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Invest in Quorum X Diagnostics
The first 15 min at-home antigen test for COVID
Global need. We also realized we can use the same unique technology that we used to build our (QXD-1 Fast test for Pseudomonal Pneumonia Prototype) can be used to build a test for COVID.
Maria Nagy
CEO @ Quorum X Diagnostics
Early Bird Terms: $7,600 Left
$22,400
of a $50,000-$250,000 goal
Invest via a
Future Equity Agreement
$3M$2.75Mvaluation cap
First $30K will invest in a SAFE with a $2.75M valuation cap and 25% discount.
25.0%discount
$25K+pro rata right threshold
A SAFE gives you the right to future shares in the company. If you invest, you're betting the company will be worth more than $2.75M in the future.
Held in Escrow & Refundable. Quorum X Diagnostics must raise $50,000 to get funded. Wefunder Portal LLC can refund upon request while funds are in escrow.
Why you may want to invest in us...
| 1 | Global Need-COVID is a Pandemic. |
| 2 | This is will be the FIRST at-home COVID Antigen test. |
| 3 | Our Team! -Our team consists of 2 Ph.D. scientist founders and our Advisement team of 5 (all 5 MD, PhDs, or MBA). |
Why investors us
we've raised $80,100 since our founding
I am extremely excited to be involved with such a dynamic company. My father died of pneumonia in 2007. His infection was very hard to diagnose. In fact they never found the actual bacteria. So this company and its directives speak personally to me. I am excited at the prospect of being able to speed up the process of diagnosis. The scientists and doctors at Quorum X are top- notch and are bringing their years of experience to the multiple projects being born from this incredible group.
Lead Investor Investing $3,000 this round & $3,000 previously
I'm a PhD student in Epidemiology and can really see the value in this company's products. I think their test kits are much needed, and can potentially answer many prominent questions regarding COVID-19 prevalence around the globe! The fact that they have plans for a line of test kits was also a huge contributor to my decision to invest.
Making a difference
Our team
And Our Major Accomplishments
Maria Nagy
CEO
I am a PhD microbiologist Iat GSU I built a hybrid research lab/class based on my graduate research. I ran it for 7 years. I had 21 researchers all doing independent projects. Then 2.5 years as a laboratory supervisor in QA/QS in med device.
Downloads
Investor Q&A
What does your company do?
We are building a rapid-take home test for COVID. It is a lateral flow test, "kinda" like a pregnancy test, but for COVID. It will identify COVID during the 2-12 day incubation period, BEFORE, or during the early onset of symptoms.
Where will your company be in 5 years?
We want to have a line of take-home rapid diagnostics. Similar to the company Alere, a diagnostic company that made rapid take-home POC lateral flows. They were bought by Abbott for 5.3B.
Why did you choose this idea?
Why is this a good idea, right now? What changed in the world? Why wasn't this done a few years ago?
How far along are you? What's your biggest obstacle?
Who competes with you? What do you understand that they don't?
How will you make money?
What are the biggest risks? If you fail, what would be the reason? What has to go right for you to succeed?
Do you have any other products?
What incubator programs have you completed?
Financials
Quorum X Diagnostics has financial statements ending May 7 2020. Our cash in hand is $4,000, as of May 2020. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $2,000/month.
At a Glance
January 1
to December 31
$0
Revenue
-$34,500
Net Loss
$35,000
+54%
Short Term Debt
$0
Raised in 2020
$4,000
Cash on Hand
As of 05/13/20
As of 05/13/20
A note from Wefunder. Unlike companies on the NASDAQ, early-stage startups have little operating history. Financial analysis is not as useful when there is limited data. It's more important to predict the size of the future market. If the founder achieves their vision, will enough customers pay the company enough money?
It's also common for fast-growing startups to lose money even faster: they are investing in future growth. In these cases, it's often better to check if the Cost of User Acquisition (CAC) is lower than the Lifetime Value (LTV) of that customer. If one spends $1000 today to make $10,000 over the next five years, that may be a smart bet. Amazon is a famous example of re-investing potential profits to maximize growth over 20 years.
