|
Delaware
|
| |
3826
|
| |
46-5319744
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Michael B. Kirwan
John J. Wolfel, Jr. Foley & Lardner LLP One Independent Drive, Suite 1300 Jacksonville, Florida 32202 (904) 359-2000 |
| |
Ross Carmel, Esq.
Peter DiChiara, Esq. Carmel, Milazzo & DiChiara LLP 55 West 39th Street, 18th Floor New York, New York 10016 Telephone: (212) 658-0458 Fax: (646) 838-1314 |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☐ (Do not check if a smaller reporting company)
|
| |
Smaller reporting company
☒
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|
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Emerging growth company
☒
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CALCULATION OF REGISTRATION FEE
|
| ||||||||||||
Title of Each Class of Securities to be Registered
|
| |
Proposed Maximum
Aggregate Offering Price(2) |
| |
Amount of
Registration Fee(5) |
| ||||||
Common Stock, $0.00001 par value per share(1)
|
| | | $ | 9,936,000 | | | | | $ | 1,205 | | |
Underwriters’ Warrants(3)(4)
|
| | | | — | | | | | | — | | |
Shares of Common Stock underlying Underwriters’ Warrants
|
| | | $ | 540,000 | | | | | $ | 66 | | |
Total:
|
| | | $ | 10,476,000 | | | | | $ | 1,271 | | |
| | |
Per Share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | | | | | $ | | | ||
Underwriting discounts and commissions(1)
|
| | | $ | | | | | | $ | | | |
Proceeds to us, before expenses
|
| | | $ | | | | | | $ | | | |
| | |
Page
|
| |||
| | | | iii | | | |
| | | | 1 | | | |
| | | | 7 | | | |
| | | | 9 | | | |
| | | | 30 | | | |
| | | | 32 | | | |
| | | | 33 | | | |
| | | | 34 | | | |
| | | | 36 | | | |
| | | | 39 | | | |
| | | | 50 | | | |
| | | | 65 | | | |
| | | | 72 | | | |
| | | | 77 | | | |
| | | | 79 | | | |
| | | | 84 | | | |
| | | | 92 | | | |
| | | | 94 | | | |
| | | | 98 | | | |
| | | | 102 | | | |
| | | | 102 | | | |
| | | | 102 | | | |
| | | | F-1 | | |
| | |
For The
Three Months Ended March 31, |
| |
For The Years ended
December 31, |
| ||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Revenue | | | | | | | | | | | | | | | | | | | |
Sales | | | | $ | 106,855 | | | | | $ | 756,303 | | | | | $ | 1,138,052 | | |
Other revenue
|
| | | | — | | | | | | 22,765 | | | | | | 200,700 | | |
Total revenue
|
| | | | 106,855 | | | | | | 779,068 | | | | | | 1,338,752 | | |
Cost of sales
|
| | | | 16,449 | | | | | | 674,281 | | | | | | 1,084,518 | | |
Gross profit
|
| | | | 90,406 | | | | | | 104,787 | | | | | | 254,234 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 393,391 | | | | | | 1,039,260 | | | | | | 974,531 | | |
General and administrative
|
| | | | 332,557 | | | | | | 1,466,814 | | | | | | 806,897 | | |
Total operating expenses
|
| | | | 725,948 | | | | | | 2,506,074 | | | | | | 1,781,428 | | |
Operating loss
|
| | | | (635,542) | | | | | | (2,401,287) | | | | | | (1,527,194) | | |
Other income and expenses | | | | | | | | | | | | | | | | | | | |
Gain on settlement of liabilities
|
| | | | — | | | | | | 182,439 | | | | | | — | | |
Debt Conversion Expense
|
| | | | — | | | | | | (438,873) | | | | | | — | | |
Interest and other expenses
|
| | | | (28,441) | | | | | | (230,296) | | | | | | (179,740) | | |
Total other expenses, net
|
| | | | (28,441) | | | | | | (486,730) | | | | | | (179,740) | | |
Net Loss
|
| | | $ | (663,983) | | | | | $ | (2,888,017) | | | | | $ | (1,706,934) | | |
Net loss per share – basic and diluted
|
| | | $ | (0.14) | | | | | $ | (0.59) | | | | | $ | (0.35) | | |
Weighted average common shares – basic and diluted
|
| | |
|
4,864,862
|
| | | |
|
4,864,862
|
| | | |
|
4,864,862
|
| |
|
| | |
As of March 31, 2019
|
| | | | | | | |||||||||||||||
| | |
Actual
|
| |
Pro Forma(1)
|
| |
Pro Forma as
Adjusted(2)(3) |
| | | |||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | ||||
Cash
|
| | | $ | 52,176 | | | | | $ | 52,176 | | | | | $ | 7,300,326 | | | | | ||||
Working capital
|
| | | $ | 254,782 | | | | | $ | 254,782 | | | | | $ | 6,628,730 | | | | | ||||
Total assets
|
| | | $ | 1,107,767 | | | | | $ | 1,107,767 | | | | | $ | 8,355,917 | | | | | ||||
Total liabilities
|
| | | $ | 2,152,346 | | | | | $ | 986,636 | | | | | $ | 1,860,838(4) | | | | | ||||
Total stockholders’ equity/(deficit)
|
| | | $ | (1,044,579) | | | | | $ | 121,097 | | | | | $ | 6,495,045 | | | | |
|
Pro forma total liabilities
|
| | | $ | 986,636 | | |
|
Accrual of offering costs
|
| | | | 874,202 | | |
|
Pro forma as adjusted total liabilities
|
| | | $ | 1,860,838 | | |
| | |
As of March 31, 2019
|
| |||||||||||||||
| | |
Actual
|
| |
Pro Forma(1)
|
| |
Pro Forma As
Adjusted(2) |
| |||||||||
Cash and cash equivalents
|
| | | $ | 52,176 | | | | | $ | 52,176 | | | | | $ | 7,300,326 | | |
Debt: | | | | | |||||||||||||||
Loan payable – related party
|
| | | $ | 14,000 | | | | | $ | 14,000 | | | | | $ | 14,000 | | |
Notes payable – related party
|
| | | | 270,000 | | | | | | 270,000 | | | | | | 270,000 | | |
Convertible promissory notes
|
| | | | 1,165,710 | | | | | | — | | | | | | | | |
