.

### Note 14

#### General

Figures have been rounded off to the nearest dollar.

**Accounts Manager**

Muhammad Arsalan

**Chief Executive Officer**

Justin Smith

# Contractor Plus, Inc.

## **Audited Financial Statements**

For the year ended December 31, 2021

# Table of Contents

| Independent Auditor's Report | 1 |
| --- | --- |
| Audited Financial Statements | 5 |
| Statement of Financial Position | 5 |
| Statement of Profit & Loss | 6 |
| Statement of Cash Flows | 7 |
| Statement of Changes in Equity | 8 |
| Notes to the Financial Statements | 9 |

Drenchko Stephanie, CPA

Page | 1

# Independent Auditors' Report

## To the Board of Directors and Shareholders

### Report on the Financial Statements

#### Opinion

We have audited the accompanying balance sheet of Contractor Plus, Inc 'The Company', as of December 31, 2021, and the related statements of profit and loss, statement of cash flows, statement of changes in equity, and the notes to the financial statements for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

In our opinion, the financial statements referred to above, present fairly, in all material respects, the financial position of The Company as of December 31, 2021, and the results of its operations for the year then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis of Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

#### Management's Responsibility for the Financial Statements

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

In preparing the financial statements, management is responsible for assessing the Organization's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations or has no realistic alternative but to do so.

Drenchko Stephanie, CPA

Page | 2

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the auditing standards generally accepted in United States of America will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

- Identified and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtained an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
- Evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Concluded on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluated the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtained sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Drenchko Stephanie, CPA

Page | 3

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

*Drenchko Stephanie, CPA*

**Drenchko Stephanie, CPA**

Partner,

**GDS International Co**

License #: 098780

Contact: +1 (949) 354-4109

9 Knollwood DrBallston Lake, NY 12019

**Independent Auditor**

Drenchko Stephanie, CPA

Page | 4

# Contractor Plus, Inc.

## Balance Sheet

As at December 31, 2021

In US Dollars

|  | Notes | 2021 | 2020 |
| --- | --- | --- | --- |
| Assets |  |  |  |
| Non-current Assets |  |  |  |
| Refund Claims |  | 128 | - |
| Total Non-current assets |  | 128 | - |
| Current Assets |  |  |  |
| Accounts Receivable |  | 1,271 | - |
| Cash and Bank Balances | 7 | 44,416 | 558 |
| Total Current assets |  | 45,687 | 558 |
| Total Assets |  | 45,815 | 558 |
| Liabilities and Equity |  |  |  |
| Long-term Liabilities |  |  |  |
| Convertible Loan |  | 115,304 | - |
| Director Loan |  | 7,904 | 7,904 |
| Total Long-term liabilities |  | 123,208 | 7,904 |
| Current Liabilities |  |  |  |
| Accrued Expenses |  | 1,024 | - |
| Deferred Revenue |  | 12,121 | 99 |
| Provision for Taxation |  | - | 450 |
| Short-term Loan |  | 2,278 | - |
| Total Current liabilities |  | 15,423 | 549 |
| Total Liabilities |  | 138,631 | 8,453 |
| Equity |  |  |  |
| Capital |  | 53 | 50 |
| Retained Earnings |  | (92,869) | (7,945) |
| Total Equity |  | (92,816) | (7,895) |
| Total Liabilities and Owner's Equity |  | 45,815 | 558 |

*The annexed notes 01 to 14 form an integral part of these financial statements*

Accounts Manager

Chief Executive

# Contractor Plus, Inc.

## Income Statement

For the year ended December 31, 2021

In US Dollars

|  | Notes | 2021 | 2020 |
| --- | --- | --- | --- |
| Total Revenue | 8 | 26,454 | 340 |
| Less: Cost of Sales | 9 | - | - |
| Gross Profit |  | 26,454 | 340 |
| Operating Expenses |  |  |  |
| General & Administrative Expenses | 10 | 79,114 | 6,181 |
| Selling & Marketing Expenses | 11 | 32,991 | 2,104 |
| Total Expenses |  | (112,105) | (8,285) |
| Operating Profit / (Loss) |  | (85,651) | (7,945) |
| Other Income | 12 | 727 | - |
| Net Profit / (Loss) for the year |  | (84,924) | (7,945) |

*The annexed notes 01 to 14 form an integral part of these financial statements.*

**Accounts Manager** Muhammad Arsalan

**Chief Executive** Justin Smith

# Contractor Plus, Inc.

## Statement of Cash Flows

For the year ended December 31, 2021

In US Dollars

|  | Notes | 2021 | 2020 |
| --- | --- | --- | --- |
| Cashflow from Operating Activities |  |  |  |
| Profit / (Loss) for the period |  | (84,924) | (7,945) |
| Adjustments for: |  |  |  |
| Depreciation |  | - | - |
| Total |  | - | - |
| Changes in Working Capital: |  |  |  |
| Accounts Receivable |  | (1,271) | - |
| Accrued Expenses |  | 1,024 | - |
| Deferred Revenue |  | 12,022 | 99 |
| Provision for Taxation |  | (450) | 450 |
| Short-term Loan |  | 2,278 | - |
| Total |  | 13,602 | 549 |
| Cash used in Operating Activities |  | (71,322) | (7,396) |
| Cashflow from Investing Activities |  |  |  |
| Refund Claims |  | (128) | - |
| Cash used in Investing Activities |  | (128) | - |
| Cashflow from Financing Activities |  |  |  |
| Convertible Loan |  | 115,304 | - |
| Director Loan |  | - | 7,904 |
| Capital Investment |  | 3 | 50 |
| Cash generated from Financing Activities |  | 115,307 | 7,954 |
| Net Cash generated during the year |  | 43,858 | 558 |
| Cash & Cash equivalents at the beginning of the year |  | 558 | - |
| Cash & Cash equivalents at the end of the year |  | 44,416 | 558 |

The annexed notes 01 to 14 form an integral part of these financial statements.

