# EDGAR Filing Document

**Accession Number:** 0001960591
**File Stem:** 0001746059-23-000041
**Filing Date:** 2023-2
**Character Count:** 53814
**Document Hash:** 50e73c1790e63f4fce9831f8762d7e1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001746059-23-000041.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001746059-23-000041

**CONFORMED SUBMISSION TYPE**: C/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sully's Golf & Gather LLC
- **CENTRAL INDEX KEY:** 0001960591
- **IRS NUMBER:** 884398087
- **STATE OF INCORPORATION:** NC

**FILING VALUES:**
- **FORM TYPE:** C/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-31674
- **FILM NUMBER:** 23599511

**BUSINESS ADDRESS:**
- **STREET 1:** 289 DAIRY RD
- **CITY:** CLAYTON
- **STATE:** NC
- **ZIP:** 27520
- **BUSINESS PHONE:** (919) 389-8786

**MAIL ADDRESS:**
- **STREET 1:** 289 DAIRY RD
- **CITY:** CLAYTON
- **STATE:** NC
- **ZIP:** 27520

### Attached PDF Documents

**Attachment 1:** `sullysgg_appxaca.pdf`

# APPENDIX A: INVESTMENT RISKS

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## YOU MIGHT LOSE YOUR MONEY

When you buy a certificate of deposit from a bank, the Federal government (through the FDIC) guarantees you will get your money back. Buying a Note is not like that at all. The ability of Sully's Golf & Gather to make the payments you expect, and ultimately to give you your money back, depends on a number of factors, including many beyond our control. An investment in the company involves a high degree of risk. The securities should not be purchased by anyone who cannot afford to lose all of their investment. A prospective investor should be aware that, if the company is unsuccessful, the investor's entire investment in the company may be lost and the company may be faced with liquidation.

## LIMITED SERVICES

Sully's Golf & Gather operates with a very limited scope, offering only particular services to potential clients, making them vulnerable to changes in customer preferences.

## LACK OF ACCOUNTING CONTROLS

Larger companies typically have in place strict accounting controls. Smaller companies typically lack these controls, exposing themselves to additional risk.

## REAL ESTATE RISK

Sully's Golf and Gather is still in the process of securing a location to lease, which will be necessary to conduct operations. To the extent Sully's Golf and Gather is unable to find and secure a location that is adequate, investors may lose some or all of their investment.

## COMPETITION

The market in which we operate is highly competitive and could become increasingly competitive with new entrants in the market. Sully's Golf & Gather competes with many other businesses, both large and small, on the basis of quality, price, location, and customer experience. Changes in customer preference away from Sully's Golf & Gather's core business or the inability to compete successfully against the other competitors could negatively affect Sully's Golf & Gather's financial performance.

## RELIANCE ON MANAGEMENT

As a securities holder, you will not be able to participate in Sully's Golf & Gather's management or vote on and/or influence any managerial decisions regarding Sully's Golf & Gather. Furthermore, if the founders or other key personnel of Sully's Golf & Gather were to leave Sully's Golf & Gather or become unable to work, Sully's Golf & Gather (and your investment) could suffer substantially.

## INDEMNIFICATION

Executive officers and managers of the Company owe certain duties to the Company they serve in connection with the use of its assets. Executive officers and managers are fiduciaries, and as such are under obligations of trust and confidence to the Company and owners to act in good faith and for the interest of the Company and its owners, with due care and diligence. Notwithstanding the foregoing, the Company is obligated to indemnify officers and managers of the Company for actions or omissions to act by such officers and managers of the Company on behalf of the Company that are authorized under the organizational documents of the Company. In addition, an officer may be entitled to advancement of expenses they may incur associated

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with or in defense of charges, claims or legal action arising from such person's position as an officer or manager of the Company, which could result in a decrease in the assets available for Investors in certain circumstances. The assets of the Company will be available to satisfy these indemnification obligations. Such obligations will survive dissolution of the Company. There are very limited circumstances under which the management of the Company can be held liable to the Company. Accordingly, it may be very difficult for the Company or any Investor to pursue any form of action against the management of the Company.

#### RISKS ASSOCIATED WITH THE RESTAURANT INDUSTRY

A main source of revenue in the Company will likely come from food & drink sales. The risks associated with the restaurant industry could negatively impact the Company. The restaurant industry is highly competitive and can be materially adversely affected by many factors, including:

- • changes in local, regional, or national economic conditions;
- • health crises, including the spread of viruses or other pandemics, such as COVID-19; • changes in demographic trends
- • changes in consumer tastes;
- • changes in traffic patterns;
- • increases in fuel prices and utility costs;
- • consumer concerns about health, diet, and nutrition;
- • increases in the number of, and particular locations of, competing restaurants; • changes in discretionary consumer spending;
- • inflation;
- • increases in the cost of food, such as beef, chicken, produce, and related packaging;
- • increased labor costs, including healthcare, unemployment insurance, and minimum wage requirements;
- • the availability of experienced management and hourly-paid employees; and
- • regional weather conditions.

Any industry conditions could impact the profit margins and use of proceeds of the investment.

#### FLUCTUATIONS IN THE COST OF FOOD

The success of the restaurant business depends on the availability of certain food products. Food, beverage, and packaging costs could be significantly affected by increases in the cost of these products, which can result from a number of factors, including, but not limited to, seasonality, cost of corn and grain, animal disease, drought and other weather phenomena, and increases in demand domestically and internationally. Additionally, if there is a significant rise in the price of these products, and the restaurant is unable to successfully adjust menu prices or menu mix or otherwise make operational adjustments to account for the higher prices, the Company's operating results could be adversely affected.

