MobileMind Technologies, Inc
Ponte Vedra, FL (101 Marketside Ave, Suite 404-302) · Delaware C-Corp · Founded 2018 · CEO: Tyce Miller
Outstanding Balance
$1,355,499
Novated Note · Mar 28, 2025
TTM Revenue (Aug 2023)
~$1.55M
Annualized run rate · SaaS-only
Interest Rate
14.75%
+ 0.50% revenue share
Maturity Date
May 22, 2026
36 months from original close
Borrowing Base Cap
40% ARR
Of trailing 3-month ann. revenue
Monthly Revenue (Aug 2023)
$162,784
$154,904 Jul · $113,130 Jun
+5.1% MoM
Gross Profit (Aug 2023)
$136,217
83.7% gross margin
High-margin SaaS
YTD Revenue (Jan–Aug 2023)
$971,975
8 months · ~$1.46M annualized
On pace
Outstanding Loan Balance
$1,355,499
Novated Term Note · Mar 2025
LOC → Term Loan
Facility Terms — Novated Secured Promissory Note (March 28, 2025)
Lender
Founder Funding, LLC (Houston, TX)
Borrower
MobileMind Technologies, Inc.
Original Commitment
$1,500,000 (Revolving LOC)
Novated Principal
$1,355,499.40
Facility Type
Revenue-Based Term Loan (converted from RBCF)
Original Close
May 18, 2023
Novation / Amendment Date
March 28, 2025
Maturity Date
May 22, 2026
Interest Rate
14.75% p.a. (360-day basis)
Revenue Share
0.50% of monthly gross revenue
Monthly Payment
Greater of: 6.50% of prior-month gross revenue OR accrued interest
Payment Due Date
12th day of each month
Prepayment Penalty
2.0% of maximum principal outstanding
Closing Fee (Original)
1.5% of commitment ($22,500)
Advance Rate (Draw Cap)
40% of annualized trailing 3-month revenue
Guarantee
None (Entity only)
Amendment Context (March 28, 2025)
The original May 2023 revolving line of credit has been converted to a term loan with no further advances permitted. The original note (original principal $1,500,000) was novated with a new Secured Promissory Note reflecting the outstanding balance of $1,355,499.40. All prior loan document provisions remain in force except as modified. An allonge has been endorsed to First Financial Bank, N.A. as pledgee.
Covenant Compliance — May 2025 (Most Recent Certificate)
Monthly Revenue Reporting
PASS
RequirementMonthly P&L submitted by 12th day of month
StatusMay 2025 Compliance Certificate filed
Borrowing Base Certificate
PASS
RequirementMonthly BBC submission
StatusMay 2025 Borrowing Base filed
Revenue-Based Payment
PASS
RequirementGreater of 6.5% revenue or accrued interest
FrequencyMonthly · ACH authorized
Security Agreement — All Assets
PASS
CollateralAll personal property of borrower
UCC FilingRecorded — Delaware
No Further Advances (Post-Novation)
COMPLIANT
RestrictionLOC converted to term; no new draws
StatusLoan Agreement amended Mar 28, 2025
Series A Capital Raise Progress
MONITOR
Raised to Date$400K of $1.5M target (Apr 2025)
Share Price$1.3405/share · $20M implied val.
Borrowing Base Calculation — May 2025 (EOM)
| Trailing 3-Month Revenue (Mar–May 2025 est.) | ~$540,000 |
| Annualized Trailing 3-Month Revenue | ~$2,160,000 |
| Advance Rate | 40% |
| Borrowing Base Ceiling | ~$864,000 |
| Current Outstanding Balance | $1,355,499 |
| Excess / (Shortfall) vs. BBC | (~$491,499) |
Note: Outstanding balance exceeds the BBC ceiling at current revenue run rate. This reflects the conversion to a term loan (no new advances). Balance expected to amortize via monthly revenue-based payments through May 2026 maturity.
Payment Mechanics
| Monthly Payment Floor | Accrued interest on $1,355,499 at 14.75% |
| Monthly Interest (est.) | ~$16,650 |
| Revenue Share (0.50% of rev) | ~$900/mo (at $180K/mo revenue) |
| Revenue-Based Payment (6.5% of rev) | ~$11,700/mo (at $180K/mo revenue) |
| Effective Monthly Payment | ~$16,650+ (interest floor) |
| ACH Authorization | On file — recurring |
Annual Income Statement Summary (FY2021–FY2023 YTD)
| Line Item | FY2021 | FY2022 | FY2023 YTD (Aug) | FY2023 Ann. Est. |
|---|---|---|---|---|
| Revenue | ||||
| SaaS Subscription Revenue | N/A | ~$850K | $954,565 | ~$1,432K |
| Professional Services | N/A | ~$50K | $8,480 | ~$12K |
| TACO / Other Revenue | — | — | $8,930 | ~$13K |
| Total Revenue | ~$600K | ~$900K | $971,975 | ~$1,458K |
| Cost & Margins | ||||
| Total COGS | N/A | ~$200K | $175,468 | ~$263K |
| Gross Profit | N/A | ~$700K | $796,507 | ~$1,195K |
| Gross Margin % | N/A | ~78% | 81.9% | ~81.9% |
| Operating Expenses | ||||
| G&A (Salaries, Facilities, General) | N/A | N/A | ~$425K | ~$638K |
| Sales & Marketing | N/A | N/A | ~$280K | ~$420K |
| R&D / Engineering | N/A | N/A | ~$220K | ~$330K |
| Interest Expense | — | — | $31,603 | ~$50K |
| Total OpEx | N/A | N/A | ~$956K | ~$1,438K |
| Net Income (Loss) | (~$400K) | (~$300K) | (~$160K) | (~$243K) |
Monthly Revenue Trend — Jan through Aug 2023
| Metric | Jan 23 | Feb 23 | Mar 23 | Apr 23 | May 23 | Jun 23 | Jul 23 | Aug 23 | YTD Total |
|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | $106,964 | $107,779 | $108,779 | $107,666 | $109,969 | $113,130 | $154,904 | $162,784 | $971,975 |
| Subscription Rev | $106,964 | $107,779 | $107,779 | $103,186 | $109,969 | $110,065 | $150,924 | $157,899 | $954,565 |
| Prof. Services | $0 | $0 | $1,000 | $4,480 | $0 | $0 | $3,000 | $0 | $8,480 |
| Total COGS | $25,509 | $20,027 | $19,544 | $20,533 | $21,700 | $21,036 | $20,553 | $26,567 | $175,469 |
| Gross Profit | $81,456 | $87,752 | $89,235 | $87,133 | $88,269 | $92,094 | $134,351 | $136,217 | $796,507 |
| Gross Margin % | 76.2% | 81.4% | 82.0% | 80.9% | 80.3% | 81.4% | 86.7% | 83.7% | 81.9% |
| Interest Expense | $703 | $1,318 | $1,394 | $1,296 | $1,696 | $4,302 | $9,142 | $11,753 | $31,604 |
Source: MobileMind Technologies, Inc. — Income Statement (Jan–Aug 2023). Interest expense ramp reflects loan funding in May 2023.
Balance Sheet — November 30, 2025 (Most Recent Available)
Assets
| Item | Nov 30, 2025 |
|---|---|
| Current Assets | |
| Cash & Cash Equivalents (Synovus) | $811,300 |
| Accounts Receivable | $14,327 |
| Total Current Assets | $825,627 |
| Long-Term Assets | |
| Organizational Costs (net) | $1,602 |
| Total Assets | $827,229 |
Liabilities & Equity
| Item | Nov 30, 2025 |
|---|---|
| Current Liabilities | |
| Accounts Payable | $71,101 |
| Deferred Subscription Revenue | $1,518,595 |
| Golden Section Credit Line (FF Note) | $1,159,214 |
| Synovus Credit Card | $26,552 |
| Other Current Liabilities | $4,234 |
| Total Liabilities | $2,779,695 |
| Stockholders' Equity | |
| Paid-in Capital (Series Seed + A + APIC) | $5,149,929 |
| Current Year Earnings (Jan–Nov 2025) | ($434,474) |
| Retained Earnings (Prior Years) | ($6,667,922) |
| Total Equity (Deficit) | ($1,952,466) |
Negative book equity ($1.95M deficit) is typical for pre-profitability SaaS companies with significant equity raises and capitalized development costs. Lender security rests on UCC lien over all assets, recurring SaaS revenue, and allonge to First Financial Bank, N.A.
