CHARLOTTE, N.C.— A Charlotte-based development stage company focused on a mobile payment application raised $900,000, according to a Securities and Exchange Commission filing.

Smart Server, (OTCMKTS.SUYT) founded in 2013, is focused on developing a mobile payment application to let customers pay bills with a phone at participating organizations like a restaurant, bar or club.

This filing was a new notice with the first date of sale on Oct. 24. The securities are debt and equity offerings.

The total offering amount is $1.35 million with $900,000 raised from three investors and $450,000 remaining.

The offer is not being made in connection with a business combination transaction and there is no minimum investment requirement. None of the money will be used for payment of executive officers.

Smart Server is classified as an emerging growth company and takes advantages of an extended transition period for complying with the Securities Act. So far, the company has not reported any revenues and is operating at a net loss of $27,881, according to its latest 10-Q.

Marshall Chesrown is the company’s chairman and CEO. Chesrown is known in the automobile industry.

He assisted Kevin Westfall in founding Vroom.com in 2014, was the chief operating officer of AutoAmerica from May 2013 to November 2014, and was president of Chesrown Automotive Group from 1985 to 2013 when it was purchased by AutoNation.

SEC filing

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism