JOGO Health
A breakthrough treatment for chronic pain & neuromuscular disorders
Last Funded March 2025
$8,357,509
How it adds up
Regulation CF
$1,432,004
Wefunder Portal LLC
Regulation D
$4,782,449
Off Wefunder on the same terms
Raised previously
$2,143,056
Off Wefunder on the same terms
Goal includes Reg CF and Reg D
raised from 1,211 investors
Investment Terms
You will be investing in JOGO Health through an SPV. This means that when you invest, you will be signing the SPV Subscription Agreement, not the direct investment contract. For more information on SPVs, see here.
- SPV Subscription Agreement
- JogoHealth Series A-1 Preferred Stock Subcription Agreement 2023 (combined and redacted)
Financials
We have financial statements ending December 31, 2023. Our cash in hand is $2,700,000, as of November 2023. Over the three months prior, revenues averaged $29,000/month, cost of goods sold has averaged $70,000/month, and operational expenses have averaged $260,000/month.
At a Glance
Jan 1 – Dec 31, 2023
$274,267
Revenue
+8%
-$2,529,678
Net Loss
$296,795
Short-Term Debt
-89%
$4,707,449
Raised in 2023
$2,700,000
Cash on Hand
+8%
Net Margin:
-922%
Profit as a percentage of revenue.
Gross Margin:
0%
The gross margin represents the amount of revenue retained after the direct costs of producing the goods and services it sells.
Return on Assets:
-45%
Return on assets (ROA) shows how profitable a company is relative to its total assets.
Earnings per Share:
-$0.10
Earnings per share is the portion of a company's profit that is allocated to each outstanding share of stock.
Revenue per Employee:
$5,485.34
Total revenues divided by number of employees.
Cash to Assets:
44%
The cash asset ratio is the current value of marketable securities and cash, divided by the company's current liabilities. Also known as the cash ratio, the cash asset ratio compares the amount of highly liquid assets (such as cash and marketable securities) to the amount of short-term liabilities. This figure is used to measure a firm's liquidity or its ability to pay its short-term obligations.
Revenue to Receivables:
1,293%
The accounts receivable turnover ratio is an accounting measure used to quantify a company's effectiveness in collecting its receivables or money owed by clients. The ratio shows how well a company uses and manages the credit it extends to customers and how quickly that short-term debt is collected or is paid.
Debt Ratio:
7%
The debt ratio is a financial ratio that measures the extent of a company's leverage. The debt ratio is defined as the ratio of total debt to total assets, expressed as a decimal or percentage. It can be interpreted as the proportion of a company's assets that are financed by debt.
JOGO India-Financials FY 22-23 Signed.pdf
FY 2022-23 JOGO India Audit report.pdf
Jogohealth USA Audit Report -2021 SIGNED 2 .pdf
Jogohealth-Revised Audit Report-12-31-2022-Signed.pdf
JOGO Audit Report-FYE-12-31-2023-SIGNED.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
Treating stroke, migraine, chronic pain & incontinence through neuroplasticity
More than 70% of patients with neuro-muscular conditions do not fully recover due to lack of access to world class rehab in their towns. That included my friend's daughter in India with cerebral palsy. JOGO treated her remotely from New York via telemedicine and made the little girl walk for the first time in her life.
JOGO treats stroke, chronic pain and urinary incontinence using wearable sensors, AI and Virtual Reality through Telemedicine
JOGO wants to be the leader in tele rehabilitation to help patients with neuro-muscular conditions, chronic pain and incontinence receive world class rehab at home without travelling to expensive rehabilitation hospitals.
Milestones
Neural Therapeutics Inc was incorporated in the State of Delaware in June 2010. The company was renamed Jogohealth Inc. in 2016. The Company has two subsidiaries namely, Jogo health Private Limited a 99.90% owned subsidiary in India and Bio Feedback DTX LLC a 51% owned subsidiary in the United States.
The financial numbers referenced in this Form C cover all three entities for the year ended December 2022 and December 2023. Since then, we have:
To-date, the company has been financed with $6,964,925 in equity and $5,337,168 in convertibles.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 10 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 18 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
JogoHealth, Inc cash in hand is $2,700,000, as of November 2023. Over the last three months, revenues have averaged $29,000/month, cost of goods sold has averaged $70,000/month, and operational expenses have averaged $260,000/month, for an average burn rate of $301,000 per month. Our intent is to be profitable in 48 months.