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## FINANCIAL FORECASTS RISKS

The financial forecasts provided by us herein are reasonable forecasts by us based upon assumption of stable economic conditions and other various assumptions regarding operations. The validity and accuracy of these assumptions will depend in large part on future events over which Sully's Golf & Gather and the key persons will have no control. Changes in assumptions or their underlying facts could significantly affect the forecasts. To the extent that the assumed events do not occur, the outcome may vary significantly from the projected outcomes. Consequently, there can be no assurance that the actual operating results will correspond to the forecasts provided herein. Additionally, Sully's Golf & Gather is a newly established entity and therefore has no operating history from which forecasts could be projected with.

## EARLY BUSINESS VENTURE

The company is subject to all the risks inherent in the establishment of an early-stage business. The company has incurred and will continue to incur material expenses prior to sustainable profitability. There can be no guarantee of the success of the company, and the likelihood of success must be considered in light of the problems, competition, expenses, difficulties, and complications frequently encountered in connection with the ownership and operation of an early-stage business. There is no guarantee that the company will ever be sustainably profitable.

## THE COMPANY'S BUSINESS PLAN IS SPECULATIVE

The Company's present business and planned business are speculative and subject to numerous risks and uncertainties. There is no assurance that the Company will generate significant revenues or profits.

## LIMITED ABILITY TO PROTECT INTELLECTUAL PROPERTY RIGHTS

The Company has not applied for, and has no plans to apply for, intellectual property protection through trademarks or patents. Failure to adequately protect its intellectual property from current competitors or new entrants to the market could have a material adverse effect on the Company's business, operating results, and financial condition. Additionally, the Company may become subject to third-party claims that it infringed upon their proprietary rights or trademarks. Such claims, whether or not meritorious, may result in the expenditure of significant financial and managerial resources, injunctions against the Company or the payment of damages by the Company.

## LIMITED OPERATING HISTORY

The Company was founded in December 2022, and is an early stage company with limited operating history upon which to evaluate its business and has generated limited revenues to date. The Company is not currently profitable. Although management of the Company currently anticipates that its business strategy will be successful, the Company may not be able to achieve the revenue growth in the coming years necessary to achieve profitability. The Company's prospects also must be considered in light of the risks and difficulties frequently encountered by early-stage companies in today's business environment. The Company may not be successful in addressing these risks, and the business strategy may not be successful.

## LICENSES AND PERMITS

The Company may need additional state and local permits and/or licenses to operate.

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## INABILITY TO SELL YOUR INVESTMENT

The law prohibits you from selling your securities (except in certain very limited circumstances) for 12 months after you acquire them. Even after that one-year period, a host of Federal and State securities laws may limit or restrict your ability to sell your securities. Even if you are permitted to sell, you will likely have difficulty finding a buyer because there will be no established market. Given these factors, you should be prepared to hold your investment for its full term.

## THE COMPANY MIGHT NEED MORE CAPITAL

Sully's Golf & Gather might need to raise more capital in the future to fund/expand operations, buy property and equipment, hire new team members, market its services, pay overhead and general administrative expenses, or a variety of other reasons. There is no assurance that additional capital will be available when needed, or that it will be available on terms that are not adverse to your interests as an investor. If Sully's Golf & Gather is unable to obtain additional funding when needed, it could be forced to delay its business plan or even cease operations altogether.

## CHANGES IN ECONOMIC CONDITIONS COULD HURT SULLY'S GOLF & GATHER

Factors like global or national economic recessions, changes in interest rates, changes in credit markets, changes in capital market conditions, declining employment, changes in real estate values, changes in tax policy, changes in political conditions, and wars and other crises, among other factors are unpredictable and could negatively affect Sully's Golf & Gather's financial performance or ability to continue to operate. In the event Sully's Golf & Gather ceases operations due to the foregoing factors, it can not guarantee that it will be able to resume operations or generate revenue in the future.

## NO REGISTRATION UNDER SECURITIES LAWS

The Notes will not be registered with the SEC or the securities regulator of any State. Hence, neither Sully's Golf & Gather nor the Notes will be subject to the same degree of regulation and scrutiny as if they were registered.

## INCOMPLETE OFFERING INFORMATION

Title III does not require us to provide you with all the information that would be required in some other kinds of securities offerings, such as a public offering of shares (for example, publicly-traded firms must generally provide investors with quarterly and annual financial statements that have been audited by an independent accounting firm). Although Title III does require extensive information, it is possible that you would make a different decision if you had more information.

## LACK OF ONGOING INFORMATION

Sully's Golf & Gather will be required to provide some information to investors for at least 12 months following the offering. However, this information is far more limited than the information that would be required of a publicly-reporting company; and Sully's Golf & Gather is allowed to stop providing annual information in certain circumstances.

## UNINSURED LOSSES

Although Sully's Golf & Gather will carry some insurance, Sully's Golf & Gather may not carry

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enough insurance to protect against all risks to the business. Additionally, there are some kinds of risks that are very difficult or impossible to insure against, at least at a reasonable cost. Therefore, Sully's Golf & Gather could incur an uninsured loss that could damage its business. The cost of insurance policies maintained by the Company to protect the Company's business and assets could increase in the future. In addition, some types of losses, such as losses resulting from natural disasters, generally are not insured because they are uninsurable or it is not economically practical to obtain insurance to cover them. Moreover, insurers recently have become more reluctant to insure against these types of events. Should an uninsured loss or a loss in excess of insured limits occur, this could have a material adverse effect on the Company's business, results of operations and financial condition.

