Patio Bahia, Inc. is a development stage company that will specialize in the sale of distinctive outdoor furniture destined for the high-end and sophisticated sector of the market. Their business model is to import fashionable, custom designed, high quality patio and yacht outdoor furniture, handmade to their design specifications and manufactured from Brazilian hardwoods, and market their collection to interior designers, yacht brokers and retail distributors as well as eventually to the end consumer by way of their website.They currently offer a line of custom designed, high quality outdoor and yacht furniture marketed under the “Patio Bahia” brand. Their current product line is based on their original designs. They currently offer a collection of over 20 designs, including chaise lounges, sofas, occasional chairs, dining chairs, dining tables, coffee tables, occasional tables, bar stools and a distinctive towel/hat rack. Retail prices for their furniture range from $900 to $1,500. As is customary in the furnishings industry, it is their goal to regularly update their collection through the addition of new pieces and the careful editing of other, less popular pieces.
Their handcrafted outdoor furniture pieces are manufactured in Bahia, Brazil, the center of the hardwood manufacturing in Brazil. They offer furniture made from three types of Brazilian wood, including tatajuba, jatoba and angelim pedra, all of which are highly resistant to insects and fungus.
Their offering relates to resale of an aggregate of 285,000 outstanding shares of their common stock by the selling security holders. They will not receive any proceeds from the sale of the shares by the selling security holders. Number of shares Outstanding Prior to Offering: 7,935,000 shares.
The company has generated only nominal revenues (approximately $38,000) since inception through December 31, 2005 and has generated no revenues in 2006 through 2009. They have reported a net loss of $360,097 from inception and used cash in operations from inception of $71,330. In addition, there is a working capital deficiency and stockholders’ deficiency of $281,890 as of December 31, 2009. As a result of their net losses, their auditors, in their audit report, which covers the period through December 31, 2009, have expressed substantial doubt about their ability to continue as a going concern.
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