# EDGAR Filing Document

**Accession Number:** 0001630745
**File Stem:** 0001630745-23-000001
**Filing Date:** 2023-1
**Character Count:** 52146
**Document Hash:** 88a954766a56774724e3581cc2256113
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001630745-23-000001.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001630745-23-000001

**CONFORMED SUBMISSION TYPE**: C-AR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20211231

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DCFC Holdings, LLC
- **CENTRAL INDEX KEY:** 0001630745
- **IRS NUMBER:** 472662769
- **STATE OF INCORPORATION:** MI

**FILING VALUES:**
- **FORM TYPE:** C-AR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-26714
- **FILM NUMBER:** 23572455

**BUSINESS ADDRESS:**
- **STREET 1:** 3401 E. LAFAYETTE
- **CITY:** DETROIT
- **STATE:** MI
- **ZIP:** 48216
- **BUSINESS PHONE:** 3136562480

**MAIL ADDRESS:**
- **STREET 1:** 3401 E. LAFAYETTE
- **CITY:** DETROIT
- **STATE:** MI
- **ZIP:** 48216

### Attached PDF Documents

**Attachment 1:** `a-2.pdf`

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

# FORM C-AR

# UNDER THE SECURITIES ACT OF 1933

(Mark one.)

☐ Form C: Offering Statement
☐ Form C-U: Progress Update
☐ Form C/A: Amendment to Offering Statement
  ☐ Check box if Amendment is material and investors must reconfirm within five business days.
☑ Form C-AR: Annual Report
☐ Form C-AR/A: Amendment to Annual Report
☐ Form C-TR: Termination of Reporting

*Name of issuer*

DCFC Holdings, LLC

*Legal status of issuer*

*Form*

Limited Liability Company

*Jurisdiction of Incorporation/Organization*

Michigan

*Date of organization*

January 1, 2015

*Physical address of issuer*

3401 E. Lafayette, Detroit, MI 48216

*Website of issuer*

http://www.detcityfc.com

*Current number of employees*

48

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|  | Most recent fiscal year-end As of 12/31/2021 | Prior fiscal year-end As of 12/31/2020 |
| --- | --- | --- |
| Total Assets | $5,289,538 | $886,475 |
| Cash & Cash Equivalents | $2,262,402 | $400,678 |
| Accounts Receivable | $63,874 | $0 |
| Short-term Debt | $25,424 | $74,015 |
| Long-term Debt | $624,611 | $682,313 |
| Revenues/Sales | $2,134,535 | $853,260 |
| Cost of Goods Sold | $358,108 | $261,160 |
| Taxes Paid | N/A | N/A |
| Net Income | - $1,230,404 | -$680,101 |

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January 31, 2023

# FORM C-AR

# DCFC HOLDINGS, LLC

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

This Form C-AR (including the cover page and all exhibits attached hereto, the “Form CAR”) is being furnished by DCFC Holdings, LLC, a Michigan Limited Liability Company (the “Company,” as well as references to “we,” “us,” or “our”) for the sole purpose of providing certain information about the Company as required by the Securities and Exchange Commission (“SEC”).

No federal or state securities commission or regulatory authority has passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the accuracy or completeness of any disclosure document or literature. The Company is filing this Form C-AR pursuant to Regulation CF (§ 227.100 et seq.) which requires that it must file a report with the Commission annually and post the report on its website at https://wellbeingbrewing.com/ no later than 120 days after the end of each fiscal year covered by the report. The Company may terminate its reporting obligations in the future in accordance with Rule 202(b) of Regulation CF (§ 227.202(b)) by 1) being required to file reports under Section 13(a) or Section 15(d) of the Exchange Act of 1934, as amended, 2) filing at least one annual report pursuant to Regulation CF and having fewer than 300 holders of record, 3) filing annual reports for three years pursuant to Regulation CF and having assets equal to or less than $10,000,000, 4) the repurchase of all the Securities sold pursuant to Regulation CF by the Company or another party, or 5) the liquidation or dissolution of the Company.

The date of this Form C-AR is January 31, 2023.

THIS FORM C-AR DOES NOT CONSTITUTE AN OFFER TO PURCHASE OR SELL SECURITIES.

# Forward Looking Statement Disclosure

*This Form C-AR and any documents incorporated by reference herein or therein contain forward-looking statements and are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this Form C-AR are forward-looking statements. Forward-looking statements give the Company’s current*

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*reasonable expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.*

*The forward-looking statements contained in this Form C-AR and any documents incorporated by reference herein or therein are based on reasonable assumptions the Company has made in light of its industry experience, perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. As you read and consider this Form C-AR, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond the Company’s control) and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performance and cause its performance to differ materially from the performance anticipated in the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect or change, the Company’s actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements.*

*Any forward-looking statement made by the Company in this Form C-AR or any documents incorporated by reference herein or therein speaks only as of the date of this Form CAR. Factors or events that could cause our actual operating and financial performance to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.*