#### CHANGES IN LAWS

Changes in laws or regulations, including but not limited to zoning laws, environmental laws, tax laws, consumer protection laws, securities laws, antitrust laws, and health care laws, could negatively affect Sully's Golf & Gather's financial performance or ability to continue to operate. Specifically, any additional regulation on the industry could significantly negatively affect the business.

#### CONFLICT OF INTEREST WITH COMPANIES AND THEIR MANAGEMENT

In many ways, your interests and the interests of Sully's Golf & Gather's management will coincide: you both want Sully's Golf & Gather to be as successful as possible. However, your interests might be in conflict in other important areas, including these: You might want Sully's Golf & Gather to act conservatively to make sure they are best equipped to repay the Note obligations, while Sully's Golf & Gather might prefer to spend aggressively to invest in the business. You would like to keep the compensation of managers low, while managers want to make as much as they can.

#### FUTURE INVESTORS MIGHT HAVE SUPERIOR RIGHTS

If Sully's Golf & Gather needs more capital in the future and takes on additional debt or other sources of financing, the new investors might have rights superior to yours. For example, they might have the right to be paid before you are, to receive larger distributions, to have a greater voice in management, or otherwise.

#### THE COMPANY IS NOT SUBJECT TO THE CORPORATE GOVERNANCE REQUIREMENTS OF THE NATIONAL SECURITIES EXCHANGES

Any company whose securities are listed on a national stock exchange (for example, the New York Stock Exchange) is subject to a number of rules about corporate governance that are intended to protect investors. For example, the major U.S. stock exchanges require listed companies to have an audit committee made up entirely of independent members of the board of directors (i.e., directors with no material outside relationships with Sully's Golf & Gather or management), which is responsible for monitoring Sully's Golf & Gather's compliance with the law. Sully's Golf & Gather will not be required to implement these and other investor protections.

#### GOING CONCERN

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operation for the foreseeable future. However, management has identified conditions and events that create an uncertainty about the ability of the company to

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continue as a going concern.

## RELIANCE ON MANAGERS

All decisions concerning the management of the Company will be made by the Managers. Investors have no right or power to take part in the management of the Company. Accordingly, no person should purchase Units unless he or she is willing to entrust all aspects of the management of the Company to the Managers. In particular, all policies of the Company, including its distributions and operating policies, are determined by the Managers. These policies may be changed from time to time at the discretion of the Managers without a vote of the Investors. Any such changes could be detrimental to the value of the Company. The Company's success depends upon the continuing, effective performance of its Managers. There can be no assurance that these Managers will remain in the employment of the Company or otherwise continue to be able to carry on their current duties. Although the Managers intend to devote a portion of their professional time to the Company, they will have substantial responsibilities outside of the management of the Company including the management and operation of Mike Sullivan Golf School.

## ABSENCE OF RECOURSE AGAINST AND INDEMNIFICATION OF MANAGERS

The Company's Operating Agreement provides that the Managers shall be indemnified against and shall not be liable for any loss or liability incurred in connection with the affairs of the Company, so long as such loss or liability arose from acts not involving gross negligence, willful malfeasance, or a material violation of law. As a result, Investors may have a more limited right of action in certain cases than they would in the absence of these provisions in the Company's Operating Agreement.

## CONFLICTS OF INTEREST

The Company is subject to a number of actual and potential conflicts of interest as set forth below: (a) The other activities of the Managers may create conflicts of interest with the Company with respect to the time devoted to managing the Company. The Managers will devote such time to manage the Company as they, in their sole discretion, deem necessary. Further, the Managers' judgment may be affected by additional conflicts of interest. The Managers will attempt to resolve all such conflicts in a manner that is fair to all interests. (b) The Managers may cause the Company to enter into transactions with persons affiliated with the Company. (c) Investors have not been represented by separate counsel, accountants, or other experts in connection with the formation of the Company, the drafting of the Operating Agreements, or the offering of the Units. Counsel has relied upon certain information furnished to it by the Company, the Managers and their affiliates and has not investigated or verified the accuracy or completeness of such information. Certain of the attorneys and other professionals and experts who perform services for the Company and Managers also may perform services for its affiliates. There is no present plan to employ separate counsel or other advisers in the future.

## YOU HAVE A LIMITED UPSIDE

Notes include a maximum amount you can receive. You cannot receive more than that even if Sully's Golf & Gather is significantly more successful than your initial expectations.

## YOU DO HAVE A DOWNSIDE

Conversely, if Sully's Golf & Gather fails to generate enough revenue, you could lose some or all of your money.

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#### PAYMENTS AND RETURN ARE UNPREDICTABLE

Because your payments are based on the revenue of Sully's Golf & Gather, and the revenue of Sully's Golf & Gather can go up or down (or even disappear altogether) unpredictably, it is impossible to predict how much you will receive and when. And because the payments are unpredictable, so is your ultimate return.

#### THE NOTES ARE UNSECURED AND UNINSURED

The Notes are not secured by any collateral, nor are they guaranteed or insured by the FDIC or any other entity.

#### SUBORDINATION

The Notes shall be subordinated to all indebtedness of Sully's Golf & Gather to banks, commercial finance lenders, landlords, leasing and equipment financing institutions, and/or other institutions regularly engaged in the business of lending money.

#### LACK OF GUARANTY

The Notes are not personally guaranteed by any of the founders or any other person.

#### LIMITATION OF INDIVIDUAL RIGHTS IN EVENT OF DEFAULT

In the event of a default under the Notes, you will not be able to enforce your rights individually (for example, by bringing a lawsuit). Instead, a representative will be appointed according to the procedures set forth in the Note Indenture. It's possible that you will not like the representative, or that the representative will do things you believe are wrong or misguided. If an event of default has occurred and a representative has been appointed, all of the representative's reasonable expenses must be paid before any further payments are made with respect to the Notes.

