Just to use a widely known example - Pebble that raised millions of dollars on KS. In Pebble's case, each donation was tied to a pre-order. Since the watches have not been delivered, that money is not recognized as revenue on Pebble's income statement. Instead, it is "Deferred Revenue," a liability on Pebble's balance sheet. So, Pebble got an asset (cash) but incurred an offsetting liability (Deferred Revenue). There is no change in equity value, and there is no income until the revenue is recognized (watches are delivered).