1. Token passport
| Field | Value | Source |
|---|---|---|
| Name / ticker | Lemonaid-Crowdinvesting, LMA1 | rwa.xyz |
| Instrument type | Tokenized bearer bond (tokenbasierte Schuldverschreibung), not a share | rwa.xyz, wiwin.de |
| Ticker conflict | There is a second issue, "Lemonaid-Crowdinvesting 2" (€1.5 million, minimum €25,000), and AG shares with ISIN DE000A42DJG9. LMA1 is not linked to the shares | wiwin.de |
| Issuer | LemonAid Beverages GmbH, Hamburg, HRB 108900; converted into an AG on May 7, 2026, LEI 391200ZSJHX087PKFY98 | AG prospectus 2026, commercial register extract |
| Platform / intermediary | wiwin GmbH, tied agent under the responsibility of Concedus GmbH; tokenization by Cashlink | wiwin.de, rwa.xyz |
| Volume | About €3 million; 57,591 tokens × €50 = €2,879,550 | rwa.xyz, calculation |
| Coupon | 5.00% per annum + bonus in the form of a share of 1% of EBIT, paid annually | wiwin.de |
| Term | Until Dec 31, 2026 | wiwin.de |
| Minimum investment | €250, in multiples of €50 | wiwin.de |
| Network | Polygon, ERC-20; crypto custodian Tangany | rwa.xyz |
| Launch | Feb 11, 2021 (date format not specified on rwa.xyz) | rwa.xyz |
| Holders / turnover | 1,472 holders, 0 transfers in a month | rwa.xyz |
| NAV on rwa.xyz | $67.30 per token against a €50 face value; another output shows $0.02. The data is incorrect | rwa.xyz |
| Eligibility | Not for U.S. citizens | rwa.xyz, wiwin.de |
| Code audit | Not disclosed | not found |
2. Verdict and red flags
| Field | Value |
|---|---|
| In one sentence | An ordinary subordinated corporate bond of a growing but thinly capitalized beverage producer, with about 7 weeks left until maturity. |
| Score / grade | 56.6 → 57/100, BB |
| Main strength | A real operating business with €30.4 million in revenue and audited financial statements, plus a fresh €5.7 million capital contribution in 2026 |
| Main weakness | Equity of €0.54 million against assets of €19.4 million (2.8%) and, by analogy with the second issue, a pre-insolvency payment block |
| What would change the assessment | Confirmation of the source of repayment of about €2.9 million in January 2027, publication of the LMA1 issue terms, 2025 financial statements |
| Flag | Consequence | Status |
|---|---|---|
| No enforceable claim | Cap C | Not triggered: direct claim against the issuer |
| NAV set by the operator without independent valuation | Cap C | Not applicable: par value is fixed |
| SPV / structure not disclosed | Cap B | Not applicable: no SPV |
| Disclosure discrepancy (NAV, regulator on rwa.xyz) | -5 to the criterion, not to the total | Triggered as an aggregator error, not the issuer's |
| Subordination and pre-insolvency block | Payment may be lawfully blocked | Likely (confirmed for issue 2) |
| Sanctions | No rating | None identified |
3. Legal nature and holder rights (weight 15)
| # | Criterion | Finding | Score 0–3 |
|---|---|---|---|
| 1 | LMA1 issue terms | No downloadable documents on the product page | 1.5 |
| 2 | Issuer identity | AG, HRB 108900, LEI, 2026 prospectus | 3 |
| 3 | Claim ranking | For issue 2: subordination behind § 39 (1) Nr. 1–5 InsO and pre-insolvency payment block. The same structure is likely for LMA1 | 1 |
| 4 | Collateral | Not specified; explicitly absent in the second issue | 0 |
| 5 | Additional rights | EBIT-based bonus; the second issue includes exit participation | 2 |
Score: 7.5 out of 15. The claim against the issuer is direct, but in terms of ranking the investor is closer to quasi-equity than to a creditor. Risk: medium.