It's also common for fast-growing startups to lose money even faster: they are investing in future growth. In these cases, it's often better to check if the Cost of User Acquisition (CAC) is lower than the Lifetime Value (LTV) of that customer. If one spends $1000 today to make $10,000 over the next five years, that may be a smart bet. Amazon is a famous example of re-investing potential profits to maximize growth over 20 years.
Net Margin:
N/A
N/A
Gross Margin:
N/A
N/A
Return on Assets:
-6,900%
-6,900%
Earnings per Share:
-$0.01
-$0.01
Revenue per Employee:
$0
$0
Cash to Assets:
0%
0%
Revenue to Receivables:
~
~
Debt Ratio:
7,000%
7,000%
Risks
| 1 | That we are unable to get the test appropriate sensitivity and specificity for EUA approval. |
| 2 | The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company 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. |
| 3 | 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. |
The Board of Directors
| Director | Occupation | Joined |
|---|---|---|
| Dr. Angel A. Rivera | CTO @ QXD | 2019 |
| Maria M. Nagy | CEO @ Quorum X Diagnostics | 2017 |
Officers
| Officer | Title | Joined |
|---|---|---|
| Dr. Angel A. Rivera | CTO | 2019 |
| Maria M. Nagy | President CEO | 2017 |
Voting Power
| Holder | Securities Held | Voting Power |
|---|---|---|
| Maria M. Nagy | 5,100,000 Common Stock | 77.3% |
Past Equity Fundraises
| Date | Amount | Security |
|---|---|---|
| $0 | Ttw | |
| 01/2019 | $22,500 | Loan |
| 01/2018 | $12,700 | Loan |
| 10/2018 | $3,000 | Convertible Note |
| 03/2019 | $12,500 | Convertible Note |
| 10/2019 | $3,000 | SAFE |
| 12/2018 | $1,500 | Convertible Note |
| 09/2018 | $2,000 | Convertible Note |
| 10/2019 | $500 | Convertible Note |
Convertible Notes Outstanding
| Issued | Amount | Valuation Cap |
|---|---|---|
| 10/31/2018 | $3,000 | None |
| 03/31/2019 | $12,500 | $3,000,000 |
Outstanding Debts
| Lender | Oustanding | Interest |
|---|---|---|
| Maria M. Nagy | $12,700 | 0.0% |
| Maria M. Nagy | $22,500 | 0.0% |
Related Party Transactions
Use of Funds
| $50,000 | This will allow us to test the first set of patient samples. Rent=1500, Equipment (Lateral flow printer and guillotine cutter) = 11,000, Team Stipend= 24,000 Supplies=9,500 Admin=1,500 WeFunder Admin Fees=2,500 |
| $250,000 | Manufacturing=150,000, 3 CRO Nurses for Clinicals=40,000 FDA Application 5,500, App Developement=27,000, Supplies= 5,000 IRB=10,000, Wefunder Fee= 12,500 |
Capital Structure
| Class of Security | Securities (or Amount) Authorized |
Securities (or Amount) Outstanding |
Voting Rights |
|---|---|---|---|
| Common Stock | 10,000,000 | 6,600,000 | Yes |
The Funding Portal
Quorum X Diagnostics 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.
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387 startups have raised $137,432,824 on Wefunder
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Regulation Crowdfunding
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for 301 startups
Regulation D
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$32,676,833
for 102 startups
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Wefunder Inc
$9,057,033
for 3 startups
Some fine print:
1) These numbers include startups currently live on Wefunder if they pass their minimum target.
2) Some startups use two different laws at the same time (i.e., Regulation D and Regulation Crowdfunding).
1) These numbers include startups currently live on Wefunder if they pass their minimum target.
2) Some startups use two different laws at the same time (i.e., Regulation D and Regulation Crowdfunding).
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