#### COVID-19 IMPACT

The ongoing COVID-19 pandemic may impact the Company's ability to generate revenue and/or continue operations. If operations are ceased due to COVID-19 restrictions or the discretion of management, the Company cannot guarantee that it will resume operations in the future. At this time, the overall economic impact and potential recovery from the effects of COVID-19 is unknown.

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**Attachment 2:** `sullysgg_offmoca.pdf`

# *Sully's*  
GOLF & GATHER

# OFFERING MEMORANDUM

facilitated by

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

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# Sullys Golf and Gather LLC

## FORM C

### OFFERING MEMORANDUM

#### Purpose of This Form

A company that wants to raise money using Regulation Crowdfunding must give certain information to prospective investors, so investors will have a basis for making an informed decision. The Securities and Exchange Commission, or SEC, has issued regulations at 17 CFR §227.201 listing the information companies must provide. This form - Form C - is the form used to provide that information.

Each heading below corresponds to a section of the SEC’s regulations under 17 CFR §227.201.

#### (A) The Company

| Name of Company | Sullys Golf and Gather LLC |
| --- | --- |
| State of Organization | NC |
| Date of Formation | 12/05/2022 |
| Entity Type | Limited Liability Company |
| Street Address | 289 Dairy Rd, Clayton NC, 27520 |
| Website Address | sullysgolf.com |

#### (B) Directors and Officers of the Company

| Key Person | LAUREN ROSELLA |
| --- | --- |
| Position with the Company | Title Cofounder First Year 2022 |
| Other business experience (last three years) | Director of Ladies Golf ( Mike Sullivan Golf School, Raleigh, NC 6/1/17-present ) - Responsible for curriculum, scheduling, and marketing of ladies golf program. Assistant instructor for group golf classes and private lessons. |

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| Key Person | Michael Sullivan |
| --- | --- |
| Position with the Company | Title First Year Cofounder 2022 |
| Other business experience (last three years) | Head of Instruction ( Mike Sullivan Golf School, Raleigh, NC 1/1/15-present ) - Owner and head of instruction at Mike Sullivan Golf School. In charge of payroll, scheduling, finance, operations, marketing. |

# (C) Each Person Who Owns 20% or More of the Voting Power

| Name of Holder | % of Voting Power (Prior to Offering) |
| --- | --- |
| LAUREN ROSELLA | 50% |
| Michael Sullivan | 50% |

# (D) The Company's Business and Business Plan

# Highlights

- Our goal is to transfer the great experience at Par Golf driving range to our new space.
- We plan on offering 10k+ sq feet of end-to-end indoor golf space, instruction, a full-service craft bar and food.
- 24 hrs/day access to the facility is part of our plan. 24 hrs/day is driving major growth for indoor golf facilities even in warm weather states.
- We know golfers. 25 years of teaching golf and 20+ years of golf course & driving range experience.
- Over 10 years of bar and restaurant management experience.
- Prior success with different businesses: Increased revenue of Mike Sullivan Golf School & Par Golf driving range by 300%+ from 2015 to 2021
- 5 Million+ views on our YouTube Channel: https://www.youtube.com/@MikeSullivangolf

# More than just an indoor golf facility

Sully's Golf & Gather allows an opportunity for golf improvement as well as a great family-friendly community space where people can gather and socialize. Sully's plans to offer 24-hour

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access to the facility for higher tiered members and the following for all members:

- Facilitation of golf instruction and golfer cultivation by Mike Sullivan and his team through Mike Sullivan Golf School, LLC (MSGS)* Mike has been teaching golf for over 20 years and has taught at golf's most prestigious events including The Masters, U.S. Open, PGA Championship, Ryder Cup, President's Cup & AT&T Pebble Beach Pro Am. Locally, Mike has an average rating of 5 stars by Google, Yelp and Facebook. The Mike Sullivan Golf School has an exclusive and proprietary instruction template. MSGS will have exclusive rights to the teaching programs at Sully's Golf & Gather.
- An indoor driving range featuring a launch monitor allowing every golfer to see ball flight and swing data on every swing.
- Foresight Sports GC Hawk golf simulators featuring the world's top courses.
- Golf equipment manufacturers including Tour Edge, Tom Wishon, Srixon/Cleveland and L.A.B. Golf putters.
- Golf fitness programs through FitGolf.
- Daylight & weather are not limiting factors.
- Dedicated private event space.

The Team

Mike Sullivan, Cofounder

As head professional and director of instruction, Mike is the Pied Piper of a highly profitable golf community, created a popular youtube channel, and has been teaching golf for over 25 years.

- Owner and director of instruction of Mike Sullivan Golf School
- YouTube channel with over 5 MM views
- Average 5 stars on Google, Yelp, Facebook reviews
- Former exclusive golf instruction provider to International Sports Management
- Has taught golf to VIP clients at The Masters, U.S. Open, PGA Championship, Ryder Cup,
- President's Cup, AT&T Pebble Beach Pro Am
- Over 25 years of golf management experience
- Created the Player Development Program at the largest private country club in the U.S.

Lauren Rosella, Cofounder

Lauren graduated from UNC Chapel Hill in 2004 and went on to establish the Lauren Rosella Fitness Brand. She is the current Head of Operations and Director of Ladies Golf at Mike Sullivan Golf School introducing over 600 new women to the game.