To date the last financials cover, JOGO Health added new customers, added new delivery, and business development resources to meet demand in physician, self-insured, and hospital markets.
JOGO Health expects to reach revenue of $35,000 to $45,000 per month in the next 3 to 6 months. Expenses are expected to be at $330,000 per month.
We expect to reach profitability in 48 months. Expect additional capital requirement of $67M to become profitable.
We have already raised $4.8M in this round via Reg D from accredited investors and VC investment. We have $2.7M in the bank to cover short-term burn. We plan to raise additional funds through Reg D 506(c).
All projections in the above narrative are forward-looking and not guaranteed.
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
Treating stroke, migraine, chronic pain & incontinence through neuroplasticity
More than 70% of patients with neuro-muscular conditions do not fully recover due to lack of access to world class rehab in their towns. That included my friend's daughter in India with cerebral palsy. JOGO treated her remotely from New York via telemedicine and made the little girl walk for the first time in her life.
JOGO treats stroke, chronic pain and urinary incontinence using wearable sensors, AI and Virtual Reality through Telemedicine
JOGO wants to be the leader in tele rehabilitation to help patients with neuro-muscular conditions, chronic pain and incontinence receive world class rehab at home without travelling to expensive rehabilitation hospitals.
Milestones
Neural Therapeutics Inc was incorporated in the State of Delaware in June 2010. The company was renamed Jogohealth Inc. in 2016. The Company has two subsidiaries namely, Jogo health Private Limited a 99.90% owned subsidiary in India and Bio Feedback DTX LLC a 51% owned subsidiary in the United States.
The financial numbers referenced in this Form C cover all three entities for the year ended December 2022 and December 2023. Since then, we have:
- Treats 20+ neuromuscular (NM) conditions (stroke, migraine, chronic pain, incontinence)
- $86B Market. $10B(SAM). $105M(SOM)
- Mayo Clinic is an investor and co-development partner
- Co-Founder's previous AI venture was acquired by IQVIA, world's largest clinical research company.
- JOGO has already treated more than 25,00 patients. Signed up 50+ hospital channel partners.
- Medical Advisory Board is from Harvard, Yale, Boston University, Tufts, NYU and Columbia.
- Patent Protected with 18 claims. FDA Breakthrough Device Designation.
- Revenues & Gross Margin. For the period ended December 31, 2023, the Company had revenues of $274,267 compared to the year ended December 31, 2022, when the Company had revenues of $253,476. Our gross margin was 100.0% in fiscal year 2023, compared to 100.0% in 2022.
- Assets. As of December 31, 2023, the Company had total assets of $5,605,609, including $2,447,570 in cash. As of December 31, 2022, the Company had $2,877,524 in total assets, including $1,259,998 in cash.
- Net Loss. The Company has had net losses of $2,529,678 and net losses of $1,630,915 for the fiscal years ended December 31, 2023 and December 31, 2022, respectively.
- Liabilities. The Company's liabilities totaled $396,952 for the fiscal year ended December 31, 2023 and $5,648,243 for the fiscal year ended December 31, 2022.
To-date, the company has been financed with $6,964,925 in equity and $5,337,168 in convertibles.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 10 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 18 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
JogoHealth, Inc cash in hand is $2,700,000, as of November 2023. Over the last three months, revenues have averaged $29,000/month, cost of goods sold has averaged $70,000/month, and operational expenses have averaged $260,000/month, for an average burn rate of $301,000 per month. Our intent is to be profitable in 48 months.
To date the last financials cover, JOGO Health added new customers, added new delivery, and business development resources to meet demand in physician, self-insured, and hospital markets.
JOGO Health expects to reach revenue of $35,000 to $45,000 per month in the next 3 to 6 months. Expenses are expected to be at $330,000 per month.
We expect to reach profitability in 48 months. Expect additional capital requirement of $67M to become profitable.
We have already raised $4.8M in this round via Reg D from accredited investors and VC investment. We have $2.7M in the bank to cover short-term burn. We plan to raise additional funds through Reg D 506(c).
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
Registering JOGO as a provider in each state is a lengthy process given the complexity of US healthcare regulatory requirements. Sometimes it takes 18-24 months to become a provider in some states. This may delay our time to generate revenue in the US.
