Life Magnetics
Early Stage
An at-home medical testing platform funded by the National Science Foundation
Overview
$11,196 - RegCF
$86,213 - Total
$86,213 - Total
Total Commitments ($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)
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
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
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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