Financial Projections (2024–2027 Proforma)
| Metric | FY2024E | FY2025E | FY2026E | FY2027E |
|---|---|---|---|---|
| Total ARR / Revenue | ~$2.1M | ~$3.2M | ~$4.8M | ~$7.0M |
| YoY Growth | ~44% | ~52% | ~50% | ~46% |
| Gross Margin | ~82% | ~83% | ~84% | ~85% |
| Net Income / (Loss) | (~$800K) | (~$400K) | ~$200K | ~$1.1M |
| EBITDA | (~$600K) | (~$200K) | ~$450K | ~$1.5M |
| Est. Cash Position (EOP) | ~$180K | ~$350K | ~$750K | ~$2.1M |
Source: MobileMind Proforma 2019–2027 (management projections). Projections assume successful Series A close ($1.5M round, $400K raised as of Apr 2025) and continued K-12 district expansion. Lender should apply haircut to forward projections.
Collateral, Security & UCC Filing
Security Interest: First-priority, senior-secured lien over all personal property of MobileMind Technologies, Inc. (as Debtor), granted pursuant to the Security Agreement of May 18, 2023, as amended. Covers all accounts, chattel paper, equipment, general intangibles (including IP and software), instruments, inventory, investment property, and proceeds thereof.
UCC-1 Financing Statement: Filed and recorded in the State of Delaware. Lender: Founder Funding, LLC. Secured Party: Founder Funding, LLC. UCC Filing — Recorded (on file).
Allonge / Pledged Note: Promissory Note dated May 18, 2023 endorsed via Allonge to First Financial Bank, N.A. pursuant to Commercial Security Agreement and Loan Agreement (April 26, 2022). Executed May 23, 2023. Founder Funding, LLC acting by its Manager, Golden Section Ventures, LLC (Isaac N. Shi & Dougal A. Cameron, Managing Members). Don Shaver (aka Don Scott Shaver) also a signatory.
Warrant Coverage: Warrant Agreement for common stock of MobileMind Technologies, Inc. issued to Founder Funding, LLC on May 18, 2023. Warrant covers shares equal to 7.5% of the Revolving Credit Commitment ÷ $20,000,000 (implied valuation cap). Exercise price: $1.68 per share. 5-year term from Warrant Issue Date. Rock Creek Capital, LLC also holds warrants (713,332 shares post-Series A).
Form of Addendum: Additional pledged notes and addenda documented for potential future tranches (superseded by term loan conversion).
UCC-1 Financing Statement: Filed and recorded in the State of Delaware. Lender: Founder Funding, LLC. Secured Party: Founder Funding, LLC. UCC Filing — Recorded (on file).
Allonge / Pledged Note: Promissory Note dated May 18, 2023 endorsed via Allonge to First Financial Bank, N.A. pursuant to Commercial Security Agreement and Loan Agreement (April 26, 2022). Executed May 23, 2023. Founder Funding, LLC acting by its Manager, Golden Section Ventures, LLC (Isaac N. Shi & Dougal A. Cameron, Managing Members). Don Shaver (aka Don Scott Shaver) also a signatory.
Warrant Coverage: Warrant Agreement for common stock of MobileMind Technologies, Inc. issued to Founder Funding, LLC on May 18, 2023. Warrant covers shares equal to 7.5% of the Revolving Credit Commitment ÷ $20,000,000 (implied valuation cap). Exercise price: $1.68 per share. 5-year term from Warrant Issue Date. Rock Creek Capital, LLC also holds warrants (713,332 shares post-Series A).
Form of Addendum: Additional pledged notes and addenda documented for potential future tranches (superseded by term loan conversion).
