Details
1 | Already raised $330K USD through notes and loans. |
2 | Successful pilot completed. MVP ready in May 2019. |
3 | 10 network partners already committed totaling over 5 million 1st-party consumer relationships. |
4 | 40 percent of the $76bn market research industry falls into our total available market. |
5 | GreenBook has a network of over 90,000 market research professionals globally, and is a major shareholder. |
6 | A team of 11 highly experienced industry professionals who have collectively raised over $60M USD on other projects. |
7 | IBM are already evaluating to include our validated data within their significant Mediaocean operation. |
8 | Free IIeX ticket (worth $1,495) with investments over $2k |
9 | Lead Investor: Henry Cheang invested $110,000 |
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In order to make good decisions and satisfy the ever-changing preferences of consumers, millions of companies around the world collect and analyze a significant amount of personal consumer data every single day. This demand is increasing every year.
However, the challenges associated with collecting and analyzing personal data are also increasing (GDPR, we're looking at you). Many very large companies are already running into very big problems with their business models. What this means is that there is significant demand worth billions of dollars for verified, accurate, and permissioned consumer data that meets the requirements of increasingly stringent privacy legislation.
For over 2 years, we at Veriglif have been reverse engineering a dedicated solution to this very significant opportunity. This is not one of those fly by night ideas that will go the way of the dodo bird in a short period of time. Our founding team of 11 industry professionals have a detailed behind-the-scenes understanding of this problem, and what the solution needs to be. It's Veriglif!
Think of it as a digital platform that provides the connective tissue between buyers, sellers and creators of personal data, globally.
Not just things like responses to consumer surveys, it can include any type of data (Internet Of Things devices, purchasing behaviour and habits, etc) that someone wants to give permission to use and be rewarded for. Specifically, there are 4 key advantages that are a very big deal:
1. Validate Identity
A major problem in the world of 'digital identity' is that it is really difficult to determine if someone is who they say they are, for real! It is a murky world tarnished by bots, fraud and multiple profiles. Veriglif introduces ways to confirm digital identities automatically in real-time. This is most definitely a win for for those wanting to make better decision based on a verified 'true picture' of consumer tastes, opinions and behaviour.
2. Link Data
Although much has been written lately about how much money some companies are making out of the consumer data they collect and analyze, there is plenty of value being left on the table. Not only does Veriglif enable the linking of various data sources in a secure and privacy compliant manner, we enable a higher volume of transactions to occur, in ways that weren't previously available. Consumers will also have greater control of their data, and have more opportunities to share the revenue generated!
3. Catalog 'Inventory'
There is no point creating the world's largest consumer data ecosystem if it isn't easy for everyone to participate and navigate. Network participants will have access to an easy-to-use catalog of available consumer data to link to their existing data sources, buy or sell existing research data, and do it all with clicks of a mouse.
4. Transact securely
One of the most important features of Veriglif is the ability for all network participants to transact with confidence. With privacy legislation like GDPR making sharing and transacting consumer data more and more difficult, this is a big win. Veriglif also provides a 'transparent supply chain' so that data buyers and sellers can confirm permissions were indeed granted for data to be used in the first place. Our technology stack includes an enterprise-grade 'Blockchain' technology component from IBM that reliably and transparently traces permissions and transactions through the supply chain.
We are all about connecting buyers, sellers and creators of personal consumer data. We are supporting industries that are collectively worth hundreds of billions of dollars to do what they are already doing, but way better. We are a B2B solution that solves real problems for companies that are looking for a solution.
Just like financial giants Paypal and Visa, we charge a very small fee (a few cents) on all transactions through our network. And just like the sharing economy giants AirBNB and Uber we do not own the personal data, but work with existing businesses who already have 1st party relationships in place. With millions of transactions already happening around the world everyday, we only need a moderate amount of activity to achieve our goals. Our transaction fee is separate from what is charged by data sellers within the network.
We don't own consumer relationships directly (our network partners do) which means we have an opportunity to scale quickly and tap into significant demand that already exists.