3
Ever changing healthcare regulations in the US on telemedicine and virtual care is a risk.
Other Disclosures
The Board of Directors
| Director | Occupation | Joined |
|---|---|---|
| Sanjai Murali | CEO @ JOGO Health | 2010 |
| Siva Nadarajah | President and Co-Founder @ JOGO Health | 2019 |
| Ari Bousbib | Chairman and CEO @ IQVIA Inc. | 2019 |
| Ganapathi Palanipandian | Founder @ Hourglass Ventures | 2023 |
Officers
| Officer | Title | Joined |
|---|---|---|
| Sanjai Murali | CEO | 2010 |
| Siva Nadarajah | President | 2019 |
Voting Power
The voting power calculation includes all securities for which the person directly or indirectly has or shares the voting power, which includes the power to vote or to direct the voting of such securities. If the person has the right to acquire voting power of such securities within 60 days, including through the exercise of any option, warrant or right, the conversion of a security, or other arrangement, or if securities are held by a member of the family, through corporations or partnerships, or otherwise in a manner that would allow a person to direct or control the voting of the securities (or share in such direction or control — as, for example, a co-trustee) they should be included as being beneficially owned. To calculate outstanding voting equity securities, assume all outstanding options are exercised and all outstanding convertible securities converted.
The voting power calculation includes all securities for which the person directly or indirectly has or shares the voting power, which includes the power to vote or to direct the voting of such securities. If the person has the right to acquire voting power of such securities within 60 days, including through the exercise of any option, warrant or right, the conversion of a security, or other arrangement, or if securities are held by a member of the family, through corporations or partnerships, or otherwise in a manner that would allow a person to direct or control the voting of the securities (or share in such direction or control — as, for example, a co-trustee) they should be included as being beneficially owned. To calculate outstanding voting equity securities, assume all outstanding options are exercised and all outstanding convertible securities converted.
| Holder | Securities Held | Power |
|---|---|---|
| Sanjai Murali | 8,000,000 Common Stock | 30.0% |
Past Fundraises
| Date | Security | Amount |
|---|---|---|
| Priced Round | $1,407,551 | |
| 11/2024 | Priced Round | $1,793,056 |
| 11/2024 | Priced Round | $350,000 |
| 10/2024 | Priced Round | $75,000 |
| 10/2023 | Priced Round | $4,707,449 |
| 11/2022 | Convertible Note | $3,104,981 |
| 11/2021 | Convertible Note | $2,232,187 |
| 11/2019 | Priced Round | $2,122,500 |
Outstanding Debts
None.Related Party Transactions
The Company has provided loans to related parties of the Company valued at $10K as of December 31, 2019 and $2K as of December 31, 2020. As of May 2021, there are no loan payments due to the Company.
The Company is simultaneously engaging in an offering under Regulation D to raise additional capital under the terms of a Note Purchase Agreement and Convertible Promissory Note, which terms are materially similar to the terms of the convertible notes described in this Form C, except the Maturity Date is July 30, 2023 (“Reg D Offering”). As part of the Reg D Offering, there is a proposed transaction that both Siva Nadarajah and Maayan, LLC (an affiliate of Ari Bousbib), will invest $500,000 each in the Reg D Offering.
Use of Funds
| $499,999 | 1) Sales and marketing for Massachusetts, New York, New Jersey - 92.5%2) Wefunder fees - 7.5% |
|---|---|
| $2,999,999 | 1) Sales and marketing for Massachusetts, New York, New Jersey - 25%2)Sales and marketing for self insured employers. 25%3)Deployment cost for pipeline of self insured employer clients. 42.5%4) Wefunder fees 7.5% |
Capital Structure
| Class of Security | Securities (or Amount) Authorized | Securities (or Amount) Outstanding | Voting Rights |
|---|---|---|---|
| Common Stock | 10,000,000 | 10,000,000 | Yes |
| Series Seed 1 Preferred Shares | 610,560 | 610,560 | Yes |
| Series Seed 2 Preferred Shares | 4,332,040 | 4,332,040 | Yes |
| Series A I Preferred Shares | 8,879,587 | 4,299,868 | Yes |
| Series A Ii Preferred Shares | 7,377,413 | 7,377,413 | Yes |
Form C Filing on EDGAR
The Securities and Exchange Commission hosts the official Form C on their EDGAR web site.