Mode Mobile Stock Review 2026: What the Filings Show Behind the 32,481% Growth Claim
A ten-year-old phone and app company which has raised or marketed stock across four exemptions through one storefront, where the filed revenue is lower than it was three years ago and the headline growth figure is a pro forma the company has not shown its working for.
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What the data actually shows - TL;DR
A real operating company with a real product, which has raised or marketed stock across four exemptions through one storefront, at a price it sets for itself that has only ever risen, against filed revenue that is lower than it was three years ago and an audit opinion citing a net capital deficiency.
Footnoted as including full-year numbers for businesses acquired in December 2025. The annual report names two such acquisitions, NGL Labs and TrimBox, and attributes FY2025 revenue growth to five acquisitions made during 2025.
A negotiated merger agreement valued the Class AAA shares at $0.52 on 2026-08-20. The pricing supplement six days earlier set the retail price at $0.55.
Of roughly $44.4 million of maximum dollar value in the live offering, this much goes to selling stockholders rather than to the company.
The audit opinion in both annual reports cites recurring losses and a net capital deficiency raising substantial doubt about the ability to continue as a going concern.
Total authorized capital was raised on 2025-10-22 from 3,005,150,000 to 3,617,150,000, with Class AAA alone going from 600,000,000 to 876,000,000.
Financial figures are from the Form 1-K annual reports and the Form C and C-AR XML on EDGAR CIK 1748441. Pricing is from the 15 Form 253G2 supplements. Offering terms are from the supplement of 2026-08-14. Website figures are from a 61-page capture of 2026-09-27.
What's Actually Happening
What's actually happening
- 1Mode Mobile makes a smartphone that pays you a little for using it, plus apps that do the same thing. It sells those through its own store and through retailers. That part is a real business with real revenue.
- 2Separately, it sells its own stock to the public. You are not buying into a fund or a marketplace; you are buying shares in the company itself, and your outcome is whatever those shares turn out to be worth.
- 3There is no standing way for an ordinary holder to sell. Mode Mobile is private. There is no secondary market, no redemption right and no committed listing date. Note one exception inside the offering itself: designated selling stockholders are selling 20,696,666 shares into it, so some existing holders do get liquidity here even though ordinary buyers do not. The offering pages carry a heading reading ON THE NASDAQ above a note that the ticker $MODE has been reserved, but reserving a ticker is not a listing and does not create a way out.
- 4The price is set by the company. The filings say so in as many words: the Form C gives the price determination method as "Price is set by the company", and the offering FAQ says "This valuation is set internally". The price has gone $0.08, $0.16, $0.25, $0.26, $0.30, $0.50, $0.52, $0.55, and it has never gone down.
- 5One outside number exists. When Mode Mobile bought JibJab in August 2026 and paid partly in its own stock, the two sides agreed those shares were worth $0.52. Six days earlier the company had set the retail price at $0.55.
- 6The headline on the offering pages says 32,481% three-year revenue growth. The footnote says it is pro forma and includes full-year numbers for businesses bought in December 2025. The revenue in the audited annual report went from $24.9 million in 2022 down to $8.2 million in 2023 and back to $22.2 million in 2025, which is still less than 2022.
- 7The audited statements carry a going-concern paragraph that cites a net capital deficiency, and the company has lost money every year since 2021.
- 8None of that is hidden. It is in the filings on EDGAR, which anyone can read. It is simply not on the pages where the stock is sold.
Quick Verdict
Is this platform right for you?
Mode Mobile is a genuine operating company that files properly and against which AltStreet located no enforcement action in the sources searched, selling an offering whose terms an investor would struggle to reconstruct from the pages where it is sold. The filings show revenue below its 2022 peak, four consecutive loss years, an audit opinion citing a net capital deficiency, a share price the company sets for itself that has risen eightfold in three years, an external transaction referencing a value 6% below that price in the same month, and about a quarter of the live offering flowing to selling stockholders rather than into the business.
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The headline growth figure is a pro forma whose calculation the disclosure does not show. None of this is concealed; all of it is on EDGAR. It is simply not on the eleven landing pages.
Best for
- People who use the product, want a small stake in the company behind it, and can lose the whole position without it mattering
- Investors who will read the Form 1-K and the current offering circular supplement rather than the landing page
- Anyone comfortable holding an unpriced, unsellable private security for an indefinite period with no committed exit
Avoid if
- You are treating the reserved $MODE ticker as a listing. It is not one, and no listing date is committed anywhere in the filings
- You need to be able to sell. There is no secondary market and no redemption right
- You are relying on the 32,481% figure. It is a pro forma whose calculation is not shown, and the operating revenue line is lower than it was in 2022
Top strengths
- A real operating business with real products sold through national retail, roughly 66,000 shareholders and $22,151,635 of filed revenue in FY2025
- Regulation A Tier 2 reporting filed consistently since qualification: annual, semiannual and current reports, with consolidated statements that can actually be read
- Form 1-U used properly for material events, including the auditor change, the charter amendment and the JibJab merger, rather than leaving them to be discovered
- SEC staff comments in 2024 were answered substantively, including a disclosure of management's personal token holdings made in response to a verbal comment
- No SEC or FINRA enforcement action against Mode Mobile, Nativ Mobile, Mode Earn or EarnPhone in the sources searched, a scan of 33,907 enforcement records plus SEC full-text search; PACER and state dockets were not searched
Key limitations
- No standing exit for an ordinary holder: private company, no secondary market, no redemption right, no committed listing date
- The share price is set by the issuer with no external check, has risen from $0.08 to $0.55 in three years and has never fallen
- An external transaction referenced $0.52 for the same class six days after the retail price was set at $0.55, a figure agreed for the purposes of that merger agreement
- Filed revenue in FY2025 is below FY2022 and roughly level with FY2021, while losses have widened to the largest of the five years
- The audit opinion cites recurring losses and a net capital deficiency raising substantial doubt about going-concern status
- About $11.4 million of the live offering's maximum goes to selling stockholders rather than into the business, which is on no landing page
- Authorized capital raised to 3,617,150,000 shares in October 2025, with Class AAA alone going from 600,000,000 to 876,000,000, while the company issues continuously across four exemptions
- A $CRNC token that appears on none of the 61 pages captured, in which management holds 7.8% personally while the company holds none
Where It Fits
Which path you are actually on
Back a consumer tech company you use and believe in
If you want
You own the phone or use the app, you like the idea, and you want a stake in the company behind it.
Use
This is what the offering is for, and the minimum is low enough to make it a small position. Size it as a venture bet you may lose entirely, not as an investment with an expected return.
Buy pre-IPO equity ahead of a listing
If you want
Exposure to a company before it goes public, on the expectation that a listing is coming.
Use
Be careful here. A reserved ticker is not an approved listing and no date is committed anywhere in the filings. The company is private today and there is no mechanism that makes it public.