**Accounts Manager**
Muhammad Arsalan

**Chief Executive**
Justin Smith

# Contractor Plus, Inc.

## Statement of Changes in Equity

As at December 31, 2021

PARTICULARS

|  | Capital | Retained Earnings | Total |
| --- | --- | --- | --- |
|  | USD |  |  |
| Balance as at February 01, 2020 | - | - | - |
| Add: Owner's Investment | 50 | - | 50 |
| Profit / (Loss) for the period | - | (7,945) | (7,945) |
| Balance as at January 01, 2021 | 50 | (7,945) | (7,895) |
| Add: Owner's Investment | 3 | - | 3 |
| Profit / (Loss) for the period | - | (84,924) | (84,924) |
| Balance as at December 31, 2021 | 53 | (92,869) | (92,816) |

The annexed notes 01 to 14 form an integral part of these financial statements.

Accounts Manager

Muhammad Arsalan

Chief Executive

Justin Smith

# Contractor Plus, Inc.

## Notes to the Financial Statements

For the year ended December 31, 2021

In US Dollars

These notes form an integral part of the financial statements.

The financial statements were authorized for issue by the Board of Directors on [date]

### Note

#### 1 LEGAL STATUS AND NATURE OF BUSINESS

1.1 Contractor Plus, Inc. was incorporated in the State of Delaware on February 1, 2020. Contractor Plus is headquartered in Orlando, Florida. Contractor Plus is a mobile vertical SaaS company comprised of two officers, Justin Smith, CEO and Roshan Sethia, CTO. Contractor Plus is a mobile application for field service contractors. It does estimating, invoicing, post-inspections, payment facilitation, etc.

#### 2 STATEMENT OF COMPLIANCE

2.1 The accompanying Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America ('US GAAP').

#### 3 BASIS OF MEASUREMENT

These financial statement have been prepared under the historical cost convention. In these financial statement, except for the amounts reflected in the cash flow statement, all transactions have been accounted for on accrual basis.

#### 4 JUDGMENT, ESTIMATES AND ASSUMPTIONS

The preparation of financial statements is in conformity with approved accounting standards which requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. The estimates and related assumptions are reviewed on an ongoing basis. Accounting estimates are revised in the period in which such revisions are made and in any future periods affected.

Judgment made by management in the application of approved standards that have significant effect on the financial statements and estimates with a risk of material adjustment in subsequent year are as follows:

##### 4.1 Depreciation method, rates and useful lives of property, plant and equipment

The management of the Company reassesses useful lives, depreciation method, and rates for each item of property, plant and equipment annual by considering expected pattern of economic benefits that the Company expects to derive from those items.

# Contractor Plus, Inc.

## Notes to the Financial Statements

For the year ended December 31, 2021

In US Dollars

### 4.2 Provisions

Provisions are based on best estimate of the expenditure required to settle the present obligation at the reporting date, that is, the amount that the Company would rationally pay to settle the obligation at the reporting date or to transfer it to a third party.

### 4.3 Impairment

The carrying amounts of the Company's assets are reviewed at each balance sheet date to determine whether there is any indication of impairment loss. If any such indication exists, recoverable amount is estimated in order to determine the extent of the impairment loss, if any. Impairment loss is recorded on judgmental basis, for which provision may differ in the future years based on the actual expense.

### 5 FUNCTIONAL AND PRESENTATION CURRENCY

These financial statement are prepared in United States Dollars which is the Business' functional currency.

### 6 SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies adopted in preparation of these financial statements are set out below. These policies have been consistently applied to all years prescribed, unless otherwise stated.

#### 6.1 Cash and cash equivalents

Cash and cash equivalents are carried in the balance sheet at cost. For the purpose of cash flow statement, cash and cash equivalents comprise cash in hand and cash with banks in current and saving accounts.

#### 6.2 Property and equipment

Property and equipment are initially recognized at acquisition cost including any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the management. Subsequently, property and equipment are stated at cost less accumulated depreciation and any identified impairment losses. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the companies and the cost of the item can be measured reliably.

All other repairs and maintenance costs are charged to income statement during the year in which they are incurred.

# Contractor Plus, Inc.

## Notes to the Financial Statements

For the year ended December 31, 2021

In US Dollars

### 6.3 Intangible asset

An intangible asset is an identifiable non-monetary asset without physical substance. An intangible asset is recognized if it is probable that the future economic benefits that are attributable to the asset will flow to the companies and that the cost of such asset can also be measured reliably. Cost of the intangible asset includes purchase cost and directly attributable expenses incidental to bring the asset for its intended use.

Costs associated with maintaining computer software are recognized as an expense as and when incurred.

Intangible assets are stated at cost less accumulated amortization and accumulated impairment losses, if any. Amortization is charged over the estimated useful life of the asset on a systematic basis by applying the reducing balance method from the month when such asset is available for use.

### 6.4 Subsequent Events

Management has evaluated subsequent events for recognition and disclosure in the financial statements through December 31, 2021, which is the date the financial statements were available to be issued. Through December 31, 2021, no subsequent events required recognition or disclosure in the financial statements.

### 6.5 Taxation

The business has recognized in the financial statements the effects of all tax positions and continually evaluates expiring statutes of limitations, audits, changes in tax law, and new authoritative rulings. The business is not aware of any circumstances or events that make it reasonably possible that unrecognized tax benefits may increase or decrease within 12 months of the statement of financial position date. Penalties and interest assessed by taxing authorities are included in the provision for income taxes, if applicable. There were no penalties or interest paid during the reporting period.

### 6.6 Provisions

A provision is recognized when, and only when, the companies has a present obligation (legal or constructive) as a result of past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.

### 6.7 Use of estimates

The preparation of financial statements require the certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Company’s accounting policies. Estimates and judgments are continually evaluated and are based on historical experience, including expectation of future events that are believed to be reasonable under the circumstances. The areas where various assumptions and estimates are significant to the Company’s financial statements or where judgments were exercised in application of accounting policies are below:

- Operating fixed assets - tangible or intangible

# Contractor Plus, Inc.

## Notes to the Financial Statements

For the year ended December 31, 2021

In US Dollars

These notes form an integral part of the financial statements.

