PLAY CENTRE LIMITED is the owner and operator of the FUNPLEX Virtual Reality Game Experience PARK in New Zealand.
The trademark “FUNPLEX" is not an asset of the company but owned by the director Yuhang CHEN personally. The company's right of use of the trademark is granted or revoked at the director's discretion”. In the event of any dispute over the use of the trademark, the company will need the director’s consent and support to enforce the position in Court.
The company also accepts franchise applications.
Company's core business model is to fulfill the diversification demand of youngsters and their families for leisure, play, entertainment, catering and enlightenment on technology through the construction and operation of VR game experience arcade. The Company's vision is to become a well-known technology and entertainment centre in New Zealand providing the optimal one-stop solution for youngsters and their families to have fun.
Located at 95 Ireland Road, Mt Wellington, Auckland, our first FUNPLEX VR PARK in New Zealand has been running since March 2019. For details, please visit our website www.FUNPLEX.co.nz.
Our investments on all equipment and other hardware of the first FUNPLEX VR PARK, which has completed construction, as well as other inputs are $500,000 NZD in total. We possess about 1,500 memberships which are still growing steadily. With monthly revenue reaching close to the break-even line.
The Company is offering to issue between 500,000 and 960,000 new non-voting Investment Shares to public investors at $1 NZD per share. This will raise a minimum of $500,000 NZD and a maximum $960,000 NZD. This makes up collective ownership stakes of between 33.3% and 49% for the community depending on the number of investments.
In order for the successful capital raise and for the investors to be officially accepted as a shareholder in the Company, we will need to reach our minimum goal of $500,000 NZD. The new funds will be mainly used for capital investment (the construction of the new FUNPLEX VR Park and the establishment of VR experience stores in a shopping mall) and operational investment (payment of staff salaries, marketing).
Upon completion of the fundraising, each new shareholder will immediately receive at least 10 FUNPLEX VR PARK one-day pass tickets (valued at $1290 NZD) and Shareholder Discount Cards (20% off) which can be used in all FUNPLEX stores, as well as a free birthday party gift package (valued at about $500 NZD).
We’re willing to fund the Company through shareholder loans. However, our primary purpose behind it is to involve more family members, so that more youngsters and their families can join our community, and thus more New Zealand teenagers and children can experience healthier family activities with a sense of science & technology.
$500,000 for 33.3% of the Company (500,000 Class B Shares at $1NZD per share).
This means that in order for the capital raise to be successful and for you to be officially accepted as a shareholder in the Company, we will need to reach our minimum goal of $500,000 NZD.
Maximum Investment Target
$960,000 for 49% of the Company (960,000 Class B Shares at $1 NZD per share).
The existing shareholders will be responsible for the estimated value of FUNPLEX. Since it is a brand-new industry in New Zealand, it is difficult to find a similar company for comparison and analysis. The value assessment was carried out using the Cost-to-Duplicate Method and Berkus Method. Currently, approximately 500,000 NZD has been invested in hardware equipment. The revenue for the first financial year is expected to be around 1 million NZD following the financing. Therefore, the overall estimated value of 1 million NZD is a relatively fair number.
Share Class Offered
Class B Shares. As set out in the Company's constitution, Class B Shares are non-voting but have equal entitlements to receive dividends and any distributions from the Company. In addition, investors will receive 10 free one-day pass tickets (valued at about $1290 NZD) following the purchase of each 500 shares, which can be used in all FUNPLEX VR PARK stores. Each investor will also be given a Shareholder Discount Card enjoying a 20% discount in all FUNPLEX stores, and a free birthday party gift package (valued at about $500 NZD).
$1 per share.
Minimum Investment Amount
You may subscribe for a minimum of one Investment Share for $500 NZD. For joint holdings, companies and other structures we set a minimum of $1,000. There is no maximum on the number of nvestment shares you may apply for.
Terms of Issuing
Investment shares’ terms of issuing are set out in the Company’s Constitution.
PLAY CENTRE LIMITED
At present, PLAY CENTRE LIMITED has issued a total of 1 million ordinary shares. After the equity offering is completed, the original shareholder will hold 66.7% to 51% of the shares, and the new investor will own 33.3% to 49% of the shares.
The shares being offered are fully paid Investment Shares. Investment Shares are non-voting shares. Holders of Investment Shares will not have voting rights or the right to appoint or remove directors. You can read more about the rights attached to ordinary and Investment Shares in the Company’s Constitution.