Invest on a growth track record
If you want
A company whose revenue is compounding and whose numbers you can check.
Use
Not this, on the filed figures. Revenue is below its 2022 peak, losses have widened every year, and the company itself attributes FY2025 revenue growth to acquisitions made during the year.
Hold something you can sell
If you want
The ability to exit on your own timetable, or at least at a price someone else sets.
Use
Not here. No secondary market, no redemption right, and the only price in existence is the one the issuer sets for itself.
Compare Before Deciding
Where Mode Mobile fits against alternatives
Use these hooks to pressure-test whether this is the right platform, or whether a nearby alternative matches the job better.
How this compares to Angel Studios
Angel Studios
The closest comparison: a direct issuer selling retail equity in a real operating business, with growing revenue that does not depend on a pro forma.
How this compares to Finlete
Finlete
A much smaller direct issuer selling retail a claim on a speculative future, with the same absence of any way out.
How this compares to Phoenix Capital Group
Phoenix Capital Group
Another direct issuer raising continuously from retail, where the question is also what the filings say against what the marketing says.
Quick Answers
What most investors want to know first
The highest-signal facts first: minimums, liquidity reality, K-1 timing, and whether distributions are actually part of the experience.
Liquidity
None. No secondary market, no redemption right, no committed listing date
Overview
Platform Overview
A concise read on what the platform is, how the structure works, and where the practical friction shows up for real investors.
Mode Mobile, Inc. is a Delaware C corporation that sells a rewards smartphone, the Mode Earn Phone, and runs apps that pay users small amounts for activity on their devices. It is not a marketplace and not a fund: it sells its own Class AAA common stock directly to the public, and an investor's outcome is simply whether that stock is worth more later. The stock is sold through invest.modemobile.com, which runs a separate landing page for each exemption and each marketing channel, with DealMaker Securities LLC as broker of record and a 2% Investor Fee on top of the share price. The company sets its own share price, which has moved from $0.08 in 2023 to $0.55 today, and states plainly in its filings that the price is set by the company.
is a Delaware C corporation founded in 2015 by Dan Novaes and Kiran Panesar, originally as Current Rewards and filing with the SEC under the former name Nativ Mobile, LLC. It sells the Mode Earn Phone and runs earning apps, and since 2018 it has raised money from the public under Regulation D, Regulation Crowdfunding and Regulation A, with a Regulation S page for non-US buyers. All of it sits under one CIK, 1748441, with 72 filings.
Issuer
Mode Mobile, Inc., a Delaware C corporation, CIK 1748441, EIN 47-3902362
Founded
2015, per the Form 1-K; the website's 2017 date refers to the Current Rewards product
Headquarters
One East Erie Street, Suite 525, Chicago, Illinois
Chief executive
Dan Novaes
Security sold
Class AAA common stock, one of five classes
Current price
$0.55 per share, set by the company, effective with the supplement of 2026-08-14
Broker of record
DealMaker Securities LLC
Auditor
RBSM LLP for FY2025; IndigoSpire CPA for FY2021 to FY2024, dismissed 2026-01-19
Shareholders
Approximately 66,000, company-stated in the Regulation Crowdfunding FAQ
Raised on Reg A
$31,592,196 of gross proceeds to 2025-04-22, per the FY2024 annual report
Liquidity
None. No secondary market, no redemption right, no committed listing date
Tax
No K-1. The issuer is a C corporation, so reporting depends on dividends or a disposition
ASHow the offering works
- Four exemptions run from one storefront and one CIK. Regulation A carries the retail book under two offering statements, 024-12419 qualified 2024-07-25 and 024-12709 qualified 2026-03-20. Regulation Crowdfunding ran three rounds and is marked sold out. Rule 506 carries the accredited book. Regulation S covers non-US buyers and, being offshore, files nothing with the SEC at all.
- The price is the whole economic story. There is no management fee, no carried interest and no asset-based charge; the only stated fee is 2% on the subscription. What a buyer pays for is the price and what they lose to is dilution, and neither shows up on a fee schedule.
- Bonus Shares are used as the discount mechanism instead of price. The current supplement offers 16,156,648 of them for no additional cash, and the ceiling advertised varies from 20% to 80% depending on which landing page a buyer arrives through.
Key Gaps & Non-Disclosures
- The $CRNC token and Current (Gibraltar) Limited appear nowhere in the 61 pages captured across the three websites, and are known only from the SEC correspondence and the annual report.
- The $31,592,196 already raised on the Regulation A offering appears on no landing page and in no Form D.
- The $11,383,166 of the live offering payable to selling stockholders rather than the company is in the circular supplement and on no landing page.
- The going-concern paragraph and the net capital deficiency are in the audited statements and on no marketing page.
Platform Intelligence
Mode Mobile: the filed record
Key platform events, regulatory turns, liquidity stress points, and product launches that shape how the review should be read.
Founded
Mode Mobile is organized in Delaware on 2015-04-23 as a limited liability company by Dan Novaes and Kiran Panesar, later converting to a C corporation and becoming a holding company. It files with the SEC under the former name Nativ Mobile, LLC. The website dates the founding to 2017, which is the Current Rewards product rather than the company.
First Form D filings
Two Form D filings on the same day: $1,408,866 sold to 5 investors under Rule 506(b), and $13,515,418 sold to 50 investors under Rule 506(c).
The only profitable year on file
Revenue of $22,950,934 and net income of positive $5,921,153. No year since has been profitable.
Revenue falls 67%
Revenue drops from $24,947,043 in FY2022 to $8,226,428, with a net loss of $3,358,533. The first Regulation Crowdfunding round opens in June at $0.08 a share and is amended to $0.16 within eight weeks.
Regulation A qualified
Offering statement 024-12419 is qualified on 2024-07-25 at $0.25 a share, after SEC comment letters in March, April and June and a verbal comment in July. The verbal comment produces the disclosure that management holds 7.8% of the $CRNC tokens personally.
$31.6 million raised, and a deficiency disclosed
The FY2024 annual report states $31,592,196 of gross proceeds collected on the Regulation A offering as of 2025-04-22, and carries an audit opinion citing recurring losses and a net capital deficiency. Deferred offering costs stand at $4,454,737 against $0 a year earlier.
Authorized capital raised to 3.6 billion shares
A certificate of amendment takes total authorized capital from 3,005,150,000 to 3,617,150,000 shares, with Class AAA rising from 600,000,000 to 876,000,000.
Auditor changed
IndigoSpire CPA is dismissed and RBSM LLP engaged on 2026-01-19. The filing reports no disagreements and no reportable events, and states that IndigoSpire's reports for FY2021 to FY2024 were unqualified.
JibJab bought, and the stock gets an outside price
JibJab is acquired for up to $29,500,000, closing 2026-08-20: $15,500,000 cash, 23,076,923 Class AAA shares that the parties agreed had a fair market value of $0.52, and a $2,000,000 holdback. Six days earlier the pricing supplement set the retail price at $0.55.