- Owner of Demand Better Fitness
- Director of Ladies Golf at Mike Sullivan Golf School
- David Leadbetter certified golf instructor
- 10 years bar and restaurant management experience

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• Domestic and international event coordinator

Mike Sullivan Golf School is owned and operated by Mike Sullivan and Lauren Rosella, and may hold events and training activities at Sully's Golf & Gather without paying rental fees. However, these businesses operate independently and revenue generated from Mike Sullivan Golf School is not considered to be operational revenue of Sully's Golf & Gather. The lease revenue paid from Mike Sullivan Golf School to Sully's Golf & Gather is considered operational revenue for the purpose of the MainVest revenue share.

MSGS and Sully's are separate legal entities. Only Sully's revenue is part of this offering. MSGS will pay Sully's for access to the indoor space which targets to provide a consistent stream of revenue for Sully's on top of Sully's other revenue generating activities. See License Agreement for details and the Offering Memorandum for disclosures.

What sets us apart...

- 25 years of golf teaching experience, 20 years of golf course and driving range management experience, and 10 years of bar and restaurant management experience.
- We know and understand the golf business. Our extensive and unique experience helps us create an environment and atmosphere that we believe golfers are looking for.
- Not only are we planning a great place to practice your long game using state-of-the-art technology, our goal is to have a great place for you to work on your short game as well, including a putting and chipping green.
- Options for both private and group golf instruction are part of our plan, a feature that is currently unavailable anywhere else in the area.

The Space

We aim for Sully's Golf & Gather to be the perfect place to work on your game! Imagine a space with a premier indoor driving range, launch monitors to see your ball flight, state-of-the-art simulators, an indoor putting green, private teaching suite, private event space, bar, and more. These and the below key features are what we plan to include:

- Over 10,000 square feet of indoor practice space
- 1000 square feet or more of putting and chipping greens
- 9 full swing driving range bays
- 3 GC Hawk launch monitors
- 500 square foot event space for private groups
- A full service bar with local craft beer and artisan cocktails and a light menu
- Image is a conceptual rendering. Final design TBD

For more information, please refer to the Page View included with this filing.

(E) Number of Employees

The Company currently has 1 employees. The Company may hire or discharge employees in the future to meet its objectives.

(F) Risks of Investing

A crowdfunding investment involves risk. YOU SHOULD NOT INVEST ANY FUNDS IN THIS OFFERING UNLESS YOU CAN AFFORD TO LOSE YOUR ENTIRE INVESTMENT. In making an investment decision, investors must rely on their own examination of the issuer and

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the terms of the offering, including the merits and risks involved. Please review the Educational Materials for risks that are common to many of the companies on the MainVest platform.

THESE SECURITIES ARE OFFERED UNDER AN EXEMPTION FROM REGISTRATION UNDER FEDERAL LAW. THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THESE SECURITIES ARE EXEMPT FROM REGISTRATION. THE SEC HAS NOT PASSED UPON THE MERITS OF THE SECURITIES OR THE TERMS OF THE OFFERING, AND HAS NOT PASSED UPON THE ACCURACY OR COMPLETENESS OF THE OFFERING DOCUMENTS OR LITERATURE.

THESE SECURITIES HAVE NOT BEEN RECOMMENDED OR APPROVED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THESE AUTHORITIES HAVE NOT PASSED UPON THE ACCURACY OR ADEQUACY OF THIS DOCUMENT.

Please refer to Appendix A for additional risks to consider when investing in this offering.

#### (G) Target Offering Amount and Offering Deadline

| Target Offering Amount | $50,000 |
| --- | --- |
| Offering Deadline | April 14, 2023 |

If the sum of the investment commitments does not equal or exceed the Target Offering Amount as of the Offering Deadline, no securities will be sold in the offering, investment commitments will be canceled, and all committed funds will be returned. The Company may extend the Offering Deadline and shall treat such an extension as a material change to the original offer and provide Investors with notice and opportunity to reconfirm their investment in accordance with Section (K) of this Memorandum.

#### (H) Commitments that Exceed the Target Offering Amount

| Will the Company accept commitments that exceed the Target Offering Amount? | Yes |
| --- | --- |
| What is the maximum you will accept in this Offering? | $124,000 |
| If Yes, how will the Company deal with the oversubscriptions? | We will accept subscriptions on a first-come, first-served basis. |

#### (I) How the Company Intends to Use the Money Raised in the Offering

The Company is reasonably sure it will use the money raised in the offering as follows:

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| Use | Amount (Minimum) | Amount (Maximum) |
| --- | --- | --- |
| Equipment Purchases (range, technology, putting green, etc) | $30,000 | $96,380 |
| Operating Capital (vendors, construction, buildout, etc) | $16,625 | $19,250 |
| Mainvest Compensation | $3,375 | $8,370 |
| TOTAL | $50,000 | $124,000 |

The amounts listed estimates and are not intended to be exact description of the Company's expenditures. Exact allocation and use of funds may vary based upon legitimate business expenditures and economic factors.

#### (J) The Investment Process

##### To Invest

- Review this Form C and the Campaign Page
- If you decide to invest, enter an amount and press the Invest button
- Follow the instructions

##### TO CANCEL YOUR INVESTMENT

Send an email to info@mainvest.com no later than 48 hours before the Offering Deadline or go to the dashboard for your user account to cancel manually. In your email, include your name and the name of the Company.

##### Other Information on the Investment Process

- Investors may cancel an investment commitment until 48 hours prior to the Offering Deadline.
- MainVest will notify investors when and if the Target Offering Amount has been raised.
- If the Company reaches the Target Offering Amount before the Offering Deadline, it may close the offering early if it provides notice about the new Offering Deadline at least five business days before such new Offering Deadline, absent a material change that would require an extension of the offering and reconfirmation of the investment commitment.
- If an investor does not cancel an investment commitment before the 48-hour period before the Offering Deadline, the funds will be released to the Company upon closing of the offering and the investor will receive securities in exchange for his or her investment.