Investors will receive 10 free FUNPLEX one-day pass tickets (valued at about $1290 NZD) following the purchase of each 500 shares, which can be used in all FUNPLEX VR PARK. Each investor will also be given a VIP Shareholder Card enjoying a 20% discount in all FUNPLEX stores, and a free birthday party gift package (valued at about $500 NZD).
|Shareholder||Category||No. of shares||%||No. of shares||%||No. of shares||%|
|Current Shareholder||Class A||1000000||100%||1000000||66.7%||1000000||51%|
Investment Shares also come with the right to an equal share in dividends and other distributions made by the Company (subject to the rights of any other class of share) as well as the right to an equal share in the distribution of surplus assets of the Company. The Company’s profits will be distributed as dividends as cashflow allows.
Future capital raising plans
There is no immediate plan to raise extra capital from investors in the near future.
After this fundraising, there is no immediate plan to raise extra capital from investors in the near future. The company itself should be able to provide sufficient funds and cash flow for future business growth.
The Company will manage the share register using FUNPLEX's administration team.
How to Trade Shares
As there is no open market to trade, shares are illiquid. There may be instances where you would like to withdraw from your investment. Should this be the case, the directors will keep a register of current and prospective shareholders. Any shareholders wishing to sell their shares will be introduced to potential investors on the waiting list for shares.Class B shares cannot be sold unless such sale is to the company and/or other existing shareholders of the company at the time of the sale
The start-up team may also consider buying the share. It will, however, be the investor's and potential investor's responsibility to trade the stocks at a value agreed between the parties. Accounting information to determine the value of the shares can be sought from the Company, but no responsibility will be taken by the Company or the directors on the deemed value of the shares traded. Legal and tax advice on any trading of shares should be sought.
At present, the first FUNPLEX VR PARK located in Mt Wellington, Auckland has been built and has been officially running. FUNPLEX VR PARK is a large VR (virtual reality) indoor entertainment facility in New Zealand, covering an area of about 800 m2. It owns 12 types of VR experience devices, up to 150 kinds of VR somatosensory games and technology applications available to teenagers and children over six years old, Tilt Brush enabling youngsters to paint in three-dimensional space, as well as flight simulators.
Since the opening of FUNPLEX VR PARK（Mt Wellington）in early 2019, it has been extraordinarily popular among local families in Auckland, receiving thousands of teenagers, children and their families. We possess more than 1,000 memberships, and it’s still growing steadily. With monthly revenue reaching close to the break-even line.
The raised funds will mainly be used for the preparation and operation of the brand-new FUNPLEX VR PARK on the North Shore. It is expected to cover an area of about 1000-1500 m2 (depending on the funding situation), with four major areas: VR Game Experience Area, Catering Area, Retail Area and Multi-function Room.
VR Game Experience Area
We will continue to introduce high-tech VR somatosensory game equipment in VR Game Experience Area, adopting the most mature and advanced hardware and software in the world, and plans to place about 20 VR somatosensory game equipment.
We will provide Western-style meals and creative Chinese cuisine in the Catering Area, ensuring a comfortable environment and excellent service at the same time.
The Multi-function Room will have 3-5 multi-functional spaces with different themes. Generally, it can hold various DIY interactive courses, parent-child baking, dressing games, etc, while it is also a premier venue for teenagers and children to hold birthday parties.
After the fundraising, we will establish FUNPLEX VR SPOT in the following shopping malls:
Generally, 2-3 VR game devices will be set up in FUNPLEX VR SPOT. Each VR SPOT will use different devices and exchange devices in each VR SPOT regularly to keep the equipment fresh and maintain a good game experience.
According to our two-week trail operation in Sylvia Park Shopping Mall, the data show that the daily revenue of the two devices is about $400 NZD, and the net profit after tax is about $3000 NZD per month. Besides being a profit growth point itself, FUNPLEX VR SPOT will also increase the number of memberships for FUNPLEX VR PARK, and further enhance the brand's reputation.
Winson Chen - The director of the Company
With extensive experience in the IT industry and adept in VR software, game design and other fields, Winson possesses more than 10 years of experience in online marketing and social media marketing. He is also the director and major shareholder of the Company, leading the preparation and operation of the company's first VR PARK.
Jo Li - Marketing Manager
Jo is the marketing manager of the company. With more than 18 years’ experience in marketing and training in top 500 companies worldwide, she is responsible for the management of key customers, leading the team to improve store coverage and complete the annual comprehensive indicators. As a key team member, Jo's experience in marketing is of crucial significance. She will be responsible for promoting and marketing of the project.
Felix Li - Sales Manager
Felix is the senior manager found by headhunting companies, currently in charge of the sales team. With a Master's degree in International Business, Felix previously held a senior position in a chain fitness club and led the sales team.