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# TABLE OF CONTENTS

| SUMMARY | 7 |
| --- | --- |
| The Business | 7 |
| RISK FACTORS | 7 |
| Risks Related to the Company's Business and Industry, Its Plans and Operations | 7 |
| Related to Crowdfunding and the Securities | 12 |
| BUSINESS | 13 |
| Description of the Business | 13 |
| Business Plan | 13 |
| History of the Business | 13 |
| The Company's Services | 13 |
| Competition | 13 |
| Customer Base | 13 |
| Intellectual Property | 13 |
| Governmental/Regulatory Approval and Compliance | 14 |
| Litigation | 14 |
| DIRECTORS, OFFICERS AND EMPLOYEES | 14 |
| Directors | 14 |
| Officers | 17 |
| Employees | 18 |
| CAPITALIZATION AND OWNERSHIP | 18 |
| Capitalization | 18 |
| Ownership | 20 |
| FINANCIAL INFORMATION | 20 |
| Operations | 20 |
| Liquidity and Capital Resources | 20 |
| Capital Expenditures and Other Obligations | 21 |
| Material Changes and Other Information | 21 |
| Trends and Uncertainties | 21 |
| Restrictions on Transfer | 21 |
| TRANSACTIONS WITH RELATED PERSONS AND CONFLICTS OF INTEREST | 21 |
| Related Person Transactions | 21 |
| Conflicts of Interest | 22 |

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OTHER INFORMATION 22
Bad Actor Disclosure 22
EXHIBITS 25

*About this Form C-AR*

You should rely only on the information contained in this Form C-AR. We have not authorized anyone to provide you with information different from that contained in this Form C-AR. You should assume that the information contained in this Form C-AR is accurate only as of the date of this Form C-AR, regardless of the time of delivery of this Form C-AR. Our business, financial condition, results of operations, and prospects may have changed since that date.

Statements contained herein as to the content of any agreements or other document are summaries and, therefore, are necessarily selective and incomplete and are qualified in their entirety by the actual agreements or other documents.

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# SUMMARY

The following summary is qualified in its entirety by more detailed information that may appear elsewhere in this Form C-AR and the Exhibits hereto.

DCFC Holdings, LLC (the “Company”) is a Michigan Limited Liability Company, formed on January 1, 2015.

The Company is located at 3401 E. Lafayette, Detroit, MI 48216.

The Company’s website is https://www.detcityfc.com/.

The information available on or through our website is not a part of this Form C-AR.

## The Business

The Company owns and operates Detroit City Football Club, a men’s professional soccer team playing in the USL Championship Soccer League in North America, and a women’s soccer team playing in the USL W League. The Company manages and licenses its trademark portfolio associated with the Detroit City Football Club. The Company also organizes adult recreational soccer leagues and youth league soccer throughout Michigan.

## RISK FACTORS

### Risks Related to the Company’s Business and Industry, Its Plans and Operations

#### *We may face potential difficulties in obtaining capital.*

We may have difficulty raising needed capital in the future as a result of, among other factors, our revenues from sales, as well as the inherent business risks associated with our company and present and future market conditions. Our future sources of revenue may not be sufficient to meet our future capital requirements. We will require additional funds to execute our business strategy and conduct our operations. If adequate funds are unavailable, we may be required to delay, reduce the scope of or eliminate one or more of our programs or marketing efforts, any of which may materially harm our business, financial condition and results of operations.

#### *In order for the Company to compete and grow, it must attract, recruit, retain and develop the necessary personnel who have the needed experience and talent to attract ticket sales, merchandise and additional sponsorships.*

Recruiting and retaining highly qualified personnel and players is critical to our success. These demands may require us to hire additional personnel and will require our existing management personnel to develop additional expertise. We face intense competition for personnel. If we experience difficulties in hiring and retaining personnel in key positions, the team could not be as competitive, and we could lose customers and sales, which could adversely affect operating results. Our consultants and advisors may be employed by third parties and may have commitments under consulting or advisory contracts with third parties that may limit their availability to us.

Additionally, a significant component of the Company’s operations correlates to the quality of players attached to Detroit City Football Club. The Team will likely perform better if it is made

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up of high quality players. If the Team performs well, this will likely result in more revenue for the Company stemming from ticket sales, merchandise and additional sponsorships.

*Injuries incurred by players could negatively impact the Team’s performance and the Company’s revenue; injuries incurred by Detroit City FC patrons could negatively impact the Company’s reputation.*

Player injuries are a risk taken on by all professional sports teams and Detroit City Football Club players are not immune. If a member of the Team is injured, it may weaken the performance of the team as a whole and detract from game day attendance and correspondingly revenue for the Company. An additional risk specific to the Company also applies to the fans attending Detroit City Football Club games. Game attendees are often exuberant fans and show their support for the Team in ways that may unintentionally cause injury to other patrons. This could lead to liability claims, which in turn could harm the Company’s reputation and be costly.