### Note 7

#### Cash and Bank Balances

|  | 2021 | 2020 |
| --- | --- | --- |
| Cash and Bank Balances | 44,416 | 558 |
| Total | 44,416 | 558 |

### Note 8

#### Revenue

|  | 2021 | 2020 |
| --- | --- | --- |
| Sales | 26,454 | 340 |
| Total | 26,454 | 340 |

### Note 9

#### Cost of Sales

|  | 2021 | 2020 |
| --- | --- | --- |
| Cost of Sales | - | - |
| Total | - | - |

### Note 10

#### General & Administrative Expenses

|  | 2021 | 2020 |
| --- | --- | --- |
| Finance Costs | 1,777 | - |
| IT, Software & Subscriptions | 1,152 | 630 |
| Legal & Professional Fees | 1,759 | - |
| Office Supplies & Expenses | 540 | 350 |
| Other Misc. Expenses | 3,614 | 1,075 |
| Salaries & Wages | 64,137 | 3,656 |
| Stripe Fees | 3,388 | 20 |
| Taxes & Licenses | - | 450 |
| Travel | 2,745 | - |
| Total | 79,114 | 6,181 |

### Note 11

#### Selling & Marketing Expenses

|  | 2021 | 2020 |
| --- | --- | --- |
| Advertisement & Marketing | 32,991 | 2,104 |
| Total | 32,991 | 2,104 |

### Note 12

#### Other Income

|  | 2021 | 2020 |
| --- | --- | --- |
| Discounts, Credits & Refunds | 727 | - |
| Total | 727 | - |

# Contractor Plus, Inc.

## Notes to the Financial Statements

For the year ended December 31, 2021

In US Dollars

### Note 13

#### Date of Authorization of Financial Statements

These financial statements were authorized for issue on _______________ by the Board of Directors.

### Note 14

#### General

Figures have been rounded off to the nearest dollar.

**Accounts Manager** Muhammad Arsalan

**Chief Executive Officer** Justin Smith

# Contractor Plus, Inc.

## Independent Accountant's Review Report

For the period from January 01, 2022 to April 30, 2022

# Independent Accountant's Review Report

November 17, 2022

## To the Board of Directors and Members

We have reviewed the accompanying balance sheet of Contractor Plus, Inc. as of April 30, 2022, the related statements of profit & loss for the period ended, statement of net assets, and the statements of cash flows for the period then ended.

These financial statements are the responsibility of the Company's management. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements.

We conducted our reviews in accordance with standards established by the American Institute of Certified Public Accountants. A review of the financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in the United States, which will be performed for the full year with the objective of expressing an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

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

*Drenchko Stephanie Nov 17, 2022*

**Drenchko Stephanie, CPA**

Partner,

**GDS International Co**

License #: 098780

Contact: +1 (949) 354-4109

9 Knollwood DrBallston Lake, NY 12019

**Independent Accountant**

# Contractor Plus, Inc.

## Balance Sheet

As at April 30, 2022

In US Dollars

|  | Notes | Amount |
| --- | --- | --- |
| Assets |  |  |
| Non-current Assets |  |  |
| Property, plant, and equipment |  | - |
| Total Non-current assets |  | - |
| Current Assets |  |  |
| Accounts Receivable |  | 1,748 |
| Cash and Bank Balances | 7 | 20,530 |
| Total Current assets |  | 22,278 |
| Total Assets |  | 22,278 |
| Liabilities and Equity |  |  |
| Long-term Liabilities |  |  |
| Convertible Loan |  | 117,196 |
| Director Loan |  | 7,904 |
| Total Long-term liabilities |  | 125,100 |
| Current Liabilities |  |  |
| Deferred Revenue |  | 15,690 |
| Accrued Expenses |  | 6,639 |
| Total Current liabilities |  | 22,328 |
| Total Liabilities |  | 147,429 |
| Equity |  |  |
| Capital |  | 53 |
| Retained Earnings |  | (125,204) |
| Total Equity |  | (125,151) |
| Total Liabilities and Owner's Equity |  | 22,278 |

The annexed notes 01 to 14 form an integral part of these financial statements.

**Accounts Manager** Muhammad Arsalan

**Chief Executive** Justin Smith

# Contractor Plus, Inc.

## Income Statement

For the period from January 01, 2022 to April 30, 2022

In US Dollars

|  | Notes | Amount |
| --- | --- | --- |
| Total Revenue | 8 | 24,262 |
| Less: Cost of Sales | 9 | - |
| Gross Profit |  | 24,262 |
| Operating Expenses |  |  |
| General & Administrative Expenses | 10 | 54,879 |
| Selling & Marketing Expenses | 11 | 1,728 |
| Total Expenses |  | (56,607) |
| Operating Profit / (Loss) |  | (32,345) |
| Other Incomes | 12 | - |
| Net Profit / (Loss) for the period |  | (32,345) |

*The annexed notes 01 to 14 form an integral part of these financial statements.*

**Accounts Manager** Muhammad Arsalan

**Chief Executive** Justin Smith

# Contractor Plus, Inc.

## Statement of Cash Flows

For the period from January 01, 2022 to April 30, 2022

In US Dollars

|  | Notes | Amount |
| --- | --- | --- |
| Cashflow from Operating Activities |  |  |
| Profit / (Loss) for the period |  | (32,345) |
| Adjustments for: |  |  |
| Accounts Receivable |  | (477) |
| Deferred Revenue |  | 3,569 |
| Short-term Loan |  | (2,267) |
| Accrued Expenses |  | 5,615 |
| Cash used in Operating Activities |  | (25,906) |
| Cashflow from Investing Activities |  |  |
| Refund Claims |  | 128 |
| Cash used in Investing Activities |  | 128 |
| Cashflow from Financing Activities |  |  |
| Proceeds from Convertible Loan |  | 1,892 |
| Funds contributed by Members |  | - |
| Cash generated from Financing Activities |  | 1,892 |
| Net Cash generated during the period | - | 23,886 |
| Cash & Cash equivalents at the beginning of the period |  | 44,416 |
| Cash & Cash equivalents at the end of the period |  | 20,530 |