For additional information about the investment and cancellation process, see the Educational Materials.

#### (K) Material Changes

In the event the issuer undergoes a material change, the Investor will be notified of such change. The investor will have five (5) business days from the receipt of such notice to reconfirm their investment. IF AN INVESTOR DOES NOT RECONFIRM HIS OR HER INVESTMENT COMMITMENT WITHIN FIVE (5) DAYS OF THE NOTICE OF MATERIAL CHANGE BEING SENT, THE INVESTOR'S

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INVESTMENT COMMITMENT WILL BE CANCELLED, THE COMMITTED FUNDS WILL BE RETURNED, AND THE INVESTOR WILL NOT BE ISSUED ANY OF THE SECURITIES REFERENCED IN THIS OFFERING.

#### Explanation

A “material change” means a change that an average, careful investor would want to know about before making an investment decision. If a material change occurs after you make an investment commitment but before the Offering closes, then the Company will notify you and ask whether you want to invest anyway. If you do not affirmatively choose to invest, then your commitment will be cancelled, your funds will be returned to you, and you will not receive any securities.

#### (L) Price of the Securities

The Company is offering “securities” in the form of revenue sharing notes, which we refer to as “Notes.” The Notes are being offered at their face amount. For example, you will pay $1,000 for a Note with a face amount of $1,000.

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## (M) Terms of the Securities

### Overview

The Company is offering “securities” in the form of revenue sharing notes, which we refer to as the “Notes.” The Terms of the Notes are set forth in the Revenue Share Agreement accompanying this Form C in Appendix A. Copies of the Note and Revenue Sharing Agreement are attached to this Form C.

### Summary of Terms

| Revenue Percentage 1 | 1.0 - 2.5% 2 |
| --- | --- |
| Payment Deadline | 2028-06-30 |
| Maximum Payment Multiple | 1.5 x |
| Sharing Start Date | The first day after disbursement that the company has revenues greater than one ($1) dollar |
| First Payment Date | The last day of the calendar quarter ending not less than 90 days after the Sharing Start Date |
| Seniority | Subordinated |
| Securitization | Unsecured |
| Accrual Rate | 3.79% |

$^{1}$ as defined in the note agreement included in Appendix A

$^{2}$ The rate of revenue sharing is calculated on a linear scale with a minimum rate of 1.0% and a maximum rate of 2.5% and is rounded to the nearest 1/10th percent. The final rate is based on the amount raised and is calculated after the offering has successfully closed. As the amount raised in the offering increases, the rate of revenue sharing increases. For example, a hypothetical offering could result in the following revenue sharing percentages, depending on the amount raised:

| Amount Raised | Revenue Sharing Percentage |
| --- | --- |
| $50,000 | 1.0% |
| $68,500 | 1.4% |
| $87,000 | 1.8% |
| $105,500 | 2.1% |
| $124,000 | 2.5% |

### Your Right to Payments under the Note

Your right to payments under the Note is set forth in the Note, together with a separate document called the Revenue Sharing Agreement. Copies of the Note and Revenue Sharing Agreement are attached to this Form C. Additionally, general terms are outlined below and in the Company’s offering page.

### Obligation to Contribute Capital

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Once you pay for your Note, you will have no obligation to contribute more money to the Company, and you will not be personally obligated for any debts of the Company. However, under some circumstances you could be required by law to return some or all of a distribution you receive from the Company.

# No Right to Transfer

You should plan to hold the Notes until maturity. The Notes will be illiquid (meaning you might not be able to sell them) for at least four reasons:

- The Revenue Sharing Agreement prohibits the sale or other transfer of Notes without the Company's consent.
- If you want to sell your Note the Company will have the first right of refusal to buy it, which could make it harder to find a buyer.
- Even if a sale were permitted, there is no ready market for Notes, as there would be for a publicly-traded stock.
- By law, for a period of one year you won't be allowed to transfer the Investor Shares except (i) to the Company itself, (ii) to an "accredited" investor, (iii) to a family or trust, or (iii) in a public offering of the Company's shares.

# Security

The Notes are not secured by any assets of the Company or any assets of persons associated with the Company.

# Modification of Terms of Notes

The terms of the Notes and the Revenue Sharing Agreement may be modified or amended with the consent of Investors holding 50% of the Notes, measured by the total amount outstanding under each Note.

# Other Classes of Securities

| Name of Security | Michael Sullivan |
| --- | --- |
| Number of Shares Outstanding | 0 |
| Describe Voting Rights of These Securities, Including Any Limitations on Voting Rights | Yes |
| How these securities differ from the revenue sharing notes being offered to investors | Limited Liability Company Interests are an equity interest, whereas Revenue Sharing Notes are a debt obligation of the Company. |

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| Name of Security | Lauren Rosella |
| --- | --- |
| Number of Shares Outstanding | 0 |
| Describe Voting Rights of These Securities, Including Any Limitations on Voting Rights | Yes |
| How these securities differ from the revenue sharing notes being offered to investors | Limited Liability Company Interests are an equity interest, whereas Revenue Sharing Notes are a debt obligation of the Company. |

| Name of Security | LiveVested, LLC dba Incolo |
| --- | --- |
| Number of Shares Outstanding | 0 |
| Describe Voting Rights of These Securities, Including Any Limitations on Voting Rights | No |
| How these securities differ from the revenue sharing notes being offered to investors | Class B Profits Interest |

#### Dilution of Rights

The Company has the right to create additional classes of securities, both equity securities and debt securities (e.g., other classes of promissory notes). Some of these additional classes of securities could have rights that are superior to those of the Notes. For example, the Company could issue promissory notes that are secured by specific property of the Company.