Keri Chai - Customer Service Manager
Equipped with abundant experience in the customer service industry, Keri was once in charge of the customer service department in a large chain catering enterprise before joining FUNPLEX. She currently leads FUNPLEX's customer service team.
Ticket revenue is the main source of income for FUNPLEX, including FUNPLEX VR PARK and FUNPLEX VR SPOT. Current 1 Day Pass of FUNPLEX VR PARK is $129 NZD for an adult and $99 NZD for a child; The Single Ticket offered in shopping malls is $15 NZD for an adult and $13 NZD for a child.
Our retail stores will select smart toys and technology digital products. While ensuring a high cost performance, we hope to collect novel products from all over the world to broaden the horizons of local New Zealand youngsters.
The catering area will be the second major source of income for each FUNPLEX VR PARK. Considering the high gross profit characteristics of the catering industry, the gross profit rate of the company's overall income will be effectively increased. At the same time, our party room area will contribute a certain amount of income to the party venue and catering.
After we establish a complete membership system and have a certain number of members, we will have a very high advertising value whether in the park site or social network, which has a high development value in the long term.
Tentative Start Date - Fundraising Initiation- June, 2019
With a minimum funding target of $500,000 NZD, we will upgrade and increase the existing VR equipment of FUNPLEX VR PARK, and establish FUNPLEX VR SPOT in the following five shopping malls, with 2-3 VR game equipment in each experience store:
In addition to the above goal, with a maximum funding target of $960,000 NZD, we will build a second FUNPLEX VR PARK on the North Shore with an estimated area of 1,000-1,500 m2 and 20 VR somatosensory games in the VR Game Experience Area.
|Use of Fun||$500,000(minimum goal)||$960,000(maximum goal)|
|Administrative costs and operating funds||$120,000||$180,000|
|August-2019||Successful completion of Crowdfunding|
|August – 2019 To Nov- 2019||VR SPOT’s establishment and commencement of business in five shopping malls|
|August – 2019 To Nov- 2019||Site selection completed of FUNPLEX VR PARK in the North Shore|
|Nov – 2019 To March-2020||Equipment installation, decoration, personnel training completed|
|Apr-2020||Trial operation of FUNPLEX VR PARK in the North Shore|
|May-2020||Official opening of FUNPLEX VR PARK in the North Shore|
We highlighted our business advantages and potential growth and expansion opportunities. But there remain some risks in business operation, so we suggest you understand the risks we are aware of. We will do our best to mitigate these risks and reduce their impact.
Because of the high market value of our game equipment, especially VR game equipment, it is possible that the equipment can be stolen. In case of theft, we will lodge a claim with the insurance company (AMI), which will accept a claim of up to 20,000 per claim.
Overall Economic Situation
As a developed economy dominated by tourism and agriculture, New Zealand's economy has been developing steadily and less affected by the peripheral economies, but once the global economy slows down, New Zealand's exports may also be affected. When the national economy as a whole declines, leisure and entertainment spending will inevitably decrease. When this happens, we will try to control costs and maintain good cash flow as far as possible when the overall economy comes out of the shadows.
The board of directors and chief operating officers in FUNPLEX will continuously monitor all kinds of information closely related to the industry while maintaining close contact with various suppliers to cope with the corresponding market risks.
The above financial forecast contains operational data for the already-opened FUNPLEX VR PARK and the new FUNPLEX VR SPOT and the new FUNPLEX VR PARK.
Collinson Crowdfunding is licensed and regulated by the Financial Markets Authority, and this offer is only able to be accepted on Collinson Crowdfunding's website.
Additional information about the offer and the Company may be added to the Collinson Crowdfunding website campaign page from time to time. The information about the offer is confidential and has been compiled by the Company from information believed to be reliable.
The offer does not constitute and is not intended to be, an offer in any parties or to any persons outside of New Zealand where such an offer is not authorized or is illegal. Anyone receiving this offer outside of New Zealand must ensure that they fully comply with all applicable laws in their jurisdiction before accepting an offer. Without limiting the previous statements, the Company and Collinson Crowdfunding reserve the right to decline any acceptance or notice of intention to make an offer from a person outside of New Zealand.
Equity crowdfunding is risky. Issuers using this facility include new or rapidly growing ventures. Investment in these types of businesses is very speculative and carries high risks. You may lose your entire investment and must be in a position to bear this risk without undue hardship.
New Zealand law typically requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision.
The usual rules do not apply to offers by issuers using this facility. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment. Ask questions, read all information given carefully, and seek independent financial advice before committing yourself.