Invest in Atom Limbs

Revolutionary prosthetics to end physical disability 🦾

FIRST GOAL HIT (You can still invest)

$1,722,272

raised from 533 investors
INVESTMENT TERMS
$65M valuation cap Future Equity

Financials

We have financial statements ending December 31, 2022. Our cash in hand is $100,000, as of October 2023. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $200,000/month.

At a Glance

Jan 1 – Dec 31, 2022
$0
Revenue
-$3,718,607
Net Loss
$337,701
+73%
Short-Term Debt
$5,486,488
Raised in 2022
$100,000
Cash on Hand
Net Margin:
0%
Gross Margin:
0%
Return on Assets:
-187%
Earnings per Share:
-$0.47
Revenue per Employee:
$0
Cash to Assets:
81%
Revenue to Receivables:
~
Debt Ratio:
25%
2022-2021 Atom Limbs Inc. Audited Financials v2.pdf

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.

Overview


Atom Limbs is on a mission to revolutionize prosthetics. 

Backed by Moai Capital, J4 Ventures, Village Global, angels including Trevor Blackwell and Anthony Pompliano, and countless healthcare professionals, Atom Limbs’ pioneering approach to the world's first artificial human arm is on track to transform the $800B+ physical disability industry.

We're aiming to give 65M+ limb-different people their limbs back. With Atom Limbs, prosthetics aren’t just functional, they’re transformational

All future projections cannot be guaranteed.


Milestones

Atom Limbs Inc. was incorporated in the State of Delaware in April 2019.

Since then, we have:

  • CEO sold last company Bebo to Amazon & has scaled companies to 1 billion users
  • Led by world-class ex-leadership from Apple, Oculus, Zoox, IDEO, and Neuralink with 1,000+ patents
  • Team’s track record includes bringing first iPhone & iMac to market
  • Team has deep experience in FDA and regulatory, successfully commercialized multiple medical devices
  • World’s first mind-controlled robotic wearable with individual finger control & basic sense of touch
  • $180M+ pipeline of 9,000 qualified buyers
  • Positioned to disrupt the fast-growing $800B physical disability market

The Company is subject to risks and uncertainties common to early-stage companies. Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future.

Historical Results of Operations

  • Revenues & Gross Margin. For the period ended December 31, 2022, the Company had revenues of $0 compared to the year ended December 31, 2021, when the Company had revenues of $0. 
  • Assets. As of December 31, 2022, the Company had total assets of $1,990,558, including $1,611,770 in cash. As of December 31, 2021, the Company had $1,506,360 in total assets, including $1,453,448 in cash.
  • Net Loss. The Company has had net losses of $3,718,607 and net losses of $1,941,209 for the fiscal years ended December 31, 2022 and December 31, 2021, respectively.
  • Liabilities. The Company's liabilities totaled $505,372 for the fiscal year ended December 31, 2022 and $195,454 for the fiscal year ended December 31, 2021.

Liquidity & Capital Resources

To-date, the company has been financed with $17,000 in debt, $8,441,756 in SAFEs, and $331,000 in grants.

After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 3 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 12 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

Atom Limbs Inc. cash in hand is $100,000, as of October 2023. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $200,000/month, for an average burn rate of $200,000 per month. Our intent is to be profitable in 36 months.

Since the date of our financials, we have landed a production-intent design and gathered compelling pre-clinical research data from 30+ user tests. We hired a mechanical engineer and several engineering interns to speed up prototype builds to support our increased pacing of user tests. We also acquired a 5,000 sq ft lab space in Palo Alto, CA.

We expect to need $20M in total capital to go to market in late 2024/early 2025. In year 1, we aim to generate $16.6M in revenue from 1,384 units sold. These projections cannot be guaranteed.

We are not currently profitable. We aim to be cash-flow positive around end of year 2/start of year 3 of sales. Our breakeven point is $65M in revenue. In year 2, we aim to generate $75.2M in revenue from 6,197 units sold.

In terms of other sources of capital, we have also raised venture capital from multiple VC firms, as well as government grants, from NSF and Air Force, and may pursue similar sources of capital to cover short term burn.

All projections in the above narrative are forward-looking and not guaranteed.

Risks

1

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.

2

We aim for our arm to be reimbursed by healthcare payers. We also anticipate direct pay. This means we have to demonstrate to insurers, both private and public, that we're better than existing solutions by demonstrating improved outcomes. We're mitigating this risk by gathering clinical data to support this during our clinical trial process; this is very typical among medical devices.

3

Hardware development costs are non-trivial. And regulatory clearance (FDA) sometimes requires clinical trials or validation, which add additional time and capital requirements. This is why it's important to raise as much as possible.


Other Disclosures

The Board of Directors

Director Occupation Joined
Tyler Hayes CEO @ Atom Limbs 2019

Officers

Officer Title Joined
Tyler Hayes CEO 2019

Voting Power

Holder Securities Held Power
Tyler Hayes 3,000,000 Common Stock 38.2%
Eric Monsef 2,000,000 Common Stock 25.5%
Doug Satzger 2,000,000 Common Stock 25.5%

Past Fundraises

Date Security Amount
Current SAFE $375,677
6/2023 SAFE $1,010,000
6/2022 SAFE $486,750
4/2022 SAFE $4,999,738
4/2021 SAFE $763,493
2/2021 SAFE $1,016,775
8/2020 SAFE $25,000
5/2020 Loan $17,000
4/2019 SAFE $150,000

Outstanding Debts

Issued Lender Outstanding

Related Party Transactions

In May 2021 the Company issued an employee loan for $30,000 to the CEO. The loan agreement bears monthly interest at 0.13% per month, which was equivalent to the Short-term IRS AFR Rate at the time of signing. The loan will be repaid through bi-weekly payroll deductions starting May 11, 2022 until the full amount including interest is paid in full. As of October 2023 the balance of the loan is $0.

Use of Funds

$50,000 60% team/hiring, 15% materials/3D prints/prototyping,  5% equipment,  2.5% travel,  12.5% operating costs,  5% Wefunder intermediary fee

$5,000,000 47% team/hiring, 25% materials/3D prints/prototyping, 5% equipment,  5.5% travel,  12.5% operating costs,  5% Wefunder intermediary fee Raising our maximum allows us to more quickly prepare our FDA pre-submission as well as get our partners moving on clinical trials validation.

Capital Structure

Class of Security Securities (or Amount) Authorized Securities (or Amount) Outstanding
Common 10 7

The Funding Portal

Atom Limbs is conducting a Regulation Crowdfunding offering via Wefunder Portal LLC. CRD Number: #283503.

Form C Filing on EDGAR

The Securities and Exchange Commission hosts the official Form C on their EDGAR web site.

Details