Investment Structures
Regulation A Tier 2, the retail book
Two offering statements. 024-12419 was qualified 2024-07-25 after three rounds of SEC comments and priced at $0.25; the FY2024 annual report says it had collected $31,592,196 of gross proceeds by 2025-04-22. 024-12709 was filed 2026-02-02, drew a no-review letter on 2026-02-04 and was qualified 2026-03-20; it is the live offering. Fifteen Form 253G2 supplements carry the price changes.
The live offering, in its filed terms
From the supplement of 2026-08-14: 96,939,887 shares of Class AAA common stock in total, being 60,086,573 Cash Shares offered by the company for up to $33,047,615, which is exactly $0.55 a share; 16,156,648 Bonus Shares issued for no additional cash consideration; and 20,696,666 shares offered by selling stockholders for up to $11,383,166, "the proceeds from which will be received directly by the selling securityholders, and not by our Company". Roughly a quarter of the maximum dollar value therefore does not reach the business.
Regulation Crowdfunding, three rounds, marked sold out
Form C of 2023-06-28 at $0.08 a share, amended to $0.16 within eight weeks, with a $4,999,999.91 maximum. Form C of 2025-08-25 at $0.30. Form C of 2025-10-14 at $0.50 with a maximum of only $129,930.15, a far smaller ceiling than the earlier rounds.
Two Form C-AR annual reports are on file. The offering site marks the Regulation Crowdfunding book sold out.
Rule 506, the accredited book
Five Form D filings and four amendments from 2018-08-10 to 2026-09-16. The 2018 pair reports $1,408,866 sold to 5 investors under 506(b) and $13,515,418 sold to 50 investors under 506(c). The 2024-12-26 filing reports $1,259,027 sold, the 2025-11-05 filing $600,000 to 45 investors, and the 2026-09-16 filing $3,200,000 to 61 investors.
Regulation S, which files nothing
A landing page at invest.modemobile.com/regs markets the stock to non-US persons at $0.55. Regulation S is an offshore exemption and files nothing with the SEC, so there is no filed amount, no investor count and nothing to check the page against. AltStreet found the page only through a site-map query; it is absent from the site's own sitemap.xml.
Five share classes, amended under SEC pressure
Class AAA, Class A, Class B, Class C and Seed Series Preferred. In 2024 the staff noted that the selling securityholders' table said the other classes would convert into Class AAA while the securities description said they converted into Class A. The company amended its certificate of incorporation so that all classes convert into Class AAA. On 2025-10-22 it filed a further amendment raising total authorized capital from 3,005,150,000 to 3,617,150,000 shares, with Class AAA going from 600,000,000 to 876,000,000.
Risk
Risk Structure
This is where the marketplace pitch gives way to the actual operating reality: delayed exits, limited disclosure, fee drag, and path-dependent outcomes.
AIAltStreet Risk Inferences
- The only disclosed transaction-specific reference value involving an external counterparty is the $0.52 the parties agreed in the JibJab merger, 6% below the retail price set in the same month.
- Because the company raises continuously and prices itself, each new investor's entry price is a function of the company's own schedule rather than of anything that happened in the business.
The issuer sets the offering price, with no standing price discovery
Two Form C filings give the price determination method as "Price is set by the company". The price has risen $0.08, $0.16, $0.25, $0.26, $0.30, $0.50, $0.52, $0.55 and has never fallen. There is no independent valuation in the record.
No standing exit for an ordinary holder
A private company with no secondary market, no ATS, no tender offer open to ordinary holders and no redemption right. A reserved ticker is not a listing. The holding period is indefinite and ends only if the company creates an exit. The designated selling stockholders in the current offering are the exception that proves the point: liquidity exists here, but not for the buyer.
Financial condition
Four consecutive loss years, revenue below the FY2022 peak, and an audit opinion citing recurring losses and a net capital deficiency raising substantial doubt about going-concern status.
Dilution is structural
3,617,150,000 authorized shares after the October 2025 amendment, continuous issuance across four exemptions, and Bonus Shares issued for no cash at ceilings that vary by landing page. The sharper measure, authorized against issued and outstanding Class AAA, is in the capitalization table and is not reproduced here.
A going-concern opinion citing a net capital deficiency
Both Form 1-K annual reports and the two earlier Form 1-SA semiannuals carry the same language: "the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern." FY2025 recorded a net loss of $5,885,247, the largest of the five filed years, and the FY2024 report says the company "continues to rely on investor financing to support its operations". The Form 1-SA for the six months to June 30, 2026, filed October 9, 2026, is different: it says recurring losses, a $5,118,471 note installment due December 1, 2026 and a six-month net loss of $3,799,500 "raised substantial doubt", and that management concluded the doubt "has been alleviated" by its plans, including the Regulation A offering. That conclusion is management's; the next audited annual report will show whether the auditor agrees.
Why it matters
The auditor cites recurring losses and a net capital deficiency as the conditions raising substantial doubt. AltStreet has not reconciled the balance sheet to characterize what the deficiency comprises in this issuer's accounts, and does not do so here. Combined with a statement that operations depend on continued investor financing, it describes a company whose ability to continue is linked to its ability to keep selling stock, which is the same stock a buyer is being offered.
Mitigation / verification
Read the going-concern note and the independent auditor's report in the most recent Form 1-K on EDGAR under CIK 1748441. Both are in Part II of the filing.
The growth headline is a pro forma the disclosure does not reconcile
The offering pages lead with "32,481% 3-year revenue growth", footnoted "Pro forma, includes full year numbers of the businesses acquired in December 2025". Against that, the filed revenue line runs $22,950,934 (FY2021), $24,947,043 (FY2022), $8,226,428 (FY2023), $12,136,295 (FY2024) and $22,151,635 (FY2025). The annual report identifies the December 2025 acquisitions as NGL Labs, LLC on 2025-12-01 at an enterprise value of $43,509,360 and Trimbox, LLC on 2025-12-23 at $2,955,690.
AltStreet could not reconstruct the 32,481% calculation from what is disclosed. Two later acquisitions, the QR Code App on 2026-03-02 for $20,000,000 and JibJab closed 2026-08-20, fall outside the footnote's stated period.
Why it matters
A pro forma that adds full-year revenue from businesses bought at the end of the period is an ordinary accounting presentation, and the company labels it as one. The difficulty is that it is used as a headline: it describes a combined company that did not exist during most of the years it appears to measure, and the operating line it sits over is lower than it was three years earlier. AltStreet could not reconstruct the 32,481% figure from the disclosure and does not assert what it is or is not made of beyond what the filings say.
Mitigation / verification
Compare the revenue figures in the Form 1-K annual reports with the headline. The acquisitions and their dates and enterprise values are listed in the FY2025 1-K, which also carries a section headed Selected Unaudited Pro Forma Combined Financial Information.