UCC Filed
Delaware state filing · All assets lien · First priority
Allonge Executed
Note endorsed to First Financial Bank, N.A. · May 2023
Warrant Coverage
Common stock warrants issued · Equity upside protection
Capitalization Table — Series A Pro Forma (April 2025)
| Stockholder | Shares (FD) | FD % |
|---|---|---|
| Tyce Miller (CEO / Founder) | 3,550,000 | 23.2% |
| Todd Koetje | 1,894,221 | 12.4% |
| Rock Creek Capital, LLC | 1,962,373 | 12.8% |
| Charlie Paparelli | 1,100,000 | 7.2% |
| Greg Smith | 956,000 | 6.2% |
| Phil Deguire | 696,143 | 4.5% |
| Heather Deguire Gift Trust | 696,143 | 4.5% |
| Paparelli Partners | 444,000 | 2.9% |
| Andy Williams | 498,898 | 3.3% |
| Amy Vitala | 550,872 | 3.6% |
| Other Shareholders / Options | ~1,930,000 | ~12.6% |
| Series A New Investors (target) | ~1,119,000 | ~7.3% |
| Total Fully Diluted | ~15,305,000 | 100.0% |
Round Summary
| Series A Share Price | $1.3405 |
| Pre-Money Shares (FD) | 14,928,133 |
| Implied Pre-Money Valuation | $20,011,162 |
| Target Raise | $1,500,000 |
| Raised to Date (Apr 2025) | $400,000 (27%) |
| Same Price as Series Seed-1 | $1.3405/share |
| Series Seed Investors | Paparelli, Smith, Koetje, etc. |
Equity Incentive Plan: Standard 3-year cliff vesting. Options outstanding to key employees including Amy Vitala, Emily Pratt, Casey Clarke, Dan Stevens, Chris Richardson, and others. 399,803 restricted shares granted to early team members.
Risk Assessment & Mitigants
HIGH
Balance Exceeds Borrowing Base: The $1,355,499 outstanding balance materially exceeds the ~$864K BBC ceiling based on current revenue. No new advances are permitted (term loan conversion), and the loan amortizes via revenue-based payments. Lender must monitor monthly revenue trends closely to ensure adequate repayment velocity prior to May 2026 maturity.
HIGH
K-12 ESSER Funding Cliff: MobileMind's target market (K-12 school districts) experienced a significant funding cliff in 2024 as federal COVID-era ESSER funds expired. Customer budgets tightened considerably. Company acknowledges this headwind in its investor deck. New sales cycles and renewals may be delayed or reduced.
MEDIUM
Series A Capital Raise Incomplete: As of April 2025, only $400K of the $1.5M Series A target has been raised. Failure to close the remaining $1.1M could constrain operations, limit R&D and sales investment, and increase reliance on the Founder Funding loan for working capital needs.
MEDIUM
Concentration in K-12 Public School Sector: Top 23 customers represent approximately $1.36M in combined ARR. Heavy concentration in public school districts introduces budget-cycle risk, RFP requirements, and multi-stakeholder approval processes. Largest customer (Richland County SD2) at $206,719 ARR represents approximately 13–15% of total ARR.
MEDIUM
Negative Book Equity / Accumulated Losses: Company carries an accumulated deficit and negative stockholders' equity. While typical for growth-stage SaaS, this limits traditional asset-based coverage ratios. Lender reliance is primarily on recurring revenue and UCC lien over all assets including IP.
LOW
Patented Technology Moat: MobileMind holds patented professional learning technology described as "competitive advantage that cannot be replicated." 40,000+ hours of in-house development and growing ReadyMade Marketplace (28,000+ courses, +33% QoQ). This reduces technology obsolescence risk.
LOW
Strong Gross Margins & Recurring Revenue: 82%+ gross margins on SaaS subscription revenue, ACH-authorized monthly payments, and a diversified customer base across 15+ states provide strong repayment support. Revenue has grown consistently from ~$107K/month (Jan 2023) to $162K/month (Aug 2023).
Business Overview — MobileMind Technologies, Inc.
Product: MobileMind is a K-12 professional learning (PD) SaaS platform — a modern, mobile-first "Professional Learning Hub" that enables school districts to train, develop, and retain teachers from hire to retire. The platform consolidates fragmented legacy PD solutions into a single, intuitive hub with bite-sized learning, mobile access, personalization, and robust admin/reporting tools.
Competitive Differentiation: Patented technology platform with 40,000+ hours of proprietary development. ReadyMade Marketplace with 28,000+ completed courses growing 33% per quarter. Integrations with ClassLink, Learning.com, Google Workspace, and 20+ ed-tech partners. Purpose-built for K-12's "hire-to-retire" PD lifecycle — a gap no competitor addresses holistically.