*The annexed notes 01 to 14 form an integral part of these financial statements.*

Muhammad Arsalan

**Accounts Manager** Muhammad Arsalan

**Chief Executive** Justin Smith

# Contractor Plus, Inc.

## Statement of Changes in Equity

As at April 30, 2022

PARTICULARS

|  | Capital | Retained Earnings | Total |
| --- | --- | --- | --- |
|  | USD |  |  |
| Balance as at January 01, 2022 | 53 | (92,858) | (92,805) |
| Add: Owner's Investment | - | - | - |
| Profit / (Loss) for the period | - | (32,345) | (32,345) |
| Balance as at April 30, 2022 | 53 | (125,204) | (125,151) |

*The annexed notes 01 to 14 form an integral part of these financial statements.*

**Accounts Manager**
Muhammad Arsalan

**Chief Executive**
Justin Smith

# Contractor Plus, Inc.

## Notes to the Financial Statements

For the period from January 01, 2022 to April 30, 2022

In US Dollars

These notes form an integral part of the financial statements.

The financial statements were authorized for issue by the Board of Directors on [date]

### Note

#### 1 LEGAL STATUS AND NATURE OF BUSINESS

1.1 Contractor Plus, Inc. was incorporated in the State of Delaware on February 1, 2020. Contractor Plus is headquartered in Orlando, Florida. Contractor Plus is a mobile vertical SaaS company comprised of two officers, Justin Smith, CEO and Roshan Sethia, CTO. Contractor Plus is a mobile application for field service contractors. It does estimating, invoicing, post-inspections, payment facilitation, etc.

#### 2 STATEMENT OF COMPLIANCE

2.1 The accompanying Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America ('US GAAP').

#### 3 BASIS OF MEASUREMENT

These financial statement have been prepared under the historical cost convention. In these financial statement, except for the amounts reflected in the cash flow statement, all transactions have been accounted for on accrual basis.

#### 4 JUDGMENT, ESTIMATES AND ASSUMPTIONS

The preparation of financial statements is in conformity with approved accounting standards which requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. The estimates and related assumptions are reviewed on an ongoing basis. Accounting estimates are revised in the period in which such revisions are made and in any future periods affected.

Judgment made by management in the application of approved standards that have significant effect on the financial statements and estimates with a risk of material adjustment in subsequent year are as follows:

##### 4.1 Depreciation method, rates and useful lives of property, plant and equipment

The management of the Company reassesses useful lives, depreciation method, and rates for each item of property, plant and equipment annual by considering expected pattern of economic benefits that the Company expects to derive from those items.

# Contractor Plus, Inc.

## Notes to the Financial Statements

For the period from January 01, 2022 to April 30, 2022

In US Dollars

### 4.2 Provisions

Provisions are based on best estimate of the expenditure required to settle the present obligation at the reporting date, that is, the amount that the Company would rationally pay to settle the obligation at the reporting date or to transfer it to a third party.

### 4.3 Impairment

The carrying amounts of the Company's assets are reviewed at each balance sheet date to determine whether there is any indication of impairment loss. If any such indication exists, recoverable amount is estimated in order to determine the extent of the impairment loss, if any. Impairment loss is recorded on judgmental basis, for which provision may differ in the future years based on the actual expense.

### 5 FUNCTIONAL AND PRESENTATION CURRENCY

These financial statement are prepared in United States Dollars which is the Business' functional currency.

### 6 SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies adopted in preparation of these financial statements are set out below. These policies have been consistently applied to all years prescribed, unless otherwise stated.

#### 6.1 Cash and cash equivalents

Cash and cash equivalents are carried in the balance sheet at cost. For the purpose of cash flow statement, cash and cash equivalents comprise cash in hand and cash with banks in current and saving accounts.

#### 6.2 Property and equipment

Property and equipment are initially recognized at acquisition cost including any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the management. Subsequently, property and equipment are stated at cost less accumulated depreciation and any identified impairment losses. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the companies and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to income statement during the year in which they are incurred.

#### 6.3 Subsequent Events

Management has evaluated subsequent events for recognition and disclosure in the financial statements through April 30, 2022, which is the date the financial statements were available to be issued. Through April 30, 2022, no subsequent events required recognition or disclosure in the financial statements.

# Contractor Plus, Inc.

## Notes to the Financial Statements

For the period from January 01, 2022 to April 30, 2022

In US Dollars

### 6.4 Taxation

The business has recognized in the financial statements the effects of all tax positions and continually evaluates expiring statutes of limitations, audits, changes in tax law, and new authoritative rulings. The business is not aware of any circumstances or events that make it reasonably possible that unrecognized tax benefits may increase or decrease within the reporting period of the statement of financial position date. Penalties and interest assessed by taxing authorities are included in the provision for income taxes, if applicable. There were no penalties or interest paid during the reporting period.

### 6.5 Provisions

A provision is recognized when, and only when, the companies has a present obligation (legal or constructive) as a result of past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.

### 6.6 Use of estimates

The preparation of financial statements require the certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience, including expectation of future events that are believed to be reasonable under the circumstances. The areas where various assumptions and estimates are significant to the Company's financial statements or where judgments were exercised in application of accounting policies are below:

- Operating fixed assets - tangible or intangible

### Note 7

#### Cash and Bank Balances

|  | Amount |
| --- | --- |
| Cash and Bank Balances | 20,530 |
| Total | 20,530 |

### Note 8

#### Revenue

|  | Amount |
| --- | --- |
| Sales | 24,262 |
| Total | 24,262 |

### Note 9

#### Cost of Sales

|  | Amount |
| --- | --- |
| Cost of Sales | - |
| Total | - |

# Contractor Plus, Inc.

## Notes to the Financial Statements

For the period from January 01, 2022 to April 30, 2022

In US Dollars

These notes form an integral part of the financial statements.