An external transaction referenced a lower value in the same month
The Form 1-U of 2026-08-26 discloses that in the JibJab merger, closed 2026-08-20, the 23,076,923 Class AAA shares issued as consideration were shares the parties "agreed for purposes of the Merger Agreement had a fair market value of $0.52 per share as of the Closing". The Form 253G2 filed 2026-08-14 set the retail price at $0.55.
Why it matters
This is the only occasion in the record where a figure for this stock was agreed with an external counterparty rather than set by the company alone. It came out 6% below the price retail was paying in the same month. It is a value agreed for the purposes of a merger agreement, not an independent valuation, and it does not establish that $0.55 is wrong. It is simply the closest thing to an outside reference point that the record contains.
Mitigation / verification
Both documents are on EDGAR: the Form 1-U of 2026-08-26 and the Form 253G2 of 2026-08-14, under CIK 1748441.
A quarter of the live offering goes to selling stockholders
The current supplement offers 20,696,666 shares by selling stockholders for up to $11,383,166, out of roughly $44.4 million of maximum dollar value across the whole offering. The circular states the proceeds "will be received directly by the selling securityholders, and not by our Company".
Why it matters
Money paid for those shares funds an exit for existing holders rather than the business a buyer is investing in. It is disclosed in the circular and appears on none of the eleven offering landing pages captured.
Mitigation / verification
The share counts and dollar caps are on the cover page of the Form 253G2 supplement of 2026-08-14.
A token the websites never mention
Current (Gibraltar) Limited issued a $CRNC token; SAFTs were sold between August and October 2021; the network launch slipped and the company paid SAFT holders a royalty of $1,900,000 based on 2021 performance. The FY2024 annual report states the company "owns 100% of the voting shares of CGL however it has no economic interest in it". Responding to a verbal SEC comment on 2024-07-17, the company disclosed that while Mode Mobile holds 0% of the tokens, management holds 7.8% personally: Dan Novaes 48,000,000, Kiran Panesar 24,000,000, and three other officers smaller amounts.
Why it matters
None of it appears on any of the 61 pages AltStreet captured across the three company websites. An investor relying on the offering site would not know the token exists, that the company controls the entity behind it, or that the people running the company hold a personal position in it.
Mitigation / verification
The SEC comment letters of 2024-03-11, 2024-04-26 and 2024-06-27 and the company replies of 2024-03-28, 2024-06-11, 2024-07-02 and 2024-07-18 are all on EDGAR, as is the disclosure in the FY2024 Form 1-K.
Bonus shares aimed at other companies' shareholders
SEC staff asked about a bonus-share program offered to the existing shareholders of other named companies. The company replied that "to the best of the Company's knowledge, none of these companies are aware the Company is offering bonus shares to their existing shareholders", that there is no arrangement or expectation of reciprocity, and that it identified them "from online research conducted by the Company's executive team".
Why it matters
It is a marketing tactic that uses another company's shareholder base without that company's knowledge. AltStreet located no enforcement finding concerning the practice and makes no judgment about its legality; it was disclosed to the staff when asked, and it tells you something about how the offering is distributed.
Mitigation / verification
The exchange is in the SEC comment letter of 2024-04-26 and the company reply of 2024-06-11.
Dilution against 3.6 billion authorized shares
On 2025-10-22 the company filed a certificate of amendment raising Class A from 2,125,000,000 to 2,431,000,000, Class B from 268,000,000 to 298,000,000 and Class AAA from 600,000,000 to 876,000,000, taking total authorized capital from 3,005,150,000 to 3,617,150,000 shares. The company issues continuously across four exemptions and gives Bonus Shares away for no cash.
Why it matters
The pricing supplements also show historical issuances at $0.0001, $0.0069, $0.0100, $0.017 and $0.125. A buyer at $0.55 is joining a capital structure where earlier participants came in at a small fraction of that, in a company with authorization to issue several times the shares outstanding.
Mitigation / verification
The amendment is Exhibit 2 to the Form 1-U of 2026-05-27. The dilution tables are in the offering circular, which the SEC required the company to correct in 2024 for omitting Bonus Shares.
The same security on different terms depending on the link
The offering host runs eleven landing pages. Bonus ceilings advertised range from 20% on the main page to 30% on the Regulation Crowdfunding page to 80% on one channel page at a $250,000 ticket. Stated minimums range from $504 to $4,950 across pages. One channel page still shows the previous filed price of $0.52 in its FAQ while its buttons say $0.55.
Why it matters
Two people buying the same class of stock in the same week can receive materially different share counts and see different prices depending on which link brought them. The variation is real and filed in the supplements; the inconsistency within a single page is a maintenance failure.
Mitigation / verification
Check the price and bonus tier against the current Form 253G2 supplement rather than against the page you arrived on.
ASRisk signals to watch
- A further increase in the internally set share price without a corresponding improvement in the audited revenue and loss lines.
- Any new transaction priced in stock with an external counterparty, which would give a second outside reference point to set beside the $0.52 from the JibJab merger.
- Another authorized-share increase, or issuance approaching the current 876,000,000 Class AAA authorization.
- A fiscal year in which the going-concern paragraph and the net capital deficiency language persist, or in which revenue again falls below the prior year.
- Movement on the reserved $MODE ticker toward an actual listing application, which would change the liquidity position for the first time.
Biggest Misconceptions & What Actually Happens
- The apparent price spread across landing pages is not evidence of different offerings. The filed ladder explains it: $0.55 is the current price set on 2026-08-14 and $0.52 is the previous price set on 2026-05-29, left standing on a page that was not updated.
- The two most recent Form D filings claim Rule 506(b), which prohibits general solicitation, while the public pages are branded 506C. Concurrent 506(b) and 506(c) offerings are permitted, so this is recorded as an open question rather than a finding. The 2024-12-26 and 2025-06-11 filings do claim 506(c).
- The 2024-12-26 Form D and its 2025-06-11 amendment both report money sold alongside zero investors, which is internally inconsistent in the issuer's own filing. AltStreet reports it as filed rather than guessing which field is wrong.
- The SEC comment letters of 2024 are ordinary offering-statement review, not enforcement, and the letter of 2026-02-04 is a routine notice that the staff does not intend to review the second offering statement.
- FY2024 revenue is filed twice at two figures, in two audited annual reports signed by different auditors: $12,165,275 in the FY2024 Form 1-K, audited by IndigoSpire CPA, PC, and $12,136,295 in the FY2025 Form 1-K's comparative column, audited by RBSM LLP. The $28,980 difference is a restatement between annual reports rather than a filed-versus-marketing gap. This review uses the later audited comparative.
Regulatory & Legal Posture
Security Status
Class AAA common stock in a private Delaware C corporation, offered under Regulation A Tier 2, Regulation Crowdfunding, Rule 506 and Regulation S depending on the buyer and the landing page.
All of it sits under a single CIK, 1748441, with 72 filings. Regulation A is qualified under two offering statements, 024-12419 and 024-12709. Qualification under Regulation A is not SEC approval of an offering or of its merits, and the 2026-02-04 staff letter says explicitly that the staff does not intend to review the second statement and reminds the company that it remains responsible for the accuracy and adequacy of its disclosures.
- Regulation A Tier 2 under offering statements 024-12419 (qualified 2024-07-25) and 024-12709 (qualified 2026-03-20), with 15 Form 253G2 pricing supplements, 2 Form 1-K, 2 Form 1-SA and 3 Form 1-U on file.
- Regulation Crowdfunding: 3 Form C, 9 amendments, 4 progress updates and 2 annual reports. The offering site marks this book sold out.
- Rule 506: 5 Form D filings and 4 amendments from 2018-08-10 to 2026-09-16.
- Regulation S: marketed on a dedicated page and files nothing, because Regulation S offerings are offshore and unregistered. Nothing on that page can be checked against EDGAR.
- SEC staff issued comment letters on 2024-03-11, 2024-04-26 and 2024-06-27, plus a verbal comment on 2024-07-17, before qualification of the first offering statement. The letter of 2026-02-04 is a no-review notice on the second.
- DealMaker Securities LLC is the broker of record. Counsel is CrowdCheck Law LLP.
- AltStreet located no SEC or FINRA enforcement action against Mode Mobile, Nativ Mobile, Mode Earn or EarnPhone in a scan of 33,907 enforcement records across respondents, title, case caption and summary. PACER and state dockets were not searched.
Disclosure Quality
Good in the filings and poor at the point of sale. The annual reports are consolidated, legible and complete, Form 1-U is used properly for material events, and staff comments were answered substantively. But the $CRNC token, the $31,592,196 already raised, the $11,383,166 going to selling stockholders, the net capital deficiency and the going-concern paragraph appear on none of the eleven landing pages where the stock is actually sold.
Tax Treatment
Reporting
No Schedule K-1
The issuer is a Delaware C corporation, so an investor holds common stock and there is no Schedule K-1. What is reported after that depends on events: a 1099-DIV follows a dividend, and the company has never paid one, while a 1099-B generally follows a reportable disposition through an intermediary. In most years there is nothing to report at all.
Income Character
Capital gain or loss on disposition of common stock
There is no income stream. The FY2024 annual report states that the company "has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future". The entire return, if any, comes from selling the stock for more than it cost.
- Delaware C corporation, so no pass-through and no K-1.
- No dividends have been paid and none are expected, per the FY2024 annual report.
- No standing secondary market means a disposition is unusual, so a holder generally cannot choose when to realize a gain or a loss.
Limitation
Because there is no standing secondary market, a disposition is unusual, so in most years there is no taxable event. Whether and how a holder could realize a loss depends on their own circumstances and on events such as a sale, a worthlessness determination or a corporate transaction, none of which this review can anticipate. Whether Qualified Small Business Stock treatment under Section 1202 could apply to any particular purchase is a question for a holder's own adviser and is not addressed in the offering documents.
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AltStreet Data Layer
What the data actually shows
What the filings and the offering pages show when they are set side by side: a growth headline built on acquisitions, a price with no external check except one that came in lower, and several material facts that exist only in the filings.
Filed revenue is below its 2022 peak
FY2021 $22,950,934 with net income of positive $5,921,153; FY2022 $24,947,043 with a $2,374,278 loss; FY2023 $8,226,428, down 67%; FY2024 $12,136,295; FY2025 $22,151,635 with a $5,885,247 loss. FY2024 is filed twice at two figures: $12,165,275 in the FY2024 annual report, audited by IndigoSpire CPA, PC, and $12,136,295 in the FY2025 annual report's comparative, audited by RBSM LLP, a $28,980 restatement between two audited annual reports.
What this means
Three years after the peak the company has not regained it, and the loss is the largest of the five years. The 32,481% headline is presented on a pro forma basis the disclosure does not reconcile, and a pro forma including acquired businesses measures a different company from the one the audited line describes.
An external transaction referenced $0.52 while retail paid $0.55
The Form 1-U of 2026-08-26 states that the 23,076,923 Class AAA shares issued in the JibJab merger were agreed by the parties to have a fair market value of $0.52 per share as of the closing on 2026-08-20. The Form 253G2 of 2026-08-14 set the retail price at $0.55.
What this means
Every other price in the record is one the company set for itself, and the filings say so. The single occasion on which a figure was agreed with an external counterparty produced a lower number in the same month. It was agreed for the purposes of that merger agreement rather than as an independent valuation.
A quarter of the live offering funds an exit, not the business
The current supplement offers 96,939,887 shares in total: 60,086,573 Cash Shares for up to $33,047,615, 16,156,648 Bonus Shares for no cash, and 20,696,666 selling-stockholder shares for up to $11,383,166 whose proceeds go "directly by the selling securityholders, and not by our Company".
What this means
Of roughly $44.4 million of maximum cash value, about $11.4 million never reaches operations, which is about a quarter by cash value and about 21% by share count. The figure is in the circular supplement and on none of the eleven landing pages.
Deferred offering costs went from zero to $4.45 million
Deferred offering costs stood at $4,454,737 at 2024-12-31 against $0 a year earlier, while the Regulation A offering had collected $31,592,196 of gross proceeds by 2025-04-22.
What this means
The two figures are measured at different dates, 2024-12-31 for the costs and 2025-04-22 for the proceeds, and AltStreet has not read the note describing what the costs comprise, so no effective fundraising rate is asserted here. The point is narrower: raising retail money at this scale carries a cost that appears on no fee schedule a buyer would look at.
Authorization for 3.6 billion shares
The amendment of 2025-10-22 raised Class A from 2,125,000,000 to 2,431,000,000, Class B from 268,000,000 to 298,000,000 and Class AAA from 600,000,000 to 876,000,000, taking total authorized capital to 3,617,150,000. The pricing supplements show historical issuances at $0.0001, $0.0069, $0.0100, $0.017 and $0.125.
What this means
A buyer at $0.55 joins a capital structure in which earlier participants entered at a small fraction of that, in a company authorized to issue several times the shares outstanding and issuing continuously across four exemptions.
Four exemptions, eleven landing pages, different terms
Regulation A, Regulation Crowdfunding, Rule 506 and Regulation S run from one storefront. Advertised bonus ceilings range from 20% to 80% depending on the page; stated minimums range from $504 to $4,950; one channel page shows $0.52 in its FAQ while its buttons say $0.55. Regulation S files nothing, so nothing on that page can be checked.
What this means
The security is the same but the terms a buyer sees depend on the link they arrived through. Check the page against the current Form 253G2 rather than the other way round.
Data as of 2026-09-28 . AltStreet review evidence layer . Public-source analysis
Full datasetDecision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
Users of the product buying a small stake
The minimum is low, the product is real and the buyer usually already understands it. Treated as a venture-scale bet that may go to zero, it is a coherent purchase. Treated as an investment with an expected return, the filed financial record does not support it.
