|1||We believe our service will be in high demand for providers. Detecting disease early saves $$$.|
|2||Our algorithms work for multiple common brain disorders, not just one.|
|3||Our co-founder invented the method to measure shapes without area or volume. Not possible 'til now.|
|4||Our algorithm is a game-changer that will revolutionize how brain MRIs are analyzed.|
|5||Our team is world-class. Check us out.|
Dave Nguyen's drive to create, discover and positively affect his environment serve to define who he is as an individual. He has always been passionate about helping and serving people in need. As founder of BrainScanology, I have zero doubt in my mind that he will leverage all of these great qualities into profound success within the neuroscience field. His research experience merged with his algorithm development will push the envelope of what we thought was possible within the area of neuro diagnosis. The future results will be truly groundbreaking.
The idea started in 2018 when Dr. Dave Nguyen, PhD, invented a computational algorithm to measure the complex shapes of colon polyps. His favorite high school science teacher, Mr. Nichols, had just died of colon cancer, so Dr. Nguyen invented a method to classify complex shapes in biology to commemorate him. He named the method the Linearized Compressed Polar Coordinates (LCPC) Transform.
In 2019, Dr. Nguyen participated in the QBI Hackathon at University of California-San Francisco. He was able to extract quantitatively distinct signatures of brain MRIs of patients with ADHD compared to their non-affected counterparts. This began our exploration of MRI scans of various neurological disorders.
- Where to Get a Diagnosis?
- No objective method for early detection.
- No way for annual preventive tracking.
- Treating Brain Disorders Costs More Than Prevention
- 40x Shorter Diagnostic Times
- Early Detection
- Annual Tracking of Disease Progression
- Reduce Diagnostic Uncertainty
- Family of Patients w/ Alzheimer's Disease, Bipolar Disorder, etc.
- The Aging Population
- Manic Patients
- Chronic Depression Patients
- We will sell our services at a discount to health providers (our customers), such as Kaiser and Anthem Blue Cross/Shield. They sell our services at a marked-up price to their patients (the end-users).
- We will offer contracts for annual diagnostic tracking to workers unions or school systems that need health monitoring.
- We will also offer our services directly to individuals.
In 2013, one of Dr. Nguyen's good friends from college took his own life because of bipolar disorder. His name was Thuan Trinh. At Thuan's funeral, Dr. Nguyen promised that he would do something about bipolar disorder one day. At that time, Dr. Nguyen was studying cancer biology, so he didn't know what that promise would even look like. However, in 2018 when the LCPC Transform was created -- six years after wandering away from cancer biology and into computational biology -- and Dr. Nguyen realized exactly what his promise to Thuan would look like: BrainScanology...
BrainScanology, Inc has financial statements ending November 10 2020. Our cash in hand is $0, as of November 2020. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $0/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.
We analyze your MRI brain scan to track your risk of developing bipolar disorder, ADHD, dementia, or Alzheimer's Disease.
In 5 years, we hope to have raised $5-10 million of Series A funding. These projections are not guaranteed.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
BrainScanology Inc was incorporated in the State of Delaware in August 2020.
Since then, we have:
Historical Results of Operations
Our company was organized in August 2020 and has limited operations upon which prospective investors may base an evaluation of its performance.
Liquidity & Capital Resources
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 6 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
BrainScanology Inc cash in hand is $0, as of November 2020. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $0/month, for an average burn rate of $0 per month. Our intent is to be profitable in 12 months.
Since November 10, 2020, we have not had any material changes or trends in our finances or operations.
We hope that with our Wefunder minimum raise of $50K, we will be able to bring in initial revenue of $10,000 within 6 months. Our annual projected expenses would be $100-200K, which would mainly go towards furthering our tech, marketing, and hiring full-time employees
We hope to become profitable in 12 months. This is based on our assumption that we will have functional machine learning models for bipolar disorder within 3 months and have creative discounts to bring in customers among our supporter base. The raise from Wefunder will also allow us to bring on support staff to scale up the number of customers we can serve on a daily basis.
We are seeking out investment or partnerships from VC’s and angel investors, in order to secure additional financing. We also have our personal savings.
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.
We have not developed machine learning models for a full range of ages for each neurological disease that we plan to analyze. Some combinations of age+gender+disorder may be harder to classify than others. This means that it will take longer to develop a predictive model for that group of patients.
Only David Nguyen is a full-time employee at this time. If the Wefunder campaign is not successful, then Harini Kumar will not be able to also work full-time.
If university and hospital laboratories do not collaborate and share MRI data for specific minority groups, then our predictive model will not be accurate for ethnic minorities. There is a lot of archived data that we have access to, but we need access to private data through collaborations.
We have a major head start on applying the LCPC algorithm to brain MRIs, because David Nguyen invented it and is the first to do this on brains. However, we have not patented a machine learning model for diagnosing neurological diseases through MRI scans yet. We plan to file a patent in January of 2021.
BrainScanology may never receive equity financing or elect to convert the Securities upon such future financing. In addition, BrainScanology may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company's assets or profits and have no voting rights or ability to direct the Company or its actions.
Harini Kumar is a part-time officer. As such, it is likely that the company will not make the same progress as it would if that were not the case.
COVID-19 can materially impact our business. It is unclear how long the COVID-19 pandemic will last and to what degree it could hurt our ability to generate revenues.
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