Total debt
|
| | | $ | 1,449,720 | | | | | $ | 284,000 | | | | | $ | 284,000 | | |
Stockholders’ Equity (Deficit): | | | | | |||||||||||||||
Preferred stock, $0.00001 par value; 8,779,762 shares
authorized at March 31, 2019 and December 31, 2018; 5,791,665 shares issued and outstanding at March 31, 2019 and December 31, 2018 |
| | | $ | 58 | | | | | $ | — | | | | | $ | — | | |
Common stock, $0.00001 par value; 20,299,261 shares
authorized at March 31, 2019 and December 31, 2018; 4,864,862 shares issued and outstanding at March 31, 2019 and December 31, 2018 |
| | | | 49 | | | | | | 84 | | | | | | 98 | | |
Additional paid-in capital
|
| | | | 6,810,688 | | | | | | 7,976,387 | | | | | | 15,224,523 | | |
Accumulated deficit
|
| | | | (7,855,374) | | | | | | (7,855,374) | | | | | | (8,729,576) | | |
Total Stockholders’ Equity (Deficit)
|
| | | $ | (1,044,579) | | | | | $ | 121,097 | | | | | $ | 6,495,045 | | |
Total Capitalization
|
| | | $ | 405,131 | | | | | $ | 405,097 | | | | | $ | 6,779,045 | | |
|
Assumed initial public offering price per share
|
| | | | | | | | | $ | 5.90 | | |
|
Historical net tangible book value (deficit) per share as of March 31, 2019
|
| | | $ | (0.21) | | | | | | | | |
|
Increase in pro forma net tangible book value (deficit) attributable to conversion of our preferred stock and notes
|
| | | | 0.14 | | | | | | | | |
|
Pro forma net tangible book value (deficit) per share as of March 31, 2019, before giving effect to this offering
|
| | | | (0.07) | | | | | | | | |
|
Increase in pro forma net tangible book value (deficit) per share attributable to new investors participating in this offering
|
| | | | 0.75 | | | | | | | | |
|
Pro forma as adjusted net tangible book value (deficit) per share after this offering
|
| | | | | | | | | | 0.68 | | |
|
Dilution in pro forma net tangible book value (deficit) per share to new investors participating in this offering
|
| | | | | | | | | | 5.22 | | |
| | |
Shares Purchased
|
| |
Total Consideration
|
| |
Weighted
Average Price per Share |
| |||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Existing stockholders
|
| | | | 8,403,775 | | | | | | 86.16% | | | | | $ | 7,525,688 | | | | | | 48.6% | | | | | $ | 0.90 | | |
New investors
|
| | | | 1,350,000 | | | | | | 13.84% | | | | | $ | 7,965,000 | | | | | | 51.4% | | | | | $ | 5.90 | | |
Total
|
| | | | 9,753,775 | | | | | | 100% | | | | | $ | 15,490,688 | | | | | | 100% | | | | | $ | 1.59 | | |
| | |
Three Months Ended March 31,
|
| | ||||||||||||||
| | |
2019
|
| |
2018
|
| |
Change
|
| |||||||||
Revenue | | | | | |||||||||||||||
Sales | | | | $ | 106,855 | | | | | $ | 291,200 | | | | | $ | (184,345) | | |
Other revenue
|
| | | | — | | | | | | 22,765 | | | | | | (22,765) | | |
Total revenue
|
| | | | 106,855 | | | | | | 313,965 | | | | | | (207,110) | | |
Cost of sales
|
| | | | 16,449 | | | | | | 20,781 | | | | | | (4,332) | | |
Gross profit
|
| | | | 90,406 | | | | | | 293,184 | | | | | | (202,778) | | |
Operating expenses | | | | | |||||||||||||||
Research and development
|
| | | | 393,391 | | | | | | 275,867 | | | | | | 117,524 | | |
General and administrative
|
| | | | 332,557 | | | | | | 327,664 | | | | | | 4,893 | | |
Total operating expenses
|
| | | | 725,948 | | | | | | 603,531 | | | | | | 122,417 | | |
Operating loss
|
| | | | (635,542) | | | | | | (310,347) | | | | | | (325,195) | | |
Other income and expenses | | | | | |||||||||||||||
Gain on settlement of liabilities
|
| | | | — | | | | | | 182,439 | | | | | | (182,439) | | |
Interest and other expenses
|
| | | | (28,441) | | | | | | (54,849) | | | | | | 26,408 | | |
Total other expenses, net
|
| | | | (28,441) | | | | | | 127,590 | | | | | | (156,031) | | |
Net Loss
|
| | | $ | (663,983) | | | | | $ | (182,757) | | | | | $ | (481,226) | | |
| | |
Years Ended December 31,
|
| | ||||||||||||||
| | |
2018
|
| |
2017
|
| |
Change
|
| |||||||||
Revenue | | | | | |||||||||||||||
Sales | | | | $ | 756,303 | | | | | $ | 1,138,052 | | | | | $ | (381,749) | | |
Other revenue
|
| | | | 22,765 | | | | | | 200,700 | | | | | | (177,935) | | |
Total revenue
|
| | | | 779,068 | | | | | | 1,338,752 | | | | | | (559,684) | | |
Cost of sales
|
| | | | 674,281 | | | | | | 1,084,518 | | | | | | (410,237) | | |
Gross profit
|
| | | | 104,787 | | | | | | 254,234 | | | | | | (149,447) | | |
Operating expenses | | | | | |||||||||||||||
Research and development
|
| | | | 1,039,260 | | | | | | 974,531 | | | | | | 64,729 | | |
General and administrative
|
| | | | 1,466,814 | | | | | | 806,897 | | | | | | 659,917 | | |
Total operating expenses
|
| | | | 2,506,074 | | | | | | 1,781,428 | | | | | | 724,646 | | |
Operating loss
|
| | | | (2,401,287) | | | | | | (1,527,194) | | | | | | 874,093 | | |
Other income and expenses | | | | | |||||||||||||||
Gain on settlement of liabilities
|
| | | | 182,439 | | | | | | — | | | | | | 182,439 | | |
Debt conversion expense
|
| | | | (438,873) | | | | | | — | | | | | | 438,878 | | |
Interest and other expenses
|