4. Ownership chain and custody (weight 10)
Investor → LMA1 token (Polygon) → LemonAid Beverages AG bond. There are no intermediate SPVs.
| # | Criterion | Finding | Score 0–3 |
|---|---|---|---|
| 1 | Directness of the chain | The token represents the bond itself | 3 |
| 2 | Custodian | Tangany is named | 2 |
| 3 | Register | The 2021 issue predates the eWpG: the token is a sui generis security, not a crypto register | 1.5 |
| 4 | Key loss | In the second issue, loss of the private key leads to irreversible loss of the tokens | 1 |
Score: 6.25 out of 10. The simplest structure with no intermediaries; the main technical risk is shifted onto the investor. Risk: low.
5. Regulation and admission (weight 5)
| # | Criterion | Finding | Score 0–3 |
|---|---|---|---|
| 1 | Offering regime | Prospectus exemption under § 3 Nr. 2 WpPG (confirmed for issue 2) | 2 |
| 2 | Intermediary | wiwin under the umbrella of Concedus GmbH | 2 |
| 3 | Classification accuracy | rwa.xyz lists MiFID II and ESMA as the regulator, which does not reflect the actual supervision (BaFin, WpPG) | 1 |
Score: 2.8 out of 5. A standard German crowdinvesting offering without a prospectus. Risk: medium.
6. Valuation and reporting (weight 15)
| # | Criterion | Finding | Score 0–3 |
|---|---|---|---|
| 1 | Nominal value | €50, fixed by the terms | 2 |
| 2 | NAV on the aggregator | $67.30 against a nominal of about $58: overstatement; AUM $3.88M versus ~€3M | 1 |
| 3 | Audited financial statements | 2024 statements with an independent auditor's opinion | 3 |
| 4 | Interim reporting | The issuer does not prepare interim balance sheets | 1 |
Score: 8.75 out of 15. What should be assessed is the nominal value and the issuer's solvency, not the NAV from rwa.xyz. Risk: medium.
7. Fees and net yield (weight 20)
| Parameter | Value | Source |
|---|---|---|
| Agio / fees | 0 / 0% | rwa.xyz, issue 2 |
| Coupon | 5% per annum | wiwin.de |
| Bonus | Share of 1% of EBIT | wiwin.de |
| Early redemption by issuer | 50% penalty on remaining interest in favor of the investor | wiwin.de |
Example for €10,000: a coupon of €500 per year, about €2,900 over roughly 5.9 years to December 31, 2026 without reinvestment. With EBIT close to zero (a 2024 loss of €0.23 million), the bonus adds only a symbolic amount. The principal is repaid at the end of the term, provided the pre-insolvency payment block does not prevent it.
| # | Criterion | Finding | Score 0–3 |
|---|---|---|---|
| 1 | Agio / fees | None | 3 |
| 2 | Management / performance | 0% | 2 |
| 3 | Coupon protection on early call | 50% interest compensation | 2 |
| 4 | Realism of the bonus | Depends on EBIT; 2024 result negative | 2 |
Score: 15.0 out of 20. The yield is transparent and free of hidden deductions; the 5% premium for subordinated risk is modest. Risk: low.
8. Liquidity and exit (weight 15)
| # | Criterion | Finding | Score 0–3 |
|---|---|---|---|
| 1 | Early exit at the investor's initiative | Not provided for | 0 |
| 2 | Secondary market | 0 transfers in a month | 0 |
| 3 | Time to maturity | About 7 weeks | 2 |
| 4 | Distribution | 1,472 holders | 2 |
| 5 | Source of repayment ~€2.9M | The AG 2026 prospectus does not discuss the repayment of the bonds | 1.5 |
Score: 5.5 out of 15. Exit is possible only through redemption; the key event occurs in the coming weeks. Risk: medium.
9. Smart contract (weight 5)
| # | Criterion | Finding | Score 0–3 |
|---|---|---|---|
| 1 | Code audit | Not disclosed | 1.5 |
| 2 | Privileged roles | Not disclosed; the issuer may migrate the tokens to another network without consent (standard wiwin terms) | 1.5 |
| 3 | Network dependency | Polygon, no bridges or oracles | 2 |
Score: 2.8 out of 5. The token is not used in DeFi, so technical risk is secondary. Risk: low.
