Professional Documents
Culture Documents
Spin Kicks Limited ("Spin Kicks" or the “Company”) is an interactive fitness platform with a
loyal community of Members. The Company created and sells interactive spin bikes ("Spin Bike
Products") and streams immersive, instructor-led boutique classes to its Members anytime,
anywhere. The Company makes fitness entertaining, approachable, effective and convenient
while fostering social connections that encourage its Members to be the best versions of
themselves.
The Company’s primary source of revenue is from sales of its Connected Spin Bike Products and
associated recurring subscription revenue.
Connected Spinning Products
The Company recognizes Connected Spin Bike Product revenue net of sales returns and
discounts when the product has been delivered to the customer.
Subscription
The Company’s subscriptions provide unlimited access to content in its library of live and on-
demand fitness classes. The Company’s subscriptions are offered on a month-to-month basis and
revenue is recorded each month. Members pay their monthly fees in the month the Company
records revenue.
The Company became a public corporation in 2019. Revenues have increased significantly in
2019, however the Company continues to report losses and negative cash from operating
activities. Attached are the financial statements for 2019 and 201
LIABILITIES
Accounts Payable and Accrued
Liabilities Current portion of long term
debt
Total Current Liabilit
SHAREHOLD
Common Shar
Retained E
To
Revenue
Spin Bikes Product
Subscription
Total Revenue
Cost of Revenue
Spin Bikes Product
Subscription
Total Cost of Revenue
Gross Profit
Sales and Marketing
General and Administrative
Reseach and Development
Depreciation
Operatin
Interest expense
P
Incom
N