| | | | (230,296) | | | | | | (179,740) | | | | | | 50,556 | | |
Total other expenses, net
|
| | | | (486,730) | | | | | | (179,740) | | | | | | 306,990 | | |
Net Loss
|
| | | $ | (2,888,017) | | | | | $ | (1,706,934) | | | | | | 1,181,083 | | |
| | |
For the Three Months Ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Cash proceeds provided by (used in): | | | | ||||||||||
Operating activities
|
| | | $ | (465,018) | | | | | $ | (245,014) | | |
Investing activities
|
| | | | — | | | | | | — | | |
Financing activities
|
| | | | 452,500 | | | | | | 267,561 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | (12,518) | | | | | | 22,547 | | |
| | |
For the Year Ended
December 31, |
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Cash proceeds provided by (used in): | | | | ||||||||||
Operating activities
|
| | | $ | (1,781,864) | | | | | $ | (1,125,597) | | |
Investing activities
|
| | | | — | | | | | | (11,081) | | |
Financing activities
|
| | | | 1,816,500 | | | | | | 959,483 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 34,636 | | | | | $ | (177,195) | | |
2. |
Updating customer portal to focus on the variety of applications and the solutions model SeqLL provides through sequencing products. The solutions model includes a multi-tiered scope from straight sample sequencing project to a comprehensive application development program. This approach will attract small companies without adequate resources as well as large companies looking for research support. |
Name
|
| |
Age
|
| |
Position(s)
|
|
Executive Officers | | | | | | | |
Daniel Jones | | |
39
|
| | President, Chief Executive Officer and Director | |
John W. Kennedy | | |
62
|
| | Chief Financial Officer and Secretary | |
Key Employees | | | | | | | |
Erik Volke | | |
39
|
| | Director of Operations | |
Abhijeet Shinde | | |
38
|
| | Director of Engineering | |
Non-Employee Directors | | | | | | | |
William C. St. Laurent | | |
54
|
| | Chairman and Director | |
Douglas Miscoll | | |
58
|
| | Director | |
David Pfeffer | | |
60
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Option
Awards ($)(4) |
| |
Non-
Equity Incentive Plan Compensation ($) |
| |
Nonqualified
Deferred Compensation Earnings ($) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| ||||||||||||||||||||||||
Daniel Jones
Chief Executive Officer(1) |
| | | | 2018 | | | | | | 140,000 | | | | | | 0 | | | | | | 257,000 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 397,000 | | |
| | | 2017 | | | | | | 140,000 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 140,000 | | | ||
Elizabeth Reczek
Former Chief Executive Officer(2) |
| | | | 2018 | | | | | | 62,000 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 62,000 | | |
| | | 2017 | | | | | | 155,000 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 155,000 | | | ||
John W. Kennedy
Chief Financial Officer(3) |
| | | | 2018 | | | | | | 74,000 | | | | | | 0 | | | | | | 195,000 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 269,000 | | |
| | | 2017 | | | | | | 60,000 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 60,000 | | |
| | |
Beneficial Ownership
Prior to Offering |
| |
Beneficial Ownership
After the Offering |
| ||||||||||||||||||
Name and Address of Beneficial Owner(1)
|
| |
Number of
Shares |
| |
Percentage
|
| |
Number
of Shares |
| |
Percentage
|
| ||||||||||||
5% Stockholders, Executive Officers and Directors | | | | | | | | | | | | | | | | | | | | | | | | | |
Daniel Jones(2)
|
| | | | 2,545,134 | | | | | | 26.66% | | | | | | 2,545,134 | | | | | | 25.63% | | |
John W. Kennedy(3)
|
| | | | 135,135 | | | | | | 1.58% | | | | | | 135,135 | | | | | | 1.37% | | |
Douglas Miscoll(4)
|
| | | | 58,445 | | | | | | * | | | | | | 58,448 | | | | | | * | | |
William C. St. Laurent(5)
|
| | | | 6,173,096 | | | | | | 66.86% | | | | | | 6,173,096 | | | | | | 62.93% | | |
David Pfeffer(6)
|
| | | | 16,216 | | | | | | * | | | | | | 16,216 | | | | | | * | | |
All directors and executive officers as a group (5 persons)
|
| | | | 8,928,026 | | | | | | 95.60% | | | | | | 8,778,736 | | | | | | 89.93% | | |
| | |
Per Share
|
| |
Total Without
Over-Allotment Option |
| |
Total with
Over-Allotment Option |
| |||||||||
Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting discount (9%)
|
| | | $ | | | | | | $ | | | | | | $ | | | |
Proceeds, before expenses, to us
|
| | | $ | | | | | | $ | | | | | | $ | | | |
Hyperlink
|
| |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Index to Condensed Consolidated Financial Statements
(Unaudited) |
|
| | |
Page
|
| |||
| | | | F-18 | | | |
| | | | F-19 | | | |
| | | | F-20 | | | |
| | | | F-21 | | | |
| | | | F-22 | | |
| | |
2018
|
| |
2017
|
| ||||||
Assets
|
| | | ||||||||||
Current assets | | | | ||||||||||
Cash and cash equivalents
|
| | | $ | 64,694 | | | | | $ | 30,058 | | |
Accounts receivable
|
| | | | 236,607 | | | | | | 44,910 | | |
Inventory
|
| | | | 720,503 | | | | | | 783,573 | | |
Prepaid expenses
|
| | | | 2,413 | | | | | | 2,438 | | |