*The Company faces intense direct and indirect competition from other sports venues and recreational venues located in Detroit; increased competition in these areas could have a negative impact on the Company’s performance.*

The sports and entertainment industry is highly competitive. There are a great number of businesses in the Detroit metropolitan area that compete directly and indirectly with the Company, including bars, restaurants, and professional, collegiate, and amateur sports teams. Many of these entities are larger and have significantly greater financial resources than does the Company. These businesses along with other entertainment establishments, including bowling, billiards, and other recreational activities may draw from the same crowd as the Company does. In addition to this existing competition, the Company may face additional competition in the future, which may have an adverse effect on the profitability of the Company.

*Forward-looking projections regarding Company operations and performance may not materialize into actual Company performance and results.*

The projected results of the Company’s business operations as reflected in the Form C filed in 2020 are based upon certain assumptions and estimates made by the Company. Actual future financial performance and operating results of the Company will be subject to fluctuations resulting from a number of factors, many of which are outside the Company’s control. Under no circumstances should such information be construed to represent or predict that the Company is likely to achieve any particular results.

*The Company does not have “key person” insurance, and the loss of any of the key people could have a negative impact on the Company.*

The success of the Company is dependent on the creative vision of the owners and the creative efforts of a limited number of key people. The Company has not purchased “key person” insurance on any individual. The Company has also not made any arrangements to replace any individual in the event of death or disability. The loss of an owner or key personnel could have a serious adverse effect on the Company’s prospects, business, operating results, and financial condition.

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# ***The proceeds from the offering in 2021 went toward improvements in the Keyworth Stadium, which may affect the Company's ability to generate revenue and make payments to investors.***

Virtually all of the proceeds of the Offering were applied to capital improvements to Keyworth Stadium, which the Company has leased from Hamtramck Public Schools (“HPS”) for an initial term of ten years, plus the first right of refusal in the event HPS has another offer for the exclusive use of the stadium that would conflict with the Company’s intended use upon the conclusion of the initial lease term. The Company will not own the stadium, and while it may technically own some or most of the improvements, as a practical matter, the Company may not occupy the stadium for the entire useful life of those improvements, and will likely not be able to realize any significant value from those improvements beyond their use while the Company is leasing the stadium. The lease with HPS also provides that in the event the Company does not pay for specific improvements, HPS is eligible to draw upon proceeds of the Offering for the purpose of completing the improvements, which would not relieve the Company’s obligations under the RSAs, but could affect its ability to generate revenue and make payments to investors.

# ***We rely on various intellectual property rights, including trademarks in order to operate our business.***

Such intellectual property rights, however, may not be sufficiently broad or otherwise may not provide us a significant competitive advantage. In addition, the steps that we have taken to maintain and protect our intellectual property may not prevent it from being challenged, invalidated, circumvented or designed-around, particularly in countries where intellectual property rights are not highly developed or protected. In some circumstances, enforcement may not be available to us because an infringer has a dominant intellectual property position or for other business reasons, or countries may require compulsory licensing of our intellectual property. Our failure to obtain or maintain intellectual property rights that convey competitive advantage, adequately protect our intellectual property or detect or prevent circumvention or unauthorized use of such property, could adversely impact our competitive position and results of operations. We also rely on nondisclosure and noncompetition agreements with employees, consultants and other parties to protect, in part, trade secrets and other proprietary rights. There can be no assurance that these agreements will adequately protect our trade secrets and other proprietary rights and will not be breached, that we will have adequate remedies for any breach, that others will not independently develop substantially equivalent proprietary information or that third parties will not otherwise gain access to our trade secrets or other proprietary rights.

As we expand our business, protecting our intellectual property will become increasingly important. The protective steps we have taken may be inadequate to deter our competitors from using our proprietary information. In order to protect or enforce our patent rights, we may be required to initiate litigation against third parties, such as infringement lawsuits. Also, these third parties may assert claims against us with or without provocation. These lawsuits could be expensive, take significant time and could divert management’s attention from other business concerns. The law relating to the scope and validity of claims in the technology field in which we operate is still evolving and, consequently, intellectual property positions in our industry are generally uncertain. We cannot assure you that we will prevail in any of these potential suits or that the damages or other remedies awarded, if any, would be commercially valuable.

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# ***From time to time, third parties may claim that one or more of our products or services infringe their intellectual property rights.***

Any dispute or litigation regarding patents or other intellectual property could be costly and time-consuming due to the uncertainty of intellectual property litigation and could divert our management and key personnel from our business operations. A claim of intellectual property infringement could force us to enter into a costly or restrictive license agreement, which might not be available under acceptable terms or at all, could require us to redesign our branding, which would be costly and time-consuming, and/or could subject us to an injunction against development and sale of certain of our products or services. We may have to pay substantial damages, including damages for past infringement if it is ultimately determined that our product candidates infringe a third party's proprietary rights. Even if these claims are without merit, defending a lawsuit takes significant time, may be expensive and may divert management's attention from other business concerns. Any public announcements related to litigation or interference proceedings initiated or threatened against as could cause our business to be harmed. Our intellectual property portfolio may not be useful in asserting a counterclaim, or negotiating a license, in response to a claim of intellectual property infringement. In certain of our businesses we rely on third party intellectual property licenses and we cannot ensure that these licenses will be available to us in the future on favorable terms or at all.