#### The People Who Control the Company

Each of these people owns 20% or more of the total voting power of the Company:

| Name of Holder | % of Voting Power (Prior to Offering) |
| --- | --- |
| LAUREN ROSELLA | 50% |
| Michael Sullivan | 50% |

#### How the Exercise of Voting Rights Could Affect You

You will receive payments with respect to your Note only if the Company makes enough money to pay you, or, if the Company does not make enough money to pay you, if there is enough value in the collateral the Company pledged as security for the Notes.

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The people with voting rights control the Company and make all the decisions about running its business. If they make good business decisions, it is more likely you will be paid. If they make poor business decisions, it is less likely you will be paid. For example, if they hire too many people and/or try to expand too quickly, the business could be harmed. The people with voting rights could also decide to file for bankruptcy protection, making it more difficult for you to be paid.

#### How the Notes are Being Valued

The Notes are being valued at their face value. We don't anticipate that we'll ever need to place a value on the Notes in the future.

#### (N) The Funding Portal

The Company is offering its securities through MainVest, Inc., which is a 'Funding Portal' licensed by the Securities and Exchange Commission and FINRA. MainVest Inc.'s Central Index Key (CIK) number is 0001746059, their SEC File number is 007-00162, and their Central Registration Depository (CRD) number is 298384.

#### (O) Compensation of the Funding Portal

Upon successful funding of the Offering, the Funding Portal will receive as the 'Revenue Securement Fee'; 4.5% of the amount of the Offering raised by In-Network Users of the Platform plus 9.0% of the amount of the Offering raised by all other investors. 'In-Network Users' means a user of Mainvest.com who who have utilized the Company's specified in-network link on the Site.

#### (P) Indebtedness of the Company

| Creditor | Amount | Interest Rate | Maturity Date | Other Important Terms |
| --- | --- | --- | --- | --- |
| Andy Haldane | $500,000 | 7% | 02/28/2027 | Loan with Promissory Note: Warrant to purchase Class A Units equal to up to 33% equity. No prepayment penalty. Payments start 6 months after Sully's soft launch date. |

#### (Q) Other Offerings of Securities within the Last Three Years

The Company has not made any offerings with other third-party regulation crowdfunding companies in the past three years.

#### (R) Transactions Between the Company and 'Insiders'

The Company has not entered into any business transactions, including stock Purchases, salaries, property rentals, consulting arrangements, guaranties, or other agreements with any individual identified in Section 227.201 (r)(1)-(4) of Regulation Crowdfunding during the 12 months preceding this Offering.

#### (S) The Company's Financial Condition

No operating history

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Sully's Golf & Gather was established in December 2022. Accordingly, there are limited financial statements and information for investors to review. When evaluating this investment opportunity, investors should consider factors outlined in the risk section as well.

#### Clarification applicable revenue

Mike Sullivan Golf School LLC (MSGS) is owned and operated by Mike Sullivan and may hold events and training activities at Sully's Golf & Gather. However, these businesses operate independently and revenue generated from Mike Sullivan Golf School is not considered to be operational revenue of Sully's Golf & Gather and will not be shared or split with investors.

#### Further clarification around relationship

Mike Sullivan and Lauren Rosella, the Managers and Majority unit holders for Sully's Golf & Gather are also the majority owners within MSGS, which is a golf training school which will lease space from the Sully's. The lease terms set are expected to be no different in nature to those set for other golf training schools. MSGS will pay $2,000 per month to Sully's for use of the instruction suite and no more than 50% of the additional driving range and/or simulator spaces. The instruction suite occupied by MSGS will be available for use by members and guests when not in use for instruction. MSGS is granted exclusive instruction rights at Sully's Golf & Gather. All golf instruction at Sully's will be conducted by MSGS personnel. All patrons, guests, and members must sign a liability waiver prior to play and will also sign agreements that no outside instruction is allowed. There will be reciprocal marketing and cross promotion between Sully's Golf & Gather and MSGS with no monetary exchange. MSGS gives Sully's reciprocal permission to use names, likenesses, and databases with no monetary exchange. The term and duration of this license agreement is perpetual.

#### Summary of Current Ownership on a fully diluted basis

##### 1. Class A Common:

Mike Sullivan 48.5% (also Manager)

Lauren Rosella 48.5% (also Manager)

2. Class B Profits Interest: LiveVested, LLC dba Incolo 3% @ $1.5m profits interest hurdle (PIHurdle); eligible to share in cash distributions pro-rata with other equity holders; shares in liquidation / capital transaction events above the PIHurdle

#### (T) The Company's Financial Statements

Please see Appendix B for historical financial statements.

#### Pro Forma Income Statement

In order to illustrate its future earning potential, the Company has provided a summary of its - year financial forecast. The forecast has been developed by the Company using reasonable best efforts based on their understanding of the industry and market they wish to enter. Please refer to Section (F) of this Offering Memorandum for a list of the risks associated with an investment in the Company and utilizing any pro forma provided by the Company for making investment decisions.

