SimpleTest by iAssay
Early Stage
Revolutionizing the medical point of care device industry by democratizing care
Overview
Raised: $226,715
Total Commitments ($USD)
Platform
Wefunder
Start Date
01/20/2021
Close Date
06/30/2021
Min. Goal
$50,000
Max. Goal
$900,000
Min. Investment
$100
Security Type
Convertible Note
Series
Pre-Seed
SEC Filing Type
RegCF
Early Bird Val. Cap
$7,497,000
Valuation Cap
$8,500,000
Discount
15%
Rolling Commitments ($USD)
Status
Funded
Reporting Date
07/03/2021
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$1,417
# of Investors
148
Momentum
Funded
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Year Founded
2014
Industry
Healthcare & Pharmaceuticals
Tech Sector
HealthTech
Distribution Model
B2B/B2C
Margin
High
Capital Intensity
High
SimpleTest by iAssay, with a valuation cap of $8.5 million, is raising crowdfunding on Wefunder. The company has developed a portable medical test reader that ensures medical tests can be read anywhere, without human error, and gives results in minutes. Lonnie Adelman founded SimpleTest by iAssay in 2014 and has raised over $360,000 since its inception. The proceeds of the current crowdfunding round, with a minimum target of $50,000 and a maximum target of $900,000, will be used for salaries, R&D, clinical testing, and production. SimpleTest by iAssay is revolutionizing the point of care medical testing industry and expects to find use at medical facilities, nursing homes, and private households.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$0 |
$0 |
|
COGS |
$0 |
$0 |
|
Tax |
$800 |
$800 |
| ||
| ||
|
Net Income |
$-69,728 |
$-70,384 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$83,722 |
$3,140 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$194,792 |
$118,858 |
|
Short-Term Debt |
$427,797 |
$168,335 |
|
Long-Term Debt |
$0 |
$113,800 |
|
Total Liabilities |
$427,797 |
$282,135 |
Financials as of: 01/20/2021
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