# ***We are not subject to Sarbanes-Oxley regulations and lack the financial controls and safeguards required of public companies.***

We do not have the internal infrastructure necessary, and are not required, to complete an attestation about our financial controls that would be required under Section 404 of the Sarbanes-Oxley Act of 2002. There can be no assurance that there are no significant deficiencies or material weaknesses in the quality of our financial controls. We expect to incur additional expenses and diversion of management's time if and when it becomes necessary to perform the system and process evaluation, testing and remediation required in order to comply with the management certification and auditor attestation requirements.

# ***Maintaining, extending and expanding our reputation and brand image are essential to our business success.***

We seek to maintain, extend, and expand our brand image through marketing investments, including advertising and consumer promotions. Increasing attention on marketing could adversely affect our brand image. It could also lead to stricter regulations and greater scrutiny of marketing practices. Existing or increased legal or regulatory restrictions on our advertising, consumer promotions and marketing, or our response to those restrictions, could limit our efforts to maintain, extend and expand our brand. Moreover, adverse publicity about regulatory or legal action against us could damage our reputation and brand image, undermine our customers' confidence and reduce long-term demand for our offerings, even if the regulatory or legal action is unfounded or not material to our operations.

In addition, our success in maintaining, extending, and expanding our brand image depends on our ability to adapt to a rapidly changing media environment. We increasingly rely on social media and online dissemination of advertising campaigns. The growing use of social and digital media increases the speed and extent that information or misinformation and opinions can be shared. Negative posts or comments about us, our brands or our products on social or digital media, whether or not valid, could seriously damage our brands and reputation. If we do not establish,

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maintain, extend and expand our brand image, then our product sales, financial condition and results of operations could be adversely affected.

# ***The Coronavirus and the unknown future of the economy.***

In addition to the risks listed above, businesses are often subject to risks not foreseen or fully appreciated by the management. It is not possible to foresee all risks that may affect us. Moreover, the Company cannot predict whether the Company will successfully effectuate the Company's current business plan. Each prospective Purchaser is encouraged to carefully analyze the risks and merits of an investment in the Securities and should take into consideration when making such analysis, among other, the Risk Factors discussed above.

# ***The Company relies on key personnel.***

The Company's success depends substantially on the efforts of the Managing Board. The Company does not have an established plan to replace these persons in the case of death or disability, although this risk is mitigated to some extent by the skills and experiences of the other members of the Managing Board. The Company's success also depends on its ability to recruit, train, and retain qualified staff. The loss of the services of any key personnel or the Company's inability to recruit, train and retain qualified staff may have a material adverse effect on the Company's business and financial condition.

# ***The control of the Company and all of its operations are, and will remain, solely with its Managing Board and Class A Members and investors have no voting rights.***

Investors must rely upon the judgment and skills of such persons. Purchasers of the securities will have no vote and no control over the management and affairs of the Company. As investors in the 2021 offering only purchased Class B units which have no voting rights, investors must rely on Class A Members (i) to elect qualified managers and (ii) rely on the Company's Managing Board to make strategic and operational decisions that will enable the Company to succeed.

# **1. Related to Crowdfunding and the Securities**

# ***The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering from 2021, nor does it pass upon the accuracy or completeness of any offering document or literature.***

You should not rely on the fact that our Form C-AR is accessible through the U.S. Securities and Exchange Commission's EDGAR filing system as an approval, endorsement or guarantee of compliance as it is related to this offering from 2021.

# ***Neither the Offering nor the Securities have been registered under federal or state securities laws, leading to an absence of certain regulation applicable to the Company.***

No governmental agency has reviewed or passed upon the Offering, the Company, or any of the Securities of the Company. The Company also has relied on exemptions from securities registration requirements under applicable state securities laws. Purchasers in the Company, therefore, will not receive any of the benefits that such registration would otherwise provide. Prospective Purchasers must therefore assess the adequacy of disclosure and the fairness of the terms of this Offering on their own or in conjunction with their personal advisors.

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# ***There is no guarantee of return on the securities offered in the 2021 offering and the Company is not required to pay cash distributions to its investors.***

No assurance can be given that investors will realize a substantial return on investment, or any return at all, or that investors will not will not lose a substantial portion or all of the investment. For this reason, each prospective investor should carefully read all disclosure materials in connection with the 2021 offering, this Form C-AR in its entirety, and all exhibits attached hereto. The Company is not required to, and there is no guarantee that the Company will pay cash distributions on the Units in any year or at all. Investors may be required to hold their investment indefinitely without receiving any cash distributions.

# ***Investors will have limited opportunities for exit.***

Investors have very limited opportunities for exit, it is unlikely that there will ever be substantial secondary market trading in the Company’s Units, and investors’ ability to sell their shares are further limited by significant transfer restrictions under applicable securities laws and the terms of the subscription agreement submitted in connection with the 2021 offering.

# **BUSINESS**

# **Description of the Business**

2. The Company owns and operates Detroit City Football Club, a men’s professional soccer team playing in the USL Championship Soccer League in North America, and a women’s soccer team playing in the USL W League. The Company also organizes adult recreational soccer leagues and youth league soccer throughout Michigan.