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|  | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
| --- | --- | --- | --- | --- | --- |
| Gross Sales | $1,145,895 | $1,513,340 | $1,880,784 | $1,903,629 | $1,926,474 |
| Cost of Goods Sold | $16,922 | $36,217 | $55,512 | $49,910 | $44,308 |
| Gross Profit | $1,128,973 | $1,477,123 | $1,825,272 | $1,853,719 | $1,882,166 |
| EXPENSES |  |  |  |  |  |
| Rent | $222,480 | $222,480 | $222,480 | $222,480 | $222,480 |
| Utilities | $22,260 | $22,816 | $23,386 | $23,970 | $24,569 |
| Cost of Labor - Clubs and Repair | $26,250 | $18,000 | $18,000 | $18,000 | $18,000 |
| Cost of Labor - Lessons/Clinics | $264,000 | $270,600 | $277,365 | $284,299 | $291,406 |
| Payroll | $158,520 | $158,520 | $158,520 | $158,520 | $158,520 |
| Payroll Taxes | $63,408 | $63,408 | $63,408 | $63,408 | $63,408 |
| Advertising | $57,295 | $58,727 | $94,039 | $61,699 | $63,241 |
| Bank Charges | $57,295 | $58,727 | $94,039 | $61,699 | $63,241 |
| Dues & Subscriptions | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 |
| Total Insurances | $21,919 | $12,408 | $12,408 | $12,408 | $12,408 |
| Repairs, Maintenance, Waste | $5,700 | $2,100 | $2,100 | $2,100 | $2,100 |
| Misc. Professional Fees | $4,544 | $4,544 | $4,544 | $4,544 | $4,544 |
| Supplies & Office Expenses | $9,000 | $9,000 | $9,000 | $9,000 | $9,000 |
| Range Balls | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 |
| Depreciation | $49,896 | $49,896 | $49,896 | $49,896 | $49,896 |
| Operating Profit | $134,406 | $493,897 | $764,087 | $849,696 | $867,353 |

#### (U) Disqualification Events

Neither The Company nor any individual identified by Section 227.503(a) of Regulation Crowdfunding is the subject of a disqualifying event as defined by Section 227.503 of Regulation Crowdfunding.

#### Explanation

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A company is not allowed to raise money using Regulation Crowdfunding if certain designated people associated with the Company (including its directors or executive officers) committed certain prohibited acts (mainly concerned with violations of the securities laws) on or after May 16, 2016. (You can read more about these rules in the Educational Materials.) This item requires a company to disclose whether any of those designated people committed any of those prohibited acts before May 16, 2016.

#### (V) Updates on the Progress of the Offering

To track the investment commitments we’ve received in this Offering, click to see the Progress Bar.

#### (W) Annual Reports for the Company

The Company will file a report with the Securities and Exchange Commission annually and post the report on our website no later than 120 days after the end of each fiscal year. It’s possible that at some point, the Company will not be required to file any more annual reports. We will notify you if that happens.

#### (X) Our Compliance with Reporting Obligations

The Company has never raised money using Regulation Crowdfunding before, and therefore has never been required to file any reports.

#### (Y) Other Information Prospective Investors Should Know About

The Issuer may offer “Perks” as a means of showing appreciation to investors for supporting small community businesses. The offering of “Perks” by issuers is done purely on a voluntary basis and have no influence upon the terms of the Offering. As such, Investor “Perks” are not contractual conditions governed by “the Note” and are not enforceable under “the Note”.

#### Additional Information Included in the Form C

|  | Most recent fiscal year-end (tax returns) | Prior fiscal year-end (tax returns) |
| --- | --- | --- |
| Total Assets | $0 | $0 |
| Cash & Cash Equivalents | $0 | $0 |
| Accounts Receivable | $0 | $0 |
| Short-term Debt | $0 | $0 |
| Long-term Debt | $0 | $0 |
| Revenues/Sales | $0 | $0 |
| Cost of Goods Sold | $0 | $0 |
| Taxes Paid | $0 | $0 |
| Net Income | $0 | $0 |

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Jurisdictions in which the Company intends to offer the securities:

AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, B5, GU, PR, VI, 1V

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

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Is this an amendment?** Yes

**Nature of Amendment:** Issuer is amending their Risk Disclosures. Issuer is also amending their Financial Condition and Debt Table.

**Name of Issuer:** Sully's Golf & Gather LLC

**Legal Status:** Limited Liability Company

**Jurisdiction of Incorporation/Organization:** NC

**Date of Organization:** 12-05-2022

**Physical Address:** 289 DAIRY RD, CLAYTON, NC, 27520

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

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

**Intermediary Name:** MainVest, Inc.

**Intermediary CIK:** 0001746059

**Intermediary File Number:** 007-00162

### Offering Information

**Compensation to Intermediary:** MainVest will be paid Four and one half (4.5) Percent of the amount of the Offering raised by "In-Network Users" of the Platform plus Nine (9) Percent of the amount of the Offering raised by all other investors.

**Financial Interest in Issuer:** MainVest, Inc. owns no interest in the Company, directly or indirectly, and will not acquire an interest as part of the Offering, nor is there any arrangement for MainVest, Inc. to acquire an interest.

**Type of Security Offered:** Debt

**Price per Security:** $1.00

**Method for Determining Price:** The Notes are being valued at their face value. We don't anticipate that we'll ever need to place a value on the Notes in the future.

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

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** First-come, first-served basis

**Maximum Offering Amount:** $124,000.00

**Deadline to Reach Target Amount:** 03-31-2023

### Annual Report Disclosure Requirements

**Current Number of Employees:** 2.00

**Total Assets (Most Recent Fiscal Year):** $0.00

**Total Assets (Prior Fiscal Year):** $0.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $0.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $0.00

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

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

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

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

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

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

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

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

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

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

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

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

**Net Income (Most Recent Fiscal Year):** $0.00

**Net Income (Prior Fiscal Year):** $0.00

**Jurisdictions Offered:**

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

### Signatures

**Issuer:** Sully's Golf & Gather LLC

**Signature:** Michael Sullivan

**Title:** Owner and CoFounder

---

**Signature:** Michael Sullivan

**Title:** Owner and CoFounder

**Date:** 02-08-2023