Investors who will read the filings
Everything that matters is on EDGAR and the annual reports are legible. An investor who reads the Form 1-K and the current supplement is making an informed decision. One who reads only the landing page is not, because several of the most important facts are not there.
Buyers expecting a near-term listing
A reserved ticker is not an approved listing and no date is committed anywhere in the filings. The company is private and there is no mechanism in the documents that makes it public.
Anyone who may need their money back
No secondary market, no redemption right, no committed exit, and an audit opinion citing recurring losses and a net capital deficiency. This position cannot be exited on the holder's own timetable.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Access against price discovery
Retail investors can own a slice of a private consumer tech company for a few hundred dollars, and the price of that access is that no independent party has ever set the price.
Product belief against financial condition
The phone and the apps exist and sell through national retail. The audited statements carry a net capital deficiency and a going-concern paragraph. Both are true at once and neither cancels the other.
Disclosure against presentation
The filings are complete and answer the hard questions. The pages where the stock is sold do not carry the answers.
Avoid
Who This Is Not For
This section should be read as a filter, not an afterthought. If you need income, simplicity, or near-term access to capital, the structure is working against you.
Anyone who needs to sell on their own timetable. There is no secondary market and no redemption right.
Anyone who needs to sell on their own timetable. There is no secondary market and no redemption right.
Anyone treating the reserved $MODE ticker as a listing. It is a reservation, not an approval, and no date is committed in any filing.
Anyone treating the reserved $MODE ticker as a listing. It is a reservation, not an approval, and no date is committed in any filing.
Anyone relying on the 32,481% figure as an operating result. It is a pro forma including full-year revenue from businesses bought after the period.
Anyone relying on the 32,481% figure as an operating result. It is a pro forma including full-year revenue from businesses bought after the period.
Anyone who reads only the offering page. The token, the net capital deficiency, the amount already raised and the selling-stockholder slice are all absent from it.
Anyone who reads only the offering page. The token, the net capital deficiency, the amount already raised and the selling-stockholder slice are all absent from it.
Anyone who would be harmed by losing the position entirely. The auditors have raised substantial doubt about the company's ability to continue as a going concern.
Anyone who would be harmed by losing the position entirely. The auditors have raised substantial doubt about the company's ability to continue as a going concern.
Editorial View
AltStreet Perspective
The compressed version of the review: what matters, what marketing tends to obscure, and how we would frame the platform for a serious allocator.
Verdict
Mode Mobile is a more substantial company than most of what AltStreet reviews. It has been going for a decade, it sells a physical product through national retail, it has roughly 66,000 shareholders, and its filings are complete, legible and current. That is worth saying first, because the conclusion here is not that the business is fake. The conclusion is that the offering and the company are described in two different documents, and only one of them is on the page where the stock is sold. The audited statements show revenue below its 2022 peak, four straight loss years, and an auditor citing a net capital deficiency. The offering pages lead with 32,481% growth, a figure whose own footnote says it is a pro forma including businesses bought in December 2025.
Positioning
Three things carry the most weight. The first is that the company sets its own share price, has moved it from $0.08 to $0.55 in three years, has never moved it down, and states in its filings that the price is set by the company. The second is the only outside reference point in the record: in the JibJab merger the parties agreed, for the purposes of that agreement, that the consideration shares were worth $0.52, six days after the company set the retail price at $0.55. The third is what is missing from the eleven landing pages: a $CRNC token in which management holds 7.8% personally, $31,592,196 already raised, $11,383,166 of the current offering going to selling stockholders rather than the business, and a going-concern paragraph. None of it is concealed. All of it is on EDGAR. It is simply not where the buying happens.
The Bottom Line
A real company with a real product, sold at a price it sets for itself, on pages that leave out what the filings say.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Open the most recent Form 1-K on EDGAR under CIK 1748441 and read the revenue line and the independent auditor's report before reading any marketing page.
Read the cover page of the current Form 253G2 supplement for the share counts, the price and the selling-stockholder portion.
Check the price and bonus tier on the page you arrived at against the current supplement, because the landing pages differ.
Read the going-concern note.
The phrase to look for is "net capital deficiency".
If the growth figure matters to your decision, read the acquisitions section and the Selected Unaudited Pro Forma Combined Financial Information in the FY2025 Form 1-K, which lists each deal with its date and enterprise value.
Final Answer
What this means for your decision.
Finding
The filed revenue is lower than it was three years ago
Meaning
From the Form 1-K and Form C filings: FY2021 revenue $22,950,934 with net income of positive $5,921,153; FY2022 $24,947,043 with a $2,374,278 loss; FY2023 $8,226,428, a 67% fall; FY2024 $12,136,295; FY2025 $22,151,635 with a $5,885,247 loss, the largest of the five years. FY2025 revenue is still below the FY2022 peak and roughly level with FY2021.
Action
Read the revenue line in the Form 1-K before the growth figure on the landing page. They describe different things.
Finding
The 32,481% growth headline is a pro forma, and the company attributes its revenue growth to acquisitions
Meaning
The figure carries a footnote: "Pro forma, includes full year numbers of the businesses acquired in December 2025." The FY2025 annual report identifies two December 2025 acquisitions: NGL Labs, LLC on 2025-12-01 at an enterprise value of $43,509,360, and Trimbox, LLC on 2025-12-23 at $2,955,690. AltStreet could not reconstruct the 32,481% calculation from the disclosure provided. What the annual report does state directly is that FY2025 revenue growth came in part from "the acquisition of certain assets and entities, including Applock, Cleaner App, Gallery App and TrimBox LLC and NGL Labs, LLC, all of which took place in 2025".
Action
Treat it as an acquisition figure, not an operating one. Ask what the underlying business grew, which is the number in the annual report.
Finding
A negotiated deal valued the same stock 6% below what retail pays
Meaning
The Form 1-U of 2026-08-26 states that in the JibJab merger the parties agreed the Class AAA shares issued as consideration "had a fair market value of $0.52 per share as of the Closing" on 2026-08-20. The pricing supplement filed six days earlier, on 2026-08-14, set the retail price at $0.55.
Action
That is the only disclosed transaction-specific reference value involving an external counterparty. It is a figure the parties agreed for the purposes of the merger agreement, not an independent valuation, but every other price in the record is one the company set for itself.
Finding
About a quarter of the live offering does not reach the company
Meaning
The current offering circular supplement offers 96,939,887 shares in total: 60,086,573 for cash to the company for up to $33,047,615, 16,156,648 as Bonus Shares for no cash, and 20,696,666 by selling stockholders for up to $11,383,166, "the proceeds from which will be received directly by the selling securityholders, and not by our Company".
Action
Of roughly $44.4 million of maximum cash value in the offering, about $11.4 million goes to existing holders rather than into the business, or about a quarter by cash value and about 21% by share count. This appears on none of the eleven offering landing pages.