Total current assets
|
| | | | 1,024,217 | | | | | | 860,979 | | |
Other assets | | | | ||||||||||
Property and equipment, net
|
| | | | 126,327 | | | | | | 189,971 | | |
Other assets
|
| | | | 29,733 | | | | | | 28,565 | | |
Total assets
|
| | | $ | 1,180,277 | | | | | $ | 1,079,515 | | |
Liabilities and Stockholders’ Deficit
|
| | | ||||||||||
Current liabilities | | | | ||||||||||
Accounts payable
|
| | | $ | 283,187 | | | | | $ | 100,647 | | |
Accounts payable – related parties
|
| | | | 168,343 | | | | | | 114,204 | | |
Accrued expenses
|
| | | | 97,569 | | | | | | 239,371 | | |
Deferred revenue
|
| | | | — | | | | | | 82,245 | | |
Notes payable
|
| | | | — | | | | | | 287,439 | | |
Convertible promissory notes
|
| | | | — | | | | | | 1,970,000 | | |
Loan payable
|
| | | | 6,500 | | | | | | — | | |
Deferred rent
|
| | | | 20,381 | | | | | | 31,518 | | |
Total current liabilities
|
| | | | 575,980 | | | | | | 2,825,424 | | |
Non-current liabilities | | | | ||||||||||
Liability related to warrants
|
| | | | — | | | | | | 8,474 | | |
Convertible promissory notes, long term
|
| | | | 990,710 | | | | | | — | | |
Total non-current liabilities
|
| | | | 990,710 | | | | | | 8,474 | | |
Total liabilities
|
| | | | 1,566,690 | | | | | | 2,833,898 | | |
Commitments and contingencies | | | | ||||||||||
Stockholders’ deficit | | | | ||||||||||
Preferred stock, $0.00001 par value; 8,779,762 and 4,017,857 shares authorized at December 31, 2018 and 2017, respectively; 5,791,665 and 3,854,165 shares issued and outstanding at December 31, 2018 and 2017, respectively
|
| | | | 58 | | | | | | 38 | | |
Common stock, $0.00001 par value; 20,299,261 shares authorized at December 31, 2018 and 2017; 4,864,862 shares issued and outstanding at December 31, 2018 and 2017
|
| | | | 49 | | | | | | 49 | | |
Additional paid-in capital
|
| | | | 6,804,871 | | | | | | 2,548,904 | | |
Accumulated deficit
|
| | | | (7,191,391) | | | | | | (4,303,374) | | |
Total stockholders’ deficit
|
| | | | (386,413) | | | | | | (1,754,383) | | |
Total liabilities and stockholders’ deficit
|
| | | $ | 1,180,277 | | | | | $ | 1,079,515 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Revenue | | | | ||||||||||
Sales
|
| | | $ | 756,303 | | | | | $ | 1,138,052 | | |
Other revenue
|
| | | | 22,765 | | | | | | 200,700 | | |
Total revenue
|
| | | | 779,068 | | | | | | 1,338,752 | | |
Cost of sales
|
| | | | 674,281 | | | | | | 1,084,518 | | |
Gross profit
|
| | | | 104,787 | | | | | | 254,234 | | |
Operating expenses | | | | ||||||||||
Research and development
|
| | | | 1,039,260 | | | | | | 974,531 | | |
General and administrative
|
| | | | 1,466,814 | | | | | | 806,897 | | |
Total operating expenses
|
| | | | 2,506,074 | | | | | | 1,781,428 | | |
Operating loss
|
| | | | (2,401,287) | | | | | | (1,527,194) | | |
Other income and expenses | | | | ||||||||||
Gain on settlement of liabilities
|
| | | | 182,439 | | | | | | — | | |
Debt conversion expense
|
| | | | (438,873) | | | | | | — | | |
Interest and other expenses
|
| | | | (230,296) | | | | | | (179,740) | | |
Total other expenses, net
|
| | | | (486,730) | | | | | | (179,740) | | |
Net Loss
|
| | | $ | (2,888,017) | | | | | $ | (1,706,934) | | |
Net loss per share – basic and diluted
|
| | | $ | (0.59) | | | | | $ | (0.35) | | |
Weighted average common shares – basic and diluted
|
| | |
|
4,864,862
|
| | | |
|
4,864,862
|
| |
| | |
Preferred stock
|
| |
Common stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance as of December 31, 2016
|
| | | | 3,854,165 | | | | | | 38 | | | | | | 4,864,862 | | | | | $ | 49 | | | | | $ | 2,437,883 | | | | | $ | 2,596,440 | | | | | $ | 158,470 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 111,021 | | | | | | — | | | | |
|
111,021
|
| |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,706,934) | | | | |
|
(1,706,934)
|
| |
Balance as of December 31, 2017
|
| | | | 3,854,165 | | | | | | 38 | | | | | | 4,864,862 | | | | | | 49 | | | | | | 2,548,904 | | | | | | (4,303,374) | | | | | | (1,754,383) | | |
Issuance of preferred stock in private placement
|
| | | | 71,429 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 119,999 | | | | | | — | | | | |
|
120,000
|
| |
Conversion of debt into preferred stock
|
| | | | 1,866,071 | | | | | | 19 | | | | | | — | | | | | | — | | | | | | 3,134,981 | | | | | | — | | | | |
|
3,135,000
|
| |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 553,640 | | | | | | — | | | | |
|
553,640
|
| |
Reclassification of derivative warrant
liability into equity |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,474 | | | | | | — | | | | |
|
8,474
|
| |
Fair value of warrants issued in connection with debt conversion
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 438,873 | | | | | | — | | | | |
|
438,873
|
| |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,888,017) | | | | |
|
(2,888,017)
|
| |
Balance as of December 31, 2018
|
