Jonnyboy85 wrote: (1) There are currently thirty-five
(35) employees.
(2) Under the Minimum Offering scenario, the Company intends to hire an additional twelve
(12) full-time employees. Under the Maximum Offering scenario, the Company intends to hire twenty-four
(24) additional full-time employees compared with only hiring twelve (12) additional full-time employees under the Minimum Offering scenario.
Objective: Hire additional full-time employees to assist with COVID-19 and Aristotle® testing capabilities
Milestones: Fully staffed lab with validated equipment; capable of processing 3,000 COVID-19 Tests (comprising either PCR tests, or antibody tests, or both) per day
Timing:
December 2020 or January 2021 Remaining Cost: $1,335,000 to $2,670,000 (to be funded by proceeds of the Offering)
Objective: Increase COVID-19 Tests capability
above 3,000 tests (comprising either PCR tests, or antibody tests, or both) per day.(1)
Milestones: Purchase additional equipment and supplies.
Timing:
Three (3) to six (6) months Remaining Cost: $950,000 to $1,900,000 (to be funded by proceeds of the Offering)
Jonnyboy85 wrote: StageZero moved
three employees from part-time to full-time employees which results in the increased spending amount during the period from the June Prospectus to present-day.
StageZero hired
twelve additional employees and spent $175,774 within the period from the June Prospectus to present-day since the business is growing much faster than StageZero anticipated. Seven
(7) of these new employees work in the Richmond Laboratory and the remaining five
(5) new employees work in sales and account management positions. StageZero anticipates that the additional 28 salary and benefits for these twelve (12) new employees from September 30, 2020 to November 30, 2021 is approximately $679,000. (3) StageZero sp
Jonnyboy85 wrote: As of September 30, 2020, StageZero had $2,391,644 cash on hand.
The Company’s available cash balance as of October 31, 2020 was approximately $2,087,431. As of October 31, 2020, the Company had a working capital deficit of $4,284,409. Current assets totaled $3,499,725 while total current liabilities were $7,784,134. Included in current liabilities were the short-term portion of right of use liability ($213,570), fair value of outstanding convertible debentures ($2,337,263) and short-term portion of warrant liability ($1,559,465).
These liabilities are not expected to have any impact on the Company’s current available cash. The Company’s cash on hand, combined with the net proceeds from the Minimum Offering, is expected to be sufficient to fund the Company’s operations until at least November 30, 2021. The Company also expects to receive revenue from the sale of COVID-19 Tests and early cancer diagnostic tests.
Jonnyboy85 wrote: Ichor also recently announced that it would be offering COVID-19 testing as part of an agreement with the State of
Hawaii as well as initiate COVID-19 testing for travellers to
China.
StageZero’s relationship with Ichor means that StageZero will process these COVID-19 Tests for such travellers who request COVID-19 testing from Ichor. Jonnyboy85 wrote: The Company also achieved the following during the third quarter:
-Revenue increased more than four times the revenue of fiscal year 2019;
-Received approximately US$1.5 million in cash which significantly exceeds projected operating costs of $900,000 per quarter;
-Signed multiple new partners. These include a county in a US State affected by COVID-19, healthcare groups, and several travel groups with exposure to airlines;
-Granted preferred lab status by the Government of Barbados to conduct COVID-19 testing for tourists travelling by air into the country;
-Working with Ichor to process tests for players in the IIHF World Junior Championships;
-Extended agreements until year end with a number of partners;
-Expanded testing options with nasal swabs and saliva tests as well as the respiratory panel (the respiratory panel will cost US$725 per test);
-Hired additional staff and purchased equipment, test reagents, and consumable materials (for COVID-19 Tests and Aristotle®); and
-Expanded laboratory footprint and automation in preparation for Aristotle® introduction.
Jonnyboy85 wrote: During the first six weeks of COVID-19 testing, StageZero performed approximately
5,000 COVID-19 Tests. To the end of October, StageZero had performed approximately
13,000 COVID-19 Tests. The initial orders StageZero entered into for COVID-19 testing was with five (5) client groups; it is now performing tests for approximately fifty
(50) client groups and adding more. New groups are being added on an ongoing basis. StageZero anticipates increasing demand for testing over the next several months and through the winter
as planned COVID-19 testing commences according to the timetables set by these client groups. The projected growth in COVID-19 testing is occurring and is on pace with StageZero’s expectations with significant growth anticipated on a quarter over quarter basis in order to meet the projected revenue. Testing revenue is therefore expected to show
significant increases over consecutive quarters for the next three (3) to four (4) quarters. Jonnyboy85 wrote: (currently, StageZero has testing supplies and inputs available to process approximately
30,000 COVID-19 Tests)
Jonnyboy85 wrote: The Company has received interest from the City of Alpharetta, Georgia, United States, Phlebfinders and UDoTest, among others, to have the Company provide COVID-19 Tests to their respective workforces, clients and residents. In addition, the Company is providing testing for the employees and court system of a large county in the United States, an airline, Ichor Blood Services Inc. (“Ichor”), a film company, urgent care centres, a global visa and travel group as well as a number of other groups
"The Company plans on introducing Aristotle® to the market by Q1 2021."
"As of October 2020, the Company’s testing capacity is in excess of 1,000 tests per day (comprising all types of COVID-19 Tests) and is trending towards 3,000 tests per day."