# **Business Plan**

# **History of the Business**

Detroit City Football Club was founded in 2012 as an amateur soccer team in Detroit, Michigan. Over the years, Detroit City Football Club has progressed to professional status, playing in the USL Championship league, the division II league in the U.S. Soccer hierarchy. The club motto, Passion for Our City, Passion for the Game, evokes the three ideas the grassroots organization was built upon: to satisfy the demand for soccer in Detroit, represent the City in a positive light, and build community through “the beautiful game.”

# **The Company's Services**

| Product / Service | Description | Current Market |
| --- | --- | --- |
| Ticket Sales | The core driver of all revenue for the organization is in-person attendance through ticket sales. Keyworth Stadium allows the club to sell up to 7231 tickets per game when there are no | The start of the 2021 season was delayed by the on-going COVID pandemic but eventually home games resumed. First with limited capacities and crowd controls, but by the second |

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|  | pandemic related restrictions in place. | half of the season, all restrictions had been lifted allowing crowds that were close in size to pre-pandemic levels. In 2021, the club was saddled with a significant number of credits from 2020 season tickets that were not able to be fulfilled due to the pandemic. |
| --- | --- | --- |
| Corporate Partnership Revenue | Partnerships with other business entities looking to engage the club’s fanbase is one of the key sources of revenue for the club. This engagement primarily takes place through in-stadium activations, television broadcasts, and social media. | The move to broadcast television for certain matches created a whole host of new sponsorship opportunities however the club still had considerable credits owed to sponsors from 2020 due to the pandemic interrupting the planned season. |
| Merchandise Sales | DCFC offers a range of team apparel and branded accessories. | For the 2021 season, DCFC sold team merchandise at its retail shop, at all home matches and through its online store. |
| Youth and Recreational Soccer | The Detroit City Futbol League is the adult coed recreational soccer league and is a subsidiary of DCFC Holdings. In addition, DCFC has partnered with four youth soccer organizations who participate as youth affiliates. | Following the Covid-19 pandemic in 2020, DCFC saw the return of its recreational and youth soccer programs in 2021. DCFC continues to look at opportunities for expanding its footprint in southeastern Michigan through additional partnerships with like minded youth soccer organizations. |

## Competition

Given that Detroit City Football Club’s season overlaps with Major League Baseball, the National Basketball Association, and to a limited extent, the National Football League and the National Hockey League, the Company’s primary competitors for viewers and ticket purchasers are the other professional sporting organizations in Michigan. Through its agreement with the USL

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Championship, Detroit City Football Club has an exclusive territory located in Southeastern Michigan, which prevents other division II soccer teams from competing for Detroit City Football Club's principal fan base.

### Customer Base

The Company's customer base is one of the most loyal in all of sports. Detroit City Football Club matches are regularly sold out, and the stands are filled with passionate supporters. Detroit City Football Club matches are televised across the State of Michigan, as well as on ESPN+, and the market share for these televised matches has increased dramatically.

### Intellectual Property

#### *Trademarks*

| Application or Registration # | Goods / Services | Mark | Registration Date | Country |
| --- | --- | --- | --- | --- |
| 4745317 | Classes: 6, 21, 25 & 41 | DETROIT CITY FC | 5/26/2015 | United States |
| 4745316 | Classes: 25 & 41 | DETROIT CITY FOOTBALL CLUB | 5/26/2015 | United States |
| 4815673 | Classes: 25 & 41 | DCFC | 9/22/2015 | United States |
| 4599946 | Class: 16 |  | 9/9/2014 | United States |

### Governmental/Regulatory Approval and Compliance

The Company is dependent on the following regulatory approvals:

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| Line of Business | Government Agency | Type of Approval | Application Date | Grant Date |
| --- | --- | --- | --- | --- |
| Alcohol sales at games | Michigan Liquor Control Commission | License | 1-day non-profit licenses on match by match basis | April 2021 |
| Fire Inspection | City of Hamtramck | Inspection |  | April 2021 |

### Litigation

There are no existing legal suits pending, or to the Company’s knowledge, threatened, against the Company.

## DIRECTORS, OFFICERS AND EMPLOYEES

### Managers

The managers of the Company are listed below along with all positions and offices held at the Company and their principal occupation and employment responsibilities for the past three (3) years and their educational background and qualifications.

#### *Name*

Sean Mann

*All positions and offices held with the Company and date such position(s) was held with start and ending dates*

Chief Executive Officer, Board of Managers

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

Chief Executive Officer, Founder & Co-Owner  
Detroit City FC  
2011 - Current

#### *Education*

University of Bristol  
MSc International Relations  
Kalamazoo College  
BA History and Physics

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# ***Name***

Alexander Wright

*All positions and offices held with the Company and date such position(s) was held with start and ending dates*

Chief Creative Officer, Board of Managers

2011 - Current

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

President and Lead Producer at Good Problem Productions

# ***Education***

University of Michigan

BA Degree, Film & Video, Italian

# ***Name***

Todd Kropp

*All positions and offices held with the Company and date such position(s) was held with start and ending dates*