### Note 10

#### General & Administrative Expenses

|  | Amount |
| --- | --- |
| Finance Cost | 1,892 |
| IT, Software & Subscriptions | 4,444 |
| Office Supplies & Expenses | 1,102 |
| Other Misc. Expenses | 2,011 |
| Salaries & Wages | 43,478 |
| Stripe Fees | 1,612 |
| Travel | 340 |
| Total | 54,879 |

### Note 11

#### Selling & Marketing Expenses

|  | Amount |
| --- | --- |
| Advertisement & Marketing | 1,728 |
| Total | 1,728 |

### Note 12

#### Other Incomes

|  | Amount |
| --- | --- |
| Discounts, Refunds & Credits | - |
| Total | - |

### Note 13

#### Date of Authorization of Financial Statements

These financial statements were authorized for issue on _______________ by the Board of Directors.

### Note 14

#### General

Figures have been rounded off to the nearest dollar.

**Accounts Manager**

Muhammad Arsalan

**Chief Executive Officer**

Justin Smith

**Attachment 12:** `document_12.pdf`

Page | 1

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

# Contractor Plus, Inc.

Financial Statement for the period ended

December 31, 2021

Page | 2

# Contents

Statement of Financial Position ...3
Statement of Profit and Loss...4
Statement of Changes in Equity ...5
Statement of Cash Flows...6
Notes to the Financial Statements...7
1. Summary of Significant Accounting Policies ...7
2. Commitments and Contingencies ...11
3. Property and Equipment ...11
4. Short term loan ...12
5. Convertible loan ...12
6. Equity...12
7. Subsequent Events ...12

Page | 3

# Contractor Plus, Inc.  
Statement of Financial Position  
December 31, 2021

|  | TOTAL |  |
| --- | --- | --- |
|  | AS OF DEC 31, 2021 | AS OF DEC 31, 2020 (PY) |
| ASSETS |  |  |
| Current Assets |  |  |
| Bank Accounts |  |  |
| Azio | 0.00 | 206.80 |
| Checking (0091) | 43,280.59 | 338.44 |
| Credit card (ount) | 1,038.69 |  |
| Stripe Bank account (required for Synder) | 96.46 | 12.90 |
| Total Bank Accounts | $44,415.74 | $558.14 |
| Accounts Receivable |  |  |
| Accounts Receivable (A/R) | 115.50 | 0.00 |
| Apple | 1,155.97 |  |
| Total Accounts Receivable | $1,271.47 | $0.00 |
| Other Current Assets |  |  |
| Other Receivables | 0.00 |  |
| Refund Claims | 128.00 |  |
| Total Other Receivables | 128.00 |  |
| Total Other Current Assets | $128.00 | $0.00 |
| Total Current Assets | $45,815.21 | $558.14 |
| TOTAL ASSETS | $45,815.21 | $558.14 |
| LIABILITIES AND EQUITY |  |  |
| Liabilities |  |  |
| Current Liabilities |  |  |
| Other Current Liabilities |  |  |
| Accrued Expenses | 758.75 |  |
| Deferred Revenue | 12,120.83 | 99.00 |
| Provision For Taxation | 0.00 | 450.00 |
| Salary Payable | 265.00 |  |
| Short Term Loan | 2,278.03 |  |
| Total Other Current Liabilities | $15,422.61 | $549.00 |
| Total Current Liabilities | $15,422.61 | $549.00 |
| Long-Term Liabilities |  |  |
| Convertible Loan | 115,304.26 |  |
| Director Loan | 7,904.11 | 7,904.11 |
| Total Long-Term Liabilities | $123,208.37 | $7,904.11 |
| Total Liabilities | $138,630.98 | $8,453.11 |
| Equity |  |  |
| Opening Balance Equity | 53.00 | 50.00 |
| Retained Earnings | -7,944.97 |  |
| Net Income | -84,923.80 | -7,944.97 |
| Total Equity | $-92,815.77 | $-7,894.97 |
| TOTAL LIABILITIES AND EQUITY | $45,815.21 | $558.14 |

Page | 4

# Contractor Plus, Inc.  
 Statement of Profit and Loss  
 December 31, 2021

|  | TOTAL |  |
| --- | --- | --- |
|  | JAN - DEC 2021 | JAN - DEC 2020 (PY) |
| Income |  |  |
| Discounts given | -2,945.60 | -11.90 |
| Services | 0.00 | 0.00 |
| Base Subscriptions | 27,352.40 | 352.00 |
| Contractor+ Websites | 644.00 |  |
| Lead Generation | 320.00 |  |
| Logo Design | 1,083.00 |  |
| Total Services | 29,399.40 | 352.00 |
| Total Income | $26,453.80 | $340.10 |
| GROSS PROFIT | $26,453.80 | $340.10 |
| Expenses |  |  |
| Advertising & Marketing | 32,991.31 | 2,104.06 |
| Finance cost | 1,777.26 |  |
| General Expense | 3,614.44 | 1,075.13 |
| Legal & Professional Services | 1,758.75 |  |
| Office Supplies and Equipments | 540.47 | 350.00 |
| Recurring Expense | 1,151.76 | 629.60 |
| Salaries and Wages | 64,137.01 | 3,655.98 |
| Stripe fees | 3,388.48 | 20.30 |
| Taxation |  | 450.00 |
| Travel | 2,745.49 |  |
| Total Expenses | $112,104.97 | $8,285.07 |
| NET OPERATING INCOME | $ -85,651.17 | $ -7,944.97 |
| Other Income |  |  |
| Other Income | 727.37 |  |
| Total Other Income | $727.37 | $0.00 |
| NET OTHER INCOME | $727.37 | $0.00 |
| NET INCOME | $ -84,923.80 | $ -7,944.97 |

Page | 5

# **Contractor Plus, Inc.**  
 **Statement of Changes in Equity**  
 **December 31, 2021**

|  |  | Common Stocks |  | Additional Paid in Capital |  | Retained Earnings | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Shares | Amount | Shares | Amount |  |  |
| All figures in $ |  |  |  |  |  |  |  |
| Beginning Balance | 3 Aug 2020 | - | - | - | - | - | - |
| Contribution |  | 10,000,000 | 100 | 5,000,000 | 50 | - | 50.00 |
| Net loss | 2020 | - | - | - | - | (7,945) | (7,944.97) |
| Ending Balance | 31 Dec 2020 | 10,000,000 | 100 | 5,000,000 | 50 | (7,945) | (7,894.97) |
| Contribution |  | - | - | - | 3 | - | 3.00 |
| Net loss | 2021 | - | - | - | - | (84,924) | (84,923.80) |
| Ending Balance | 31 Dec 2021 | 10,000,000 | 100 | 5,000,000 | 53 | (92,869) | (92,815.77) |

Page | 6

# Contractor Plus, Inc.  
 Statement of Cash Flows  
 December 31, 2021

|  | TOTAL |
| --- | --- |
| OPERATING ACTIVITIES |  |
| Net Income | -84,923.80 |
| Adjustments to reconcile Net Income to Net Cash provided by operations: |  |
| Accounts Receivable (A/R) | -115.50 |
| Apple | -1,155.97 |
| Other Receivables:Refund Claims | -128.00 |
| Accrued Expenses | 758.75 |
| Deferred Revenue | 12,021.83 |
| Provision For Taxation | -450.00 |
| Salary Payable | 265.00 |
| Short Term Loan | 2,278.03 |
| Total Adjustments to reconcile Net Income to Net Cash provided by operations: | 13,474.14 |
| Net cash provided by operating activities | $ -71,449.66 |
| FINANCING ACTIVITIES |  |
| Convertible Loan | 115,304.26 |
| Opening Balance Equity | 3.00 |
| Net cash provided by financing activities | $115,307.26 |
| NET CASH INCREASE FOR PERIOD | $43,857.60 |
| Cash at beginning of period | 558.14 |
| CASH AT END OF PERIOD | $44,415.74 |

Page | 7

# **Contractor Plus, Inc.**  
**Notes to the Financial Statements**  
**December 31, 2021**

# *1. Summary of Significant Accounting Policies*

# **The Company**

The financial statements have been prepared to present the financial position and results of operations of the following related entity (the “Company”). The financial statement only includes information from inception (February 1, 2020) through December 31, 2021.

Contractor Plus, Inc. was incorporated in the State of Delaware on February 1, 2020.

Contractor Plus is headquartered in Orlando, Florida. Contractor Plus is a mobile vertical SaaS company comprised of two officers, Justin Smith, CEO and Roshan Sethia, CTO. Contractor Plus is a mobile application for field service contractors. It does estimating, invoicing, post-inspections, payment facilitation, etc.

# **Fiscal Year**

The Company operates on a December 31st year-end.

# **Principles of Consolidation and Basis of Accounting**

The financial statements include the accounts of Contractor Plus Technologies, Inc. (the “Company”). The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All significant intercompany balance and transactions have been eliminated in the accompanying financial statements.

# **Use of Estimates**

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

# **Risks and Uncertainties**

The Company has a limited operating history. The Company’s business and operations are sensitive to general business and economic conditions in the United States. A host of factors beyond the Company’s control could cause fluctuations in these conditions. Adverse conditions

Page | 8

may include, recession, downturn or otherwise, local competition or changes in consumer taste. These adverse conditions could affect the Company's financial condition and the results of its operations.

### **Cash and Cash Equivalents**

The Company considers all highly liquid financial instruments purchased with maturities of three months or less to be cash equivalents. As of December 31, 2021, the Company held no cash equivalents.

### **Accounts Receivable**

The Company's trade receivables are recorded when billed and represent claims against third parties that will be settled in cash. The carrying value of the Company's receivables, net of the allowance for doubtful accounts, represents their estimated net realizable value.

The Company evaluates the collectability of accounts receivable on a customer-by-customer basis. The Company records a reserve for bad debts against amounts due to reduce the net recognized receivable to an amount the Company believes will be reasonably collected. The reserve is a discretionary amount determined from the analysis of the aging of the accounts receivables, historical experience and knowledge of specific customers. As of December 31, 2021, the Company has no allowance for doubtful accounts.

### **Inventory**

Inventories are stated at the lower of standard cost (which approximates cost determined on a first-in, first-out basis) or market. As a pure software company that delivers it product using cloud technology, it is unlikely that the Company will hold inventory. At December 31, 2021, the Company held no inventory.

### **Intangible Assets**

Intangible asset is stated at cost. The intangible assets consist of patents. Patents costs are amortized over the useful life of the patent. The company has no intangible assets as at December 31, 2021.

### **Property and Equipment**

Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Office equipment is depreciated over five years. Repair and maintenance costs are charged to operations as incurred and major improvements are capitalized. The Company reviews the carrying amount of fixed assets whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.

### **Income Taxes**

The Company applies ASC 740 Income Taxes ('ASC 740'). Deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and

Page | 9

liabilities and their financial statement reported amounts at each period end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes represents the tax expense for the period, if any and the change during the period in deferred tax assets and liabilities. ASC 740 also provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax positions. A tax benefit from an uncertain position is recognized only if it is “more likely than not” that the position is sustainable upon examination by the relevant taxing authority based on its technical merit.

The Company is subject to tax filing requirements as a corporation in the federal jurisdiction of the United States. The Company sustained net operating losses during fiscal year 2021. Net operating losses will be carried forward to reduce taxable income in future years. Due to management’s uncertainty as to the timing and valuation of any benefits associated with the net operating loss carryforwards, the Company has elected to recognize an allowance to account for them in the financial statements but has fully reserved it. Under current law, net operating losses may be carried forward indefinitely.

The Company is subject to income tax filing requirements in the States of Delaware.