10. Underlying asset: issuer (weight 15)
| Metric | Value |
|---|---|
| 2024 revenue | €30.4M (unaudited, derived from accounting records) |
| 2024 net result | -€0.23M |
| 2024 assets / equity | €19.4M / €0.54M |
| AG share capital 2026 | €5.75M |
| External financing 2026 | €6M convertible loan at 12% from the parent company, €5.7M contributed to the issuer's capital |
| Public share offering 2026 | ~€40M in gross proceeds go to the selling shareholder, not the issuer |
| # | Criterion | Finding | Score 0–3 |
|---|---|---|---|
| 1 | Business scale | €30.4M in revenue, presence in 30+ countries | 2 |
| 2 | Profitability | Loss in 2024 | 1 |
| 3 | Capitalization | 2.8% equity-to-assets at the end of 2024 | 0 |
| 4 | 2026 recapitalization | €5.7M into capital | 2 |
| 5 | Track record | Operating since 2009 | 3 |
Score: 8.0 out of 15. The business is real and growing, but the balance sheet was thin prior to the 2026 recapitalization. Risk: medium.
11. Scoring and risk matrix
| Block | Score / weight | Risk |
|---|---|---|
| Legal nature | 7.5 / 15 | Medium |
| Ownership chain | 6.25 / 10 | Low |
| Regulation | 2.8 / 5 | Medium |
| Valuation and reporting | 8.75 / 15 | Medium |
| Fees and yield | 15.0 / 20 | Low |
| Liquidity | 5.5 / 15 | Medium |
| Smart contract | 2.8 / 5 | Low |
| Issuer | 8.0 / 15 | Medium |
| Total | 56.6 → 57 | BB |
| Risk | Probability | Impact | Mitigants | Block |
|---|---|---|---|---|
| Redemption deferral due to payment block | Low–medium | High | Confirmation of liquidity as of January 2027 | 3, 8 |
| Loss in insolvency (subordination) | Low | High | 2026 recapitalization | 3, 10 |
| Loss of private key | Medium | Medium | Custodial wallet | 4 |
| Incorrect valuation based on aggregator data | High | Low | Reconciliation against face value | 6 |
12. Questions for the issuer and limitations
- Publish the terms of the LMA1 issue: rank, payment block, collateral.
- From which funds will about €2.9 million be redeemed, and on what date.
- 2025 financial statements and EBIT for the bonus calculation.
- Who holds the contract's admin key and whether the code has been audited.
- How the conversion into an AG affected the bond obligations.
Limitations: the LMA1 terms were reconstructed from the product page and the brochure of the second issue; the contract address and network data on rwa.xyz are behind a login; the 2025 financial statements were not found.
Sources: app.rwa.xyz/assets/LMA1; wiwin.de/produkt/lemonaid; wiwin.de Anlagebroschüre Lemonaid-Crowdinvesting 2 (Oct 2021); wiwin.de Prospektzusammenfassung LemonAid Beverages AG (July 2026); gls-crowd.de Jahresabschluss 2024, HR-Auszug; lebensmittelpraxis.de; finanztip.de.
Final audit conclusion
Verdict: BB, 57/100.
LMA1 is a direct subordinated bond of a real company with no DeFi layer and no SPV, which makes it structurally simpler and more honest than most RWA tokens. There is now only one main question: will the issuer repay about €2.9 million on time given its low capital base as of the end of 2024.
Strengths: an identified issuer with an LEI and audited financial statements, zero fees, coupon protection in the event of early redemption, and a €5.7 million capital increase in 2026.
Key risks: probable subordination with a pre-insolvency payment block, absence of collateral, zero secondary liquidity, undisclosed LMA1 terms, and erroneous NAV and regulator data on rwa.xyz.
Suitable for: current holders awaiting redemption. Not suitable for: secondary-market buyers seeking yield (there is no market) and anyone who perceives the token as a stake in Lemonaid.
What would raise the score: published issuance terms, confirmation of the repayment source, 2025 financial statements. Re-rating triggers: actual redemption or its deferral in January 2027, publication of the AG's financial statements.
This material is analytical in nature and does not constitute investment advice.