Chief Operating Officer, Board of Managers

2011 - Current

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

Group Practice Director Henry Ford Health System

May 2017-October 2019

# ***Education***

University of Michigan

Master’s degree, Health Management & Policy

Allegheny College

BA Degree, Political Science/Mathematics

# ***Name***

David Dwaihy

*All positions and offices held with the Company and date such position(s) was held with start and ending dates*

Board of Managers

2011 - Current

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# ***Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates***

University Liggett School

1. September 2002 - Present

# ***Education***

Kalamazoo College

BA Degree, Mathematics

# ***Name***

Mike Lasinski

# ***All positions and offices held with the Company and date such position(s) was held with start and ending dates***

Board of Managers, 2018-Present

# ***Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates***

Senior Managing Director, Ankura

December 2019 - Present

# ***Education***

University of Michigan

B.S.E.E., Electrical Engineering

MBA, Finance, Accounting

# ***Name***

Matthew Schrecengost

# ***All positions and offices held with the Company and date such position(s) was held with start and ending dates***

Board of Managers, 2021- Present

# ***Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates***

Chief Operation Officer, Jump Trading

# ***Education***

Furman University

Bachelor of Art

Depaul University

Masters of Business Administration

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## Officers

The officers of the Company are listed below along with all positions and offices held at the Company and their principal occupation and employment responsibilities for the past three (3) years and their educational background and qualifications.

### *Name*

Sean Mann

*All positions and offices held with the Company and date such position(s) was held with start and ending dates*

Chief Executive Officer, Founder & Co-Owner

2011 - Current

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

Chief Executive Officer, Founder & Co-Owner

Detroit City FC

2011 - Current

### *Education*

University of Bristol

MSc International Relations

Kalamazoo College

BA History and Physics

### *Name*

Alexander Wright

*All positions and offices held with the Company and date such position(s) was held with start and ending dates*

Chief Creative Officer & Co-Owner

2011 - Current

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

President and Lead Producer at Good Problem Productions

### *Education*

University of Michigan

BA Degree, Film & Video, Italian

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# ***Name***

Todd Kropp

*All positions and offices held with the Company and date such position(s) was held with start and ending dates*

Chief Operating Officer & Co-Owner

2011 - Current

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

Group Practice Director Henry Ford Health System

*May 2017-October 2019*

# ***Education***

University of Michigan

Master’s degree, Health Management & Policy

Allegheny College

BA Degree, Political Science/Mathematics

# ***Name***

T.J. Winfrey

*All positions and offices held with the Company and date such position(s) was held with start and ending dates*

Chief of Partnerships

2020 - Current

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

Major League Soccer, Director Digital Media Partnerships

September 2018-November 2020

# ***Education***

Columbia Business School

Master of Business Administration

University of Michigan

Bachelor of Business Administration, BA Sport Management

# ***Indemnification***

Indemnification is authorized by the Company to directors, officers or controlling persons acting in their professional capacity pursuant to Michigan law. Indemnification includes expenses such as attorney’s fees and, in certain circumstances, judgments, fines and settlement amounts actually paid or incurred in connection with actual or threatened actions, suits or proceedings involving

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such person, except in certain circumstances where a person is adjudged to be guilty of gross negligence or willful misconduct, unless a court of competent jurisdiction determines that such indemnification is fair and reasonable under the circumstances.

### **Employees**

The Company had 48 employees in Michigan, as of December 31, 2021.

## **CAPITALIZATION AND OWNERSHIP**

### **Capitalization**

The Company has issued the following outstanding Securities:

| Type of security | Class A Units |
| --- | --- |
| Amount outstanding | 97,645 |
| Voting Rights | Yes |
| Anti-Dilution Rights | No |

| Type of security | Class B Units |
| --- | --- |
| Amount outstanding | 12,000 |
| Voting Rights | No |
| Anti-Dilution Rights | No |

The Company has the following debt outstanding:

| Type of debt | Private loans |
| --- | --- |
| Name of creditor | Individual lenders - 8 total |
| Amount outstanding (as of 12/31/2021) | $190,611.66 |
| Interest rate and payment schedule | 8% interest, biannual payment |
| Amortization schedule | Initiated in 2019, 5.5 year term with 6 month initial interest only |
| Describe any collateral or security | No collateral or security |

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| Maturity date | 9/1/2024 |
| --- | --- |
| Other material terms | None |

| Type of debt | Private loan |
| --- | --- |
| Name of creditor | Detroit City Trademark Holding Co, LLC |
| Amount outstanding (as of 12/31/2021) | $284,000 |
| Interest rate and payment schedule | 10% interest, biannual interest only payments |
| Amortization schedule | Initiated in 2020, 5 year term, balloon payment due at maturity date |
| Describe any collateral or security | None |
| Maturity date | 1/1/2025 |
| Other material terms | Debt anticipated to be paid off prior to maturity date |

| Type of debt | EIDL Loan |
| --- | --- |
| Name of creditor | SBA U.S. Treasury |
| Amount outstanding (as of 12/31/2021) | $150,000 |
| Interest rate and payment schedule | 3.75% interest, deferred payments until 2023 |
| Amortization schedule | Initiated 5/20/20, 30 year term |
| Describe any collateral or security | Borrower hereby grants to SBA, the secured party hereunder, a continuing security interest in and to any and all “Collateral” as described herein to secure payment and performance of all debts, liabilities and obligations of |

