Question 1

Do you have patents or patents pending on the VR product?

Accepted Answer

The company's pending patent "Virtual Reality Exercise Games" claims are primarily related to VR motion techniques that permit VirZOOM VR Fitness Program designers to engage the user in exciting activities in large virtual worlds with minimal locomotion discomfort. Validation of the effectiveness of these motion techniques is evidenced in interviews with thousands of test players since 2015 and Amazon reviews of the company's 1st generation product, the VirZOOM VR Bike; reviewers do not compl...

Question 2

Among the risks is the following: "The Company may never receive a future equity financing or elect to convert the Securities upon such future financing." Why might the Company elect not to convert the Securities upon a future equity financing?

Accepted Answer

As is the case for any company that is seeking a future qualified equity financing round, VirZOOM may not succeed at finding the needed source of funding. VirZOOM is seeking to raise a Series A equity round. As will be announced shortly, the company has retained Shiboomi Capital, a Boston-based boutique investment bank to lead the Series A raise process to help minimize that risk. As is the case for any company raising a Series A round, it is possible that the new investor(s) funding a future...

Question 3

Peloton's success seems to indicate that people prefer to exercise in the convenience of their own home rather than going to a gym. Why are you focusing on the commercial market at this point, rather than improving the consumer model and marketing it more widely?

Accepted Answer

Great question, Ken. I address it in this post I just made: https://wefunder.com/updates/9...

Question 4

"As is the case for any company raising a Series A round, it is possible that the new investor(s) funding a future round of equity financing will negotiate changes to the terms of existing securities, possibly including the conversion of outstanding convertible notes. These ar...

Accepted Answer

Yes, using this formula you can roughly calculate the potential uptick on an investment in VirZOOM via the SAFE with an $8M cap and 20% discount IF the proposed $7M investment at $18M closes and IF at the $18M pre-money valuation proposed is achieved. However, the mechanics of the conversion of preexisting convertible Notes are such that the conversion of the SAFE at these terms will result in a lower uptick than would result if the SAFE converted in the absence of these preexisting Notes, an...

Question 5

VirZoom Team, 18 days an no answer to my question regarding the difference between this round on WeFunder and the previous Reg CF round on NetCapital... the silence is deafening.

Accepted Answer

Hey Andrew. Missed this one. Our NetCapital raise was a Common Shares offering while WeFunder is a SAFE raise, the former is an equity security and the latter a debt security that converts into equity in a future qualified financing.

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