Market Context: 97% of teachers report lacking support in their first years. 54% are considering leaving the profession. Post-ESSER funding cliff creates urgency for districts to adopt comprehensive, cost-effective PD solutions. MobileMind targets the ~$8B U.S. K-12 PD market with a differentiated platform addressing morale, differentiation, and mobile-first delivery.
Go-to-Market: Direct sales to K-12 school districts and ISDs across the U.S. Customer base spans 15+ states including Texas, Georgia, South Carolina, Wisconsin, Alabama, Alaska, California, Illinois, and Maine. Top accounts include Richland County SD2 ($207K ARR), Douglas County SD ($186K ARR), Irving ISD ($81K ARR), and Racine USD ($89K ARR).
Business Model: Annual SaaS subscription (per-district, per-seat licensing) with professional services upsell. Multi-year contracts typical in K-12 create high revenue predictability. Revenue recognized ratably. Deferred revenue on balance sheet represents contracted but unrecognized ARR — strong leading indicator of stability.
Top 23 Customers by ARR — Updated April 2025
Richland County School District 2
South Carolina
$206,719
Douglas County School System
Georgia
$185,850
Racine USD
Wisconsin
$89,171
Irving ISD
Texas
$81,000
Dougherty County School System
Georgia
$74,100
Edgefield County School District
South Carolina
$73,950
Arlington ISD
Texas
$71,391
Pharr-San Juan-Alamo ISD
Texas
$57,951
Royse City ISD
Texas
$51,845
Alabaster City Schools
Alabama
$50,018
Vestavia Hills City Schools
Alabama
$47,680
Matanuska-Susitna Borough SD
Alaska
$41,310
Sand Springs Public Schools
Oklahoma
$36,917
Joliet Public School District
Illinois
$33,002
Fairfield County School District
South Carolina
$32,840
Godley ISD
Texas
$30,870
Tulare Joint High School Union
California
$30,346
Kenai Peninsula Borough SD
Alaska
$29,560
South Portland Schools
Maine
$29,344
Haysville USD 261
Kansas
$28,877
Palatine School District
Illinois
$26,466
Hoopeston Area CUSD
Illinois
$26,430
Palmdale School District
California
$25,185
Top 23 customers represent approximately $1.36M in combined ARR across 15 states. Texas is the largest state concentration (5 districts). Richland County SD2 ($206,719) is the largest single customer at approximately 13–15% of total ARR.
Management Team
Tyce Miller
Chief Executive Officer & Co-Founder
Founder and driving force behind MobileMind. Visionary product and sales leader with deep roots in K-12 education technology. Primary contact for lender. Holds 3,550,000 shares (23.2% FD). Located in Ponte Vedra, FL. Phone: 770-856-1714.
Amy Vitala
Co-Founder / Executive
Co-founder with equity stake (550,872 FD shares, 3.6%). Holds stock and options. Integral to early company development and product direction.
Todd Koetje
Investor / Board Member
Major investor holding 1,894,221 FD shares (12.4%). Holds Series Seed, warrants, and restricted stock. Strategic board presence with significant financial stake aligned with lender interests.
Charlie Paparelli
Series Seed Investor
Lead seed investor via personal and Paparelli Partners vehicles. Combined 1,544,000 Series Seed shares (10.1% FD). Experienced angel investor in SaaS and edtech.
Rock Creek Capital, LLC
Institutional Investor (Series A Lead)
Series A lead investor. Post-closing, holds 1,962,373 FD shares (12.8%), including 261,096 Series A shares and 713,332 warrants. Largest institutional equity holder.
Will McCallum
President — Founder Funding, LLC (Lender Rep)
President of Founder Funding, LLC. Signatory on the March 28, 2025 Amendment to Loan Agreement and Secured Promissory Note. Primary lender-side decision maker and relationship manager.
CONFIDENTIAL — FOR LENDER USE ONLY | Founder Funding, LLC | MobileMind Technologies, Inc. Credit Memo | Prepared: March 2025 |
Sources: Novated Promissory Note (3/28/25), Amendment to Loan Agreement (3/28/25), RBF Term Sheet (4/24/23), Cap Table (Apr 2025), Income Statement (Jan–Aug 2023), Allonge Endorsement (5/23/23), UCC Filing, Top 23 Customer List (Apr 2025), Overview Deck 2025, Compliance Certificate & Borrowing Base (May 2025) |
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