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|  | Borrower to SBA hereunder without limitation, including but not limited to all interest, other fees and expenses (all hereinafter called “Obligations”). The Collateral includes the following property that Borrower now owns or shall acquire or create immediately upon the acquisition or creation thereof: all tangible and intangible personal property, including, but not limited to: (a) inventory, (b) equipment, (c) instruments, including promissory notes (d) chattel paper, including tangible chattel paper and electronic chattel paper, (e) documents, (f) letter of credit rights, (g) accounts, including health-care insurance receivables and credit card receivables, (h) deposit accounts, (i) commercial tort claims, (j) general intangibles, including payment intangibles and software and (k) as-extracted collateral as such terms may from time to time be defined in the Uniform Commercial Code. The security interest Borrower grants includes all accessions, attachments, accessories, parts, supplies and replacements for the Collateral, all products, proceeds and collections thereof and all records and data relating thereto. |
| --- | --- |
| Maturity date | 5/20/2050 |
| Other material terms | None |

The total amount of outstanding debt of the company as of December 31, 2021 was $624,611.66 and as of December 31, 2022 is $627,258.12.

The Company has conducted the following prior Securities offerings in the past three years:

| Security Type | Number Sold | Money Raised | Use of Proceeds | Offering Date | Exemption from Registration Used or Public Offerings |
| --- | --- | --- | --- | --- | --- |

22

| LLC / Membership Interests | 12000 | $1,485,000 | Sales, Marketing, Upkeep and Inventory | January 28, 2021 | CF/D |
| --- | --- | --- | --- | --- | --- |

## Ownership

David Dwaihy, Todd Kropp, Sean Mann, Alexander Wright, and A2 Intellectual Properties, LLC, H Block LLC together, are the majority owners of the Company, with the remaining members having a combined ownership percentage of 19.69%.

Below the beneficial owners of 20% percent or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, are listed along with the amount they own.

| Name | Percentage Owned |
| --- | --- |
| David Dwaihy | 14.01% |
| Todd Kropp | 14.01% |
| Sean Mann | 14.01% |
| Alexander Wright | 14.01% |
| A2 Intellectual Properties, LLC | 14.01% |
| H Block, LLC | 10.26% |
| Richert Family LLC | 8.75% |
| XX Investments, LLC | 10.94% |

## FINANCIAL INFORMATION

Please see the financial information listed on the cover page of this Form C-AR and attached hereto in addition to the following information. Financial statements are attached hereto as Exhibit A.

### Operations

Since the conclusion of the Regulation CF raise, the Company has continued to grow with the move to the USL for the 2022 season. The Company now operates under greater minimum standards established by the league as well as a higher level of professionalism on and off the field across the organization with new hires among the front office and technical staff.

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## Liquidity and Capital Resources

On January 28, 2021 the Company conducted an offering pursuant to Regulation CF and raised $1,485,000.00.

On November 1, 2021 the company conducted a private offering and raised $4,000,000.00. This funding provided capital for entrance into the USL Championship and operating funds for playing in a higher level league.

The Company has the following sources of capital in addition to the proceeds from the Regulation CF Offering: SBA Loan

## Capital Expenditures and Other Obligations

The Company intends to make the following material capital expenditures in the future:

Stadium improvements totaling around $160,000 to add concrete behind east grandstand, new locker room for officials, HVAC in home and away locker rooms, and lighting improvements in west grandstand.

## Material Changes and Other Information

### Trends and Uncertainties

The financial statements are an important part of this Form C-AR and should be reviewed in their entirety. The financial statements of the Company are attached hereto as Exhibit A.

### Restrictions on Transfer

Any Securities sold pursuant to Regulation CF being offered may not be transferred by any Investor of such Securities during the one-year holding period beginning when the Securities were issued, unless such Securities were transferred: 1) to the Company, 2) to an accredited investor, as defined by Rule 501(d) of Regulation D of the Securities Act of 1933, as amended, 3) as part of an Offering registered with the SEC or 4) to a member of the family of the Investor or the equivalent, to a trust controlled by the Investor, to a trust created for the benefit of a family member of the Investor or the equivalent, or in connection with the death or divorce of the Investor or other similar circumstances. 'Member of the family' as used herein means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse or spousal equivalent, sibling, mother/father/daughter/son/sister/brother-in-law, and includes adoptive relationships. Remember that although you may legally be able to transfer the Securities, you may not be able to find another party willing to purchase them.

## TRANSACTIONS WITH RELATED PERSONS AND CONFLICTS OF INTEREST

### Related Person Transactions

From time to time the Company may engage in transactions with related persons. Related persons are defined as any director or officer of the Company; any person who is the beneficial owner of

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10 percent or more of the Company's outstanding voting equity securities, calculated on the basis of voting power; any promoter of the Company; any immediate family member of any of the foregoing persons or an entity controlled by any such person or persons.

