Urban Offsets Inc. has raised $50,000, with plans to raise an additional $350,000, according to a filing Monday with the Securities and Exchange Commission.

In a Form D filed on Sep. 10, the Greensboro-based company disclosed that they had raised $50,000 by selling a combination of debt, options and securities. It did not reveal what it intends to do with the proceeds.

Urban Offsets’ business model is based around the concept of voluntary carbon offsets. These offsets can be purchased by companies to mitigate their carbon footprint while funding projects that reduce greenhouse gas emissions. One carbon offset is equivalent to a 1 metric ton reduction of greenhouse gases from the atmosphere.

Environmental researcher turned CEO Shawn Gagne founded the company in 2015 to give corporations the option to buy carbon offsets in the communities where their customers live, rather than overseas.

Urban Offsets has worked with companies and organizations such as Major League Soccer, Delta Air Lines and Arizona State University to fund environmental projects like tree plantings in communities across the United States.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what is known as a Form D electronically with the SEC after they first sell their securities.