| | | | 5,791,665 | | | | | $ | 58 | | | | | | 4,864,862 | | | | | $ | 49 | | | | | $ | 6,804,871 | | | | | $ | (7,191,391) | | | | | $ | (386,413) | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Cash Flows from Operating Activities | | | | ||||||||||
Net loss
|
| | | $ | (2,888,017) | | | | | $ | (1,706,934) | | |
Adjustment to reconcile net loss to net cash used in operating activities:
|
| | | ||||||||||
Depreciation
|
| | | | 63,644 | | | | | | 72,636 | | |
Gain on settlement of liabilities
|
| | | | (182,439) | | | | | | — | | |
Stock-based compensation
|
| | | | 553,640 | | | | | | 111,021 | | |
Debt conversion expense
|
| | | | 438,873 | | | | | | — | | |
Issuance of derivative warrants
|
| | | | — | | | | | | 2,456 | | |
Changes in operating assets and liabilities:
|
| | | ||||||||||
Accounts receivable – customers
|
| | | | (191,697) | | | | | | 155,057 | | |
Accounts receivable – related party
|
| | | | — | | | | | | 46,807 | | |
Prepaid expenses
|
| | | | 25 | | | | | | 2,709 | | |
Inventory
|
| | | | 63,070 | | | | | | 351,378 | | |
Other assets
|
| | | | (1,168) | | | | | | (6,576) | | |
Accounts payable
|
| | | | 182,490 | | | | | | 49,667 | | |
Accounts payable – related parties
|
| | | | 54,189 | | | | | | 114,204 | | |
Accrued expenses
|
| | | | 218,908 | | | | | | — | | |
Deferred revenue
|
| | | | (82,245) | | | | | | (311,808) | | |
Deferred rent
|
| | | | (11,137) | | | | | | (6,214) | | |
Net cash used in operating activities
|
| | | | (1,781,864) | | | | | | (1,125,597) | | |
Cash Flows from Investing Activities | | | | ||||||||||
Purchase of property and equipment
|
| | | | — | | | | | | (11,081) | | |
Net cash used in investing activities
|
| | | | — | | | | | | (11,081) | | |
Cash Flows from Financing Activities | | | | ||||||||||
Proceeds from issuance of convertible promissory notes
|
| | | | 1,795,000 | | | | | | 970,000 | | |
Proceeds from loan payable
|
| | | | 6,500 | | | | | | — | | |
Proceeds from issuance of preferred stock
|
| | | | 120,000 | | | | | | — | | |
Payment of notes payable
|
| | | | (105,000) | | | | | | (10,517) | | |
Net cash provided by financing activities
|
| | | | 1,816,500 | | | | | | 959,483 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 34,636 | | | | | | (177,195) | | |
Cash and cash equivalents, beginning of year
|
| | | | 30,058 | | | | | | 207,253 | | |
Cash and cash equivalents, end of year
|
| | | $ | 64,694 | | | | | $ | 30,058 | | |
Supplemental disclosure of cash flow information and non-cash transactions | | | | ||||||||||
Cash paid for interest
|
| | | $ | 197 | | | | | $ | 15,000 | | |
Conversion of convertible notes payable into preferred stock
|
| | | $ | 3,135,000 | | | | | $ | — | | |
Reclassification of derivative warrant liability to additional paid-in capital
|
| | | $ | 8,474 | | | | | $ | — | | |
Conversion of accrued interest into new convertible notes payable
|
| | | $ | 360,710 | | | | | $ | — | | |
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Raw Materials
|
| | | $ | 61,024 | | | | | $ | 60,518 | | |
Work in Process
|
| | | | 218,275 | | | | | | 281,851 | | |
Finished Goods
|
| | | | 441,204 | | | | | | 441,204 | | |
Total Inventory
|
| | | $ | 720,503 | | | | | $ | 783,573 | | |
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Lab Equipment
|
| | | $ | 294,509 | | | | | $ | 294,509 | | |
Leasehold Improvements
|
| | | | 74,390 | | | | | | 74,390 | | |
| | | | | 368,899 | | | | | | 368,899 | | |
Less accumulated depreciation and amortization
|
| | | | (242,572) | | | | | | (178,928) | | |
| | | | $ | 126,327 | | | | | $ | 189,971 | | |
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Employee compensation
|
| | | $ | 23,712 | | | | | $ | 22,550 | | |
Accrued Interest
|
| | | | 56,829 | | | | | | 192,006 | | |
Professional and legal fees
|
| | | | 10,000 | | | | | | 17,422 | | |
Other
|
| | | | 7,028 | | | | | | 7,393 | | |
| | | | $ | 97,569 | | | | | $ | 239,371 | | |
| | |
Number of
Options |
| |
Weighted-Average
Exercise Price per Share |
| |
Weighted Average
Remaining Contractual Term (in Years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Outstanding as of January 1, 2018
|
| | | | 586,486 | | | | | $ | 0.90 | | | | | | 7.98 | | | | | $ | 557,250 | | |
Granted
|
| | | | 535,133 | | | | | | 2.46 | | | | | | — | | | | | | — | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cancelled/Forfeited
|
| | | | (237,842) | | | | | | 1.01 | | | | | | | | | | | | | | |
Outstanding as of December 31, 2018
|
| | | | 883,777 | | | | | $ | 1.51 | | | | | | 8.54 | | | | | $ | 611,100 | | |
Exercisable at December 31, 2018
|
| | | | 800,020 | | | | | $ | 1.46 | | | | | | 8.60 | | | | | $ | 486,220 | | |
| | |
2018
|
|
Risk-free interest rate
|
| |
2.99 – 3.00%
|
|
Expected option life
|
| |
5.00 – 5.25
|
|
Expected dividend yield
|
| |
—%
|
|
Expected stock price volatility
|
| |
67%
|
|
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Floral Finance
|
| | | $ | 9,849 | | | | | $ | — | | |
St. Laurent Institute
|
| | | | 113,954 | | | | | | 113,954 | | |
St. Laurent Realty, Inc.