The Company has conducted the following transactions with related persons:

- Good Problem Productions LLC: video productions services
- Detroit City Clubhouse LLC: team meals
- Detroit City Fieldhouse LLC: rent for front office space, club shop, and team locker room.

### **Conflicts of Interest**

To the best of our knowledge the Company has not engaged in any transactions or relationships, which may give rise to a conflict of interest with the Company, its operations or its security holders.

### **OTHER INFORMATION**

The Company did not timely file this Form C-AR for the fiscal year 2021.

To the best of the Company's knowledge, the Company has complied with other ongoing reporting requirements of Regulation CF § 227.202.

### **Bad Actor Disclosure**

The Company is not subject to any Bad Actor Disqualifications under any relevant U.S. securities laws.

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# SIGNATURE

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

The issuer also certifies that the attached financial statements are true and complete in all material respects.

/s/Sean Mann
(Signature)

Sean Mann
(Name)

Chief Executive Officer
(Title)

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

/s/Sean Mann
(Signature)

Sean Mann
(Name)

Chief Executive Officer
(Title)

01/31/2023
(Date)

# *Instructions.*

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

2. The name of each person signing the form shall be typed or printed beneath the signature.

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

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I, Sean Mann, being the Chief Executive Officer of DCFC Holdings LLC, a Michigan limited liability company (the “Company”), hereby certify as of this that the accompanying unaudited financial statements of the Company, which comprise the balance sheet as of December 31, 2021 and the related statements of income (deficit), stockholder’s equity and cash flows for the year ended December 31, 2021, and the related noted to said financial statements (collectively, the “Financial Statement”), are true and complete in all material respects

/s/Sean Mann
(Signature)

Sean Mann
(Name)

Chief Executive Officer
(Title)

01/31/2023
(Date)

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# **EXHIBITS**

# Exhibit A Financial Statement

# DCFC HOLDINGS LLC  
PROFIT & LOSS STATEMENT  
JAN-DEC 2021

| REVENUE |  |
| --- | --- |
| Concessions | 132,000.00 |
| DCFL | 51,268.37 |
| Merchandise | 573,125.46 |
| Sponsors | 893,624.00 |
| Premium Tickets (VIP, Party Decks, Suites) | 47,533.68 |
| Season Tickets | 238,797.73 |
| Single Game Tickets | 288,516.65 |
| Youth affiliate fees & programming | 10,489.00 |
|  | $2,235,354.89 |

| COST OF GOODS |  |
| --- | --- |
| Concessions | 6,476.94 |
| Merchandise | 297,265.23 |
| Sponsors | 54,063.72 |
| Ticketing | 303.00 |
|  | $358,108.89 |

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| EXPENSES |  |
| --- | --- |
| Staff travel | 14,216.87 |
| Facility repairs & maintenance | 67,335.00 |
| Office expenses | 109,637.00 |
| Professional services | 116,862.00 |
| Player housing | 142,786.00 |
| Salary & benefits | 1,408,103.00 |
| Home game costs | 174,855.00 |
| Away game costs | 242,341.00 |
| Team gear & equipment | 68,742.00 |
| Marketing & advertising | 106,570.00 |
| TV & Video Production | 284,871.00 |
| Youth & community programming | 9,058.00 |
| League fees | 212,363.00 |
| Insurance | 34,437.00 |
| Interest expense | 39,233.00 |
| Charitable contributions | 14,952.00 |
| Other expenses | 5,576.00 |
|  | $3,051,937.87 |
| Operating Income | ($1,174,691.87) |

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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:** DCFC Holdings, LLC

**Legal Status:** Limited Liability Company

**Jurisdiction of Incorporation/Organization:** MI

**Date of Organization:** 01-15-2015

**Physical Address:** 3401 E. LAFAYETTE, DETROIT, MI, 48216

**Issuer Website:** www.detcityfc.com

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

### Annual Report Disclosure Requirements

**Current Number of Employees:** 48.00

**Total Assets (Most Recent Fiscal Year):** $5,289,538.00

**Total Assets (Prior Fiscal Year):** $886,475.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $400,678.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $2,262,402.00

**Accounts Receivable (Most Recent Fiscal Year):** $63,874.00

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

**Short-Term Debt (Most Recent Fiscal Year):** $25,424.00

**Short-Term Debt (Prior Fiscal Year):** $74,015.00

**Long-Term Debt (Most Recent Fiscal Year):** $624,611.00

**Long-Term Debt (Prior Fiscal Year):** $682,313.00

**Revenues/Sales (Most Recent Fiscal Year):** $2,134,535.00

**Revenues/Sales (Prior Fiscal Year):** $853,260.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $358,108.00

**Cost of Goods Sold (Prior Fiscal Year):** $261,160.00

**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

### Signatures

**Issuer:** DCFC Holdings, LLC

**Signature:** /s/Sean Mann

**Title:** Chief Executive Officer

---

**Signature:** /s/ Sean Mann

**Title:** Chief Executive Officer

**Date:** 01-31-2023