#### **Fair Value of Financial Instruments**

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

Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 - Include other inputs that are directly or indirectly observable in the marketplace.

Level 3 - Unobservable inputs which are supported by little or no market activity.

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

Page | 10

Fair-value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of Inception. Fair values were assumed to approximate carrying values because of their short term in nature or they are payable on demand.

### **Revenue Recognition**

The Company recognizes revenue when: (1) persuasive evidence exists of an arrangement with the customer reflecting the terms and conditions under which products or services will be provided; (2) delivery has occurred or services have been provided; (3) the fee is fixed or determinable; and (4) collection is reasonably assured. Revenues are generally recognized upon shipment of a sale. Unshipped orders are recorded as deferred revenues.

### **Advertising Expenses**

The Company expenses advertising costs as they are incurred.

### **Research and Development**

Research and development costs are expensed as incurred.

### **Foreign Currency**

The financial statements are presented in United States Dollars, (“USD”), which is the reporting currency and the functional currency of the Company. In accordance with ASC 830, Foreign Currency Matters, foreign denominated monetary assets and liabilities are translated to their USD equivalents using foreign exchange rates which prevailed at the balance sheet date. Nonmonetary assets and liabilities are translated at exchange rate prevailing at the transaction date. Revenue and expenses were translated at the prevailing rate of exchange at the date of the transaction. Related translation adjustments are reported as a separate component of stockholders’ equity/(deficit), whereas gains or losses resulting from foreign currency transactions are included in results of operations.

Page | 11

### Equity Based Compensation

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

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

### New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”. Under this guidance, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration expected to be received for those goods or services. The updated standard will replace most existing revenue recognition guidance under U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard for nonpublic entities will be effective after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020. The Company is currently evaluating the effect that the updated standard will have on the financial statements and related disclosures.

## 2. Commitments and Contingencies

The Company is not currently involved with and does not know of any pending or threatening litigations against the Company or its members.

## 3. Property and Equipment

Property and equipment consisted of the following at December 31, 2021.

Property and equipment at cost - $0

Due to the immaterial amount of the equipment, the Company will write-off the cost as a one-off expense.

Page | 12

#### 4. Short term loan

The Company has obtained a short-term loan from stripe as at October 07$^{th}$, 2021 amounting to $4,100, for a fee of $557. This amount is recoverable by stripe from Contractor Plus receipts from subscriptions.

#### 5. Convertible loan

The company has obtained a convertible instrument of $113,527 from wefunder was obtained in two tranches. $55,827 on July 02$^{nd}$, 2021 and $57,700 on Oct 28$^{th}$, 2022. The convertible instrument was issued at a $3 million valuation cap. The convertible instrument has been treated as a debt as per ASC 470-20 with 5% coupon interest rate, until conversion.

#### 6. Equity

##### Common Stock

Under the articles of incorporation, the total number of common shares of stock that the corporation shall have authority to issue is ten million (10,000,000), $0.00001 par value per share. As of December 31, 2021, 5,415,000 shares have been issued and are outstanding. The cap table is as attached below:

| Name | ↓ Total % i | Common Stock i |
| --- | --- | --- |
| Roshanlal Sethia | 46.17% | 2,500,000 |
| Justin Smith | 46.17% | 2,500,000 |
| Michael Fied | 3.69% | 200,000 |
| Brandon Schlichter | 1.85% | 100,000 |
| Mike Demler | 1.85% | 100,000 |
| Joe Chase | 0.28% | 15,000 |
| Total | 100% | 5,415,000 |

##### Preferred Stock

As of December 31, 2021, no preferred shares have been authorized.

#### 7. Subsequent Events

The Company has determined no material subsequent events worth highlighting.

**Attachment 13:** `document_13.pdf`

5/17/2021

Justin Smith | LinkedIn

CONTRACTOR PLUS
UNITE your team.
IMPRESS your clients.
GROW your business.
GET IT ON Google Play
Download on the App Store
Justin Smith · 2nd
Contractor+ helps Field Service Contractors WIN. Unite Your Team, Impress Your Clients & Grow Your Business | Seeking Seed Funding | CEO @ Contractor Plus, Inc.
Orlando, Florida, United States · Contact info
500+ connections
You both know Bruce Merrill and Lydia Smith
Connect Message More
Hiring a Senior PHP Developer
Contractor+ · Mumbai, Maharashtra, India · 59 minutes ago
Contractor Plus, Inc.
Full Sail University

Featured
CONTRACTOR PLUS
#1 HANDYMAN MOBILE APP
Invest in Contractor+: Contractor+ is a game changing mobile ERP solution for...
Contractor+ on Wefunder
Invest as little as $100 in startups and small businesses. Wefunder is the largest...
Skyrocket Your Business Using Contractor+ App!
Estimates • Invoices • Post inspections • Limits
CONTRACTOR PLUS
SKY YOUR HANDYMAN / FIELD
SERVICE BUSINESS
contractorplus.app
Skyrocket your handyman contractor business with Contractor+. The #1 mobile...
Are you a h
SKYROCKET Y
Contractor+ A
YouTube
IMPRESS YOUR
TEAM -- GROW

Experience
CEO
Contractor Plus, Inc.
Feb 2020 - Present · 1 yr 4 mos
Orlando, Florida Area
Mobile suite for handyman contractors and property managers. We help contractors work more efficiently, look more professional to their clients, win more jobs and generate more revenue.
What makes Contractor+ special?
Only estimator with true itemization including Areas, Tasks & Supplies
Supply pricing from 10+ suppliers including
...see more

https://www.linkedin.com/in/justinbriansmith/

1/3

5/17/2021

Justin Smith | LinkedIn

# **Internet Marketing Consultant**

Xflavor.com - Contract

Jan 1999 - Jan 2020 - 21 yrs 1 mo

Orlando, Florida, United States

Web design. Video Production. PPC Management. SEO. Full service internet marketing solutions.

**Xflavor Internet Marketing**

# **COO**

Reid Organization, Inc.

Jan 2006 - Aug 2012 - 6 yrs 8 mos

Orlando, Florida Area

Real estate, property management and property maintenance. Over 750 units under management.

# **Director Of Ecommerce**

Action Fanatics Inc - Full-time

Jun 2004 - Mar 2005 - 10 mos

Design, Development, Ecommerce Strategy, Marketing

# **Education**

# **Full Sail University**

Master of Science - MS, Entertainment Business

2005 - 2008

# **Licenses & certifications**

# **Marketing Fundementals**

Quantic School of Business and Technology

Issued May 2020 - No Expiration Date

# **Microeconomics I: Supply And Demand**

Quantic School of Business and Technology

Issued May 2020 - No Expiration Date

# **Customer Discovery**

Quantic School of Business and Technology

Issued Apr 2020 - No Expiration Date

Show more ▾

<https://www.linkedin.com/in/justinbriansmith/>

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Justin Smith | LinkedIn

https://www.linkedin.com/in/justinbriansmith/

3/3

**Attachment 14:** `document_14.pdf`

5/17/2021

Roshan Sethia | LinkedIn

# CONTRACTOR PLUS

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

UNITE Your Team
IMPRESS Your Clients
GROW Your Business

Field Service Management Solution

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

# Roshan Sethia - 3rd

Contractor+ helps Field Service Contractors 🏠 Unite Their Team, Impress Their Clients 🍜 & Grow Their Business 🍜 | Seeking Seed Funding | CTO @ Contractor+

Mumbai, Maharashtra, India - Contact info

500+ connections

Message

More

Contractor Plus, Inc.

University of Mumbai

# Providing services

Web Development, iOS Development, Android Development, Mobile Application Development, Web Desi...

# Featured

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

# SKY YOUR HANDYMAN / FIELD SERVICE BUSINESS

contractorplus.app

Skyrocket your handyman contractor business with Contractor+. The #1 mobile solution for field servic...

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

# SKYROCKET Your Business Using Contractor+ App!

YouTube

IMPRESS YOUR CLIENTS -- UNITE YOUR TEAM -- GROW YOUR BUSINESS! It's that simple. One app...

# Activity

1,939 followers

Email some of your best work to careers@contractorplus.app

Roshan commented

Looking for a Full-Time Freelancer who specializes in UI/UX Designin...

Roshan shared this
2 Reactions + 5 Comments

See all activity

# Experience

# Co-Founder & CTO

Contractor Plus, Inc. - Full-time
Apr 2020 - Present - 1 yr 2 mos

https://www.linkedin.com/in/roshansethia/

1/3

5/17/2021

Roshan Sethia | LinkedIn

Orlando, Florida, United States

Leading DevOps team of 6 members who are working hard to build Contractor+.

At Contractor+, we are building a solution for handyman/field service contractors & property managers which helps them work more efficiently, look more professional to their clients, win more jobs and generate more revenue.

As Contractor+ is a startup, I wear many hats including Technology, Operations, Ideation, Marketing & much more.

**SKYROCKET Your Business Using...**

**SKY YOUR HANDYMAN / FIELD...**

# **Director**

Apr 2015 - Mar 2020 - 5 yrs Mumbai Area, India

Leading an exceptional team of 30+ SpryOXians to bring exceptional quality Enterprise products, Mobile Apps (Android & iOS) and Web Applications (Websites, ECommerce, Web Application) for our global clientele. At SpryOX we have very high service standards and constantly increase our internal benchmarking. We have always been ahead of time ...see more

# **Co-Founder & CTO**

Aug 2015 - Dec 2017 - 2 yrs 5 mos Orlando, Florida Area

# **Founder**

Nov 2011 - Mar 2015 - 3 yrs 5 mos

# **Software Engineer**

Jul 2010 - Oct 2011 - 1 yr 4 mos

# **University of Mumbai**

Bachelor of Engineering, Computers 2007 - 2009

# **Fr. Conceicao Rodrigues College of Engineering**

Bachelor of Computer Engineering, Computers 2007 - 2009 Activities and Societies: Web Development, Mobile Application Development

Computer Engineering

<https://www.linkedin.com/in/roshansethia/>

2/3

5/17/2021

Roshan Sethia | LinkedIn

https://www.linkedin.com/in/roshansethia/

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

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Contractor Plus, Inc.

**Legal Status:** Corporation

**Jurisdiction of Incorporation/Organization:** DE

**Date of Organization:** 02-01-2020

**Physical Address:** 1317 Edgewater Drive, Orlando, FL, 32804

**Issuer Website:** https://contractorplus.app

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

### Annual Report Disclosure Requirements

**Current Number of Employees:** 9

**Total Assets (Most Recent Fiscal Year):** $19,839.30

**Total Assets (Prior Fiscal Year):** $45,825.71

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $13,305.97

**Cash & Cash Equivalents (Prior Fiscal Year):** $44,415.74

**Accounts Receivable (Most Recent Fiscal Year):** $3,115.43

**Accounts Receivable (Prior Fiscal Year):** $1,281.97

**Short-Term Debt (Most Recent Fiscal Year):** $15,518.00

**Short-Term Debt (Prior Fiscal Year):** $8,354.00

**Long-Term Debt (Most Recent Fiscal Year):** $7,904.00

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

**Revenues/Sales (Most Recent Fiscal Year):** $102,977.34

**Revenues/Sales (Prior Fiscal Year):** $26,454.43

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

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

**Taxes Paid (Most Recent Fiscal Year):** $450.00

**Taxes Paid (Prior Fiscal Year):** $450.00

**Net Income (Most Recent Fiscal Year):** $-82,296.30

**Net Income (Prior Fiscal Year):** $-84,913.30

### Signatures

**Issuer:** Contractor Plus, Inc.

**Signature:** Justin Smith

**Title:** CEO

---

**Signature:** Roshanlal Sethia

**Title:** CTO

**Date:** 02-18-2023

---

**Signature:** Justin Smith

**Title:** CEO

**Date:** 02-16-2023