Very soon, our network partners will access the system to initiate transactions based on rules established by sellers. We also don't store personally identifiable information, only the encrypted 'hashes' (get in touch if you would like to chat about the technical bits). What this means is that we won't be running into any problems with privacy legislation.
In other words, we are almost at the point where we are generating revenue, and have reached our early targets of committed early stage partners.
We are almost complete the first stage of the network (May 2019) and will start beta testing shortly. This version allows us to identify and validate the same consumer across multiple data sources - all within the private enterprise blockchain and all within a micro-services architecture within Amazon Web Services (AWS).
Your investment will allow us to complete the second stage of the network. This version will allow the automatic creation a catalog of all available data on each consumer and to allow that data to be purchased in real-time.
Stage two allows us to achieve revenue as we charge a network fee to consume the data in the network.
Veriglif has financial statements ending December 31 2018. Our cash in hand is $65,288.99, as of April 2019. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $31,333/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.
Overview
Veriglif is building a private blockchain, privacy compliant, validated 'network of networks' that allows data owners, buyers and sellers to transact for everyone's benefit. Consumer data allows businesses to create better products and services, so it is highly valuable. This data is often collected and stored in silos due to technical limitations and privacy challenges and the validity of this data is often poor. Consumers are not always fairly compensated for their data every time it is used.
The $76bn market research industry is the first market we are targeting to automate and improve the existing ecosystem of monetizing consumer data. We will then move rapidly into other industries where we already have a strong interest for validated 1st-party data. For example, digital advertising, where our network can power the decision making process behind which online ad to display. Within 5 years we anticipate millions of transactions (and fees) every month within our network.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
Milestones
Veriglif Inc. was incorporated in the State of Delaware in October 2018.
Since then, we have:
Historical Results of Operations
Our company was organized in October 2018 and has limited operations upon which prospective investors may base an evaluation of its performance.
Related Party Transaction
Refer to Question 26 of this Form C for disclosure of all related party transactions.
Liquidity & Capital Resources
To-date, the company has been financed with $335,000 in debt and $65,000 in convertibles.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 7 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
Veriglif Inc. cash in hand is $65,288.99, as of April 2019. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $31,333/month, for an average burn rate of $31,333 per month. Our intent is to be profitable in 12 months. We expect (although cannot guarantee) to begin generating revenue after Version 2 of our product is built in November 2019.
In January we executed $300k in line of credit and raised $65k in a convertible note
Expenses will remain consistent at approx $30k per month over next 3-6 months. We are about to start discussions with traditional funds and family offices in the next 1-2 months - after beta testing of the first version is complete. We have a line of credit (see debt) to cover wages and expenses for next 4 months.
1 | The Company has not yet generated any revenue and requires further funding to complete the full product development. Should the Company be unsuccessful in raising funds, it may have difficulty in completing the development. To minimize this risk, the Company will attempt to raise funds from traditional investors in addition to Wefunder. |
2 | The Company itself is in the product development stage and is subject to all the risks incident to the creation and development of a new product. In order to prosper, the success of the Company will depend partly upon the ability to produce a product accepted by the market research industry. To minimize this risk, we have spent over 6 months in discussions, a pilot and design thinking workshops to define the product scope, test part of the hypothesis and to define the business value. |