|
| | | | 27,913 | | | | | | 250 | | |
Stonemill Center
|
| | | | 16,627 | | | | | | — | | |
| | | | $ | 168,343 | | | | | $ | 114,204 | | |
| | |
2018
|
| |
2017
|
| ||||||
Computed “expected” tax benefit
|
| | | | -21.0% | | | | | | -34.0% | | |
Increase (decrease) in income taxes resulting from: | | | | ||||||||||
State taxes, net of federal benefit
|
| | | | -8.0% | | | | | | -8.0% | | |
Permanent differences
|
| | | | 0.0% | | | | | | 0.0% | | |
Increase in valuation reserve
|
| | | | 29.0% | | | | | | 42.0% | | |
| | | | | 0.0% | | | | | | 0.0% | | |
Issuance Date
|
| |
Number of Shares
Issuable Upon Exercise of Outstanding Warrants |
| |
Exercise
Price |
| |
Expiration
Date |
| |||||||||
2/19/2016
|
| | | | 9,652 | | | | | $ | 3.10 | | | | | | 2/18/2021 | | |
2/19/2016
|
| | | | 9,652 | | | | | $ | 3.10 | | | | | | 2/18/2021 | | |
3/25/2016
|
| | | | 2,895 | | | | | $ | 3.10 | | | | | | 3/24/2021 | | |
3/25/2016
|
| | | | 1,447 | | | | | $ | 3.10 | | | | | | 3/24/2021 | | |
5/4/2017
|
| | | | 3,860 | | | | | $ | 3.10 | | | | | | 5/3/2022 | | |
6/14/2017
|
| | | | 1,351 | | | | | $ | 3.10 | | | | | | 6/13/2022 | | |
8/30/2018
|
| | | | 3,088 | | | | | $ | 3.10 | | | | | | 8/29/2023 | | |
9/30/2018
|
| | | | 60,506 | | | | | $ | 3.10 | | | | | | 9/29/2023 | | |
9/30/2018
|
| | | | 486,486 | | | | | $ | 2.16 | | | | | | 9/29/2023 | | |
10/17/2018
|
| | | | 1,157 | | | | | $ | 3.10 | | | | | | 10/16/2023 | | |
11/2/2018
|
| | | | 964 | | | | | $ | 3.10 | | | | | | 11/1/2023 | | |
11/9/2018
|
| | | | 964 | | | | | $ | 3.10 | | | | | | 11/9/2023 | | |
11/16/2018
|
| | | | 964 | | | | | $ | 3.10 | | | | | | 11/15/2023 | | |
11/29/2018
|
| | | | 964 | | | | | $ | 3.10 | | | | | | 11/28/2023 | | |
12/21/2018
|
| | | | 964 | | | | | $ | 3.10 | | | | | | 12/20/2023 | | |
12/27/2018
|
| | | | 964 | | | | | $ | 3.10 | | | | | | 12/26/2023 | | |
Total
|
| | | | 585,878 | | | | |
| 2019 | | | | $ | 133,024 | | |
|
2020
|
| | | | 27,489 | | |
|
Total
|
| | | $ | 160,513 | | |
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
Assets
|
| | | ||||||||||
Current assets | | | | ||||||||||
Cash and cash equivalents
|
| | | $ | 52,176 | | | | | $ | 64,694 | | |
Accounts receivable
|
| | | ||||||||||
Customers
|
| | | | 218,552 | | | | | | 236,607 | | |
Inventory
|
| | | | 699,072 | | | | | | 720,503 | | |
Prepaid expenses
|
| | | | 1,618 | | | | | | 2,413 | | |
Total current assets
|
| | | | 971,418 | | | | | | 1,024,217 | | |
Other assets | | | | ||||||||||
Property and equipment, net
|
| | | | 111,616 | | | | | | 126,327 | | |
Other assets
|
| | | | 24,733 | | | | | | 29,733 | | |
Total assets
|
| | | $ | 1,107,767 | | | | | $ | 1,180,277 | | |
Liabilities and Stockholders’ Deficit
|
| | | ||||||||||
Current liabilities | | | | ||||||||||
Accounts payable
|
| | | $ | 363,051 | | | | | $ | 283,187 | | |
Accounts payable – related parties
|
| | | | 185,018 | | | | | | 168,343 | | |
Accrued expenses
|
| | | | 137,278 | | | | | | 97,569 | | |
Loan Payable – related parties
|
| | | | 14,000 | | | | | | 6,500 | | |
Deferred rent
|
| | | | 17,289 | | | | | | 20,381 | | |
Total current liabilities
|
| | | | 716,636 | | | | | | 575,980 | | |
Non-current liabilities
|
| | | ||||||||||
Notes payable – related parties
|
| | | | 270,000 | | | | | | 270,000 | | |
Convertible promissory notes, long term
|
| | | | 1,165,710 | | | | | | 720,710 | | |
Total non-current liabilities
|
| | | | 1,435,710 | | | | | | 990,710 | | |
Total liabilities
|
| | | | 2,152,346 | | | | | | 1,566,690 | | |
Commitments and contingencies | | | | ||||||||||
Stockholders’ deficit | | | | ||||||||||
Preferred stock, $0.00001 par value; 8,779,762 shares authorized at March 31, 2019 and December 31, 2018; 5,791,665 shares issued and outstanding at March 31, 2019 and December 31, 2018
|
| | | | 58 | | | | | | 58 | | |
Common stock, $0.00001 par value; 20,299,261 shares authorized at March 31, 2019 and December 31, 2018; 4,864,862 shares issued and outstanding at March 31, 2019 and December 31, 2018
|
| | | | 49 | | | | | | 49 | | |
Additional paid-in capital
|
| | | | 6,810,688 | | | | | | 6,804,871 | | |
Accumulated deficit
|
| | | | (7,855,374) | | | | | | (7,191,391) | | |
Total stockholders’ deficit
|
| | | | (1,044,579) | | | | | | (386,413) | | |
Total liabilities and stockholders’ deficit
|
| | | $ | 1,107,767 | | | | | $ | 1,180,277 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Revenue | | | | ||||||||||
Sales
|
| | | $ | 106,855 | | | | | $ | 291,200 | | |
Other revenue
|
| | | | — | | | | | | 22,765 | | |
Total revenue
|
| | | | 106,855 | | | | | | 313,965 | | |
Cost of sales
|
| | | | 16,449 | | | | | | 20,781 | | |
Gross profit
|
| | | | 90,406 | | | | | | 293,184 | | |
Operating expenses | | | | ||||||||||
Research and development
|
| | | | 393,391 | | | | | | 275,867 | | |
General and administrative
|
| | | | 332,557 | | | | | | 327,664 | | |
Total operating expenses
|
| | | | 725,948 | | | | | | 603,531 | | |
Operating loss
|
| | | | (635,542) | | | | | | (310,347) | | |
Other income and expenses | | | | ||||||||||
Gain on settlement of liabilities
|
| | | | — | | | | | | 182,439 | | |
Interest and other expenses
|
| | | | (28,441) | | | | | | (54,849) | | |
Total other expenses, net
|
| | | | (28,441) | | | | | | 127,590 | | |
Net Loss
|
| | | $ | (663,983) | | | | | $ | (182,757) | | |
Net loss per share – basic and diluted
|
| | | $ | (0.14) | | | | | $ | (0.04) | | |
Weighted average common shares – basic and diluted
|