Finding
The auditors report a net capital deficiency
Meaning
Both Form 1-K reports and the two earlier Form 1-SA semiannuals carry the same language: "the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern." The Form 1-SA for the six months to June 30, 2026, filed October 9, 2026, is different: it says recurring losses, a $5,118,471 note installment due December 1, 2026 and a six-month net loss of $3,799,500 "raised substantial doubt", and that management concluded the doubt "has been alleviated" by its plans, including the Regulation A offering. That conclusion is management's; the next audited annual report will show whether the auditor agrees.
Action
Going concern with a net capital deficiency is a stronger statement than losses alone. It is in the audited financial statements and on no marketing page.
If you read nothing else
The company is real, the products are real and the filings are properly made. The offering is the problem: no standing exit for an ordinary holder, a price the issuer sets for itself that has only ever risen, a growth headline presented on a pro forma basis the disclosure does not reconcile, and a set of facts in the filings that the eleven landing pages do not carry.
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Deal Intelligence →Appendix
Sources, Disclosures, and Supporting Context
The lower section is structured like a report appendix: relationship context first, adjacent reading second, and evidence last.
Report Appendix
Disclosure
Relationship and compensation context
+
Report Appendix
Disclosure
Relationship and compensation context
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
+
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
Further Reading
Related Resources
Adjacent frameworks and reviews that help place the platform in a broader allocation or due-diligence context.
Fund Landscape
Frameworks
Similar Platform Reviews
- Angel Studios
The closest comparison: a direct issuer selling retail equity in a real operating business, with growing revenue that does not depend on a pro forma.
- Finlete
A much smaller direct issuer selling retail a claim on a speculative future, with the same absence of any way out.
- Phoenix Capital Group
Another direct issuer raising continuously from retail, where the question is also what the filings say against what the marketing says.
- DealMaker
The infrastructure behind this offering. DealMaker Securities is Mode Mobile's broker of record.
Report Appendix
SEC Filers Behind Mode Mobile
The largest issuers linked to Mode Mobile on EDGAR, by total reported sold; each page carries the filing record and the related persons
+
Report Appendix
SEC Filers Behind Mode Mobile
The largest issuers linked to Mode Mobile on EDGAR, by total reported sold; each page carries the filing record and the related persons
- MODE MOBILE, INC.$30.0M · 161 investors
Report Appendix
Evidence & Methodology
32 cited passages on file; sources, scope, and how the review was assembled
+
Report Appendix
Evidence & Methodology
32 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
32 supporting passages on file for Mode Mobile and its offerings from 3 source documents, 3 discrepancies flagged. Each passage records the metric it supports, the value read from the document, the page, and the verbatim text where the document has it. Terminal subscribers read the passages; open them in the terminal.
- Cited passages
- 32
- Source documents
- 3
- Analyst verified
- 0
- Discrepancies flagged
- 3
ASReview Evidence
Methodology
The website capture is 61 unique live pages across three domains, taken 2026-09-27: modemobile.com, invest.modemobile.com and modephone.com. Firecrawl's map endpoint was used for URL discovery after parsing the sites' own sitemap.xml proved unreliable; it returned eleven URLs on the offering host against the five in that sitemap, including the Regulation S page. One page, invest.modemobile.com/rega-home-new, could not be captured by any method, including a stealth-proxy scrape and a real browser render, and appears to be an unpublished stub rather than a capture failure. The filing record is the complete EDGAR history for CIK 1748441. Financial figures are taken from the two Form 1-K annual reports and from the Form C and C-AR XML; pricing is from the 15 Form 253G2 supplements; offering terms are from the supplement of 2026-08-14. Four SEC staff comment letters and six company replies were read in full, the staff letters being PDFs parsed with pdf-parse. Thirty-two evidence passages were extracted from the current supplement and both annual reports before this review was drafted, and the extraction corrected the founding year and added five facts the websites do not carry.
Scope
One registrant. Full-text search on four name variants returns CIK 1748441 and no other, and a company-name search returns no sibling entities, so unlike a series issuer there is no family to map. Coverage includes Regulation A (two offering statements), Regulation Crowdfunding (three rounds), Rule 506 (five Form D filings) and the unfiled Regulation S page. A legal and enforcement scan covered 33,907 enforcement records plus SEC full-text search. PACER and state dockets were not searched, no account was opened and the company was not contacted.
Key Findings
- *Filed revenue: $22,950,934 (FY2021, the only profitable year), $24,947,043 (FY2022), $8,226,428 (FY2023), $12,136,295 (FY2024), $22,151,635 (FY2025).
- *Net losses of $2,374,278, $3,358,533, $3,257,982 and $5,885,247 for FY2022 through FY2025.
- *"the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern."
- *Filed share price ladder: $0.08, $0.16, $0.25, $0.26, $0.30, $0.50, $0.52, $0.55.
- *"Price is set by the company" as the Form C price determination method.
- *JibJab Consideration Shares "had a fair market value of $0.52 per share as of the Closing" on 2026-08-20.
- *20,696,666 selling-stockholder shares for up to $11,383,166, proceeds "received directly by the selling securityholders, and not by our Company".
- *$31,592,196 of Regulation A gross proceeds collected as of 2025-04-22; deferred offering costs $4,454,737 at 2024-12-31.
- *Total authorized capital raised from 3,005,150,000 to 3,617,150,000 shares on 2025-10-22.
- *Management holds 7.8% of the $CRNC tokens personally; Mode Mobile holds 0% but owns 100% of CGL's voting shares.
AltStreet Data Layer
Eleven offerings, five filed years, no investor-return record located
AltStreet holds one deal record per offering: two Regulation A statements, three Regulation Crowdfunding rounds, five Regulation D offerings and the unfiled Regulation S page, eleven in all, plus five years of filed financials, three ingested documents and 64 evidence passages. AltStreet located no realized investor-return record for the offerings reviewed, so every exit row is a filing snapshot with exit type and IRR deliberately null. That is a statement about what the record shows, not a claim that no private holder can ever realize anything; acquisitions, tenders, buybacks and private transfers all exist as possibilities.
- Eleven offerings recorded: 2 Regulation A, 3 Regulation Crowdfunding, 5 Rule 506 and 1 Regulation S with no filing.
- Five filed fiscal years, FY2021 to FY2025, with revenue peaking in FY2022 and FY2025 still below it.
- $31,592,196 raised on the first Regulation A offering to 2025-04-22; $3,200,000 on the most recent Form D to 61 investors.
- Roughly 66,000 shareholders, company-stated.
Source: AltStreet data layer, 2026-09-28, built from EDGAR CIK 1748441 and the website capture of 2026-09-27.
Primary Source Pages
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
Can I buy Mode Mobile stock?