3 | The Company relies on data suppliers to make their data available and distributors to re-sell. Data supplier may also require further approval from their consumers to participate, which may hinder adoption. To minimize this risk, the Company has sought a commitment from 10 companies (known as founding members) that have pre committed to use the network once development is complete. To minimize this risk, the Company is also initially working within the market research ecosystem where there is a long history of rewarding consumers to participate in sharing their data. |
4 | Our future success depends on the efforts of a small full-time team. The loss of services of the members of the 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. This risk is minimized by the fact all critical team members are shareholders with loans in the company. Additionally all shareholders have vesting shares over 5 years |
5 | The Company has no known direct competitor, but may face competition from larger organisations with more resources if they decide to copy the product. To minimize this risk, the Company has a provisional patent (that can be converted to a full patent) covering the more critical parts of the product. |
6 | Legislation may be introduced that restricts the use of personal data. To minimize this risk, the Company will never store raw personal data and almost all of our data suppliers will have a first-party opted-in relationship with the consumer who is being given incentives to participate. |
7 | Henry Cheang 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. |
8 | Glen Robinson 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. |
Director | Occupation | Joined |
---|---|---|
Jonathan Ewert | Board Member @ CapZone Impact Investments LLC | 2019 |
Leonard Murphy | Senior Partner @ Gen2 Advisory Services, LLC | 2018 |
Lukas Pospichal | Managing Director @ NY AMA Communication Services, Inc DBA GreenBook | 2018 |
James Wilson | CEO - Veriglif @ NetReflector, Inc. | 2018 |
Henry Cheang | Group CEO @ Potentiate Pty Ltd | 2018 |
Officer | Title | Joined |
---|---|---|
Glen Robinson | CFO Treasurer | 2018 |
James Wilson | CEO President | 2018 |
Henry Cheang | Chairman | 2018 |
Date | Amount | Security |
---|---|---|
$0 | Convertible Note | |
12/2018 | $35,000 | Loan |
01/2019 | $100,000 | Loan |
01/2019 | $200,000 | Loan |
01/2019 | $65,000 | Convertible Note |
Issued | Amount | Interest | Discount | Valuation Cap | Maturity |
---|---|---|---|---|---|
01/30/2019 | $65,000 | 2.0% | 20.0% | None | 01/30/2021 |
Lender | Issued | Amount | Oustanding | Interest | Maturity | Current? |
---|---|---|---|---|---|---|
James Wilson and ORS | 12/05/2018 | $35,000 | $35,000 | 0.0% | 12/05/2020 | Yes |
NY AMA Communication Services, Inc DBA GreenBook | 01/28/2019 | $100,000 | $94,266 | 0.0% | 01/28/2021 | Yes |
Potentiate Pty Ltd | 01/28/2019 | $200,000 | $73,444 | 0.0% | 01/28/2021 | Yes |
Name | NY AMA Communication Services, Inc DBA GreenBook |
Amount Invested | $100,000 |
Transaction type | Loan |
Issued | 01/28/2019 |
Outstanding principal plus interest | $94,266 as of 04/2019 |
Interest | 0.0 per annum |
Maturity | 01/28/2021 |
Relationship | Shareholder |
Line of credit with zero Interest | |
Name | Potentiate Pty Ltd |
Amount Invested | $200,000 |
Transaction type | Loan |
Issued | 01/28/2019 |
Outstanding principal plus interest | $73,444 as of 04/2019 |
Interest | 0.0 per annum |
Maturity | 01/28/2021 |
Relationship | Shareholder |
Line of credit with zero interest | |
Name | James Paul Wilson & Ors |
Amount Invested | $35,000 |
Transaction type | Loan |
Issued | 12/05/2018 |
Outstanding principal plus interest | $35,000 as of 04/2019 |
Interest | 0.0 per annum |
Maturity | 12/05/2020 |
Relationship | Shareholders |
The full list of related parties are: Glen Edward Robinson Henry Woon Mun Cheang James Paul Wilson Jason Paul Buchanan Leonard Frank Murphy Lukáš Pospíchal Patricio Javier Pagani Phillip James Denley Rolfe William Swinton Say Jin Lim New York AMA Communication Services Inc. Potentiate Pty Ltd | |
$60,000 | 92.5% Towards Product Development (specifically software development wages to complete the first version, conduct pilot testing, complete the second version and again further pilot testing. The second version will enable revenue)
7.5% Towards Wefunder fees |
$1,070,000 | 59.5% Towards Product Development (specifically software development wages to complete the first version, conduct pilot testing, complete the second version and again further pilot testing. The second version will enable revenue)
12% Toward business development
21% Towards Loans
7.5% Towards Wefunder fees |
Class of Security | Securities (or Amount) Authorized |
Securities (or Amount) Outstanding |
Voting Rights |
---|---|---|---|
Class A Common Stock | 10,000,000 | 9,250,000 | Yes |
The Securities and Exchange Commission hosts the official Form C on their EDGAR web site.
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