| | | | 4,864,862 | | | | | | 4,864,862 | | |
| | |
Preferred stock
|
| |
Common stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance as of December 31, 2018
|
| | | | 5,791,665 | | | | | $ | 58 | | | | | | 4,864,862 | | | | | $ | 49 | | | | | $ | 6,804,871 | | | | | $ | (7,191,391) | | | | | $ | (386,413) | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,817 | | | | | | — | | | | |
|
5,817
|
| |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (663,983) | | | | |
|
(663,983)
|
| |
Balance as of March 31, 2019
|
| | | | 5,791,665 | | | | | $ | 58 | | | | | | 4,864,862 | | | | | $ | 49 | | | | | $ | 6,810,688 | | | | | $ | (7,855,374) | | | | | $ | (1,044,579) | | |
Balance as of December 31, 2017
|
| | | | 3,854,165 | | | | | $ | 38 | | | | | | 4,864,862 | | | | | $ | 49 | | | | | $ | 2,548,904 | | | | | $ | (4,303,374) | | | | | $ | (1,754,383) | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,328 | | | | | | — | | | | |
|
16,328
|
| |
Reclassification of derivative warrant liability into equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,474 | | | | | | — | | | | |
|
8,474
|
| |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (182,757) | | | | |
|
(182,757)
|
| |
Balance as of March 31, 2018
|
| | | | 3,854,165 | | | | | $ | 38 | | | | | | 4,864,862 | | | | | $ | 49 | | | | | $ | 2,573,706 | | | | | $ | (4,486,131) | | | | | $ | (1,912,338) | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Cash Flows from Operating Activities | | | | ||||||||||
Net loss
|
| | | $ | (663,983) | | | | | $ | (182,757) | | |
Adjustment to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 14,711 | | | | | | 17,497 | | |
Stock-based compensation
|
| | | | 5,817 | | | | | | 16,328 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable – customers
|
| | | | 18,055 | | | | | | (123,812) | | |
Prepaid expenses
|
| | | | 795 | | | | | | 802 | | |
Inventory
|
| | | | 21,431 | | | | | | (28,052) | | |
Other assets
|
| | | | 5,000 | | | | | | (15,000) | | |
Accounts payable
|
| | | | 79,914 | | | | | | 226,363 | | |
Accounts payable – related parties
|
| | | | 16,625 | | | | | | (114,204) | | |
Accrued expenses
|
| | | | 39,709 | | | | | | 65,504 | | |
Deferred revenue
|
| | | | — | | | | | | (82,245) | | |
Deferred rent
|
| | | | (3,092) | | | | | | (25,438) | | |
Net cash used in operating activities
|
| | | | (465,018) | | | | | | (245,014) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Proceeds from issuance of convertible promissory notes - related parties
|
| | | | 445,000 | | | | | | 555,000 | | |
Payment of loan payable – related parties
|
| | | | (6,500) | | | | | | — | | |
Proceeds from loan payable – related parties
|
| | | | 14,000 | | | | | | — | | |
Payment of notes payable
|
| | | | — | | | | | | (287,439) | | |
Net cash provided by financing activities
|
| | | | 452,500 | | | | | | 267,561 | | |
Net increase (decrease) in cash
|
| | | | (12,518) | | | | | | 22,547 | | |
Cash, beginning of period
|
| | | | 64,694 | | | | | | 30,058 | | |
Cash, end of period
|
| | | $ | 52,176 | | | | | $ | 52,605 | | |
Supplemental disclosure of cash flow information and non-cash transactions | | | | | | | | | | | | | |
Reclassification of derivative warrant liability to additional paid-in capital
|
| | | $ | — | | | | | $ | 8,474 | | |
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
Raw Materials
|
| | | $ | 61,354 | | | | | $ | 61,024 | | |
Work in Process
|
| | | | 196,514 | | | | | | 218,275 | | |
Finished Goods
|
| | | | 441,204 | | | | | | 441,204 | | |
Total Inventory
|
| | | $ | 699,072 | | | | | $ | 720,503 | | |
| | |
2018
|
|
Risk-free interest rate
|
| |
2.99 – 3.00%
|
|
Expected option life
|
| |
5.00 – 5.25
|
|
Expected dividend yield
|
| |
—%
|
|
Expected stock price volatility
|
| |
67%
|
|
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
Lab Equipment
|
| | | $ | 294,509 | | | | | $ | 294,509 | | |
Leasehold Improvements
|
| | | | 74,390 | | | | | | 74,390 | | |
| | | | | 368,899 | | | | | | 368,899 | | |
Less accumulated depreciation and amortization
|
| | | | (257,283) | | | | | | (242,572) | | |
| | | | $ | 111,616 | | | | | $ | 126,327 | | |
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
Employee compensation
|
| | | $ | 38,980 | | | | | $ | 23,712 | | |
Accrued Interest
|
| | | | 85,270 | | | | | | 56,829 | | |
Professional and legal fees
|
| | | | — | | | | | | 10,000 | | |
Other
|
| | | | 13,028 | | | | | | 7,028 | | |
| | | | $ | 137,278 | | | | | $ | 97,569 | | |
| | |
Number of
Options |
| |
Weighted-Average
Exercise Price per Share |
| |
Weighted-Average
Remaining Contractual Term (in Years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Outstanding as of December 31, 2018
|
| | | | 883,777 | | | | | $ | 1.51 | | | | | | 8.54 | | | | | $ | 611,100 | | |
Granted
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Exercised
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Cancelled/Forfeited
|
| | | | (27,027) | | | | | | 2.46 | | | | | | | | | | | | | | |
Outstanding as of March 31, 2019
|
| | | | 856,750 | | | | | | 1.74 | | | | | | 8.25 | | | | | $ | 611,100 | | |
Exercisable at March 31, 2019
|
| | | | 800,020 | | | | | $ | 1.81 | | | | | | 8.31 | | | | | $ | 502,548 | | |
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
Floral Finance
|
| | | $ | 9,849 | | | | | $ | 9,849 | | |
Genomic Diagnostic Technologies
|
| | | | 16,675 | | | | | | — | | |
St. Laurent Institute
|
| | | | 113,954 | | | | | | 113,954 | | |
St. Laurent Realty, Inc.
