|1||Founder is a triple-degree engineer from MIT with over 35 years of experience in the industry.|
|2||UpLyft has 12 patents issued (3 U.S and 9 foreign) with 9 patents pending.|
|3||$19.6B Total Available Market. At-Home Consumers + Hospitals/Institutions.|
|4||UpLyft secured $100K investment as winner of the 2019 MyEO Angel Shark Competition in Denver, CO.|
|5||By investing in UpLyft, you can make a positive direct social impact for people in a health crisis.|
|6||Already have sales demand (via website, email, phone) for orders. Your investment builds inventory!|
|7||Once we raise $500K, we can start shipping orders to patients in time for the holiday season.|
UpLyft™ has financial statements ending December 31 2019. Our cash in hand is $54,000, as of June 2020. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $15,000/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
UpLyft™ is the first known FDA-compliant Self Transfer System (“STS”) from bed to wheelchair for people with limited mobility. In 1 minute, a person can self-transfer him/herself with UpLyft™ from a flat (supine) position in bed into their wheelchair or vice versa. UpLyft™ replaces slings, body boards, and other inferior “lift to stand” mechanisms that require nursing assistance and physical force to transfer individuals with mobility challenges.
Our aim is for UpLyft to become the gold standard for “zero-lifting” patient transfer from bed to wheelchair.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
DME Innovations, Inc was incorporated in the State of California in February 2016. Patents are held by DME Innovations, Inc.
Since then, we have:
Historical Results of Operations
Related Party Transaction
Refer to Question 26 of this Form C for disclosure of all related party transactions.
Liquidity & Capital Resources
To-date, the company has been financed with $137,000 in debt, $200,000 in convertibles, and $90,000 in SAFEs.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 12 months before we need to raise further capital.
We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 6 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
DME Innovations, Inc cash in hand is $54,000, as of June 2020. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $15,000/month, for an average burn rate of $15,000 per month. Our intent is to be profitable in 18 months.
We secured $100,000 via a convertible debt note in January 2020 and utilized $50,000 of this capital to build our digital marketing and e-commerce infrastructure and further advance our patent positions.
If we secure $1M or more we anticipate being able to generate revenues of $119,900 in month 6. Our expenses would be ~$900,000 over this period of time (predominantly towards manufacturing).
We anticipate complimenting the crowdfunding capital raise with at least $250,000 of additional angel investments. In order to make our first production run we likely need a minimum of $500K in hand for D&K to commence and most importantly - to begin conveying to customers a planned delivery date for initial orders. All in we will need $750K to complete it but likely will be able to secure supplemental angel money to get to $750K if we only raise $500K on We-Funder. Our goal is $1M so we can have extra capital to devote to marketing and sales.
Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
Failure to renew our patents could result in a surge in competition. Our patent estate is a significant competitive advantage. if we are not able to maintain the annual fees, we could experience new competition from larger companies. If they offer similar products, at lower prices, we may lose significant market share.
As a startup, our CEO is considered key personnel. Anything preventing his regular involvement would temporarily hinder operations.
Any significant manufacturing defect, requiring a recall, would hinder operations. A defect requiring a major recall could create an insurmountable financial burden for the company.
If we do not develop successful new products or improve existing ones, our business will suffer. Our ability to engage, retain, and increase our user base and to generate our revenue will depend heavily on our ability to successfully create new products or improve existing ones, both independently and together with third parties.
We are an emerging growth company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors.
Like many physical product companies, we are subject to counterfeit products. Despite securing patents in multiple countries, we could experience counterfeit companies as we expand beyond the US. It can be difficult and costly to enforce patent protection in international cases. If we cannot secure financing to do so, we may lose significant market share.
The spread of COVID-19 has severely impacted many local economies around the globe. The duration and impact of the COVID-19 pandemic remains unclear at this time. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide. The company intends to initially sell its products primarily to consumers for use in U.S. homes. COVID-19 has not negatively impacted the demand for our products with U.S. consumers, and if anything, may increase the demand from U.S. consumers who may not have as much access to home health nurses or caregivers at their home or who may delay plans to move into assisted living facilities because of COVID-19 risks at such locations. Accordingly, the financial position and results of operations as of and for the year ended 31 December 2019 have not been adjusted to reflect their impact.
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