Life Magnetics

Life Magnetics

Early Stage

An at-home medical testing platform funded by the National Science Foundation

An at-home medical testing platform funded by the National Science Foundation

Overview

Raised to Date:
$11,196 - RegCF
$86,213 - Total

Total Commitments ($USD)

Platform

Wefunder

Start Date

10/16/2023

Close Date

02/09/2024

Min. Goal
$50,012
Max. Goal
$617,999
Min. Investment

$100

Security Type

Equity - Preferred

Series

Seed

SEC Filing Type

RegCF / RegD 506(c)    Open SEC Filing

Price Per Share

$64.95

Pre-Money Valuation

$5,537,052

Rolling Commitments ($USD)

Status

Active

Reporting Date

12/08/2023

Days Remaining

63

% of Min. Goal

22%

% of Max. Goal

2%

Likelihood of Max
unlikely
Avg. Daily Raise

$211

Momentum
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Year Founded

2013

Industry

Healthcare & Pharmaceuticals

Tech Sector

Biotech

Distribution Model

B2B/B2C

Margin

Low

Capital Intensity

High

Location

Detroit, Michigan

Business Type

Growth

Life Magnetics, with a valuation of $5.54 million, is raising funds on Wefunder. The company has developed at-home medical testing solutions using carbon-based RNA extraction methods. Life Magnetics’ process allows easy extraction, processing, shipping, and storage of RNA for diagnostic purposes. The company has a quantum mechanical mechanism transport solution and a manufacturing capacity of $2 million a year in sales. Kevin Hagedorn founded Life Magnetics in October 2013. The current crowdfunding campaign has a minimum target of $50,011.50 and a maximum target of $617,999.25. The campaign proceeds will be used to complete a sales contract with CentralStar of Michigan for testing cows’ milk for Mastits and work on developing an oral mRNA delivery platform.

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$44,083

$33,306

COGS

$176,716

$112,006

Tax

$0

$0

 

 

Net Income

$-287,133

$-232,759

Summary Balance Sheet

FY 2022 FY 2021

Cash

$193,716

$472,133

Accounts Receivable

$0

$0

Total Assets

$319,601

$574,193

Short-Term Debt

$174,244

$169,060

Long-Term Debt

$20,000

$20,000

Total Liabilities

$194,244

$189,060

Financials as of: 10/16/2023
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Life Magnetics 02/09/2024 Wefunder $5,537,052 $86,213 Equity - Preferred Active RegCF / RegD 506(c)
Life Magnetics 09/30/2021 Wefunder $3,046,434 $660,093 Equity - Preferred Funded RegCF
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Life Magnetics on Wefunder 2023
Platform: Wefunder
Security Type: Equity - Preferred
Valuation: $5,537,052
Price per Share: $64.95

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