|
| | | | 27,913 | | | | | | 27,913 | | |
Stonemill Center
|
| | | | 16,627 | | | | | | 16,627 | | |
| | | | $ | 185,018 | | | | | $ | 168,343 | | |
Issuance Date
|
| |
Number of Shares
Issuable Upon Exercise of Outstanding Warrants |
| |
Exercise
Price |
| |
Expiration
Date |
| |||||||||
2/19/2016
|
| | | | 9,652 | | | | | $ | 3.10 | | | | | | 2/18/2021 | | |
2/19/2016
|
| | | | 9,652 | | | | | $ | 3.10 | | | | | | 2/18/2021 | | |
3/25/2016
|
| | | | 2,895 | | | | | $ | 3.10 | | | | | | 3/24/2021 | | |
3/25/2016
|
| | | | 1,447 | | | | | $ | 3.10 | | | | | | 3/24/2021 | | |
5/4/2017
|
| | | | 3,860 | | | | | $ | 3.10 | | | | | | 5/3/2022 | | |
6/14/2017
|
| | | | 1,351 | | | | | $ | 3.10 | | | | | | 6/13/2022 | | |
8/30/2018
|
| | | | 3,088 | | | | | $ | 3.10 | | | | | | 8/29/2023 | | |
9/30/2018
|
| | | | 60,506 | | | | | $ | 3.10 | | | | | | 9/29/2023 | | |
9/30/2018
|
| | | | 486,486 | | | | | $ | 2.16 | | | | | | 9/29/2023 | | |
10/17/2018
|
| | | | 1,157 | | | | | $ | 3.10 | | | | | | 10/16/2023 | | |
11/2/2018
|
| | | | 964 | | | | | $ | 3.10 | | | | | | 11/1/2023 | | |
11/9/2018
|
| | | | 964 | | | | | $ | 3.10 | | | | | | 11/8/2023 | | |
11/16/2018
|
| | | | 964 | | | | | $ | 3.10 | | | | | | 11/15/2023 | | |
11/29/2018
|
| | | | 964 | | | | | $ | 3.10 | | | | | | 11/28/2023 | | |
12/21/2018
|
| | | | 964 | | | | | $ | 3.10 | | | | | | 12/20/2023 | | |
12/27/2018
|
| | | | 964 | | | | | $ | 3.10 | | | | | | 12/26/2023 | | |
1/31/2019
|
| | | | 1,930 | | | | | $ | 3.10 | | | | | | 1/30/2024 | | |
2/7/2019
|
| | | | 1,640 | | | | | $ | 3.10 | | | | | | 2/6/2024 | | |
2/21/2019
|
| | | | 1,640 | | | | | $ | 3.10 | | | | | | 2/20/2024 | | |
3/20/2019
|
| | | | 3,378 | | | | | $ | 3.10 | | | | | | 3/18/2024 | | |
| | | | | 594,466 | | | | | | | | | | | | | | |
|
2019
|
| | | $ | 82,466 | | |
|
2020
|
| | | | 27,489 | | |
|
Total
|
| | | $ | 109,955 | | |
| | |
Amount
to be Paid |
| |||
SEC registration fee
|
| | | $ | 1,271 | | |
FINRA filing fee
|
| | | $ | 2,071 | | |
The Nasdaq Capital Market initial listing fee
|
| | | $ | 45,000 | | |
Printing and engraving expenses
|
| | | $ | 100,000 | | |
Accounting fees and expenses
|
| | | $ | 150,000 | | |
Legal fees and expenses
|
| | | $ | 425,000 | | |
Transfer agent and registrar fees
|
| | | $ | 1,500 | | |
Miscellaneous fees and expenses
|
| | | $ | 150,000 | | |
Total
|
| | | $ | 874,842 | | |
| | | | SEQLL INC. | |
| | | |
By:
/s/ Daniel Jones
Daniel Jones
Chief Executive Officer |
|
Signature
|
| |
Title
|
| |
Date
|
|
/s/ Daniel Jones
Daniel Jones
|
| | Chief Executive Officer and Director (Principal Executive Officer) |
| |
June 17, 2019
|
|
/s/ John W. Kennedy
John W. Kennedy
|
| | Chief Financial Officer and Secretary (Principal Financial and Accounting Officer) |
| |
June 17, 2019
|
|
*
William C. St. Laurent
|
| | Director | | |
June 17, 2019
|
|
*
Douglas Miscoll
|
| | Director | | |
June 17, 2019
|
|
*
David Pfeffer
|
| | Director | | |
June 17, 2019
|
|
*By:
/s/ Daniel Jones
Daniel Jones
Attorney-in-fact |
| | |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the use in this Amendment No. 2 to Registration Statement (No. 333-230985) on Form S-1 of SeqLL Inc. of our report dated April 22, 2019, relating to the consolidated financial statements of SeqLL Inc., appearing in the Prospectus, which is part of this Registration Statement.
We also consent to the reference to our firm under the heading “Experts” in such Prospectus.
/s/ Wolf & Company, P.C.
Wolf & Company, P.C.
Boston, Massachusetts
June 17, 2019