Only from the company. Mode Mobile is private and its Class AAA common stock trades on no exchange. The company sells it directly through invest.modemobile.com under Regulation A Tier 2, with separate landing pages for Regulation Crowdfunding, Rule 506 and Regulation S, DealMaker Securities LLC as broker of record, and a 2% Investor Fee charged on top of the share price. The current filed price is $0.55 a share, set by the company in August 2026, and stated minimums range from $504 to $4,950 depending on the page. Part of the current offering is stock sold by existing holders, and those proceeds go to them rather than to the company.
When will Mode Mobile stock go public?
No date has been set. Mode Mobile is a private company, and no filing on its EDGAR record, through the semiannual report filed on 2026-10-09, commits to a listing or a listing date. The offering pages show a heading reading ON THE NASDAQ above an announcement that the ticker $MODE has been reserved; reserving a ticker is not an application to list, not an approval, and not a way to sell. Until a listing happens there is no secondary market, no tender offer and no redemption right, so shares bought today may have to be held indefinitely.
Is Mode Mobile legit?
It is a real company with real products. Mode Mobile, Inc. is a Delaware C corporation founded in 2015, it sells the Mode Earn Phone through its own store and national retailers, it reported $22,151,635 of revenue for FY2025, and it says it has roughly 66,000 shareholders. AltStreet found no SEC or FINRA enforcement action against Mode Mobile, Nativ Mobile, Mode Earn or EarnPhone across 33,907 enforcement records, and its Regulation A reporting has been filed consistently. Note that qualification under Regulation A is not SEC approval of an offering or of its merits; the staff's own letter of 2026-02-04 says it does not intend to review the second offering statement and reminds the company it remains responsible for its disclosures. The concerns in this review are about the offering rather than the company's existence: no liquidity, a price the issuer sets for itself, an audit opinion citing a net capital deficiency, and several material facts that are in the filings but on none of the offering pages.
Is the 32,481% growth figure real?
It is a pro forma figure and the page says so in a footnote: "Pro forma, includes full year numbers of the businesses acquired in December 2025." The audited revenue line tells a different story: $22,950,934 in FY2021, $24,947,043 in FY2022, $8,226,428 in FY2023, $12,136,295 in FY2024 and $22,151,635 in FY2025. Revenue fell 67% from FY2022 to FY2023 and FY2025 is still below the FY2022 peak. The footnote names businesses acquired in December 2025, and the annual report identifies two: NGL Labs on 2025-12-01, at an enterprise value of $43,509,360, and Trimbox on 2025-12-23 at $2,955,690. AltStreet could not reconstruct the calculation from the disclosure. Two further acquisitions fall outside that period: the QR Code App in March 2026 and JibJab in August 2026.
Can I sell Mode Mobile shares?
No. Mode Mobile is a private company with no secondary market, no ATS, no tender offer and no redemption right. The company states it plainly in its own Regulation Crowdfunding FAQ: "Since Mode Mobile is a private company, our share price isn't tracked live like those of public companies." The offering pages show a heading reading ON THE NASDAQ above an announcement that the ticker $MODE has been reserved, but reserving a ticker is not a listing, is not approval to list, and does not give any holder a way to sell.
What is the Mode Mobile stock price, and how is it set?
$0.55 a share in the current offering, and the company sets it. Two Form C filings give the price determination method as "Price is set by the company", and the offering FAQ says "This valuation is set internally, reflecting our company's significant progress and the additional capital raised." The filed ladder runs $0.08 (June 2023), $0.16 (August 2023), $0.25 (July 2024), $0.26 (November 2024), $0.30 (May 2025), $0.50 (March 2026), $0.52 (May 2026) and $0.55 (August 2026). It has never gone down. The one external mark in the record is the JibJab merger, where the parties agreed the same stock was worth $0.52 on 2026-08-20, six days after the retail price was set at $0.55.
Does all my money go to the company?
No. In the current offering, 20,696,666 of the 96,939,887 shares are being sold by existing stockholders for up to $11,383,166, and the circular states the proceeds "will be received directly by the selling securityholders, and not by our Company". Out of roughly $44.4 million of maximum dollar value, about $11.4 million funds an exit for existing holders rather than the business. Separately, deferred offering costs stood at $4,454,737 at the end of FY2024 against zero a year earlier, against $31,592,196 raised on the Regulation A offering by April 2025.
What does the going-concern language mean?
Both Form 1-K annual reports and both Form 1-SA semiannuals carry the same sentence: "the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern." That is the auditor naming the conditions behind the doubt rather than predicting failure. AltStreet has not reconciled the balance sheet to say what the deficiency comprises in this issuer's accounts, so this review reports the auditor's words rather than interpreting the accounting term. The FY2024 report separately says the company "continues to rely on investor financing to support its operations". None of it appears on the offering pages.
What are Mode Mobile's fees?
There is only one stated fee: a 2% Investor Fee on the subscription amount, charged on top of the share price on both offering statements. The circular adds a detail worth knowing: the fee "may not count toward your cost basis for tax purposes", so it is money a buyer may not be able to set against a future gain. There is no management fee, no carried interest and no asset-based charge, because you are buying stock in a company rather than units in a fund. What that leaves out is that the real cost is the price and the dilution. The company sets the price itself, and total authorized capital was raised in October 2025 to 3,617,150,000 shares, with Class AAA alone going from 600,000,000 to 876,000,000.
Why do different Mode Mobile pages show different terms?
The offering host runs eleven landing pages, one for each exemption and several for marketing channels. Advertised bonus-share ceilings range from 20% on the main page to 30% on the Regulation Crowdfunding page to 80% on one channel page at a $250,000 ticket, and stated minimums range from $504 to $4,950. One channel page still shows the previous filed price of $0.52 in its FAQ while its buttons say $0.55, which is a page that was not updated rather than a different offering. Check whichever page you arrive on against the current Form 253G2 supplement on EDGAR.
What is the $CRNC token and why is it not on the website?
Current (Gibraltar) Limited, an affiliate, issued a $CRNC token. SAFTs were sold between August and October 2021, the network launch was delayed, and Mode Mobile paid SAFT holders a royalty of $1,900,000 based on its 2021 performance. The FY2024 annual report states that Mode Mobile "owns 100% of the voting shares of CGL however it has no economic interest in it". In response to a verbal SEC comment in July 2024 the company disclosed that while it holds none of the tokens itself, its management holds 7.8% personally, including 48,000,000 tokens held by the chief executive. AltStreet captured 61 pages across the company's three websites and the token appears on none of them; everything above comes from the SEC correspondence and the annual report.
Update History
What's changed in this Mode Mobile review
New data, new findings, corrections, and confirmations as they emerge. Most recent updates appear first.
- New finding
H1 2026 Form 1-SA (filed 2026-10-09): six-month net loss $3,799,500 (H1 2025: $802,100); a $5,118,471 NGL Labs note installment due 2026-12-01 classified as current; conditions raised substantial doubt, which management concludes has been alleviated by its plans including the Regulation A offering. Unaudited.